My mail carrier doesn’t like me. In this electronic age, I sometimes let a week’s mail accumulate in our mailbox before I retrieve it. It’s been my experience lately that snail-mail rarely contains any good news. Every now and then I actually open my mail just to validate this theory. Today was no exception. I received a letter from my insurance company.
After 30 years of doing business with them, they’re dropping my coverage in July citing risk exposure and business viability as the reason. The irony here is that their slogan ‘On your side’ appears at the top of the very letter. Come again? If they were truly on my side wouldn’t they continue to insure me?
Florida is one of those places that the insurance industry has routinely dropped policies in since the
unprecedented hurricane seasons of 2004 and 2005. Damage attributed to 2004 storms is estimated at $50 billion dollars. 2005 damage estimates are $128 billion dollars with storms so numerous that forecasters had to utilize the Greek alphabet Okay. I get that the insurance industry had a lot of exposure. SO WHAT!
The On Your Side people had operating revenues of $4.2 billion dollars with net operating earnings of $531 million dollars in 2004. In 2005 the insurer had operating revenues of $4.3 billion dollars and net operating earnings of $612 million dollars. Seems to me that in spite of hurricane exposure for those years that they – and their 100+ affiliated companies – managed to land on their feet quite nicely.
I’ve never filed a claim on my homeowners policy. Until recently that is. When my home began to show cracks in every window sash, nail pops appeared in various areas of my ceiling and a stair step crack formed in the concrete block wall of my garage, I asked for an investigation for a potential sinkhole. Four other homes in my immediate area have sinkhole activity including my next door neighbor. After various tests and studies my insurer says my damage is due to normal ground settlement. Pull the other one…
The denial of my claim necessitated that I hire an attorney to represent my interests. I have no way of knowing how long it will take to settle this matter. Hopefully, it will happen before my coverage ends in July. Otherwise I could conceivably have no insurance coverage because even if I can find a new insurer willing to write a homeowner’s policy in Florida it is doubtful that anyone will cover a home with an unmeditated sinkhole. On my side? Not even close. Film at 11:00.
Until next time – keep the faith.