Posted On: January 19, 2007, 9:27 am CST

Posted By: LOL

Interested, thanks for the commentary. What's difficult to digest is the 300% increase in just one year and not knowing if the same thing will/will not happen at next renewal. When will it stop? I forsee that it will get to a point where it is affordable only to the wealthier sectors. What will that do for Florida's economy & overall fiscal well-being? We are facing the same thing here in NY. I see NY going the way of FL relative to property insurance premiums & ever shrinking availability. I have one carrier who is non-renewing ALL property insurance policies we have with them over the next 3 years. Due to the forecasting of more hurricanes possibly making landfall and the skyrocketing cost of reinsurance, the carrier has made a business decision to no longer insure property on LI. We must replace every piece of property business that we have with that carrier. The problem is, there are very few carriers willing to take on Long Island risks. We are populating the excess market and the rates are upwards of 200% to $300% & more above the current rate. FL is much further along in movement towards the 'critical mass' stage, but NY is well on its way.