All Forum Posts by: Kevin Koone

Neera,

Can I ask who you're insured with now?  Also it really depends on the type of "commercial property" you have.

Bill, you would think, but it's not the case at all.

Jesse,

That's correct.  They want to spread their risk as much as possible.  Of course companies will usually have multiple homes in a subdivision etc., but I have had them shut down new business in a certain area if they've reached their "threshold" in that zip code or geographical area.

We have a "retirement" community close to me where one carrier ended up with a majority of the risk there and they were real nervous about it for a long while.  It's evened out now but it does happen.

I'm probably out of my depth here, John may have more experience here.

on the HOA scenario here would be my answer

1. No :).  Of course there are discounts for security measures, gates, guards etc. that everyone would get but homeowners premiums are derived on so may factors such as insured age, household members, claims history, ROOF AGE, age of the home, scheduled property, pets etc., so if each home is individually owned this would be near impossible.  Also, carriers don't want to have a big number($) tied up in one area where if one claim hit it would decimate profits.  I do a lot of Condo Associations and I'm having more and more trouble with having companies having to cover such a big property amount in say an acres or 2 of land mass.

2. have no idea

3. not sure about regulatory barriers because there have been plans done through employers or associations where they'll give a specific discount, let's say 5% overall to the employees they can write but that being said those clients typically don't live right next to each other, have the same age/style/value of home and they still have underwriting guidelines they have to go through that can generate rate or every deny the coverage.

That help at all?

Jesse,

Are you talking residential properties, commercial etc.?

You have to have a pretty big number before companies will consider.

ok first off, Oklahoma is tough all around.  Wind/Hail has hit them hard over and over to the point that a lot of companies have pulled out.  I agree with Ken, get some costs and see if it's worth it but depending on how old the roofs are on your dwellings if you have a claim and replace the roof your rating might not really change.  I believe with most carrier sin OK you're looking at minimal 1% deductible for wind/hail with some going up to 5% of the dwelling amount.

I have people ask me all the time if they can just remove the wind/hail coverage and I have to remind them that covers more than just their roof.  If a tornado came through and destroyed the home no matter what your deductible was you'd be glad for the coverage. Or if it blew a tree over on the house/fence/AC unit it adds up pretty quickly.

It’s a difficult time especially in the “wildfire” states.  Lots of the known companies such as CHUBB, Cincinnati and others are using their E&S companies that aren’t regulated but the state to offer coverages where they can.  There will also be lots of “layering” between carriers where they share the risk which is something that’s been done on the commercial side for a long time now.  It’s hard for everyone.  

We use personalumbrella.com for those risks.  If you use an independent agent they should be able to access but if you need help shoot me a message.

I'm sure there are other options for it but this works for us.

Jacob, I'm in the business so take my answer with that in mind.  Buy as much liability as makes sense.  Usually the difference b/t 500k and 1 mill is pennies really.  I'd ask for the higher limits and honestly I'd ask for the highest he can provide on the policy.  Especially if you don't have an umbrella in place.

John's list is good!!!! Get as much info as you can.  When they get past 20 years old they ask all the questions :).  Let me know if you need anymore help.