Brilliant. I know, he’s a bright guy. How did he figure it out? Was it the insolvencies, the near insolvencies, the total lack of buyers for homeowners insurance companies, even ones that aren’t in trouble? Was it the the ballooning Citizens policy count? I don’t know…wow sheer genius to think of increasing premiums.
Wow…what a bad attitude. This Demotech guy speaks out to add pressure on regulators to allow premium hikes and all you give him a hard time. Premium increases aren’t the answer to every problem, every time, you know.
Tiger, I’ll give you the benefit of the doubt that your comments are the result of frustration. Believe me, we all are. Yes, he stated the obvious (at least most of us think he did), but he was asked and that was his answer. What was he supposed to say?
The public doesn’t understand the pricing pressure these Fla Domestics are getting from reinsurers and investors. Not to mention the sinkhole fiasco that lawyers are creating in central Fla.
The sinkhole mess is why we’re likely to see catastrophic ground cover collapse replace sinkhole completely. It’s more of a public adjuster problem than a lawyer problem though. They’re going door to door looking for cracks in driveways! They really are scum of the earth in my opinion.
Insurance companies have been saying this forever to deaf ears. So it’s at least of some value to hear a non-Company person (and a pricing expert) convey the results of his analysis.
If companies with only the Demotech rating start going down, will Fannie and Freddie change their underwriting guidleines and stop recognizing Demotech ratings? Will Florida then wake up and remember why keeping the national writers active in their state markets is sooooo important?
Demotech’s record on long-term solvency is superior to Best’s so be careful what you wish for. If you think back to 1992-1993, there were fifteen or twenty Florida carriers that went under and Best rated them all. I wish that we would have Demotech ratings back then.
But he did lower rates considerably. It’s just that they’re now called windstorm mitigation discounts and they helped put 4 companies out of business in the past year. If he wanted to cut down the cost of insurance he should have cut down on the proliferation of fraudulent claims. Ah well who’s listening?
I think he was trying to say that property insurance rates in Florida have bottomed out and the trend in average premium needs to be fairly large increases. This is a direct contrast with what Crist has said and the OIR has done. I hope the insurers are allowed to raise rates, more commission for me.
As a Floridian, I have to say that we’re getting tired of constantly being robbed by home-owner insurance companies. Since we purchased our home 9 years ago, our annual premium has tripled. Our house has been here for 38 years and to my knowledge, never a claim filed. We’ve spent thousands on shutters, but there’s always an excuse why we don’t qualify for a discount for wind-protection. Basically, one category 1 storm that cost the companies some money, and it’s used as an excuse to rob Floridians. Liberty Mutual raised our rates triple what we were paying 5 years ago. What a scam insurance companies are. Rob from the middle class to provide low cost insurance for their big clients. Liberty Mutual can ???? ?? ????! We’ve been considering switching to Citizens, until I see they are now trying to raise rates. STAY AWAY FROM FLORIDA! THE INSURANCE COMPANIES WILL RAPE YOU IF YOU COME HERE TO RETIRE.
The real purpose of constantly raising rates is to keep their share-holders happy in a declining economy and mortgage forclosures. Since their losing the money from the folks that are loosing their homes, they turn to their piggy bank (the remaining home-owners) to steal the difference.
Shhh!! Ripping off Florida policyholders is a secret. We don’t want any other capitalists to catch on – they might crash the party! (I heard 4 companies drank themselves to death last year)
What a rip off insurance companies are: They raise their premiums whenever they want; drop you off to get you back as a new customer and then really make you pay double for the same coverage; They don’t pay you interest on your money, and when there is really a catastrophe they declare bankruptcy and leave with your money. What a nice way to have a business isn’t it? What a nice way to make money isn’t it? Give me your money and I would give you nothing in exchange….. Tired of so many crooks in the State of Florida!
Brilliant. I know, he’s a bright guy. How did he figure it out? Was it the insolvencies, the near insolvencies, the total lack of buyers for homeowners insurance companies, even ones that aren’t in trouble? Was it the the ballooning Citizens policy count? I don’t know…wow sheer genius to think of increasing premiums.
Wow…what a bad attitude. This Demotech guy speaks out to add pressure on regulators to allow premium hikes and all you give him a hard time. Premium increases aren’t the answer to every problem, every time, you know.
Tiger, I’ll give you the benefit of the doubt that your comments are the result of frustration. Believe me, we all are. Yes, he stated the obvious (at least most of us think he did), but he was asked and that was his answer. What was he supposed to say?
The public doesn’t understand the pricing pressure these Fla Domestics are getting from reinsurers and investors. Not to mention the sinkhole fiasco that lawyers are creating in central Fla.
The sinkhole mess is why we’re likely to see catastrophic ground cover collapse replace sinkhole completely. It’s more of a public adjuster problem than a lawyer problem though. They’re going door to door looking for cracks in driveways! They really are scum of the earth in my opinion.
Insurance companies have been saying this forever to deaf ears. So it’s at least of some value to hear a non-Company person (and a pricing expert) convey the results of his analysis.
Crist once stated he will do everything in his power to lower rates. What a joke this turned out to be.
If companies with only the Demotech rating start going down, will Fannie and Freddie change their underwriting guidleines and stop recognizing Demotech ratings? Will Florida then wake up and remember why keeping the national writers active in their state markets is sooooo important?
Demotech’s record on long-term solvency is superior to Best’s so be careful what you wish for. If you think back to 1992-1993, there were fifteen or twenty Florida carriers that went under and Best rated them all. I wish that we would have Demotech ratings back then.
But he did lower rates considerably. It’s just that they’re now called windstorm mitigation discounts and they helped put 4 companies out of business in the past year. If he wanted to cut down the cost of insurance he should have cut down on the proliferation of fraudulent claims. Ah well who’s listening?
I think he was trying to say that property insurance rates in Florida have bottomed out and the trend in average premium needs to be fairly large increases. This is a direct contrast with what Crist has said and the OIR has done. I hope the insurers are allowed to raise rates, more commission for me.
As a Floridian, I have to say that we’re getting tired of constantly being robbed by home-owner insurance companies. Since we purchased our home 9 years ago, our annual premium has tripled. Our house has been here for 38 years and to my knowledge, never a claim filed. We’ve spent thousands on shutters, but there’s always an excuse why we don’t qualify for a discount for wind-protection. Basically, one category 1 storm that cost the companies some money, and it’s used as an excuse to rob Floridians. Liberty Mutual raised our rates triple what we were paying 5 years ago. What a scam insurance companies are. Rob from the middle class to provide low cost insurance for their big clients. Liberty Mutual can ???? ?? ????! We’ve been considering switching to Citizens, until I see they are now trying to raise rates. STAY AWAY FROM FLORIDA! THE INSURANCE COMPANIES WILL RAPE YOU IF YOU COME HERE TO RETIRE.
The real purpose of constantly raising rates is to keep their share-holders happy in a declining economy and mortgage forclosures. Since their losing the money from the folks that are loosing their homes, they turn to their piggy bank (the remaining home-owners) to steal the difference.
Want a little cheese with that whine?
You bore me with your lack of understanding of how insurance operates. I’m glad you’re not my client.
Shhh!! Ripping off Florida policyholders is a secret. We don’t want any other capitalists to catch on – they might crash the party! (I heard 4 companies drank themselves to death last year)
What a rip off insurance companies are: They raise their premiums whenever they want; drop you off to get you back as a new customer and then really make you pay double for the same coverage; They don’t pay you interest on your money, and when there is really a catastrophe they declare bankruptcy and leave with your money. What a nice way to have a business isn’t it? What a nice way to make money isn’t it? Give me your money and I would give you nothing in exchange….. Tired of so many crooks in the State of Florida!