This storm was much different than Irma. With this storm, the field adjuster’s reports were coming in much faster than with Irma because the area of loss was so concentrated. That put most carriers in the position of not having sufficient desk adjusters to review thee reports and process the payments.
As far as denial of coverage, I saw a lot of very poorly written policies, no coverage for other structures, no coverage for personal property and very high hurricane deductibles. Agents need to assess the customer’s ability to meet the deductible requirements and be more transparent about what they are taking out of the policy to meet the premium demands of the customer and they need to revisit those customers at every renewal to make sure they are still comfortable with those coverage and deductible decisions.
We had over 4100 claims reported so far and almost 90% are closed or closed with holdback because we take our commitment to our policyholders very seriously.
Wayne, your numbers are impressive and congratulations. I have to think that many of the homes, at least the costal homes, were insured with E&S markets. If so, there’s no surprise on high DD’s and poor coverage.
This storm was much different than Irma. With this storm, the field adjuster’s reports were coming in much faster than with Irma because the area of loss was so concentrated. That put most carriers in the position of not having sufficient desk adjusters to review thee reports and process the payments.
As far as denial of coverage, I saw a lot of very poorly written policies, no coverage for other structures, no coverage for personal property and very high hurricane deductibles. Agents need to assess the customer’s ability to meet the deductible requirements and be more transparent about what they are taking out of the policy to meet the premium demands of the customer and they need to revisit those customers at every renewal to make sure they are still comfortable with those coverage and deductible decisions.
We had over 4100 claims reported so far and almost 90% are closed or closed with holdback because we take our commitment to our policyholders very seriously.
Wayne, your numbers are impressive and congratulations. I have to think that many of the homes, at least the costal homes, were insured with E&S markets. If so, there’s no surprise on high DD’s and poor coverage.