Florida Home Insurance

[Poppaj]

Could Idalia be the final blow to any hope of affordable insurance in Florida’s future?

For the insurance and reinsurance industry, hurricane Idalia’s forecast landfall in Florida could be a decisive blow, if the industry loss proves relatively significant, with ramifications for carriers and the hard market being sustained.

Hurricane Idalia forecast to hit Florida "near or at major intensity" - Reinsurance News

Florida is facing a significant hurricane threat this week, as tropical storm Idalia is forecast to become hurricane Idalia later today, before then

www.reinsurancene.ws

 

[Jimmy T]

I've heard that knocking on wood is supposed to be our current strategy.

 

[Bob Wells]

Could Idalia be the final blow to any hope of affordable insurance in Florida’s future?

For the insurance and reinsurance industry, hurricane Idalia’s forecast landfall in Florida could be a decisive blow, if the industry loss proves relatively significant, with ramifications for carriers and the hard market being sustained.

Hurricane Idalia forecast to hit Florida "near or at major intensity" - Reinsurance News

Florida is facing a significant hurricane threat this week, as tropical storm Idalia is forecast to become hurricane Idalia later today, before then

www.reinsurancene.ws

I would say no, I also think those who have a mortgages will always have insurance as the mortgage company will ensure their investment is covered. The folks who might struggle are those who are mortgage free and fixed incomes.

 

[Poppaj]

I would say no, I also think those who have a mortgages will always have insurance as the mortgage company will ensure their investment is covered. The folks who might struggle are those who are mortgage free and fixed incomes.

When reading the last sentence I slowly raise my hand.

 

[Matt J]

I would say no, I also think those who have a mortgages will always have insurance as the mortgage company will ensure their investment is covered. The folks who might struggle are those who are mortgage free and fixed incomes.

Before I left banking I discovered a whole segment of people out there who are relying on forced placed insurance as in a lot of cases it's cheaper than home insurance.

However, and what I repeatedly advised people; don't rely on this, it's extremely basic coverage that builds back the structure with contractor level finishes and doesn't cover ANYTHING personal or not directly/permanently attached to the home.

The bank or lender may also opt to simply apply any payout to the mortgage, in other words you could find up with a vacant lot with a much reduced/paid off mortgage.

 

[Matt J]

Could Idalia be the final blow to any hope of affordable insurance in Florida’s future?

For the insurance and reinsurance industry, hurricane Idalia’s forecast landfall in Florida could be a decisive blow, if the industry loss proves relatively significant, with ramifications for carriers and the hard market being sustained.

Hurricane Idalia forecast to hit Florida "near or at major intensity" - Reinsurance News

Florida is facing a significant hurricane threat this week, as tropical storm Idalia is forecast to become hurricane Idalia later today, before then

www.reinsurancene.ws

So I thought about this and looked at the storm track.

There's not much in the path. Other than Jacksonville metro which is essentially inland based on the track. This shouldn't be a costly storm.

 

[Poppaj]

Interesting article on Citizens

If you are one of Citizens' 1.35 million policyholders, you may want to prepare for your bill to go up. This week, state regulators rejected Citizens’ request to hike rates by 12 percent, but some increase is all but certain. Your rate could also increase if your Citizens policy is taken over by a private insurer when Citizens offloads customers in October.
When Susan Gregory's insurance company went insolvent earlier this year, her policy ended up with Slide Insurance.
"10 days before renewal, I got the bill for $36,000," Gregory told First Coast News in June.

Florida's property insurance crisis: Be ready for higher rates from state-run insurer Citizens

If you are one of the 1.35 million policyholders with Citizens Property Insurance, you may want to prepare for your bill to go up.

www.firstcoastnews.com

 

[justhavinfun]

Just got my official "You may not be renewed note from Citizens.. But if non renewed, Citizens will "Help" me find a comparable policy which will not exceed 20% of my existing policy . Sounds like old Native American term of BOHICA. (Bend over here it comes again!)

 

[Poppaj]

Just got my official "You may not be renewed note from Citizens.. But if non renewed, Citizens will "Help" me find a comparable policy which will not exceed 20% of my existing policy . Sounds like old Native American term of BOHICA. (Bend over here it comes again!)

Bend way over and brace yourself.

“Jameson says the 20 percent rule is only good until your policy must be renewed; then a private insurance company can charge you whatever they want, like Gregory's $36,000 renewal rate.”

 

[Lake View Too]

Just got my official "You may not be renewed note from Citizens.. But if non renewed, Citizens will "Help" me find a comparable policy which will not exceed 20% of my existing policy . Sounds like old Native American term of BOHICA. (Bend over here it comes again!)

I got one of those notices about a month ago, but they did renew my policy at the same rate as last year, about a week ago.