AboutThom Brooks Expertise I can answer many inquiries on Property & Casualty, or Life and Health Insurance.
Experience 34 years experience and owner of Brooks Insurance School since 1985. I've taught over 39,000 students and would enjoy helping anyone, especially those troubled by not knowing where to find an answer.
Question I am a licensed life and health agent that is independant in Ky.I primarily deal in the senior market and do 3 to 4 million a year in annuity business. I work out of my home and go to clients homes. My son just graduated college and wants to come into the business. We want to relocate to Florida where he lives. We have thought about getting him licensed in p/c and life and health and start a p/c agency and I continue to do what I do......what do you think? What are to pros and cons...Thank you in advance for your help
Answer David, hello!
Working with family would be awesome! One of the obstacles is that Florida is in a state of Disarray with their P. & C. business. State Farm, Allstate and USAA are leaving or continuing a moratorium for appointments and/or new business.
Florida requires a 200 hour Pre-Licensing course to get the P. & C. license and a 40 hour class for the Life and Health. You can contact them in Tallahassee to see if they would be reciprocal with Kentucky. I've taught classes in both states but the Retaliatory laws hav been changing.
Your annuity business can certainly continue in both states and you would likely be successful. The Property and Casualty business is a different animal. Many of the companies would not appoint you two, but maybe if you were a captive agent to one company.
Buying an established agency is a great way to get instant clients and instant companies. However, there are huge loopholes to guard against.
I own homes in Savannah, Georgia and Sebring, Florida. I've been insured with USAA for 36 years. They've advised that they will not write any new Homeowners on the house I've owned for 30 years down there, nor will they write new policies. The big companies are leaving the state or are very restrictive. You need to contact the agents in the area of Florida where you intend on moving. They can tell you the current climate.
You may also consider being a Surplus Lines Broker (after getting the P. & C. license) since a great deal of the Florida exposure may be written in the special risk market.
Be very careful but you can be very successful at it.
