Mitchel Zelman: An Overview of the Property and Insurance

  The state of Florida made headlines in recent news for seeing several property and casualty insurance markets stumble due to an overload of

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The state of Florida made headlines in recent news for seeing several property and casualty insurance markets stumble due to an overload of claims. The effects could be felt far and wide, from landlords to antique toy collectors. Mitchel Zelman, a celebrated leader in the insurance industry (and the owner of Noodle Station), weighs in about the markets, what he’s seeing, and why it matters.

Property and Casualty Insurance


Property and casualty insurance protects your possessions from a variety of angles. Not only does it cover damage or theft, but it also covers financial depletion from liability claims. Mitchel Zelman says there’s a lot at stake in the Sunshine State. When the skies blacken, insurers and property owners are already thinking about what the high winds and heavy rains will do.


Trends in Coverage


A prominent trend in the coverage of Property and Casualty Insurance is the increasing focus on customized and tailored policies to meet the specific needs of policyholders. Rather than offering standardized coverage, insurers now provide options for individuals and businesses to personalize their insurance plans.


This trend recognizes that different policyholders have unique risks and preferences, and by allowing them to customize their coverage, insurers can offer more comprehensive and relevant protection. This approach also enables policyholders to select endorsements and riders to address risks relevant to their property or business operations. The trend towards customized coverage reflects the industry’s commitment to meeting the evolving needs of policyholders and providing them with greater flexibility and control over their insurance plans.


Protection Details


Mitchel Zelman understands that it takes work to dig through an insurance policy & claim. What’s more, laws and terms can be interpreted differently by different people, which can make people anxious about how long they’ll have to fight until they see compensation for their loss. In the case of damage, insurance might repair the property, replace it entirely, or compensate based on the current market value.


What It Means for Policy Owners


Policyholders need to understand how they’ll be paid. In the case of a current market value claim, the insured can typically expect to see less of a return than it would cost to replace the item. For instance, if a 5-year appliance of yours was damaged, you might get 75% of its cost if the appliance was initially expected to last for 20 years.


Mitchel Zelman says there are also extended replacement costs, which will account for inflation over the years. For instance, if you needed to rebuild a kitchen, the insurance company would need to factor in how the costs of labor and materials had increased over the years.


Casualty insurance can be even trickier for many companies and customers alike, particularly in cases that are far from straightforward. Determining who was at fault can come down to who’s hearing the story, which can be a challenging position for anyone.

From slip-and-falls in a restaurant to product malfunctions, Zelman says the challenge is finding ways to honor policies without compromising the company’s position. Thankfully, he has a plan to face it all head-first.


About Mitchel Zelman


Mitchel Zelman is an E&S broker, leader, and mentor with a passion for business. Mitchel recently joined the team at USG Insurance Services as the National Director: Brokerage Division.