United Policyholders

What it reported doing in 2024

ADVOCACY AND ACTION HIGHLIGHTS 2024 * Continued gathering data, raising awareness about and proposing solutions to a growing affordability and availability crisis related to home, auto and commercial property insurance that is impacting residents of Florida, Louisiana, California, Colorado, New York, and a growing number of other states.* Addressed public officials, realtors, insurance industry and legal professionals at numerous conferences on the negative impacts that climate change, technology and inflation are having on insurance consumers.* Testified at California, Colorado and Oregon legislative hearings, submitted comments on legislative proposals in Florida, Utah, California, Colorado, Louisiana, engaged in numerous conversations with elected officials and their staff members on matters impacting insurance consumers and solutions to patterns of problems that are manifesting. 40+ appearances before government and lawmaking bodies.* Attended meetings of the National Association of Insurance Commissioners (NAIC) in our capacity as an official consumer representative. Briefed state insurance regulators and their staff members on challenges that insurance consumers are encountering, discussed and proposed solutions, commented on proposed NAIC publications and participated in various working groups, and was a presenter in Phoenix, AZ, Chicago, IL, and Aurora, CO.* Participated as a panelist during a Center For Insurance Policy and Research special event titled Measuring and Assessing (Homeowner) Insurance Affordability.* Spoke on several panels during in-person and virtual meetings of the National Conference of State Insurance Legislators (NCOIL) and engaged in ongoing communications with state lawmakers who are members of the organization on issues impacting consumers.* Testified by invitation before the Little Hoover Commission in California on the topic of Californias home insurance market. * Continued collecting samples of coverage limits and exclusions that are appearing in policies across the United States and creating coverage gaps, and using them to advance UPs Restoring Insurance Safety Nets (RISC) Project. This project is aimed at reversing the erosion of insurance protection through policy language changes that reduce the amount of available benefits for repairing and replacing damaged properties. These wording changes and exclusions, designed to protect insurer profitability, are dangerously eroding the financial safety nets that homeowners are paying for and expecting to be able to rely on when disaster strikes. They are causing a ripple effect of harm to people, communities, real estate values, lenders, and ultimately, all of us. * Advocated with the Federal Emergency Management Agency for improvement reforms to the National Flood Insurance Program * Served as a voice for consumers and a source for broadcast, print and online media outlets in over 340 articles.* Actively monitored property insurance markets, premiums and insurance consumer experiences in high population states across the country, aggregated data and provided it to regulators, legislators and journalists.* Drafted and advanced model legislation to establish reasonable regulations on insurers use of aerial images, provide consumers with the right to access images of their property and give property owners the opportunity to cure conditions that are out of compliance with an insurers underwriting guidelines in order to retain their coverage.* Coordinated with a lawmaker in Massachusetts on the introduction of legislation matching UPs proposed model law related to aerial images.* Supported and helped enact legislation in Colorado to facilitate risk reduction (mitigation) of individual homes and condominiums (CO), a Mortgage Homeowners Bill of Rights, and a bill to establish standards for wildfire smoke remediation and insurance claim handling of claims via an initial study group and subsequent rulemaking.* Engaged in extensive communications with C

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 86%; rating input score 86
• Fundraising efficiency: $9.16 raised per $1 spent on fundraising; rating input score 35; 35th percentile among comparable filings

Transparency & Controls

• Consistency checks: 90.9%; rating input score 91; 8th percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 91.7%; rating input score 92; 24th percentile among comparable filings
• Governance controls: 6 of 8 controls in place; rating input score 75
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -46.2%; rating input score 3; 3rd percentile among comparable filings
• Total-asset coverage ratio: 0.97; rating input score 42; 42nd percentile among comparable filings
• Liabilities to assets ratio: 0.12; rating input score 40; 40th percentile among comparable filings
• Officer compensation ratio: 25.8%; rating input score 9; 9th percentile among comparable filings

Growth

• Program expense growth: 16.4% per year; rating input score 100; 77th percentile among comparable filings
• Revenue growth: 16.3% per year; rating input score 100; 81st percentile among comparable filings
• Asset growth: 13.8% per year; rating input score 100; 70th percentile among comparable filings