Homeowner's Insurance -Questions Forum

No, the condo was actually my dad's deal but after he filed that claim we were cancelled. What I was referring to was right after my wife and I had been married for about 6 months and bought our first house back in 1998. We were in the house about 6 months and Hurricane Earl came through toward the end of 1998 and the whole block we lived in filled up like a bowl. We had 6 inches of water in the living room. That was nice... My wife was crying and I was making notes for the insurance company. The adjuster came out, looked at our damage then about 2 weeks later we got a check for $35000 to fix it. It was more than enough because I did most of the work and saved us about $10000 which we used to buy new furniture to go with it. It was nice because back then we didn't have the money to just go out and buy all new furniture without that money. I had State Farm Insurance at the time with was very nice. They were the servicing carrier for my flood insurance since flood insurance is funded and underwritten by FEMA.

No, the condo was actually my dad's deal but after he filed that claim we were cancelled. What I was referring to was right after my wife and I had been married for about 6 months and bought our first house back in 1998. We were in the house about 6 months and Hurricane Earl came through toward the end of 1998 and the whole block we lived in filled up like a bowl. We had 6 inches of water in the living room. That was nice... My wife was crying and I was making notes for the insurance company. The adjuster came out, looked at our damage then about 2 weeks later we got a check for $35000 to fix it. It was more than enough because I did most of the work and saved us about $10000 which we used to buy new furniture to go with it. It was nice because back then we didn't have the money to just go out and buy all new furniture without that money. I had State Farm Insurance at the time with was very nice. They were the servicing carrier for my flood insurance since flood insurance is funded and underwritten by FEMA.

Yeah, those were the good old days :wub:

Yeah, they were... and they still can be if you're with the right company. It's all these companies that come into Florida, start writing business, and make a boat load of money. Then when the hurricanes come they go broke and pass off their debt to the Florida guarantee fund that me and you have to pay back. That's when it really sucks. I just love people that come into Florida and think they know how insurance really works but really don't have a clue. All these people need to find an agent who lives as well as writes business in Florida.

Apologies for the delay in response time as I was away this weekend.

Casey,

I appreciate your posting and providing beneficial information to the commmunity. But there is no need to make accusations or finger point. If you felt so strongly about the wind mitigation forms, you could have posted your own thread. If you had read my previous posts, you would know that I do all I can to assist my customers and keep them satisfied. I am a New York City broker lucky enough to be involved with a brokerage that has been around since 1957 with offices in other states. We represent the 3 most reputable national insurance companies (Chubb, AIG and Firemans Fund). There are not many brokers that can say that.

Please see a few responses to your points beow.

I currently represent only AIG in the South Walton area, although I represent about 20 companies across the nation. By no means is AIG a cheap or unstable insurer. AIG is the only high-end insurer writing business in this area. Chubb and Fireman's Fund have not really tapped into this area except for on ultra-premier homes that provide $25,000-$50,000 in account premium. AIG is offering one of the best products around as it includes extended replacement cost on the dwelling (up to 150%) and hurricane coverage included in their homeowner's contract. They also provide top-notch claims service. Additionally, AIG is providing assistance in post-hurricane situations through their "Hurricane Protection Unit" which provides tarps, back-up generators, and additional supplies to get insureds back on their feet immediately following a storm. I insure my clients with quality carriers that maintain an "A" rating or better according to AM Bests insurance rating website. This rating refers to a company's financial stability. Thus, I would say I sell quality as well as pricing, a good fit for most clients.

Regarding the $350,000 home with a premium of $30,000- This was in West Palm Beach. Hopefully that would make sense now, as pricing in that area differs significantly from pricing on the gulf coast and particularly, South Walton. This client was insured with ALLSTATE.

Regarding claims, I manage all claim situations for my clients, regardless of the size of their account. In addititon to myself, I have two very experienced claim managers in my office as well as an abundance of support staff. We do everything in our ability to make sure our client is properly indemnified as soon as possible.

I became involved with insuring homes in the community when one of my insured's built a house in Watersound. He was satisfied with his premium and passed my information along to others, all of whom are still insured with me. I am not trying to step on anyone's toes. My rates are competitive but I can currently only insure newer homes (Post 2004) as AIG has some restrictions on the business they will write.

I write these posts with the intention of providing helpful information to the community, not to bicker amongst competition. This forum is meant to benefit hopmeowner's pursuing insurance information. I try to help people save money and enhance their coverage. Please respect that, and please continue to post if you have beneficial information to add. Thanks and best regards.

Yeah, they were... and they still can be if you're with the right company. It's all these companies that come into Florida, start writing business, and make a boat load of money. Then when the hurricanes come they go broke and pass off their debt to the Florida guarantee fund that me and you have to pay back. That's when it really sucks. I just love people that come into Florida and think they know how insurance really works but really don't have a clue. All these people need to find an agent who lives as well as writes business in Florida.

Insuranceguru has been posting on this board for quite a while, has been very helpful, is very knowledgeable, and has satisfied local clients, some of which are friends.

Good insurance agents work by word of mouth- you should know that. And you may want to do a little more research on the companies that are writing business here before you publicly trash them. It is always helpful to know your competition.

I can personally attest to what Insurance Guru saved us on our Watersound house. We were being quoted anywhere from $21,000.00 to $25,000.00 per year for our new home, which by the way was a Fortified Home, and Adam placed us with AIG Insurance for a little over $8,000.00 per year. I don't care who you are, that is a big savings. Oh, that $8,100.00 figure INCLUDES WIND.

He has also helped a friend of mine with a home on the gulf in Seagrove save a lot of money. He has insured several homes in Watersound and saved them a lot of money. I don't think this is a fly by night company by any means.

I wasn't saying anything about the price... that is a good price. I'm talking about if the policy you bought is worth it. Because in the insurance industry you truly get (or don't get) what you pay for. Does your policy cover backup of sewer and drain? Does it cover vandalism? Is your policy a Homeowner or a dwelling fire policy. And if it's a dwelling fire policy, is it a DP1, 2, or 3. These are all very important with claim time comes. All of these policies include wind but not all of them cover the other perils that can be as important. I educate my clients on what they are acutally buying not just which one is the cheapest. I realize saving money is important, but at what cost to coverage? I just hate to see people get screwed when it comes to insurance in Florida because most people don't know what they're buying, they just know it was the cheapest quote.

By the way, I'm going to dig a little deeper but I went to the Florida Department of Financial Services to do an agent lookup for Adam Gurdus and his name doen't appear as licensed to write insurance in Florida unless he's doing it under someone elses name or license number.

I wasn't saying anything about the price... that is a good price. I'm talking about if the policy you bought is worth it. Because in the insurance industry you truly get (or don't get) what you pay for. Does your policy cover backup of sewer and drain? Does it cover vandalism? Is your policy a Homeowner or a dwelling fire policy. And if it's a dwelling fire policy, is it a DP1, 2, or 3. These are all very important with claim time comes. All of these policies include wind but not all of them cover the other perils that can be as important. I educate my clients on what they are acutally buying not just which one is the cheapest. I realize saving money is important, but at what cost to coverage? I just hate to see people get screwed when it comes to insurance in Florida because most people don't know what they're buying, they just know it was the cheapest quote.

Yes, our policy covers backup of sewer and drains. Our policy is a homeowners policy. We did not go with this company because it was the cheapest quote, it was also the best coverage.

I wasn't saying anything about the price... that is a good price. I'm talking about if the policy you bought is worth it. Because in the insurance industry you truly get (or don't get) what you pay for. Does your policy cover backup of sewer and drain? Does it cover vandalism? Is your policy a Homeowner or a dwelling fire policy. And if it's a dwelling fire policy, is it a DP1, 2, or 3. These are all very important with claim time comes. All of these policies include wind but not all of them cover the other perils that can be as important. I educate my clients on what they are acutally buying not just which one is the cheapest. I realize saving money is important, but at what cost to coverage?

These are top of line homeowners policies with AIG, kindly research and please read my posts next time. AIG is comparable to Chubb and Fireman's Fund and noted for being one of the most reputable insurers in the United States and one of only a few High-end insurers. Their financial stability has never been in question. The AIG Private Client Group has become very price competitive due to their ability to include the Hurricane/ Wind coverage on their homeowners policy.

The AIG HOMEOWNERS policy affords extended replacement cost to the customer, far beyond what most companies are currently offering. All perils you mention above are covered. AIG is a class act company offering only the best coverage available. Statefarm, Allstate and many domestic companies are not offering extended replacement (UP TO 150%), concierge claims service or a hurricane protection unit to help get clients back on their feet after a storm. Not to mention, anytime a client of mine needs anything, they can call me directly and at any time of day.

I am not here to get into an argument, which by your perceived attitude and nature of postings is what you are trying to do. I am here to provide a free informative service to the community. Please stop personally questioning my abilities and put something useful up. As you can see, some people do appreciate the work I do. Best.

By the way, I'm going to dig a little deeper but I went to the Florida Department of Financial Services to do an agent lookup for Adam Gurdus and his name doen't appear as licensed to write insurance in Florida unless he's doing it under someone elses name or license number.

That would be because my brokerage is licensed, so I don't have to be licensed individually. I am fully and legally allowed to write homeowner's policies all day in Florida. Being a broker, i would think you would know that. Thanks again for questioning my integrity (On my own thread mind you).

Adam writes for high quality companies that have good ratings, and his target market and local clientele reflect the fact that he is good at working with financially savvy and educated people.

I sold life and health insurance for many years, and maybe things were different then (no message boards!), but we would never dream of questioning another agent's credibility or company- our job was to make sure we built a trusting relationship with our clients and found the best product to fit their needs. If an agent is educated, knowledgeable about their products, and honest, sales come easily without resorting to cutting down another agent or insurance company. Sniping about the competition is never classy.

We have the insurance on both our houses with AIG. We purchased it through another agent, (didn't know about Adam at the time) but switched to Adam when the first agent got out of the business. Adam is very knowledgeable and helpful. He's not out to sell you the cheapest thing out there. We've had a parade of insurance companies insure our houses and for the first time in about 5 years, we feel that we have good coverage. Although the price through AIG was thousands of dollars less than our previous insurance, that's not really why we changed. We changed due to the coverage that AIG gave us, including wind. Thank you, InsuraceGuru, for being here to answer our questions.

Well...

You're right, I do have a horrible attitude... I am sorry. I'm sure insuranceguru is good guy and I hope AIG is able to make it as I represent them too. I've been stung by the insurance industry after hurricane Opal when my agent in Illinois didn't have me properly covered and I lost everything. That is why I went into this business. So, I've had a $300,000 chip on my shoulder since then and I've only recovered from it 2 years ago. Again, I'm sorry for my lousy attitude.

Well, I sure hope everyone (especially Insuranceguru) is still happy with AIG since he blasted me for even mentioning looking at other options. So, if anyone wants to look for something better, I can steer you in a right direction. My email is: catug@comcast.net or my cell phone is 850-527-4640. I'm a local who knows this area very well. I saw this coming but wasn't going to say anything since insuranceguru knows it all.

I don't know of anyone desperate enough to contact an agent with an attitude like yours. Absolutely appalling. If I had had your attitude when I was working as an insurance agent, I would have been fired - we had to have professional conduct at all times.



Oh, regarding the P&C part of AIG, Notdeadyet posted this on the AIG thread. It was an e-mail from the company.


AIG, Inc. continues to work with regulators during this difficult time for financial markets. As has
been stated many times publicly, AIG is not a solvency risk; the value of its assets exceeds its
liabilities.
AIG Private Client Group is continuing to write new business.
In addition, here are a few more important facts to note:
•
AIG Private Client Group, which operates as part of AIG Property Casualty Insurance, faces
no such liquidity concerns.
o AIG Property Casualty Insurance has $26.7 billion in policyholder surplus, as
well as invested assets of $65 billion. These assets are protected by law and
cannot be taken from policyholders!
o As a point of reference, a leading AIG Private Client Group competitor has
policyholder surpluses of $14 billion.
o As you likely know, yesterday AIG reached an agreement in principle with the
New York State regulators to exchange illiquid assets from the parent company
with more liquid assets in operating insurance companies. These assets are of
like kind and quality to one another; the only difference is duration.
•
AIG Property Casualty Insurance has the resources to pay policyholder claims and will
continue to do so. On average, we are paying $73 million in claims each day.
•
AIG Property Casualty Insurance was downgraded by A.M. Best yesterday. Even with this
downgrade, our insurance companies carry a rating of “A” or “Excellent.” This rating
compares favorably with most major companies.
•
AIG Property Casualty Insurance results:
o AIG Commercial Insurance continues to exhibit strong financial
performance with 2008 second quarter operating income of nearly $1 billion, net
written premiums of $5.99 billion and a profitable combined ratio of 93.7%.
o AIG Private Client Group’s year-to-date results: $87.3 million in operating
income; $520 million in net written premium; combined ratio of 81.4%.
We remain committed to, and capable of, serving the needs of our policyholders. If you have any
questions, please contact your local representative. Thank you for your continued support of AIG
Private Client Group.
Copyright ? 2008 American International Group, Inc. All rights reserved.
AIG Private Client Group, 70 Pine Street, 21st Floor, New York, NY 10270

We now own 80% of AIG. Aint it great!

And how long before we can NOT hold 79.9% of AIG? IMO we need to get out of there as soon as possible!

We are considering buying a particular lot. Smiling JOe, didn't you post a link that shows which areas have flood zone issues? Also, how does one know if when s/he buys a lot and builds on it that it is insurable at a reasonable cost? Before we close on the lot, we would want to have this info.

Thanks in advance for any advice that you all can give us.