Homeowners By Peril / Florida Homeowners By Peril

Florida Homeowners By-Peril

Carriers underwriting Florida homeowners insurance face unique exposures from severe weather activity, hurricanes and sinkholes, as well as market conditions dictated by State-owned Citizens Insurance, the Florida Insurance Guaranty Association and reinsurance. Florida has an active regulatory and legal environment. State government routinely adopts statutes that require changes to insurance products to remain compliant. Florida is also one of the most litigious States in the country.

Carriers navigating the legal and regulatory environment in Florida must stay abreast of changes that affect their position, and have a dynamic product that can align effectively with those changes. Insurers that look to be a niche player need a dynamic insurance product with appropriate coverage verbiage and a strong rating tool to help price their product given evolving market conditions.

The AAIS Florida Homeowners By-Peril Program provides the opportunity for carriers to more directly manage loss exposure by the peril causing the loss. Coverage forms developed for Florida are developed to address specifically the loss exposures from the weather and the legal and regulatory environment in Florida.

Among the features of the Program:

  • A rating plan with policy loss costs by perils reflecting exposure from common perils and catastrophes in Florida.

  • Algorithms and loss cost selections that account for unique rating elements required in Florida.

  • Efficiency from policy-level loss costs for policies that exclude Wind.

  • Optional coverages directed toward managing common risks, as well as those more particular to Florida, such as water losses.

  • Wording used in the Florida forms and endorsements is a combination of traditional AAIS verbiage and that developed to address exposures like hurricanes, winds, water, and many other exposures unique to Florida.

  • Assignment of Benefits is addressed via coverage limitations and mutual responsibility between a carrier and insured for resolving claims.

Hi-tech Delivery

  • IT specifications for adopting By Peril forms and endorsements and rating plan, incorporated into a carrier’s rating platform

  • Access to the By Peril rating engine on the AAIS Underwriting Platform

  • Detailed maps and underlying data that display loss costs by zip code and peril

  • Statistical reporting

  • Access to all forms, endorsements, and manual materials on www.AAISDirect.com

Superior Service

  • AAIS subject matter expertise for:

    • forms and endorsements

    • manuals rules, factors, and rates

    • actuarial methodology and procedures

    • data

    • information technology

    • legal compliance

  • Member support to implement AAIS products

  • AAIS and Personal Lines Advisors collaborate to guarantee a smooth transition to AAIS products and a rapid response to any issue, problem, or potential obstacle.

For more information…

Contact an AAIS Personal Lines Advisor for more information on how to leverage AAIS’s custom solutions to address your particular needs.