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Old 04-25-2011, 11:19 AM
 
26,589 posts, read 52,947,716 times
Reputation: 12963

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Considering that I get whacked by my insurance carriers for my cars and home with a surcharge that benefits Citizens and it's insureds, I'm all for the disolution of Citizens. Frankly I'm tired of subsidizing a coastal lifestyle when I get no benefit from it. You choose to live near the water, you pay for it. Period.
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Old 04-25-2011, 11:37 AM
 
Location: Spring Hill Florida
12,135 posts, read 12,667,458 times
Reputation: 6001
No, not at all. They don't want to cover Pasco and Hernando due to the abundance of questionable sink hole claims. People hire sinkhole repair companies who without fail will find a "sinkhole" no matter how deep they have to drill to find it. If the insurance company denies the claim, people hire a public adjuster and they will usually settle the claim. A lot of people pocket the money and forget about their "sinkhole".



Quote:
Originally Posted by ILoveTheChain View Post
Only because they pushed out the private sector competition.
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Old 04-25-2011, 11:38 AM
 
Location: Spring Hill Florida
12,135 posts, read 12,667,458 times
Reputation: 6001
I agree that everyone should not be hit for a surcharge. I am 10 miles from the water. Sinkhole claims are the problem in Pasco and Hernando. No doubt. South FL seems to have an abundance of pricey waterfront homes that are insured by Citizens. Hit them up for the high rates.


Quote:
Originally Posted by annerk View Post
Considering that I get whacked by my insurance carriers for my cars and home with a surcharge that benefits Citizens and it's insureds, I'm all for the disolution of Citizens. Frankly I'm tired of subsidizing a coastal lifestyle when I get no benefit from it. You choose to live near the water, you pay for it. Period.
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Old 04-25-2011, 02:19 PM
 
14,648 posts, read 29,692,844 times
Reputation: 17206
A lot of companies won't write policies on older homes either, even if they have been totally renovated and brought up to current codes. When we bought our 1950's home 3 years ago, Citizen's was the only insurer writing in our zip code, and even at that would only insure us temporarily until we got a new roof and did some plumbing and electrical work.

Eliminating Citizen's will be a real hardship for a LOT of people, it's not just wealthy people on the coast, many insurance companies have left Florida altogether, and also will avoid whole zip codes because of one neighborhood or other reasons. It is shameful what has happened here. We pay $3,000 per year for our little 1400 square foot rancher built in the 1950's. In any other state it would be $500 - $600!
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Old 04-25-2011, 02:26 PM
 
Location: Indiana
2,588 posts, read 4,720,037 times
Reputation: 2146
Quote:
Originally Posted by gypsychic View Post
A lot of companies won't write policies on older homes either, even if they have been totally renovated and brought up to current codes. When we bought our 1950's home 3 years ago, Citizen's was the only insurer writing in our zip code, and even at that would only insure us temporarily until we got a new roof and did some plumbing and electrical work.

Eliminating Citizen's will be a real hardship for a LOT of people, it's not just wealthy people on the coast, many insurance companies have left Florida altogether, and also will avoid whole zip codes because of one neighborhood or other reasons. It is shameful what has happened here. We pay $3,000 per year for our little 1400 square foot rancher built in the 1950's. In any other state it would be $500 - $600!
I am in the same 'boat'. I live 12 miles inland in a well-built 1950's home and was dropped by an insurance company. Citizen's was my only option. 1435 sq. feet - $3,100.00! I say we need a National Catastrophic Insurance program - like the flood insurance! Other companies don't want to insure houses down here!
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Old 04-25-2011, 02:33 PM
 
Location: Myrtle Beach
3,378 posts, read 7,617,995 times
Reputation: 2919
Make it so one cannot get sinkhole insurance. What are banks going to do if you cannot get Sinkhole insurance, take back your home? I think that would be unlikely if no insurance company would write insurance..... that would be a lot of homes to take back. Of course the bank could have their own insurance that costs 3 times as much as you were paying and require you to carry it. If you home does fall into a sinkhole.... walk away from the mortgage.... everyone else is for reasons that are not their "fault".

You do understand that the very nature of insurance subsidizes the high risk areas, right? It's about everyone putting money into a pot so those that have a loss can pull money out to fix their problems. It spreads out your financial impact. I would rather bet on nothing happening to my home and not carry insurance. Place those would be insurance payments into a interest bearing account and save it for a rainy day. Should something happen that costs more than you have in your account, take out a loan to repair it. A home that is insured for $200K doesn't cost $200K to rebuild. It really is a genius model and product insurance companies have come up with.

-Pay me money and I promise I'll fix your home if something should happen to it. Well, as long as it's not flood (which I decide what a flood is, not you), sinkhole or a number of other perils. Of course, you can pay for these coverages, it will cost you more and you better be sure to read all the fine print... because even though you may THINK something is covered...it very well may not be. Once you file a claim that is covered I'l take me sweet time paying you..... after of course I have one of my own appraisers come and determine that the cost of damage is really 20% less than you can get it fixed for. After sitting on your check for 3 months and collecting interest on it, I will finally mail it. Along with your check I am also going to send you a new bill that hikes your insurance rate 20%+ or maybe I'll drop you altogether (the actuaries in the home office will determine if you can still make us a profit or not using algorithms). Of course, you may sue me while waiting for your money or thinking the payment is not fair and just. Which is no problem because I have lawyers on retainer.... good ones too, who can tie it up in court for so long that you'll never come out ahead anyways.... heck you paid for my lawyers with your premiums....THANKS! Not to mention, as long as it is in court, I can continue making interest off of the money I should have paid you to begin with. In the end.... the house always wins.... by house...I don't mean your residence. After all of this we'll have someone call you in a couple months and see if you're interested in the product that really makes us money..... Life Insurance.
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Old 04-25-2011, 02:35 PM
 
7,901 posts, read 8,619,136 times
Reputation: 3185
Quote:
Originally Posted by ilovethechain View Post
only because they pushed out the private sector competition.
lolwut?
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Old 04-25-2011, 02:59 PM
 
Location: Lincoln County Road or Armageddon
4,204 posts, read 5,471,444 times
Reputation: 5711
Quote:
Originally Posted by FloridaKash View Post
Make it so one cannot get sinkhole insurance. What are banks going to do if you cannot get Sinkhole insurance, take back your home? I think that would be unlikely if no insurance company would write insurance..... that would be a lot of homes to take back. Of course the bank could have their own insurance that costs 3 times as much as you were paying and require you to carry it. If you home does fall into a sinkhole.... walk away from the mortgage.... everyone else is for reasons that are not their "fault".

You do understand that the very nature of insurance subsidizes the high risk areas, right? It's about everyone putting money into a pot so those that have a loss can pull money out to fix their problems. It spreads out your financial impact. I would rather bet on nothing happening to my home and not carry insurance. Place those would be insurance payments into a interest bearing account and save it for a rainy day. Should something happen that costs more than you have in your account, take out a loan to repair it. A home that is insured for $200K doesn't cost $200K to rebuild. It really is a genius model and product insurance companies have come up with.

-Pay me money and I promise I'll fix your home if something should happen to it. Well, as long as it's not flood (which I decide what a flood is, not you), sinkhole or a number of other perils. Of course, you can pay for these coverages, it will cost you more and you better be sure to read all the fine print... because even though you may THINK something is covered...it very well may not be. Once you file a claim that is covered I'l take me sweet time paying you..... after of course I have one of my own appraisers come and determine that the cost of damage is really 20% less than you can get it fixed for. After sitting on your check for 3 months and collecting interest on it, I will finally mail it. Along with your check I am also going to send you a new bill that hikes your insurance rate 20%+ or maybe I'll drop you altogether (the actuaries in the home office will determine if you can still make us a profit or not using algorithms). Of course, you may sue me while waiting for your money or thinking the payment is not fair and just. Which is no problem because I have lawyers on retainer.... good ones too, who can tie it up in court for so long that you'll never come out ahead anyways.... heck you paid for my lawyers with your premiums....THANKS! Not to mention, as long as it is in court, I can continue making interest off of the money I should have paid you to begin with. In the end.... the house always wins.... by house...I don't mean your residence. After all of this we'll have someone call you in a couple months and see if you're interested in the product that really makes us money..... Life Insurance.
By George, I think you've got it. Good post, Kash.
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Old 04-25-2011, 03:00 PM
 
Location: Indiana
2,588 posts, read 4,720,037 times
Reputation: 2146
the private sector bailed on us! They weren't pushed out!
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Old 04-25-2011, 03:18 PM
 
Location: Sun City Center, FL
177 posts, read 593,215 times
Reputation: 141
Quote:
Originally Posted by popcorn247 View Post
the private sector bailed on us! They weren't pushed out!
Weren't they "pushed out" by Crist and all limiting their rate increases so that they couldn't afford to operate in Florida?

Letting a politician control or price anything is a disaster! I don't know about now but in 2009 most of Citizen's revenue came from surcharges on insurance policies written by other companies. This is just plain wrong! There shouldn't be a government insurance company in the first place but if there is one, then the owners of homes must pay for their own risk (hurricane and sinkhole included). If you live on the coast or you live in a sinkhole area or you own a 50's home, then pay for your own insurance.
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