Comments on: Sarasota Real Estate Closings Face Unexpected & Costly Insurance Disaster! http://www.sarasotahomesforsalenow.com/sarasota-real-estate-insurance/?utm_source=rss&utm_medium=rss&utm_campaign=sarasota-real-estate-insurance Sarasota Real Estate - Empowering Buyers & Sellers With A+ Service & Information! Fri, 10 Feb 2012 02:59:29 +0000 hourly 1 By: Sarasota Realtor http://www.sarasotahomesforsalenow.com/sarasota-real-estate-insurance/comment-page-1/#comment-718 Sarasota Realtor Mon, 26 Jul 2010 04:45:30 +0000 http://www.sarasotahomesforsalenow.com/?p=1762#comment-718 Thanks, Tom, for pointing out something VERY important about binding a policy: get a solid closing date before binding. I also appreciate your comments about Citizen's, the insurer of last resort. Unfortunately, for many buyers, Citizen's becomes their only choice albeit an expensive last resort I might add. Though I believe it's important to quote rates, I also believe - in fact I really believe - it's more important to find a GOOD insurance agent whom you trust. He/She will more than make up for any slightly higher premium. Tom, what are the top 10 or more frequently asked questions you get from people contacting you? Further, what are the 10 SHOULD BE asked questions you don't get but should be getting from people contacting you? Thank you. I look forward to hearing your FAQs and SAQs. Mike Thanks, Tom, for pointing out something VERY important about binding a policy: get a solid closing date before binding.

I also appreciate your comments about Citizen’s, the insurer of last resort. Unfortunately, for many buyers, Citizen’s becomes their only choice albeit an expensive last resort I might add.

Though I believe it’s important to quote rates, I also believe – in fact I really believe – it’s more important to find a GOOD insurance agent whom you trust.

He/She will more than make up for any slightly higher premium.

Tom, what are the top 10 or more frequently asked questions you get from people contacting you?

Further, what are the 10 SHOULD BE asked questions you don’t get but should be getting from people contacting you?

Thank you. I look forward to hearing your FAQs and SAQs.

Mike

]]> By: Thomas Connell http://www.sarasotahomesforsalenow.com/sarasota-real-estate-insurance/comment-page-1/#comment-712 Thomas Connell Sun, 25 Jul 2010 12:16:25 +0000 http://www.sarasotahomesforsalenow.com/?p=1762#comment-712 I own an independent agency. I would like to comment on the article: Agents don't have "quotas". What likely happened was the particular company "closed the zip" code. Which means that insurer stopped taking new business in the zip code where the property is located. That's how they watch their liability exposure. It's crap. But - it's FL. FL property insurers are totally out of control. You are right about getting multiple quotes. Company rates vary dramatically. Citizen's should be double but would likely be as cheap if not cheaper than standard companies. Citizen's is a disaster unto itself. Agents that tell people to go to Citzen's for potential claim security are very inaccurate and are misleading insureds. Treat them as they should be treated. The true last resort. Unfortunately, thousands of agents don't have adequate markets so they write thru Citzens'. And, they write business into Citzens' that should be with other carriers. Citizen's - for example - has grown by an average of 26,000 new policies per month in 2010 (according to published reports). They are the largest insurer in the state and are totally broke! If they were a real insurer wanting to be admitted to this state to write business, they wouldn't even be considered. According to their own reports, Citizen's has $2T in liability, @ $4B in cash reserves and $8B in reinsurance. Oops, and of course the promise to issue bonds if and when needed. When you indicate "bind as soon as you can". I understand your position but it gives the agent nightmares. What percent of your potential closing dates change? When ins. covererage is bound and the closing date changes - they agent has to cancel the policy and start all over. FL insurers don't allow date changes on policies after binding. The insured may or may not have paid for a canceled policy - the insured will be getting two sets of bills - the lender is involved and giving everyone grief about what policy they have, what policy is paid and not paid, etc. There is a time to bind but it is not before all parties believe they have a solid closing date. I get the process and all the nuances between contract and close. It is a little "touchy". If everything has been completed with all info obtained and ready to bind - once you have a solid date - the coverage can be bound and policy issued within an hour (in almost all cases). I'm just sayin' I own an independent agency. I would like to comment on the article:
Agents don’t have “quotas”. What likely happened was the particular company “closed the zip” code. Which means that insurer stopped taking new business in the zip code where the property is located. That’s how they watch their liability exposure. It’s crap. But – it’s FL.
FL property insurers are totally out of control.
You are right about getting multiple quotes. Company rates vary dramatically.
Citizen’s should be double but would likely be as cheap if not cheaper than standard companies. Citizen’s is a disaster unto itself.
Agents that tell people to go to Citzen’s for potential claim security are very inaccurate and are misleading insureds.
Treat them as they should be treated. The true last resort.
Unfortunately, thousands of agents don’t have adequate markets so they write thru Citzens’. And, they write business into Citzens’ that should be with other carriers.
Citizen’s – for example – has grown by an average of 26,000 new policies per month in 2010 (according to published reports). They are the largest insurer in the state and are totally broke! If they were a real insurer wanting to be admitted to this state to write business, they wouldn’t even be considered. According to their own reports, Citizen’s has $2T in liability, @ $4B in cash reserves and $8B in reinsurance. Oops, and of course the promise to issue bonds if and when needed.
When you indicate “bind as soon as you can”. I understand your position but it gives the agent nightmares. What percent of your potential closing dates change? When ins. covererage is bound and the closing date changes – they agent has to cancel the policy and start all over. FL insurers don’t allow date changes on policies after binding. The insured may or may not have paid for a canceled policy – the insured will be getting two sets of bills – the lender is involved and giving everyone grief about what policy they have, what policy is paid and not paid, etc.
There is a time to bind but it is not before all parties believe they have a solid closing date.
I get the process and all the nuances between contract and close. It is a little “touchy”. If everything has been completed with all info obtained and ready to bind – once you have a solid date – the coverage can be bound and policy issued within an hour (in almost all cases).
I’m just sayin’

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