Probably 50% of those policyholders in Oklahoma would admit to being scared by weather. Tornados are a way of life up there and if it is not Tornados, other wind and hail goes on all the time.
I find it interesting that Harris County is not listed in the top 10 counties for wind/hail damage. Yet we are finding it increasingly difficult to write Property, either residential or commercial, in Harris County and those markets that will are imposing larger wind/hail deductibles. The windstorm pool is not an option for Harris County, except for a very small area near Galveston. However, carriers claim their position is justified by the wind models. Makes one wonder……….
That top 10 list is based on frequency in 2012 alone. Harris County is a problem not because of frequency, but severity in the event of a hurricane. Even if it’s only every 10-15 years, that can completely wipe out any kind of long term profitability for a carrier.
However, Allstate just opened Harris County to new homeowners policies, and I have several markets that are willing writing both commercial and residential. Geovera is competitive with homeowner and mono-line wind coverage in Harris. Universal is writing there. Lots of carriers writing. Just have to know where to look.
Wow Mark. All the markets I represent say to not even think about writing HO in Tier 1 & 2. TWIA is in bad shape and they are talking about receivorship since it is so underfunded and never recovered from IKE claims. Perhaps some markets will write coverage for a price, but it is generally so high, it is a problem for consumers. In the Dallas/Ft Worth area, companies are imposing very large deductibles to HO and Commercial property due to wind/hail claims. They have several storms per year up there.
Probably 50% of those policyholders in Oklahoma would admit to being scared by weather. Tornados are a way of life up there and if it is not Tornados, other wind and hail goes on all the time.
I find it interesting that Harris County is not listed in the top 10 counties for wind/hail damage. Yet we are finding it increasingly difficult to write Property, either residential or commercial, in Harris County and those markets that will are imposing larger wind/hail deductibles. The windstorm pool is not an option for Harris County, except for a very small area near Galveston. However, carriers claim their position is justified by the wind models. Makes one wonder……….
That top 10 list is based on frequency in 2012 alone. Harris County is a problem not because of frequency, but severity in the event of a hurricane. Even if it’s only every 10-15 years, that can completely wipe out any kind of long term profitability for a carrier.
However, Allstate just opened Harris County to new homeowners policies, and I have several markets that are willing writing both commercial and residential. Geovera is competitive with homeowner and mono-line wind coverage in Harris. Universal is writing there. Lots of carriers writing. Just have to know where to look.
Wow Mark. All the markets I represent say to not even think about writing HO in Tier 1 & 2. TWIA is in bad shape and they are talking about receivorship since it is so underfunded and never recovered from IKE claims. Perhaps some markets will write coverage for a price, but it is generally so high, it is a problem for consumers. In the Dallas/Ft Worth area, companies are imposing very large deductibles to HO and Commercial property due to wind/hail claims. They have several storms per year up there.