Non-Renewals

Well, along with State Farm cancelling everyone in the state it looks like some of the newer carriers are beginning to non-renew some of their book as well. We are getting information from Olympus Insurance company that they are cancelling, it looks to me about 25% of their existing book, so they can write newer business instead. Already their under-writing giudelines have changed drastically and they are only accepting newer homes with superior construction. They are saying it is to make the company more financially sound. Does that sound familiar? I think the last time we heard that was from someone called State Farm.

Most of the non-renewals it seems are in the Palm Bay area here locally. I haven’t heard what’s going on in the rest of the state.

This again I think will make the cream rise to the top as in Universal Property & Casualty. They have no restrictions still. They are going back to 1969 homes and newer. They pay their claims and have been repsonsive in their underwriting for us for the last 11 years.

It will be interesting to see who of the other newer carriers follow suit with Olympus.

Increasing HomeOwners rates!

We have been getting numerous calls the last few weeks, over the rate increases Citizens is going to be implementing (10% across the board) and how many other carriers are using this opportunity to jack their rates as well.

If your rates went up 20% this year, that seems pretty common along the barrier islands. St Johns for one has really gone up this renewal year and now it looks to me like they have attained their market share and are going higher than the more established carriers such as Universal P&C.

If that’s the case it’s time to again look at your coverage and see if it makes sense to change your coverages or switch carriers. St Johns policies are very difficult to get the dwelling coverage lowered and could be another reason to look around. Raising the AOP deductible is an option but generally that will only generate a few hundred dollars in savings.

I have not seen what the newbies are doing but I wouldn’t want my money with a brand new carrier anyway.

So, pull out your renewal offer and give us a call or e-mail and let us see what we can do for you.

 

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.