Further proof that Charles Crist really screwed up the property insurance marketplace by lowering rates to buy votes. Unfortunately property rates must rise even in these tough economic times.
DJ apparently you know nothing about the homeowners market in the state of Florida. Sinkhole claims have gone up over 600% since the 2004 hurricane season. Due in part to public adjusters fraudulent business practices. Also there have been a lot of legitimate claims as well. This companies premium were a lot cheaper than what others charged so their was no way they could keep up with the claims. Add that to the wind mit credits Charlie mandated and it was a recipe for disaster.
I was just ready to type similar thoughts about the sinkhole losses. Sorry to see them take this step but I do understand it. Hopefully some relief from the public adjusters and sinkhole attorneys is coming soon or we won’t have a market left for certain counties.
The Mercury customers who are getting non-renewed are in for some real sticker shock. Most will see their premiums double or triple. Many will go to Citizens, bringing the state even closer to financial ruin.
Funny that you mention Charlie Crist and how he affected the insurance market in Florida. Now I hear he works for Morgan and Morgan. I guess he is going after insurance again but now will make money off it.
Another decent AM Best rated insurance carrier being driven out of Florida.
Further proof that Charles Crist really screwed up the property insurance marketplace by lowering rates to buy votes. Unfortunately property rates must rise even in these tough economic times.
No hurricanes in ??? years and they still lose $$$$
Who are they going to blame now?
DJ apparently you know nothing about the homeowners market in the state of Florida. Sinkhole claims have gone up over 600% since the 2004 hurricane season. Due in part to public adjusters fraudulent business practices. Also there have been a lot of legitimate claims as well. This companies premium were a lot cheaper than what others charged so their was no way they could keep up with the claims. Add that to the wind mit credits Charlie mandated and it was a recipe for disaster.
I was just ready to type similar thoughts about the sinkhole losses. Sorry to see them take this step but I do understand it. Hopefully some relief from the public adjusters and sinkhole attorneys is coming soon or we won’t have a market left for certain counties.
The Mercury customers who are getting non-renewed are in for some real sticker shock. Most will see their premiums double or triple. Many will go to Citizens, bringing the state even closer to financial ruin.
Funny that you mention Charlie Crist and how he affected the insurance market in Florida. Now I hear he works for Morgan and Morgan. I guess he is going after insurance again but now will make money off it.