News
November 18, 2009
The Ins and Outs of Insurance
By Gary Landry, Vice President of the Florida Insurance Council
A strong and healthy insurance market is essential for our state and nation's economy. Insurance makes possible the businesses that provide jobs and the building of homes that protect our families. Insurance allows for the building of roads and bridges that are so important to a vibrant commerce, and insurance provides the financial products that protect our savings and provide for us as we age.
The Florida Insurance Council, the state's oldest and largest trade association, represents some 200 insurers and insurer groups that write all lines of insurance that help our economy prosper.
Insurance companies are like other businesses in that the price charged for the product is directly related to the cost of "raw materials" used in the product. When the price of car repairs, home construction or settling lawsuits rises, the cost of auto, homeowners or liability insurance must also rise.
To hold down the cost of insurance, it is essential to hold down the cost of what insurance pays for. That's why the insurance industry devotes considerable resources to supporting programs and proposals that reduce loss, prevent injuries and save lives.
Insurance products are sold via agents. Some agents work only for one company, while agencies market insurance products from a variety of companies. Any agent or company representative should be able to answer all questions about insurance, provide a thorough assessment of one's insurance needs, and offer choices of insurance products to meet an individual's needs.
The Florida Insurance Council dedicates a section of its website to assist consumers in selecting products and services. That site is: www.flains.org
In addition, the Insurance Information Institute's website, www.iii.org, has a wealth of information, research and statistics on products and how they work.
Most insurance companies maintain their own websites to help inform consumers of the products they offer.
Consumers may also opt to start their search for insurance products by contacting an agent. The Florida Association of Independent Agents maintains a website that helps consumers find agents in the county in which they reside. Go to: www.faia.com and click on the box in the center of the home page entitled "Find an Agent." Another agents association in Florida is the National Association of Professional Insurance Agents in Florida. They maintain a website at: http://www.piafl.org
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