All the talk about is HO, how about addressing the commercial rates? How is Citizens even allowed to compete with commercial carriers? I have seen rates on comm risk in the Tri-County area that are so far below what is available from other carriers there is no way to compete and yet the same carriers who claim they cannot compete with them are also the ones re-insuring them if you review their re-insurance schedule! So when it blows up the re-insurers are just as much to blame for allowing them to write at those rates. Whole process is a joke in Florida.
They cannot make these changes… it would bankrupt everyone in the tricounty area that is forced to get Citizens- older homes that no one else wants. What they should do is have a “New home surcharge.” That way it will force people who have other options to go to the private market where they belong.
I think you meant to write that it will ruin the recovery when rates are adequate, set specifically for risk characteristics, and not subsidized by someone else.
I completely understand the need to limit Citizens. However this is merely a move by the insurance industry to reclaim business. What the legislature needs to do is pass a reform bill that opens up the insurance market and require carriers who offer other types of insurance to also offer home owners insurance. As I have said many times, insurance is legalized extortion, and the lawmakers seem to be in on it. Who do these legislators work for??
All the talk about is HO, how about addressing the commercial rates? How is Citizens even allowed to compete with commercial carriers? I have seen rates on comm risk in the Tri-County area that are so far below what is available from other carriers there is no way to compete and yet the same carriers who claim they cannot compete with them are also the ones re-insuring them if you review their re-insurance schedule! So when it blows up the re-insurers are just as much to blame for allowing them to write at those rates. Whole process is a joke in Florida.
They cannot make these changes… it would bankrupt everyone in the tricounty area that is forced to get Citizens- older homes that no one else wants. What they should do is have a “New home surcharge.” That way it will force people who have other options to go to the private market where they belong.
It will ruin the recovering real estate market when required property insurance is no long affordable to average citizens.
I think you meant to write that it will ruin the recovery when rates are adequate, set specifically for risk characteristics, and not subsidized by someone else.
I completely understand the need to limit Citizens. However this is merely a move by the insurance industry to reclaim business. What the legislature needs to do is pass a reform bill that opens up the insurance market and require carriers who offer other types of insurance to also offer home owners insurance. As I have said many times, insurance is legalized extortion, and the lawmakers seem to be in on it. Who do these legislators work for??