Jeff Grady with FAIA hits the nail on the head. What is the point of offering this crappy policy if clients and agents are going to be confused and misrepresent these policy coverage’s and in the long run cause more of a mess then what we are all ready dealing with?
Well written article and agree with Mr. Rokeh’s quote. Totally disagee with Mr. Grady “good idea gone bad”. It was and will never be a good idea to force agents to sell insufficient coverage. As Executive VP of an agents association, protecting agents should be at the forefront of his core values- very disappointing.
Back in the 80’s, I attended a presentation by the head of the FDOI Consumer Division, who bragged that the FDOI Consumer Division was proud of the fact that they had no employees with any prior experience in the insurance industry; so that they wouldn’t be “tainted” by any pre-conceived notions about how insurance works. Apparently, that still is the case.
Maybe I can say this enough times for someone to take notice. TAKE OUT MEANS STAY OUT!!!!!!! If you don’t want to go there raise the 15% rule to 25%. Or coordinate your premiums with the take out company’s to be exactly at 15% so that they won’t qualify to go back into Citizens. What is so difficult about this someone please please explain.
The standard carriers do not issue HO8’s based on coverage or price it is an eligibility issue. An HO3 is cheaper if you qualify. You are stuck with an HO8 if the age of the home exceeds the carriers appetite or the roof is older or pride of ownership is lacking, (you don’t take care of your shack) The minute that Citizens offers a cheaper product it does not matter what the coverage difference is, they will sell a ton of cheap crap. Will Fasano jump in line to buy this whimpy policy? Whoa is the agent that offers it. And lets try to have an educated discussion about depopulation of the HO8 policies. What carrier is going to file that form and then try to convince folks to pay them more than Citizens sells it for? Aren’t we already stuck with that problem. If you want to have less people in Citizens you have to remove the incentive to go there and that is 100% price driven. They darn sure don’t have a better product or service.
Jeff Grady with FAIA hits the nail on the head. What is the point of offering this crappy policy if clients and agents are going to be confused and misrepresent these policy coverage’s and in the long run cause more of a mess then what we are all ready dealing with?
Not only that, we all know that unfortunately there are agents out there that would market it to a prospect as a “GREAT and CHEAP policy”!.
Well written article and agree with Mr. Rokeh’s quote. Totally disagee with Mr. Grady “good idea gone bad”. It was and will never be a good idea to force agents to sell insufficient coverage. As Executive VP of an agents association, protecting agents should be at the forefront of his core values- very disappointing.
Back in the 80’s, I attended a presentation by the head of the FDOI Consumer Division, who bragged that the FDOI Consumer Division was proud of the fact that they had no employees with any prior experience in the insurance industry; so that they wouldn’t be “tainted” by any pre-conceived notions about how insurance works. Apparently, that still is the case.
Maybe I can say this enough times for someone to take notice. TAKE OUT MEANS STAY OUT!!!!!!! If you don’t want to go there raise the 15% rule to 25%. Or coordinate your premiums with the take out company’s to be exactly at 15% so that they won’t qualify to go back into Citizens. What is so difficult about this someone please please explain.
The standard carriers do not issue HO8’s based on coverage or price it is an eligibility issue. An HO3 is cheaper if you qualify. You are stuck with an HO8 if the age of the home exceeds the carriers appetite or the roof is older or pride of ownership is lacking, (you don’t take care of your shack) The minute that Citizens offers a cheaper product it does not matter what the coverage difference is, they will sell a ton of cheap crap. Will Fasano jump in line to buy this whimpy policy? Whoa is the agent that offers it. And lets try to have an educated discussion about depopulation of the HO8 policies. What carrier is going to file that form and then try to convince folks to pay them more than Citizens sells it for? Aren’t we already stuck with that problem. If you want to have less people in Citizens you have to remove the incentive to go there and that is 100% price driven. They darn sure don’t have a better product or service.