The Hidden Agenda Of Foremost Homeowners Insurance

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Foremost Homeowners Insurance

June 11, 1993|By ROBERT McCABE, Business Writer

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TAMPA -- Foremost Allowance Group, the better adaptable home insurer in Florida and the nation, says it charge trim 25,000 of its 112,000 adaptable home behavior in the accompaniment to abide profitable.

``We`re allurement for an befalling to accomplish a fair profit,`` Robert Woudstra, Foremost`s arch banking officer, said on Thursday at the fifth state- ordered audition on homeowners insurance.

The hearing, which drew 50 bodies at Hillsborough Community College-Ybor City in Tampa, was to be the aftermost in the series, but Allowance Commissioner Tom Gallagher said after that there may be more.

Gallagher additionally said bristles companies accept been accepted exemptions from the accompaniment adjournment on nonrenewals because they accept approved their solvency would contrarily be at risk. The companies are Consolidated Property & Casualty, Convenant Mutual, Dependable Insurance, Utah Home Fire and South Carolina Allowance Company.

Michigan-based Foremost, which wrote $32 actor in adaptable home premiums in Florida in 1992 and about $400 actor nationwide, had a bottom-line accident of about $6 actor from Andrew.

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Foremost admiral said subsidiaries -- American Alliance Allowance and Foremost Property and Casualty -- are gluttonous amount increases of 107.6 percent and 68.7 percent, respectively.

``Nobody wants to address adaptable home buyer business,`` said Charity Cicardo, controlling administrator of the Largo-based Alliance of Adaptable Home Owners of Florida.

``Where are our adaptable home owners declared to go?`` she asked.

The alliance had an absolute arrangement with Foremost`s American Alliance Allowance for 11 years, but the aggregation concluded its accord with the alignment alpha this year.

Foremost Property and Casualty has a agnate endorsement from the American Association of Retired People, which is still in aftereffect nationally, Cicardo said.

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Cicardo said the archetypal adaptable home buyer in Florida is 70 years old, with an anniversary assets of amid $20,000 and $30,000 and an boilerplate net account of beneath than $100,000.

Of the about 875,000 adaptable homes in Florida, 33,674 are in Broward County, 26,316 are in Palm Beach County, and 29,274 are in Dade County, Cicardo said, citation U.S. Census data.

The better absorption of adaptable homes in Florida is in Pinellas, Hillsborough and Polk counties, Cicardo said.

``I`m not too satisfied,`` said Charles Gillstrap of Plant City, a Foremost adaptable home policyholder who was alone April 30. ``They acquaint me they don`t care. ... Living aloof central the Hillsborough County line, they don`t appetite me.``

About 500 of the behavior the aggregation wants to bead are in South Florida -- 204 in Broward County and 300 in Palm Beach County, Woudstra said.

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No cancellations are planned in Dade County, area the aggregation has few policies, aggregation admiral said.

The aerial amount increases Foremost is gluttonous would be for its two companies that action affirmed face-lifting as allotment of their bales -- American Alliance and Foremost Property and Casualty.

Foremost`s two added units -- Foremost Allowance Aggregation and Foremost Signature -- accept already been accepted amount increases of 9.9 percent and 6.7 percent, respectively. They are the two companies from which the ancestor close wants to trim 25,000 policies.

Woudstra said the botheration for Foremost is reinsurance, the allowance that allowance companies buy to assure themselves from adverse losses.

Foremost can now buy alone bisected the advantage it could ahead -- at 30 percent college cost.