Good, I sincerely hope that some others jump on the band wagon and help these folks out, namely Chubb, Chartis and Firemans Fund. Perhaps Nationwide as well.
They are lobbying for the consumers. Open market means more choices, more competition, which will in the long run help stabilize prices. Not immediately but it will come. If a consumer saw what I see as an agent, they would understand that the bigger companies have a better handle on the market here than these small guys. My customers being dropped by Chubb etc are paying the next company 3 times more…how is that fair.
Is there a personal line product that is not available? Is there a shortage of carriers writing policies? Or is there a shortage of available coverage because of rigid underwriting guidelines???
Not sure I understand your question but there are personal lines products that have become almost extinct. Also, for certain size homes in certain counties there is not even hurricane coverage available even through the state. We need reform and we need it now.
The problem as I see it is the over abundance of thinly capitalized domestic insurers. The big players, Chubb, Nationwide, State Farm, etal have fled the scene and when the big one hits, the solvency of the Florida domiciled carriers is threatened & insolvency may result yet again, leaving the policyholder holding the bag in the form of unpaid claims.
Which is the bigger catastrophe — hurricanes or the inept lobbying of State Farm and Allstate? How many times did State Farm get what they want in a legislative session and then turn around and announce 120,000 nonrenewals shortly after the session? How about the Allstate exec defending their rate filing in front of the legislature and he didn’t even know how much of an increase they asked for? The real question is not why others are not joining with this new group — it’s how did Progressive get snookered into joining?
Calypso: If the “big one” hits, not only will the solvency of the domestic carriers be threatened, but the impact on Citizens will be massive as well. Not only policy holders will be at the mercy of the Guaranty Fund, but the CatFund & Citizens assessments (which are still being charged for the ’04/’05 storms on every policy) will affect ALL Floridians for years to come. Post catastrophe funding will never work. And if you think the national deficit will be a burden on your children / grandchildren, just wait until the “big one” hits, they’ll be bailing out the State of Florida as well.
Face it, it costs money to live in paradise. I understand homeowners policies are relatively inexpensive in North Dakota.
I’m much more concerned about the impact of the beast called Citizens if we have a big one. It’s my opinion that the worst players in the Florida market have been weeded out. We’ll still lose a few more if the big one hits, but the weak were destroyed by our former governor’s policies…and the strong national’s hit the road.
As someone who spent nearly 30 years living less than fifteen miles from the South Florida coastline (while saving to move north the whole time), I am SERIOUSLY concerned with SoFla Agent’s casual use of the word “paradise” in reference to living Florida. THAT is the true crime being committed here…
Good, I sincerely hope that some others jump on the band wagon and help these folks out, namely Chubb, Chartis and Firemans Fund. Perhaps Nationwide as well.
Anybody going to lobby for consumers? On behalf of companies writing more homeowners insurance?
I didn’t think so!
They are lobbying for the consumers. Open market means more choices, more competition, which will in the long run help stabilize prices. Not immediately but it will come. If a consumer saw what I see as an agent, they would understand that the bigger companies have a better handle on the market here than these small guys. My customers being dropped by Chubb etc are paying the next company 3 times more…how is that fair.
Is there a personal line product that is not available? Is there a shortage of carriers writing policies? Or is there a shortage of available coverage because of rigid underwriting guidelines???
Not sure I understand your question but there are personal lines products that have become almost extinct. Also, for certain size homes in certain counties there is not even hurricane coverage available even through the state. We need reform and we need it now.
The problem as I see it is the over abundance of thinly capitalized domestic insurers. The big players, Chubb, Nationwide, State Farm, etal have fled the scene and when the big one hits, the solvency of the Florida domiciled carriers is threatened & insolvency may result yet again, leaving the policyholder holding the bag in the form of unpaid claims.
Which is the bigger catastrophe — hurricanes or the inept lobbying of State Farm and Allstate? How many times did State Farm get what they want in a legislative session and then turn around and announce 120,000 nonrenewals shortly after the session? How about the Allstate exec defending their rate filing in front of the legislature and he didn’t even know how much of an increase they asked for? The real question is not why others are not joining with this new group — it’s how did Progressive get snookered into joining?
Calypso: If the “big one” hits, not only will the solvency of the domestic carriers be threatened, but the impact on Citizens will be massive as well. Not only policy holders will be at the mercy of the Guaranty Fund, but the CatFund & Citizens assessments (which are still being charged for the ’04/’05 storms on every policy) will affect ALL Floridians for years to come. Post catastrophe funding will never work. And if you think the national deficit will be a burden on your children / grandchildren, just wait until the “big one” hits, they’ll be bailing out the State of Florida as well.
Face it, it costs money to live in paradise. I understand homeowners policies are relatively inexpensive in North Dakota.
I’m much more concerned about the impact of the beast called Citizens if we have a big one. It’s my opinion that the worst players in the Florida market have been weeded out. We’ll still lose a few more if the big one hits, but the weak were destroyed by our former governor’s policies…and the strong national’s hit the road.
As someone who spent nearly 30 years living less than fifteen miles from the South Florida coastline (while saving to move north the whole time), I am SERIOUSLY concerned with SoFla Agent’s casual use of the word “paradise” in reference to living Florida. THAT is the true crime being committed here…
Sounds great! But Allstate should not be on the board. They are a deceptive company and they treat there agents like second class citizens.
I have no sympathy for an Allstate agent or any other captive. You chose it, now live with it.