Minimum Premium Requirements

Florida home insurance companies are now implementing minimum premium requirements. This means that some people can not save money with a wind mit even though they qualify for discounts on the 1802 form. This will be the end of the wind mits in Florida as we know it now.

Example from today: 2006 home, hip roof, wraps, C deck attachment and all glazed impact rated. The wind mit did not help them with their rates.

In all fairness, it was a 2006 house, and they were getting a decent rate, IMHO. In the past the hip roof would have saved them some money as far as I can tell. We have had it happen on other older homes also.

If you do only wind mits you may want to make other plans.

Eric called it…

Thanks for the heads up John. :smiley:

Again… :mrgreen:

John,
Is there any year cut off. I have heard USAA doesn’t require a wind mit if the home was built after 2002.

I got my insurance renewal paperwork yesterday for my property in Davenport which was built in 2001, if I was to replace the roof and have 8d nails spaced every 6" I would save the grand total of $48.00

Will the state allow the insurance companies to fully implement this plan?

They are private companies and will run their business the way they want…or just leave. And I am pretty sure I said that will happen as well.

The “forced-placed” insurance game is about to start next. That will be loads of fun!

They already have, look for more and more companies to do the same.

Thank you, John.

Well I guess I will stop doing them when folks stop ordering them :slight_smile:

I am personally not to busted up about it. Maybe I will find out something else I enjoy a little more.

With every door that closes another opens up…or something like that.

You got it all wrong, when less are ordered, less inspectors will do them, charge more make the same money work a bit less…

Or, like you have said every week the last couple months, maybe find another line of work. Perhaps you’re burnt out and need a change, i dont know. The attic pic you posted recently looks like it.

Yes I am burnt out on these things but they “help” pay the bills.

I am actively seeking a change.

I am looking for a job more suitable for a 42 year old guy that has always been some sort or supervisor or CEO.

I would be interested if anyone knows of a career counselor that helps folks with a lifetime of experience find something new to do.

Before inspections all my work was word of mouth but now everyone “almost” that was in the new construction biz building large communities are doing other things.

That sounds like a min mandatory policy premium.

Sounds illegal to me, doesn’t the law states discounts must be given for certain features?

Yes, but the OIR approved the minimum premiums. You get the discount but then are brought to the minimum premium. If effect circumventing the discounts for some homes. If I understand it all correctly.

Do you have a memo or news release for this?

I would like a source as well if you can find one. Im guessing minimum premiums would be different for every house on the block too right? So they can pick and choose who they want to give it to, thus circumventing the discounts… or attempting to push people to another carrier.

No, you would have to look at the underwriting manuals and rate guides.

Then, do you have those available? Or at least the pertinent parts?

Wow! It’s like a constant battle between the insurers and the insured. More and more people won’t be able to afford homeowner’s insurance. I’m not for state involvement, but the insurance companies are going to keep taking more and more for as long as they can. It definantly dicourages home ownership.