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tods5eshoes · Wysłany: Śro 8:05, 16 Mar 2011 Temat postu: nike free 8168

Florida Home Insurance Companies Struggle To Break Even
If you thought your Florida home insurance company was stockpiling cash during the past three mild hurricane seasons you might be unpleasantly surprised. That does not appear to have happened with many companies.
During this period of relatively calm weather, the financial footing of many Florida homeowners insurance companies is now in serious trouble. Over half of the companies actively writing new business in Florida lost money during the past year. Three home insurance companies suffered a financial collapse and had to be taken over by the state. One of the companies that failed wrote new business exclusively in the 12 most southern coastal counties in the state. Why are these companies failing and why is it that so many companies are losing money?
For starters, Florida home insurance rates have been held artificially low by the state for the past three years by the legislators. While it has been politically popular with voters to do this,[link widoczny dla zalogowanych], low rates have contributed substantially to the poor finances of these companies. Florida's state run insurance company - the largest company in the state sets the benchmark for rates in the market. Because it does not charge enough for the coverage it offers,[link widoczny dla zalogowanych], private companies are forced to keep their rates lower - whether they are losing money or not. Newly formed companies that take policies out of the state run insurance company have to price their policies at or below the state run company virtually guaranteeing that they will lose money from the start.
There has also been an increase in non-hurricane claims and reopened claims from prior hurricanes. The tough economy is a factor because anyone who experiences a loss when times are tough is more likely to file a claim in the present environment. Florida home insurance companies are also experiencing more fraudulent and suspicious claims at the present time. This fraud can involve filing a claim during normal rain storms in order to get money to fix an outdated roof. It could also include suspicious fire claims along with theft claims from home burglaries that include high value items the homeowner never owned. Finally, there has been a rise in new and re-opened hurricane claims from the storms of 2004/2005 which led directly to the collapse of one company that had exhausted its reinsurance coverage.
Finally, investment returns are significantly down. Florida home insurance companies are constantly looking for ways to generate a safe return on their surplus funds. That's not easy for fund managers to do with the poor condition of the financial markets. Low and risk free rates of return are way down due in part to low interest rates in our slumping economy. Finding places to invest surplus cash with higher rates of return could result in unacceptable risk levels. After all,[link widoczny dla zalogowanych], it is unacceptable for your company to deny or delay your claim because it lost your money by investing in a risky stock market.
Your first reaction to the poor performance of these companies might be one of very little concern. After all, why should you care if an insurance company makes money?
Even if you are the biggest hater of insurance companies ever born, it is still important for your company to make a reasonable profit - especially in non-hurricane years. During those mild periods, these companies are supposed to earn a lot more in premium and have a lot less going out the door for claims. The fact that this hasn't happened for most companies should be sending out alarm bells across the state of Florida.
You've been told that big insurance companies are evil and maybe some of them are. But it is the newest, smallest home insurance companies that can't make money in these mild non-hurricane years. These companies are the future of Florida home insurance. If they can't make even a small profit during mild, non-hurricane years,[link widoczny dla zalogowanych], you shouldn't expect them to have the money to pay your next Florida hurricane claim.
If you are looking for a new homeowners insurance company, now is not the time to be buying based on price. You have to do your research. If you simply buy the lowest price policy, you'll be the one struggling financially if your company goes out of business and has to be taken over by the state.
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