State-by-State Requirements for Personal Lines Insurance Products

Nov 28, 2018

  1. Tcollins
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    Tcollins Expert

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    I've been researching minimum coverage requirements in different states (for products such as personal auto and homeowners insurance), and a lot of the time the government sites are lacking information, and other online information from insurance companies or law firms is inaccurate, or has conflicting information.

    For example some states require a mandatory windstorm/hurricane deductible for homeowners insurance; minimum liability requirements, personal injury protection or uninsured motorist coverage are also common bare minimums required for personal auto insurance.

    Does anybody know if there is some sort of resource out there that could help me in this endeavor? It is incredibly difficult getting the "full picture" about a brand new state, simply by looking at the state insurance department or on the web. I'm willing to buy some sort of almanac or similar resource that has this type of information, but I've yet to find anything like this.

    Any guidance or suggestions would be greatly appreciated. I hope someone can point me in the right direction. Thanks in advance!
     
    Tcollins, Nov 28, 2018
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  2. fed up
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    fed up Super Genius

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    How many states do you plan to write in? i have found that googling the particular state with searchwords of minimum liability coverage gets the correct answer. I was amazed that certain states do not have reciprocity for in state/out of state licensing. I would focus on one state and perhaps its bordering state to start until you get rolling. E&O problems are lurking if you bite off too much when you start
     
    fed up, Nov 28, 2018
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  3. adjusterjack
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    adjusterjack Guru

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    When I am searching for insurance information I add the words "by state" or "state by state."

    Auto liability minimum limits by state yielded this:

    What Does Minimum State Car Insurance Mean? Is It Enough?

    I don't recall any states having statutory limits on other types of insurance so you'll have to go company by company, state by state, to get the information you want.
     
  4. An Actuary
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    An Actuary New Member

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  5. Tcollins
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    Tcollins Expert

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    This is a good starting point for me - thanks so much for your response. Very much appreciated!
     
  6. Markthebroker
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    Markthebroker Guru

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    If "minimum coverage requirement" is any part of your conversation with clients, expect to have a difficult, high maintenance, high turnover, poor claim ratio book.
     
  7. farmerbrown
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    farmerbrown New Member

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    Try this on for size. I think it is accurate as of 09/16.

    [​IMG]

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  8. Tcollins
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    Thank you for sharing this farmerbrown - where did you find this? I appreciate it!
     
    Tcollins, Dec 6, 2018 at 4:08 PM
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  9. farmerbrown
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    farmerbrown New Member

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    Something I have had in my files for a while. I think ISO might have something like this they put out every year.

    As you look for this info, a good resource will be company marketing reps. Go to the carriers with whom you are appointed and ask them for the info. They usually have this type of info.
     
  10. Tcollins
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    Tcollins Expert

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    That's great feedback. Just today I received that same advice, to reach out to our carrier marketing reps for helpful resources. Thank you again Farmerbrown.
     
    Tcollins, Dec 7, 2018 at 4:21 PM
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