My insurance guy is saying that premiums are climbing in Okla due to last year's hail

[Billybob]

we figured it was time to trade since we had a legislature squarely in the camp of the trial lawyers before...

It has been said that politics is the second oldest profession. I have learned that it bears a striking resemblance to the first.
~Ronald Reagan

 

[rhodesbe]

At least the self interest of the trial lawyers and regular working folks were not diametrically opposed.

Unless you're being sued. In the face.

 

[NikatKimber]

All that's just details. More or less, ALL politicians are squarely in the camp of "highest bidder."

They could care less about us little people just trying to make a living.

 

[JB Books]

Unless you're being sued.

That's why you have insurance.

And on a serious note, all the BS about frivolous lawsuits is pretty much just that...BS. Lawyers who bring those kind s of cases don't stay in business long. Especially, here in Oklahoma.

Of course they do happen from time to time, but better that than we lose our rights to a jury trial.

 

[JB Books]

All that's just details. More or less, ALL politicians are squarely in the camp of "highest bidder."

They could care less about us little people just trying to make a living.

The trial lawyers care because they have a vested self-interest to care.

 

[Hobbes]

Makes you wonder how an insurance company can go broke doesn't it?
Take a bath on a historic hailstorm and raise premiums to cover while preserving your profit margin.

Have you ever heard of an Insurance company declaring bankruptcy?
(AIG doesn't count, they were gambling with CDOs)

 

[Gunrunner45]

My home owners is with AAA and it almost doubled this year. No Claims.

 

[inactive]

This is true, but for the record nearly every property/casualty company in Oklahoma pays out more in homeowners claims than they collect in premium, due to the catastrophes. they make it up on premium written in other states (i.e. Utah and Nevada, which are relatively disaster-free) and other lines of business (i.e. Auto).

Last I checked most companies were paying somewhere between $1.44 - $1.75 in homeowner claims for each $1 they collected in premium. They are trying to reduce this by taking rate.

 

[Voodoochile]

I use USAA. No increases in 15yrs with 2 claims. They even waived my deductible on those.

I left USAA a few years back because they raised my wind and hail deductible to 2% of the value of the home My roof got damaged and I had to pay half of it out of pocket...I offered to pay a higher premium if they would lower the deductible in the future...no dice. That's when I went to Traveler's originally.

 

[inactive]

Makes you wonder how an insurance company can go broke doesn't it?
Take a bath on a historic hailstorm and raise premiums to cover while preserving your profit margin.

Have you ever heard of an Insurance company declaring bankruptcy?
(AIG doesn't count, they were gambling with CDOs)

Actually, they most don't declare bankruptcy, as they are Mutual or Reciprocal Exchanges owned by their policyholders and cannot use such techniques to protect their finances; their problem is not debt.

If their claim obligations exceed their surplus, they are declared insolvent, and basically the Department of Insurance for the state takes over. Most of the time, other insurance companies get stuck inheriting the remains of the older companies (the DOI makes them agree to stuff like this in order to be allowed to write insurance in the state... same deal with "force placed" or "assigned risk" auto policies), and is supplemented by disaster relief funds (think taxpayer money, like FEMA). No one likes insolvency, as it screws both the public AND the other insurers.

AIG was a public company, and their problem was with gambling on their non-insurance investments and other corporate activities. Their property/casualty insurance business was pretty well ran. No solvency problems there.