- Thread starter
- #41
- 1,581
^is there a competitive market in florida? I kind of thought home insurance was only available through like 5 companies & they were all priced the same
Carrier Reps - I FIGURED IT OUT!!!
- Thread starter insurance1822
- Start date
- 995
Yeah, the market is pretty soft right now. Probably have about 25 companies writing now...some actively writing more than the others.
You wouldn't recognize the name of 90% of the companies. We have companies that are 3 years old with the state min of $25 mill in capital buying market share...it is really scary. Agents that can't get the good appointments will get appointed with these new companies and write the sh*t out of it.
- 1,506
^^^^ He is right. Loose money down there right now. Soft! No Wind, No Prob.
No Wind in long time..... No Prob at all!
No Wind in long time..... No Prob at all!
Awesome! That's what these forums are for, right?
Yes .. Reinsurers usually make a nice penny.
I remember when I was writing as an RRG my umbrellas were usually about $750 per $1M layer and I could count on my hands how many times we had a claim that hit the umbrella.. I had to write it at that because of that $750 about $500 of it was paying my reinsurance premium... I would have charged like half that, Umbrellas are HUGE money makers for reinsurers... As most of the time those limits are farmed out and they rarely get hit.
Ask your carrier reps next time.. I am sure they would be able to explain more... Maybe...
Also as for FL ... Yes FL is soft right now... Carriers are starting to get silly again.
I have a buddy at Citizens who said stuff is getting plucked and unstable rates.
Speaking of reinsurance... Citizens buys more of it per $1M of written premium than any other carrier.
- 1,506
Citizens is the Carrier of Last resort there.
Matt- Ins1988 does not talk to his reps! He does not respect them.
Matt- Ins1988 does not talk to his reps! He does not respect them.
Yeah.. Last resort and they have like a 40% market share.. That's the problem... They were to cheap for other markets to compete
I use to try to take stuff from Citizens and they would be writing it at real low rates... When I was writing in FL the DOI told me I had to write auto AND property or had to leave the state ... So I left.
Well like everything else.. Some carrier reps are good and others are useless, but they can be great tools and helpful
- 995
It is insane how artificially low some of the rates are....and I am not just referring to Citizens.
I was quoting a home the other day where the true premium was in the $3800 to $4300 range...literally 20 companies came in that range. One company came in at $2300...I either write it and explain the risk of the new company or risk losing the flood and auto also and we are out $700/year in commission.
I was quoting a home the other day where the true premium was in the $3800 to $4300 range...literally 20 companies came in that range. One company came in at $2300...I either write it and explain the risk of the new company or risk losing the flood and auto also and we are out $700/year in commission.
- 1,506
Citizens is the Carrier of Last resort there. They should be Reinsing like crazy!
Matt- Ins1988 does not talk to his reps! He does not respect them. That was Hilarious!
Matt- Ins1988 does not talk to his reps! He does not respect them. That was Hilarious!
- Thread starter
- #49
- 1,581
If my home premiums were that much I would be a millionaire (not kidding.)
I picked up a new carrier & one of my carriers got a new rep. I like them both. Both prior agency owners & both have the ability to get things done.
So i rescind my comments that I respect no carrier reps.
I picked up a new carrier & one of my carriers got a new rep. I like them both. Both prior agency owners & both have the ability to get things done.
So i rescind my comments that I respect no carrier reps.
- 1,506
^^^^They all say they can get something done. We'll see.....
Some are empowered, some are not!
Some are empowered, some are not!
Similar threads
- Locked
- Sticky
