Fasano needs a tutorial in how the insurance world works. Everyone of the surplus carriers are far more equipped than Citizens to handle a large amount of claims. They are also far more equipped than the take out carriers we have in this state.
They should do away with the whole surplus rules to begin with. It was originally written to protect the admitted carriers. Since we have so few admitted carriers left, we don’t need the surplus rules anymore. I would prefer to be allowed to pick the surplus company to represent and offer to my clients. I haven’t written Geovera because of the $5000 limit on roof damage. A concrete tile roof in South Florida runs at $40k! I can see myself asking Vana White for 2 vowels “E&O” LOL!
That limit is for older roofs in poor condition Miami Agent. Frankly roofs over a certain age should be adjusted at ACV on ALL policy forms. It’s just common sense in catastrophe prone areas.
still trying to get to the latest groups of changes most importantly the lowering of liability to 100k. my umbrella companies seek 300k underlying limits and won’t work wihn E&S companies as the inderlying coverage. for every 1 thing citizens coreects they foul up 3 more……
Get rid of Citizens entirely. Create a windstorm policy that covers the first $50,000 of a windstorm loss of a Cat3 or higher storm. If a cat 1 or 2 the standard market can take care of that. Oh and by the way let them charge whatever they want. They just have to offer a home policy if they are writing auto in the state of Florida and sorry if you are an auto only company, We have enough of you taking the good without taking any of the undesirable coverages in our state. Problem solved!
No assessments to the policy holders and no forced bonds purchased by insurance companies who pay and then collect the assessments to their policyholders. ( That should stimulate the market)
Why not allow Surplus Lines carriers to offer a takeout. There homeowners risks that would only qualify for Surplus Lines and Citizens should not be competing in the first place. FIGA is a concern, but the GeoVera’s and Scottsdale’s are not fly by night companies. As for Fasano, unless he’s running for higher office or governor he should stop pandering. Didn’t he learn anything from Charlie Crist?
Why not have Citizens write WIND only but for the entire state…no more “wind pool” area. No more multi-peril policies. This would allow more private admitted markets to come back to the state which increases competition thereby lowering rates…the market place will correct and adjust itself! Seems like a no brainer to me!
Citizens has too much wind exposure already. If they become a wind-only carrier, nothing would change unless they charged actuarially sound rates – and, in that case, premiums would increase on every policy because every policy would have Citizens wind coverage.
I’m not sure how well a GeoVera takeout would go. GeoVera’s rates are much higher than Citizens in this area. I have a feeling that as soon as customers got their first GeoVera renewal, they’d end up right back with Citizens. That’s happening already with takeouts from standard markets.
Geovera has competitive rates in Southeast and Central Florida. Honestly it’s private insurance and if you’ve got a private option at ANY price you shouldn’t be allowed into Citizens. Citizens should also go back to being the most expensive option.
Besides Geovera, what surplus lines company is going to stay within 15% of Citizens rates? They’re still dancing the dance of irresponsibility.
By “they” i meant florida politicians.
Fasano needs a tutorial in how the insurance world works. Everyone of the surplus carriers are far more equipped than Citizens to handle a large amount of claims. They are also far more equipped than the take out carriers we have in this state.
They should do away with the whole surplus rules to begin with. It was originally written to protect the admitted carriers. Since we have so few admitted carriers left, we don’t need the surplus rules anymore. I would prefer to be allowed to pick the surplus company to represent and offer to my clients. I haven’t written Geovera because of the $5000 limit on roof damage. A concrete tile roof in South Florida runs at $40k! I can see myself asking Vana White for 2 vowels “E&O” LOL!
That limit is for older roofs in poor condition Miami Agent. Frankly roofs over a certain age should be adjusted at ACV on ALL policy forms. It’s just common sense in catastrophe prone areas.
Isn’t it hard to have multiple layers on a concrete tile roof? That’s the only time the $5000 limit applies.
I would prefer my policies to be with a company who was here both before and after the 2004-2005 seasons AND still has a AM Best rating of A.
Correct Miami question. It’s for multiple layers which I addressed as older roofs in poor condition.
still trying to get to the latest groups of changes most importantly the lowering of liability to 100k. my umbrella companies seek 300k underlying limits and won’t work wihn E&S companies as the inderlying coverage. for every 1 thing citizens coreects they foul up 3 more……
Which umbrella companies won’t accept an AM Best A rated carrier? I haven’t run into that yet.
Get rid of Citizens entirely. Create a windstorm policy that covers the first $50,000 of a windstorm loss of a Cat3 or higher storm. If a cat 1 or 2 the standard market can take care of that. Oh and by the way let them charge whatever they want. They just have to offer a home policy if they are writing auto in the state of Florida and sorry if you are an auto only company, We have enough of you taking the good without taking any of the undesirable coverages in our state. Problem solved!
No assessments to the policy holders and no forced bonds purchased by insurance companies who pay and then collect the assessments to their policyholders. ( That should stimulate the market)
Why not allow Surplus Lines carriers to offer a takeout. There homeowners risks that would only qualify for Surplus Lines and Citizens should not be competing in the first place. FIGA is a concern, but the GeoVera’s and Scottsdale’s are not fly by night companies. As for Fasano, unless he’s running for higher office or governor he should stop pandering. Didn’t he learn anything from Charlie Crist?
Why not have Citizens write WIND only but for the entire state…no more “wind pool” area. No more multi-peril policies. This would allow more private admitted markets to come back to the state which increases competition thereby lowering rates…the market place will correct and adjust itself! Seems like a no brainer to me!
Citizens has too much wind exposure already. If they become a wind-only carrier, nothing would change unless they charged actuarially sound rates – and, in that case, premiums would increase on every policy because every policy would have Citizens wind coverage.
I’m not sure how well a GeoVera takeout would go. GeoVera’s rates are much higher than Citizens in this area. I have a feeling that as soon as customers got their first GeoVera renewal, they’d end up right back with Citizens. That’s happening already with takeouts from standard markets.
Geovera has competitive rates in Southeast and Central Florida. Honestly it’s private insurance and if you’ve got a private option at ANY price you shouldn’t be allowed into Citizens. Citizens should also go back to being the most expensive option.