According to the Citizens recent investigation of 451 homeowner policies, 68.8 received too much credit. Maybe that is the reason 80% of the Fl. ONLY Homeowner carriers lost money last year.
And who calculates these credits? Don’t the homeowners have to have an inspection to certify the protection is in place? What about the E&O/MPL for the mitigation specialists that are supposed to qualify these risks? Yeah, the FL HO Carriers may have ‘lost money’ last year as Ag Consultant states,,, Thats not the point – The issue is fraud somewhere down the line.
BTW – If you aren’t in business to make money – you shouldn’t be in business… I don’t get why everyone slams the insurance carriers – I doubt the nay-sayers are making just enough to break even… and if they are, I seriously doubt they’ll be around much longer
Is insurance perfect? No – Are all insured’s honest? Heck no Will insurance cure the woes of the world? Well, some people think so – Its the American Lottery System – cash in or sue.. beats being personally responsible,,,
The state of Florida needs to get out of the property insurance business. We don’t need a public option property insurer of this magnitiude in Florida. We need deregulation of price controls and justifiable wind mitigation credits.
The time bomb is ticking…
First hurricane and the state will be bankrupt along with a bunch of insurers.
I wonder if I could find an attorney who would take my case. Since Citizens screwed up and gave credits for invalid mitigation inspections, it means that my agency was shorted on commission income. Somehow that is an injustice to insurance agencies.
You have to look at both sides of this. Inspectors hired by the homeowner are there to find discounts that they may qualify for. Inspectors for the insurance companies are there to strip away those discounts. The Uniform Mitigation Verification Inspection Form leaves a lot to chance and interpretation.
My best example is the roof covering question. Ask any Palm Beach, Broward, or Dade contractor about the type of roof materials that were available after 1995. Nearly all of them met the 2001 Florida Building Code because Broward and Dade required this. Why would supply houses keep stuff that wasn’t up to the new code? When inspectors are working for the homeowner they’re almost always going to say that the roofs put on in 1996 on up meet the code. When the same inspection companies (who shall remain nameless but aren’t run by inspectors or GC’s at all) go out for the insurance companies, they strip this credit and leave it up to the homeowner’s to prove that their roof meets the code. Other times you have BN (building inspector) licensed folks overriding the opinion of a GC (general contractor) on these reinspections.
Are these reinspections necessary? I’d say yes in the current environment. What they need to do is look at what isn’t subjective such as hurricane opening protection which is a very difficult credit to obtain and the word of a BN should never ever override that of a GC.
Shutters are great, but never worthy of the credit they produce. Fact, most homes do not suffer broken windows in a hurricane. most damage is attachments, pool cages, shingles or gutters. Fact it is cheaper to replace windows with rated impact windows than to install shutters. Fact. Many seasonal residents do not put up shutters because it makes the home look empty and the neighbors dont get to it before the wind blows. Fact 2 more companies lost financial ratings this week due to poor surplus ratios. Fact no storm events in over 4 years. Fact . Gov Crist and Comm McCarty are politicians even if appointed. Fact. Crist campaigned on the promise to FORCE companies to reduce rates. Fact. these companies are now broke with no increase in claims frequency. Fact. it is time for another plan because only an idiot would defend the current way of driving companies away or down the drain. It does not work and the state is broke so it can not come to the rescue. Stop being liberal and expecting the socialism method to work, it fails EVERY time. hold people and companies responsible and let them charge enough money to stay solvent, it is clear they are not doing that.
Johnny:
How did Citizens screw up on this? Seems it’s the inspectors that completed the wind mit inspections that made the errors.
According to the Citizens recent investigation of 451 homeowner policies, 68.8 received too much credit. Maybe that is the reason 80% of the Fl. ONLY Homeowner carriers lost money last year.
And who calculates these credits? Don’t the homeowners have to have an inspection to certify the protection is in place? What about the E&O/MPL for the mitigation specialists that are supposed to qualify these risks? Yeah, the FL HO Carriers may have ‘lost money’ last year as Ag Consultant states,,, Thats not the point – The issue is fraud somewhere down the line.
BTW – If you aren’t in business to make money – you shouldn’t be in business… I don’t get why everyone slams the insurance carriers – I doubt the nay-sayers are making just enough to break even… and if they are, I seriously doubt they’ll be around much longer
Is insurance perfect? No – Are all insured’s honest? Heck no Will insurance cure the woes of the world? Well, some people think so – Its the American Lottery System – cash in or sue.. beats being personally responsible,,,
The state of Florida needs to get out of the property insurance business. We don’t need a public option property insurer of this magnitiude in Florida. We need deregulation of price controls and justifiable wind mitigation credits.
The time bomb is ticking…
First hurricane and the state will be bankrupt along with a bunch of insurers.
I wonder if I could find an attorney who would take my case. Since Citizens screwed up and gave credits for invalid mitigation inspections, it means that my agency was shorted on commission income. Somehow that is an injustice to insurance agencies.
You have to look at both sides of this. Inspectors hired by the homeowner are there to find discounts that they may qualify for. Inspectors for the insurance companies are there to strip away those discounts. The Uniform Mitigation Verification Inspection Form leaves a lot to chance and interpretation.
My best example is the roof covering question. Ask any Palm Beach, Broward, or Dade contractor about the type of roof materials that were available after 1995. Nearly all of them met the 2001 Florida Building Code because Broward and Dade required this. Why would supply houses keep stuff that wasn’t up to the new code? When inspectors are working for the homeowner they’re almost always going to say that the roofs put on in 1996 on up meet the code. When the same inspection companies (who shall remain nameless but aren’t run by inspectors or GC’s at all) go out for the insurance companies, they strip this credit and leave it up to the homeowner’s to prove that their roof meets the code. Other times you have BN (building inspector) licensed folks overriding the opinion of a GC (general contractor) on these reinspections.
Are these reinspections necessary? I’d say yes in the current environment. What they need to do is look at what isn’t subjective such as hurricane opening protection which is a very difficult credit to obtain and the word of a BN should never ever override that of a GC.
Shutters are great, but never worthy of the credit they produce. Fact, most homes do not suffer broken windows in a hurricane. most damage is attachments, pool cages, shingles or gutters. Fact it is cheaper to replace windows with rated impact windows than to install shutters. Fact. Many seasonal residents do not put up shutters because it makes the home look empty and the neighbors dont get to it before the wind blows. Fact 2 more companies lost financial ratings this week due to poor surplus ratios. Fact no storm events in over 4 years. Fact . Gov Crist and Comm McCarty are politicians even if appointed. Fact. Crist campaigned on the promise to FORCE companies to reduce rates. Fact. these companies are now broke with no increase in claims frequency. Fact. it is time for another plan because only an idiot would defend the current way of driving companies away or down the drain. It does not work and the state is broke so it can not come to the rescue. Stop being liberal and expecting the socialism method to work, it fails EVERY time. hold people and companies responsible and let them charge enough money to stay solvent, it is clear they are not doing that.