wow, what a revelation, insurance agents wanting increases in premiums….now that a significant number of homeowners have strengthened their homes, reducing their premiums, foreclosure rates sky high with no premiums being paid…..If an insurance company can’t make money in this state with no storms since Oct 2005 then perhaps they should stop running multi-million dollar TV adds and NASCAR sponsorships….maybe find some CEO’s that can run a company in the black on their own rather on the back of the everyday consumer.
Florida rate are rediculous….even compared to states, even those that have significant coastal risk.
Nobody, I mean nobody is talking about the capacity issue. You are right SWFL Agent, There are “NOT” enough companies to absorb all the STATE FARM BUSINESS and because of this some “GOOD PEOPLE” from their “GOOD NEIGHBOR” will get burned. Why do you think the DONKEY running the show has thrown his hat in the ring for a run at the SENATE. QUOTE” It’s not my problem!”
CFL and SWFL are both on point – my home is currently insured with Citizens since First Floridian (Travelers) non renewed me a year ago – The Citizens rates I am now paying are more than $500 more than my First Floridan policy – so on this point I feel like Citizens rates are abount where they should be – I live more than 3 miles inland in an older but well maintained and updated home – I cannot afford another rate increase – At this point insurance and taxes combined in my county can be up to 50% of the monthly mortgage payment made to lenders – Average Joe is cannot afford this – I can’t afford this and I make decent money – Good riddance to Charlie – maybe we’ll actually get a Governor who CARES
Coastal, if you’re in a well maintained older home I’d look at Universal NA rather than keep a policy with Citizens. They have a reinsurance program that is about the best I’ve ever seen.
I wouldn’t be so quick to jump on Universal’s bandwagon. I had a large restoration contractor call me a few months ago asking how long a carrier can drage their feet in paying a claim. The carrier was Universal out of Ft Lauderdale. These guys said they are one of the worst companies they deal with. Slow to pay, adjusters with no authority to do anything in the field. This is what happens when you have shallow pockets due to rate regulations.
Walter Dartland, executive director of the Consumer Federation of the Southeast, Consumer Advocate? Yea right, maybe State Farm advocate! I think he’s smoken some wackey weed up there in Tally!!!
Coastal agent your policy with First Floridian (if you had it for many years.) Was most likely undeinsuring your home.
You might want to get a mitigation inspection (what a joke!!!) to lower your premium with Citizens. You know what so funny about those mitigation inspections. If we get hit with another wilma Or let alone Andrew. The insurance companies should open every file pull out their mitigation inspections and have a bon fire……. In respects to the current premiums we are paying every single carrier will declare insolvancy 48 hours after the storm hits.
wow, what a revelation, insurance agents wanting increases in premiums….now that a significant number of homeowners have strengthened their homes, reducing their premiums, foreclosure rates sky high with no premiums being paid…..If an insurance company can’t make money in this state with no storms since Oct 2005 then perhaps they should stop running multi-million dollar TV adds and NASCAR sponsorships….maybe find some CEO’s that can run a company in the black on their own rather on the back of the everyday consumer.
Florida rate are rediculous….even compared to states, even those that have significant coastal risk.
There shouldn’t be much in the way of rate regulation. Competition should dictate what rates can be. Don’t limit it to the big carriers either.
Here’s what’s concerning: “40 percent of the property insurers writing in Florida reported net losses in 2008, a year in which no major storms hit.”
We’re alredy seeing carriers change UW to restrict zip codes & age of homes. And there is capacity to handle SF’s policy counts?
Nobody, I mean nobody is talking about the capacity issue. You are right SWFL Agent, There are “NOT” enough companies to absorb all the STATE FARM BUSINESS and because of this some “GOOD PEOPLE” from their “GOOD NEIGHBOR” will get burned. Why do you think the DONKEY running the show has thrown his hat in the ring for a run at the SENATE. QUOTE” It’s not my problem!”
Central FL Agent
CFL and SWFL are both on point – my home is currently insured with Citizens since First Floridian (Travelers) non renewed me a year ago – The Citizens rates I am now paying are more than $500 more than my First Floridan policy – so on this point I feel like Citizens rates are abount where they should be – I live more than 3 miles inland in an older but well maintained and updated home – I cannot afford another rate increase – At this point insurance and taxes combined in my county can be up to 50% of the monthly mortgage payment made to lenders – Average Joe is cannot afford this – I can’t afford this and I make decent money – Good riddance to Charlie – maybe we’ll actually get a Governor who CARES
Coastal, if you’re in a well maintained older home I’d look at Universal NA rather than keep a policy with Citizens. They have a reinsurance program that is about the best I’ve ever seen.
I wouldn’t be so quick to jump on Universal’s bandwagon. I had a large restoration contractor call me a few months ago asking how long a carrier can drage their feet in paying a claim. The carrier was Universal out of Ft Lauderdale. These guys said they are one of the worst companies they deal with. Slow to pay, adjusters with no authority to do anything in the field. This is what happens when you have shallow pockets due to rate regulations.
Walter Dartland, executive director of the Consumer Federation of the Southeast, Consumer Advocate? Yea right, maybe State Farm advocate! I think he’s smoken some wackey weed up there in Tally!!!
Coastal agent your policy with First Floridian (if you had it for many years.) Was most likely undeinsuring your home.
You might want to get a mitigation inspection (what a joke!!!) to lower your premium with Citizens. You know what so funny about those mitigation inspections. If we get hit with another wilma Or let alone Andrew. The insurance companies should open every file pull out their mitigation inspections and have a bon fire……. In respects to the current premiums we are paying every single carrier will declare insolvancy 48 hours after the storm hits.
Universal out of Ft. Lauderdale is Universal Property and Casualty. I recommended Universal Insurance Company of North America.