Companies That Write MD Coastal Property?

[NCAgent]

Hey guys,

My agency just got licensed in MD for mortgages and we're looking at some companies to use in that state. One of the concerns that I have though is the lack of coastal carriers that I have.

Does anyone here have a list of companies that can do coastal property for MD either as a monoline or as a package?

Thanks!

 

[CaptiveGuy]

I use Foremost, most of my coastal properties are seasonal or rentals that my main carriers don't want to do anyways.

 

[NCAgent]

Okay nice contract.... are you an insurance agent or mortgage broker?

Insurance agent. We just expanded out to MD with the mortgage company we partner with as well. Indy agency all the way so any carriers could work. We're looking to get the ball rolling for those clients as well and I'm brushing up on my MD insurance law.

As for foremost, in NC they don't write primary homes, is it the same in MD as well?

In addition to coastal what do you use for areas like Baltimore? My 2 main preferred carriers don't like that area as well.

 

[CaptiveGuy]

For Balitmore I think all of my carriers are fine there. Erie, Travelers, and Safeco is who I use for my preferred clients.

And yes in MD Foremost will do a primary home you just have to add all the features on manually (replacement cost, personal property, etc.)

Who are you trying to use that is declining Baltimore properties? The roof, HVAC, and electrical just have to be updated within the last 25 years most times.

 

[Sales71]

Condition should not be a major concern since most of those home have been inspected recently. You should look for a company that can issue a fast policy and good rate.

Talk to your current carriers to see if any will write in your new state.

 

[NCAgent]

Yeah Kemper is my major one and they don't really like Baltimore. It's great that Foremost will do a primary in MD, that's good to hear.

Sales71, I'm an actual insurance agent. I know I need a company that will do a fast policy and a cheap rate. Hell, most clients know that. Believe it or not the condition of the house DOES matter, especially the HVAC, plumbing, roof, and electrical wiring especially if the home is a little older. Are you a life/health agent, is that what the problem is? I'm new to the state and am asking about carriers. Competitive carriers in NC are most likely different than MD, and the coastal property is handled totally different in NC than MD through NCJUA, a state insurance facility for the wind and hail risk pool. As for talking to my carriers about coverage, duh. I just said one of my carriers doesn't like Baltimore and others don't like coastal.

Safeco I'm trying to get in MD, thanks for clarifying that for me Captive. Travelers I don't have an appointment with because they aren't doing so hot with HO right now in NC. I'll look at Eerie as well since they aren't super competitive compared to Kemper here in NC as well. But in MD all bets are off!

When you are dealing with coastal property, Captive, and it's a primary home, who do you usually go to for competitive rates and/or easier underwriting? I like having most of my ducks in a row before I start working in a new state and this coastal thing is going to be my biggest hurdle. Since we are working with mortgages that are closing the clients HAVE TO own wind and hail (if separate coverage) and the HO as well, so the pricing is something to look at but flexibility is a bigger concern.

Thanks!

 

[CaptiveGuy]

Safeco won't do homes within 2 miles of water for some counties and within 1000 ft. for other counties in MD. They seem to be the most strict. Erie will normally approves it especially if you package the auto insurance and it's a clean risk. Erie requires photos of the property though so in terms of ease of issuing a binder signing up with Travelers or Encompass may give you more flexibility.

I normally use Foremost for mononline seasonal/rentals. I don't get too many primary coastal homes as I'm located in the DC suburbs of MD and not the coastal region.

 

[NCAgent]

Thanks a lot Captive. Do you know anything about Metlife or Montgomery or anyone else there as well?

We're just getting a few carriers lined up for licensing, but some take longer than others ya know?

Are there any pieces of advice that you have when writing a P&C risk in MD? I hear that once you have an auto it's very hard to get rid of the client unless they terminate, is that true?

 

[Guest]

Simple,

Go to other agents, in your area's, websites and see what carriers they have.

Other peoples experiences are always best to learn from.