Anyone who lives along the coast- think people in states
like Florida or New Jersey- knows that insurance premiums for people in these
areas can often be on the high side. That makes sense, however because
hurricanes, to which coastal areas are quite prone, can do some serious damage.
However, there are people who feel that these increased
costs are a little too increased and who are fighting back against high
premiums. Take a homeowner’s group in Alabama known as the Homeowners Hurricane
Insurance Initiative, for example. It recently got a law, known as the Clarity
Act, passed in its state. The law requires all insurance companies to report
losses by zip code. That way, the group and, hopefully, future lawmakers can
make accurate analyses of whether or not those high insurance premiums are
really warranted.
It’s fairly likely that similar groups in other coastal
states will form, following in this Alabama group’s footsteps. If one formed in
your area, how would it feel about how your company handles property insurance claims or about the cost
of your premiums?
If you don’t think such a group would be too happy with your
practices, it may be time to do a little reassessing to make sure that you’re
operating a business that is as fair and as reasonably priced as possible. After
all, those qualities are what will truly win clients over in the end.
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