Florida Premiums

Jun 23, 2016

  1. Comm_Ins
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    Comm_Ins New Member

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    Are premiums in Florida, specifically southern Florida, typically higher than the rest of the country, or just non coastal states? I quoted a cellular store in southern Florida and got a quote of $2700. That same business with same characteristics, limits, and coverage in IL, AZ, or MI would of been around $1200, with the same carrier. In addition, carriers that accept that class of business declined to write it because it's in southern Florida.

    Thanks for any info
     
    Comm_Ins, Jun 23, 2016
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  2. Matt37
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    Matt37 Super Genius

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    Yes .. I was a risk manager for a carrier for 5 years previously and we had an easier time staying profitable in NYC than Broward and Dade county in auto.

    For property .. when you write a lot of FL property you need to buy a ton of re-insurance and rates are very conducive on the re-insurance market.
     
    Matt37, Jun 24, 2016
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  3. FL P&C Broker
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    FL P&C Broker Guru

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    What kind of coverage are we talking about here? BOP or just property and GL?
     
  4. mmdz33018
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    mmdz33018 Expert

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    The fraud is also very great here. If you are speaking about a commercial property then it makes sense. Setting a place on fire to claim money is more common that one might image. I know this from adjusters that I know.
     
  5. Comm_Ins
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    Comm_Ins New Member

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    Yes this is for a BOP, and apparently after doing more research, Florida premiums are very high compared to other states.
     
    Comm_Ins, Jun 24, 2016
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  6. Matt37
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    Matt37 Super Genius

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    Yup forgot about that aspect.

    Also.. the legal environment.. Florida is infested with lawyers .. turn on the TV in FL and you will see an ad for an attorney in 5-10 minutes tops.

    All in all .. it is not a good state for insurance companies.
     
    Matt37, Jun 27, 2016
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