28% of fla has citizens. I've had for 5 yrs and have been very happy with 10-12 % rate increases. But thats over now. starting in 2014 citizens will place all renewing policies in and insurance pool and if a private insurer matches the price you are forced off citizens. Hers the PROBLEM. citizens just paid a company $52 million to take a block of business.So once the new insurer takes it the next yr they can raise rates 30-50%. also going forward citizens will no longer insure houses in high risk coastlines which could be all of fla and the most they'll insure is 700k.this could have huge negative results on the real estate mkt. who will buy a 600k house when the insurance could be 10k a yr now. and people who rent will have to sky there rents to make up for this. its a mess
Suprised no talk of citizens insurance bill sb 1770 that just passed.Its not good
- Thread starter sadie1
- Start date
-
Trouble logging in? Send us a message with your username and/or email address for help.
Despite some of the ethical questions surrounding the deal, I think it was necessary and long overdue.
Insurance prices are based on risk and rising sea levels and more extreme weather are increasing that risk for many locations.
Far too many people have citizens policies and while we have been skipped by storms recently, sinkhole claims are draining the fund.
More private insurance is a fiscally sound move.
Insurance prices are based on risk and rising sea levels and more extreme weather are increasing that risk for many locations.
Far too many people have citizens policies and while we have been skipped by storms recently, sinkhole claims are draining the fund.
More private insurance is a fiscally sound move.
I didn't think citizens covered sink holes anymore?I agree more private insurance is good. but give me a break hows st. johns insurance or balboa insurance going to pay my claim? they have 45 k policies. i went with citizens because after being with state farm in my home state i just couldn't buy there small co policies. I say kick the big three insurers out from selling car insurance unless they offer homeowners. And i also say if tourists want to enjoy out great state then they need to cough up some money to hold insurance cost down with a tax for the hurricaine fund or every house bought for rentals will be gone as people can't afford the insurance
All that accomplishes is fewer car insurance options for people who don't choose to live in a dangerous location.
The vast majority of people who have Citizens are in South Florida and can afford a private insurer, but choose citizens instead.
We simply cannot afford to provide cheap hurricane insurance for everyone.
The vast majority of people who have Citizens are in South Florida and can afford a private insurer, but choose citizens instead.
We simply cannot afford to provide cheap hurricane insurance for everyone.
Did you know that the insurance industry holds more assets worldwide than any other industry and their profit margins are higher than most any other industry? I do understand that Florida's exposure is very high and premiums will be higher but something will have to give. My insurance company has made 100% profit off me for 25 years and then they suddenly decided to drop wind coverage on two barns and a very small office 1/4 mile North of the Bay. This problem primarily affects individuals and small businesses within the middle class who are already under attack from just about every direction. My agent has become so complacent (fat and happy) that he will not drive 100 miles to inspect buildings and prefer to hire a third party to do it only to use very complicated terminologies and a downright corrupt process to exclude wind coverage AFTER the premium was paid in full. That happened last year and I predict it will happen again because the insurance industry is out of control with powerful lobby's and unbelievable wealth! "Private" insurers is not the answer as bottom lines are all that matters in corporate greed!