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Message
re: Dover Bay Insurance - Any experience?
Posted on 6/27/22 at 6:17 pm to LSUFanHouston
Posted on 6/27/22 at 6:17 pm to LSUFanHouston
Dover Bay basic is ACV ONLY for roof claims.
1
Posted on 6/27/22 at 6:19 pm to LSUFanHouston
I've never heard of all these cheap little insurance companies.
Posted on 6/27/22 at 6:39 pm to DSTGR
That’s actually not correct. Dover bay offers two types of policies. HO and HO Basic.
The HO policy is replacement cost for all perils, the basic policy is ACV for wind hail and replacement for all other perils.
The HO policy is replacement cost for all perils, the basic policy is ACV for wind hail and replacement for all other perils.
Posted on 6/27/22 at 6:39 pm to Jake88
They are all going under in FL and LA
Posted on 6/27/22 at 6:50 pm to DCtiger1
Are they that much cheaper than State Farm, which I have?
Posted on 6/27/22 at 8:30 pm to Jake88
Not really, the whole reason they are going under is because they weren’t charging the proper rate based on risk, they experienced significant cat losses and their reinsurance went up exponentially. By the end of the year there won’t be too many options left.
This post was edited on 6/27/22 at 9:22 pm
Posted on 6/28/22 at 5:27 am to DCtiger1
If DCTiger is a SF agent in Florida, especially near the coast, he is very well versed in Dover Bay. It is a non-admitted carrier but so are the majority of carriers in FL.
Here is some insurance info for you about Florida. Not sure how it works in LA. If an admitted carrier has 20% of the market shared and another 10 admitted carriers have the remaining 80% at various increments. If one/any of those 10 carriers go insolvent, the remaining carriers have to pick up their proportionate share and pay out claims for the carriers who went insolvent. The carrier with the 20% has to pay 20% of the claims they had nothing to do with.
Non-admitted carriers don’t have to play by those rules. It is a combination of the laws of the state and a lack of diverse market which dictate a lot of this and why only surplus lines carriers are taking on those risks. It is a very risky game to play and most small companies don’t have the capital to be able to be financially solvent. That is why the state steps in so you don’t get screwed but there are unintended consequences.
Here is some insurance info for you about Florida. Not sure how it works in LA. If an admitted carrier has 20% of the market shared and another 10 admitted carriers have the remaining 80% at various increments. If one/any of those 10 carriers go insolvent, the remaining carriers have to pick up their proportionate share and pay out claims for the carriers who went insolvent. The carrier with the 20% has to pay 20% of the claims they had nothing to do with.
Non-admitted carriers don’t have to play by those rules. It is a combination of the laws of the state and a lack of diverse market which dictate a lot of this and why only surplus lines carriers are taking on those risks. It is a very risky game to play and most small companies don’t have the capital to be able to be financially solvent. That is why the state steps in so you don’t get screwed but there are unintended consequences.
Posted on 6/29/22 at 5:36 pm to DCtiger1
Who is going under in FL and LA? Dover Bay?
Posted on 6/30/22 at 3:08 pm to coast2cos
Who isn’t?
Fed Nat, gulfstream, southern fidelity, St. John’s, lighthouse Excalibur, maison. The list goes on and on. There’s also no other major carriers in Florida Besides State Farm. USAA will write x wind which is useless.
Fed Nat, gulfstream, southern fidelity, St. John’s, lighthouse Excalibur, maison. The list goes on and on. There’s also no other major carriers in Florida Besides State Farm. USAA will write x wind which is useless.
Posted on 6/30/22 at 3:28 pm to LSUFanHouston
I lost Maison. Was going to have to go with Citizens with my insurance agent. Thank God I am in USAA and was able to get insurance at not much more than I was paying.
Posted on 6/30/22 at 3:45 pm to Major Dutch Schaefer
They are covering Wind in LA, I’m shocked
Posted on 6/30/22 at 4:03 pm to DCtiger1
I doubled checked and I just got a policy that covers wind in thibodaux from usaa? Its more than I was paying but I was with fed nat and got dropped
Posted on 6/30/22 at 4:08 pm to DCtiger1
quote:
They are covering Wind in LA, I’m shocked
Yep, I was prepared to be told they were not writing when I did the quote.
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