Citizens property & Casualty Viability?

I was again astounded to read yesterday about how even the Board of Governors for Citizens, cannot make the legislature see the writing on the wall, when it comes to how much we all could be in debt if the state gets whacked by another Hurricane season like 2004. Letting the politicians artificially manipulate Citizens rates can only be described as the most economically stupid thing I have ever seen.

 It seems the state is even going to make the Board lower rates in certain areas because they are at lower risk than coastal areas. Do they just not get it.? Shouldn’t Citizens be run like any other sound financial body? If they don’t have anough money to pay claims why on earth would they make them lower rates?

I’m going to say it again. Nobody needs to be with Citizens anyway. There are plenty of private carriers now that can write the business. The state needs to take a look at the business they have and make it harder for agencies to place the business in the pool when they know it can be written elsewhere.  Between Universal P&C, St Johns, Olympus, American Traditions, Federated National, Pure, Lexington Insurance and lots of others, they have it covered.

Now if we can just get the politicains to get it!

Flood Insurance

Well, we just had our first real bout of heavy rain for 2009. Which reminds me of what happened last year when Fay came through and flooded out everyone. I wonder how many of those HomeOwners down in Lamplighter Village went out and got Flood Insurance? I wonder if, when they got the Flood Insurance flyer from the Feds, they rushed out and covered their homes. I’m betting not!

It is relatively inexpensive but yet people still won’t get it. Until it’s too late of course! $348.00 dollars a year for $250,000 worth of coverage.

 

Remember, your regular HomeOwners Insurance does not cover rising water or tidal flows.

CITIZENS V. STANDARD CARRIER

Another consideration not to go with Citizens if at all possible.

From the mayhem that Hannah caused, another problem has arisen. If you had a water damage claim and submitted it to Citizens you have now precluded yourself from going with a standard carrier for at least the next 5 years. Water damage and dog bites are the big no-no’s when it comes to applying to one of the standard companies.

 So, if you have the option you should go with Universal or St john’s or the like. Use Citizens as truly the Carrier of last resort as it’s supposed to be.

FLOOD INSURANCE

Well, we all just learned a valuable lesson. Who cares if you are not in a Flood Zone. Get it anyway! $250,000 Building Coverage $100,000 Contents $348 per year if you are not in anything but an X Flood Zone. It’s cheap. The only down-side is there is a 30 day wait from the day the application is printed to the day it goes in force.

Can’t believe some of the blame games going on for  those affected and un-insured. Please don’t blame the Insurance guys. They were not standing there telling you not to buy it. The mortgage broker might have said it is not lender required, that doesn’t mean you shouldn’t have it. Most hazard Insurance carriers now require a signature saying you acknowledge there is no flood coverage.

I’ll make a prediction. Out of all the HomeOwners in Lamplighter Village less than 5% had Flood Coverage. I’ll make another prediction. Those un-insured HomeOwners will still not buy Flood Coverage because it won’t happen again and they will still have to wait the 30 days. Anyone take me up on that?

Give us a call for a quote.

 

 

 

 

STATE FARM AT IT AGAIN!

State farm have requested another massive increase for their profits. Should they get it? Some reporters think they should. Think it will shake the insurance tree even more? Maybe. Are they trying to price themselves out of the market or are they positioning themselves as the Mercedes of Insurers in Florida. Should they be allowed to do it? It’s a free market economy. Of course the politicians will never let it happen. Political suicide!

What do you think?