Ray LaMantia 02-04-15

Ray LaMantia is our Property and Casualty Insurance member. Ray gave us a presentation about Home Owners Insurance. Some of Allstate’s competitors are dropping some of their clients who have had 2 claims to the Home Owners Insurance in the past 5 years, so people in this position are good prospects for Ray. Over time, the loss ratio on this insurance is crept up to where the insurance carrier is paying $1.15 in claims for every $1.00 they collect in premiums. Insurance companies are providing Home Owners insurance so that they have a market for their auto and life insurance policies. If a person is dropped, they can enter into the Illinois Fair Plan which has to take everyone, but with a limited coverage and high premium. Allstate now can offer similar coverage through NorthLight Insurance. NorthLight offers a better rate that Illinois Fair Plan and has a larger claim limit. The claim submitted is still processed by Allstate. Ray explained that the increase in Home Owners claims is based on there being more older homes and an increase in weather events, particularily hail patterns recently. He mentioned that often policy holders will submit claims for property damage that is more of a maintenance issue that is not covered by their Home Owners Insurance.

Remember Ray LaMantia and Allstate Insurance when you hear your associates mention that they are looking for a quotation on their Home Owners Policy.

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