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TooFarTampa

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There is a huge amount of work (!) being done by the Legislature this week. :popcorn: One thing the Senate passed yesterday is something Crist has supported -- require companies that sell auto and other policies in Florida to sell homeowners insurance if they also sell it in other states. There is some talk that such a law could create unintended dire consequences but people are angry, the lawmakers are listening and the insurance lobbyists have been humbled. :blink: :cool: 

A planned huge Citizens hike for 2007 is going to be repealed. But the biggest change likely will be the notion that Citizens should be run like a business and the state should provide a greater amount of reinsurance to companies writing policies in Florida, instead of those companies seeking it on the open market (read: Warren Buffett's Berkshire Hathaway).

I give them all props for trying to do something. But they have to. They know if they don't, SHELLY's economic meltdown is imminent, at least in Florida ...

There is a huge amount of work (!) being done by the Legislature this week. :popcorn: One thing the Senate passed yesterday is something Crist has supported -- require companies that sell auto and other policies in Florida to sell homeowners insurance if they also sell it in other states. There is some talk that such a law could create unintended dire consequences but people are angry, the lawmakers are listening and the insurance lobbyists have been humbled. :blink: :cool: 
 
A planned huge Citizens hike for 2007 is going to be repealed. But the biggest change likely will be the notion that Citizens should be run like a business and the state should provide a greater amount of reinsurance to companies writing policies in Florida, instead of those companies seeking it on the open market (read: Warren Buffett&#039;s Berkshire Hathaway). 
 
I give them all props for trying to do something. But they have to. They know if they don&#039;t, SHELLY&#039;s economic meltdown is imminent, at least in Florida ...

JoshMclean

Beach Fanatic

If we do have an economic meltdown....I blame Shelly :pissed:

flyforfun

[quote="JoshMclean, post: 195684"]If we do have an economic meltdown....I blame Shelly :pissed:[/quote]
 
I ditto that!

<blockquote class="xfBb-quote" data-name="JoshMclean">If we do have an economic meltdown....I blame Shelly :pissed:</blockquote> 
I ditto that!

[quote="TooFarTampa, post: 195662"]There is a huge amount of work (!) being done by the Legislature this week. :popcorn: ...[/quote]
 
Tampa are you reading about any new legislation that will give second home owners some tax relief?:idontno: I keep hearing about this piece of legislation, but not being local I don't know if has been assigned a number and dropped into a committee.

<blockquote class="xfBb-quote" data-name="TooFarTampa">There is a huge amount of work (!) being done by the Legislature this week. :popcorn: ...</blockquote> 
Tampa are you reading about any new legislation that will give second home owners some tax relief?:idontno: I keep hearing about this piece of legislation, but not being local I don&#039;t know if has been assigned a number and dropped into a committee.

[quote="flyforfun, post: 195735"]Tampa are you reading about any new legislation that will give second home owners some tax relief?:idontno: I keep hearing about this piece of legislation, but not being local I don't know if has been assigned a number and dropped into a committee.[/QUOTE]

Hi Fly, the special session is only to address the insurance crisis. I do believe they will address the property tax system at some point during the regular session, and they may even attempt an overhaul, but the problem is that I haven't heard of any solutions people can actually agree on. The insurance issue has taken priority though so there will a huge focus on property taxes once the insurance issue has been ... for lack of a better word ... resolved to the best of their abilities.

If/when property taxes are addressed, second home owners are obviously not going to be a priority ... BUT many feel it is unfair for non-homesteaders, newcomers, businesses and people trying to "move up" to bear such a large portion of the tax burden.

By the way, compared to much of the rest of the state, Walton County is a GREAT place to be a second homeowner. The millage rate is relatively low (under 10 ... compare to Tampa and St. Petersburg at 28 :eek:). Plus, the county allows for short term rentals to defray costs, where many counties and municipalities do not. We have friends who own a second home on Pass-a-Grille in St. Pete Beach. It's one of my favorite places in the world, but aside from the expensive real estate, there are major restrictions on rentals and the taxes are out of this world. The taxes on their 2-bedroom 1930s ranch, obviously built nowhere near code, on the Intracoastal Waterway went up last year from $12K to $25K. :eek: :eek: :eek:

<blockquote class="xfBb-quote" data-name="flyforfun">Tampa are you reading about any new legislation that will give second home owners some tax relief?:idontno: I keep hearing about this piece of legislation, but not being local I don&#039;t know if has been assigned a number and dropped into a committee.</blockquote> 
Hi Fly, the special session is only to address the insurance crisis. I do believe they will address the property tax system at some point during the regular session, and they may even attempt an overhaul, but the problem is that I haven&#039;t heard of any solutions people can actually agree on. The insurance issue has taken priority though so there will a huge focus on property taxes once the insurance issue has been ... for lack of a better word ... resolved to the best of their abilities. 
 
If/when property taxes are addressed, second home owners are obviously not going to be a priority ... BUT many feel it is unfair for non-homesteaders, newcomers, businesses and people trying to &quot;move up&quot; to bear such a large portion of the tax burden. 
 
By the way, compared to much of the rest of the state, Walton County is a GREAT place to be a second homeowner. The millage rate is relatively low (under 10 ... compare to Tampa and St. Petersburg at 28 😱). Plus, the county allows for short term rentals to defray costs, where many counties and municipalities do not. We have friends who own a second home on Pass-a-Grille in St. Pete Beach. It&#039;s one of my favorite places in the world, but aside from the expensive real estate, there are major restrictions on rentals and the taxes are out of this world. The taxes on their 2-bedroom 1930s ranch, obviously built nowhere near code, on the Intracoastal Waterway went up last year from $12K to $25K. 😱 😱 😱

[quote="TooFarTampa, post: 195746"]
 
By the way, compared to much of the rest of the state, Walton County is a GREAT place to be a second homeowner. The millage rate is relatively low (under 10 ... compare to Tampa and St. Petersburg at 28 :eek:). Plus, the county allows for short term rentals to defray costs, where many counties and municipalities do not. We have friends who own a second home on Pass-a-Grille in St. Pete Beach. It's one of my favorite places in the world, but aside from the expensive real estate, there are major restrictions on rentals and the taxes are out of this world. The taxes on their 2-bedroom 1930s ranch, obviously built nowhere near code, on the Intracoastal Waterway went up last year from $12K to $25K. :eek: :eek: :eek:[/quote]
 
Yea, but we get hit again with advalorium taxes on the rentals.

<blockquote class="xfBb-quote" data-name="TooFarTampa">By the way, compared to much of the rest of the state, Walton County is a GREAT place to be a second homeowner. The millage rate is relatively low (under 10 ... compare to Tampa and St. Petersburg at 28 😱). Plus, the county allows for short term rentals to defray costs, where many counties and municipalities do not. We have friends who own a second home on Pass-a-Grille in St. Pete Beach. It&#039;s one of my favorite places in the world, but aside from the expensive real estate, there are major restrictions on rentals and the taxes are out of this world. The taxes on their 2-bedroom 1930s ranch, obviously built nowhere near code, on the Intracoastal Waterway went up last year from $12K to $25K. 😱 😱 😱</blockquote> 
Yea, but we get hit again with advalorium taxes on the rentals.

[quote="flyforfun, post: 195753"]Yea, but we get hit again with advalorium taxes on the rentals.[/QUOTE]

Not sure what you mean by this? Do you mean the tax on personal properties? Maybe you have much nicer furniture than we do :floor: but  for us this is a very small amount.

<blockquote class="xfBb-quote" data-name="flyforfun">Yea, but we get hit again with advalorium taxes on the rentals.</blockquote> 
Not sure what you mean by this? Do you mean the tax on personal properties? Maybe you have much nicer furniture than we do :floor: but for us this is a very small amount.

Bobby J

My uncle is big in the Florida insurance business and will be sending me a breakdown of what we all can expect to see out of the insurance business over the next few years.  It sounds kinda like this...  We are going to reduce rates 30%....  But here is the catch....  If "we" get hit by another storm we are going to raise 180%...  Now are you all happy!  You get your way and we can go back to making more money.  Thank you!

My uncle is big in the Florida insurance business and will be sending me a breakdown of what we all can expect to see out of the insurance business over the next few years.  It sounds kinda like this...  We are going to reduce rates 30%....  But here is the catch....  If &quot;we&quot; get hit by another storm we are going to raise 180%...  Now are you all happy!  You get your way and we can go back to making more money.  Thank you!

Beachlover2

Just recd this e-mail from Newman Dailey






Dear Business Partners: 

This is a step in the right direction for us. Please review the following news release regarding the legislators passing their insurance proposals designed to reduce property insurance rates.


--------------------------------------------------------------------------------


Legislators Pass Insurance Proposals

Legislators in the House and Senate unanimously passed their respective insurance proposals in record time this afternoon after passing them out of committee this morning. These bills are designed to produce immediate reductions in property insurance rates for policyholders covered by Citizens, the state insurer of last resort, and those in the voluntary market. The Senate has sent SB 4A Relating to Hurricane Preparedness and Property Insurance by Senator Bill Posey (R-Rockledge) to the House for consideration, while the House has sent the Senate a package of six bills, five substantive bills each dealing with similar subjects found in the Senate proposals and one House Memorial aimed at urging the US Congress to create a National
Catastrophe Insurance Program.

It is expected that Senate will amend their language onto each of the five House bills before sending them back the House for consideration. At this point it will be up to Senate and House leadership to decide whether a formal conference process will be needed to resolve some of the differences between the bills or if the two chambers will be able to informally negotiate with each other.

Just recd this e-mail from Newman Dailey 
 
 
 
 
 
 
Dear Business Partners: 
 
This is a step in the right direction for us. Please review the following news release regarding the legislators passing their insurance proposals designed to reduce property insurance rates. 
 
 
-------------------------------------------------------------------------------- 
 
 
Legislators Pass Insurance Proposals 
 
Legislators in the House and Senate unanimously passed their respective insurance proposals in record time this afternoon after passing them out of committee this morning. These bills are designed to produce immediate reductions in property insurance rates for policyholders covered by Citizens, the state insurer of last resort, and those in the voluntary market. The Senate has sent SB 4A Relating to Hurricane Preparedness and Property Insurance by Senator Bill Posey (R-Rockledge) to the House for consideration, while the House has sent the Senate a package of six bills, five substantive bills each dealing with similar subjects found in the Senate proposals and one House Memorial aimed at urging the US Congress to create a National 
Catastrophe Insurance Program. 
 
It is expected that Senate will amend their language onto each of the five House bills before sending them back the House for consideration. At this point it will be up to Senate and House leadership to decide whether a formal conference process will be needed to resolve some of the differences between the bills or if the two chambers will be able to informally negotiate with each other.

yippie

Here is a link to the Daily News insurance storys.  They have been running a series of stories following the Legislation.

[url]http://www.nwfdailynews.com/articleArchive/jan2007/insuranceshelter.php[/url]

One of the things I favor is to stop insurance companies from forming a separate subsidery from the mother company.  Presently, many of the major insurance companies consider their Florida operations separate from their national company.  When they go to the state asking for approval for a HUGE rate increase, they only present the portion "____ of Florida" financials, not the overall picture.

Of course, up until now, they have shown HUGE losses in Florida, but record profits nationally.

That needs to change!

Here is a link to the Daily News insurance storys. They have been running a series of stories following the Legislation. 
 
<a href="http://www.nwfdailynews.com/articleArchive/jan2007/insuranceshelter.php" target="_blank" class="link link--external" rel="nofollow ugc noopener">http://www.nwfdailynews.com/articleArchive/jan2007/insuranceshelter.php</a> 
 
One of the things I favor is to stop insurance companies from forming a separate subsidery from the mother company. Presently, many of the major insurance companies consider their Florida operations separate from their national company. When they go to the state asking for approval for a HUGE rate increase, they only present the portion &quot;____ of Florida&quot; financials, not the overall picture. 
 
Of course, up until now, they have shown HUGE losses in Florida, but record profits nationally. 
 
That needs to change!

[quote="Bobby J, post: 195815"]But here is the catch.... If "we" get hit by another storm we are going to raise 180%... Now are you all happy! You get your way and we can go back to making more money. Thank you![/quote]
 
Yea, that is the kind of language insurance companies dream about having, but no one is going to sign off on that deal! What is needed is a an elected public service commission to over view any and all request for rate increases! Not just storm coverage, but for auto and health. Would be model legislation for the rest of the country!

<blockquote class="xfBb-quote" data-name="Bobby J">But here is the catch.... If &quot;we&quot; get hit by another storm we are going to raise 180%... Now are you all happy! You get your way and we can go back to making more money. Thank you!</blockquote> 
Yea, that is the kind of language insurance companies dream about having, but no one is going to sign off on that deal! What is needed is a an elected public service commission to over view any and all request for rate increases! Not just storm coverage, but for auto and health. Would be model legislation for the rest of the country!

[quote="flyforfun, post: 196128"]Yea, that is the kind of language insurance companies dream about having, but no one is going to sign off on that deal! What is needed is a an elected public service commission to over view any and all request for rate increases! Not just storm coverage, but for auto and health. Would be model legislation for the rest of the country![/quote]
 
Why do you feel noone wil sgn off on that!

<blockquote class="xfBb-quote" data-name="flyforfun">Yea, that is the kind of language insurance companies dream about having, but no one is going to sign off on that deal! What is needed is a an elected public service commission to over view any and all request for rate increases! Not just storm coverage, but for auto and health. Would be model legislation for the rest of the country!</blockquote> 
Why do you feel noone wil sgn off on that!

Notice that the inland homeowners will continue to subsidize coastal owners through shortfall assesments.  Add the lack of this year's rate increases to the mix, and you have more of the same with greater exposure to inland policyholders for the next big storm,  Nothing much has changed.

Notice that the inland homeowners will continue to subsidize coastal owners through shortfall assesments.  Add the lack of this year&#039;s rate increases to the mix, and you have more of the same with greater exposure to inland policyholders for the next big storm,  Nothing much has changed.

[quote="Bobby J, post: 196164"]Why do you feel noone wil sgn off on that![/quote]
 
 
Well Bobby J, Florida is going to continue to get hurricane's and unless there is a very high threshold amount, they will be getting the go ahead for a 180% increase every 3-4 years.  No one is going to agree to do that.

<blockquote class="xfBb-quote" data-name="Bobby J">Why do you feel noone wil sgn off on that!</blockquote> 
 
Well Bobby J, Florida is going to continue to get hurricane&#039;s and unless there is a very high threshold amount, they will be getting the go ahead for a 180% increase every 3-4 years. No one is going to agree to do that.

The latest. Accurate, readable, boiled down: 

[URL="http://www.sptimes.com/2007/01/19/State/The_results__a_freeze.shtml"]http://www.sptimes.com/2007/01/19/State/The_results__a_freeze.shtml[/URL]

The latest. Accurate, readable, boiled down: 
 
<a href="http://www.sptimes.com/2007/01/19/State/The_results__a_freeze.shtml" target="_blank" class="link link--external" rel="nofollow ugc noopener">http://www.sptimes.com/2007/01/19/State/The_results__a_freeze.shtml</a>

[quote="flyforfun, post: 196184"]Well Bobby J, Florida is going to continue to get hurricane's and unless there is a very high threshold amount, they will be getting the go ahead for a 180% increase every 3-4 years. No one is going to agree to do that.[/quote]
 
I was having fun with the 180% increase but my Uncle said it is going to be a break up front and a big hit if they get hit.  A compromise if you will!  They are in the money making business and will not lose money. If they lose they will close up just like you and I would.  We shall see...

<blockquote class="xfBb-quote" data-name="flyforfun">Well Bobby J, Florida is going to continue to get hurricane&#039;s and unless there is a very high threshold amount, they will be getting the go ahead for a 180% increase every 3-4 years. No one is going to agree to do that.</blockquote> 
I was having fun with the 180% increase but my Uncle said it is going to be a break up front and a big hit if they get hit. A compromise if you will! They are in the money making business and will not lose money. If they lose they will close up just like you and I would. We shall see...

[quote="flyforfun, post: 196128"]Yea, that is the kind of language insurance companies dream about having, but no one is going to sign off on that deal! What is needed is a an elected public service commission to over view any and all request for rate increases! Not just storm coverage, but for auto and health. Would be model legislation for the rest of the country![/QUOTE]

The public service commission doesn't deal with anything except public utilities.

The insurance companies go in front of the Insurance Commission and the State Legislators for approval.

<blockquote class="xfBb-quote" data-name="flyforfun">Yea, that is the kind of language insurance companies dream about having, but no one is going to sign off on that deal! What is needed is a an elected public service commission to over view any and all request for rate increases! Not just storm coverage, but for auto and health. Would be model legislation for the rest of the country!</blockquote> 
The public service commission doesn&#039;t deal with anything except public utilities. 
 
The insurance companies go in front of the Insurance Commission and the State Legislators for approval.

[quote="yippie, post: 196404"]The public service commission doesn't deal with anything except public utilities.
 
The insurance companies go in front of the Insurance Commission and the State Legislators for approval.[/quote]
 
And they do it quite well I might add :cool:

<blockquote class="xfBb-quote" data-name="yippie">The public service commission doesn&#039;t deal with anything except public utilities. 
 
The insurance companies go in front of the Insurance Commission and the State Legislators for approval.</blockquote> 
And they do it quite well I might add :cool:

Smiling JOe

SoWal Expert

[quote="Bob, post: 196179"][B]Notice that the inland homeowners will continue to subsidize coastal owners through shortfall assesments.[/B]  Add the lack of this year's rate increases to the mix, and you have more of the same with greater exposure to inland policyholders for the next big storm,  Nothing much has changed.[/quote]That part wouldn't be nearly as bad if people didn't build expensive homes along the coast. (I am not just refering specifically to SoWal, but coastal Florida.)

<blockquote class="xfBb-quote" data-name="Bob">Notice that the inland homeowners will continue to subsidize coastal owners through shortfall assesments. Add the lack of this year&#039;s rate increases to the mix, and you have more of the same with greater exposure to inland policyholders for the next big storm, Nothing much has changed.</blockquote>That part wouldn&#039;t be nearly as bad if people didn&#039;t build expensive homes along the coast. (I am not just refering specifically to SoWal, but coastal Florida.)

Uncle Timmy

An article regarding the Florida's Insurance Crisis and Gov. Crist's special session this week that is looking into some solutions.
 
[URL]http://www.kansascity.com/mld/kansascity/news/breaking_news/16487121.htm[/URL]
 
 
Quote from the Article:
 
"During this week's special session, lawmakers appear ready to direct the state to assume far more of the financial risk posed by hurricanes in the hopes of bringing rates down. Ideas range from allowing insurance companies easier access to Florida's catastrophe fund - an emergency reserve funded by surcharges on all insurance policies - to capping the industry's total liability at about $21 billion. Crist has even suggested dramatically expanding the role of government-run Citizens.
Supporters predict those kinds of changes could result in premiums dropping 25 percent to 40percent."

An article regarding the Florida&#039;s Insurance Crisis and Gov. Crist&#039;s special session this week that is looking into some solutions. 
 
<a href="http://www.kansascity.com/mld/kansascity/news/breaking_news/16487121.htm" target="_blank" class="link link--external" rel="nofollow ugc noopener">http://www.kansascity.com/mld/kansascity/news/breaking_news/16487121.htm</a> 
 
 
Quote from the Article: 
 
&quot;During this week&#039;s special session, lawmakers appear ready to direct the state to assume far more of the financial risk posed by hurricanes in the hopes of bringing rates down. Ideas range from allowing insurance companies easier access to Florida&#039;s catastrophe fund - an emergency reserve funded by surcharges on all insurance policies - to capping the industry&#039;s total liability at about $21 billion. Crist has even suggested dramatically expanding the role of government-run Citizens. 
Supporters predict those kinds of changes could result in premiums dropping 25 percent to 40percent.&quot;

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