Hurricane deductibles as low as $500 are available from most carriers and hurricane deductible insurance is also available as a mono line product. Insureds are not willing to pay extra for these items, they want the cheapest price they can get and have little regard for the coverage afforded at the time of purchase.
I worked as an agent for many years before going back to the company side of the business and I sent more than half the prospects I spoke with away because they were only interested in the price and as an insurance professional, my product was insurance, not the price of insurance.
Part of the product of insurance IS the price of insurance. If you were sending away half your customers, you weren’t very good a finding the right balance between the two and educating the customers on that. That’s probably why you are’t an agent anymore… I don’t find it all that difficult at all to sell a more expensive policy to customers in Houston when I go line by line and show them exactly what the additional out of pocket costs would be for missing coverage or higher deductibles. And, if they want the cheaper policy after it’s explained to them, fine, I explained it and they accepted it. They lose their ability to complain come loss time, and I simply send a copy of the explanation email to remind them. Typically stops any further conversation about it.
My price conscious customers are some of the highest value customers I have. Very low loss ratio, very high loyalty so long as there’s no big price spike.
My customers seeking the very best coverage often times are the ones who will use it the most. They’ll also leave the second someone offers more coverage for the same money.
Go way back to the 2004/2007 storm seasons. The average hurricane loss in Florida was just at $17,000. So how many claims under this average. More than above it. So the carriers are only paying $12k on a whole lot of claims. And get this nothing on a whole lot of just roofs. Why would lenders allow this to happen. The legislator folded on the carrier threat to leave Florida. Really, a state with the fastest growing housing market and all the auto, heath, life and and and..
Hurricane deductibles as low as $500 are available from most carriers and hurricane deductible insurance is also available as a mono line product. Insureds are not willing to pay extra for these items, they want the cheapest price they can get and have little regard for the coverage afforded at the time of purchase.
I worked as an agent for many years before going back to the company side of the business and I sent more than half the prospects I spoke with away because they were only interested in the price and as an insurance professional, my product was insurance, not the price of insurance.
Part of the product of insurance IS the price of insurance. If you were sending away half your customers, you weren’t very good a finding the right balance between the two and educating the customers on that. That’s probably why you are’t an agent anymore… I don’t find it all that difficult at all to sell a more expensive policy to customers in Houston when I go line by line and show them exactly what the additional out of pocket costs would be for missing coverage or higher deductibles. And, if they want the cheaper policy after it’s explained to them, fine, I explained it and they accepted it. They lose their ability to complain come loss time, and I simply send a copy of the explanation email to remind them. Typically stops any further conversation about it.
My price conscious customers are some of the highest value customers I have. Very low loss ratio, very high loyalty so long as there’s no big price spike.
My customers seeking the very best coverage often times are the ones who will use it the most. They’ll also leave the second someone offers more coverage for the same money.
Go way back to the 2004/2007 storm seasons. The average hurricane loss in Florida was just at $17,000. So how many claims under this average. More than above it. So the carriers are only paying $12k on a whole lot of claims. And get this nothing on a whole lot of just roofs. Why would lenders allow this to happen. The legislator folded on the carrier threat to leave Florida. Really, a state with the fastest growing housing market and all the auto, heath, life and and and..