[chisoxfan]

Citizens delays vote on 55 percent insurance rate increase

By RON WORD
Associated Press Writer
GAINESVILLE, Fla. (AP) -- The state's insurer of last resort decided Thursday to delay a vote on whether to increase its homeowners rates an average of 55 percent, following requests from lawmakers to wait until after a special legislative session next month.

The decision by Citizens Property Insurance Corp.'s board of governors means a reprieve at least for 980,000 of its customers. The January special session will be Florida's latest attempt to tackle the problem of skyrocketing insurance rates.

[Ladywithafan]

March 2007 is when they want to raise Citizens' rates...we Floridians will keep you posted

[Need_affordable_home]

If insurance rates rise, house prices will take another big hit, simple as that.

[lindalu]

I called yesterday to get quotes for insurance for my home in SWFL. I was canceled last year with my prior insurace and was put on citizens ins. I recieved many different quotes for almost the same amount of coverage over the past few days. I even checked out the ratings. Since my home has doubled in value in the past three years, I was surprised that my insurance would only go up $400.00 for the year. I wish it did not go up at all of course but considering all the talk about huge rate increases $400.00 was not as bad as I had imagined. Also my homes value increased...doubled actually.

linda-fl

[SunshineState]

I just came from a Pasco County Commissioners meeting where their newely hired Attorney Tom Volpe and State Senator Mike Fasano spoke. I was simply blown away to say the least. I am not sue how many of you have heard about Senate Bill 1980 but that is te reason for some of the upcomming rate hikes that Citizens has decided to holdoff on. However if the Senate Bill 1980 is not repealed and these rate hikes go into effect it s not just the upcomming rate that they are holding off on this Bill imposes mandatory rate hikes of over 200% within the next three years!! That's right folks 200% more than what you are currently paying to be done in incriments twice a year, and even higher on the coastline!! Senator Fasano has introduced a Bill that will lower rates by allowing people to drop sinkhole coverage however if your mortgage company requires you to carry sinkhole coverage you will have to buy it much like flood insurance at an increased rate with a deductible starting at $10,000. Also if you do not carry the sinkhole coverage you will be covered for a catastropic sinkhole, which means your dwelling must drop 5 feet within 7 days. But if your dwelling sinks 1ft, 2ft, 3ft, or 4 ft (even if your slab breaks or pipes burst) you will not be covered!! I would suggest to everyone to contact your legislators and demmand they repeal this Bill in Special Session! Also just a note that State Representatives Brown and Ross strongly disagree with repealing Senate Bill 1980 and fell the rate increases are a must for Florida. I believe Brown is in the insurance business if I am not mistaken. Also for you small business owners with Citizens Insurance this means rate increases starting at 600% up to 986%!! And they wonder why people are moving out of Florida??

[Jammie]

We have been considering moving to Fla. to be closer to family. I just get so discouraged when I read something like this. I just can't understand how all of you can pay for increases like that. Between your insurance and your real estate tax, you'd have to make a fortune to be able to live there now. The employment ads that I've seen just don't offer enough to even break even.

[FL_TN_Nana]

Originally Posted by SunshineState

I just came from a Pasco County Commissioners meeting where their newely hired Attorney Tom Volpe and State Senator Mike Fasano spoke. I was simply blown away to say the least. I am not sue how many of you have heard about Senate Bill 1980 but that is te reason for some of the upcomming rate hikes that Citizens has decided to holdoff on. However if the Senate Bill 1980 is not repealed and these rate hikes go into effect it s not just the upcomming rate that they are holding off on this Bill imposes mandatory rate hikes of over 200% within the next three years!! That's right folks 200% more than what you are currently paying to be done in incriments twice a year, and even higher on the coastline!! Senator Fasano has introduced a Bill that will lower rates by allowing people to drop sinkhole coverage however if your mortgage company requires you to carry sinkhole coverage you will have to buy it much like flood insurance at an increased rate with a deductible starting at $10,000. Also if you do not carry the sinkhole coverage you will be covered for a catastropic sinkhole, which means your dwelling must drop 5 feet within 7 days. But if your dwelling sinks 1ft, 2ft, 3ft, or 4 ft (even if your slab breaks or pipes burst) you will not be covered!! I would suggest to everyone to contact your legislators and demmand they repeal this Bill in Special Session! Also just a note that State Representatives Brown and Ross strongly disagree with repealing Senate Bill 1980 and fell the rate increases are a must for Florida. I believe Brown is in the insurance business if I am not mistaken. Also for you small business owners with Citizens Insurance this means rate increases starting at 600% up to 986%!! And they wonder why people are moving out of Florida??

Good grief! Who on earth introduced this bill? We should bombard Tallahassee with emails, letters, phone calls -- anything to get their attention. They need to remember who they're supposed to work for!

[chisoxfan]

A bit of hope, maybe? The effort to repeal Senate Bill 1980 is the reason Citizens delayed a vote on its rate increase. Even the chairman of Citizens says the bill is flawed and should be done away with. Legislation to eliminate the provision requiring massive rate increases has been introduced and will be considered during the special session in January.

[SunshineState]

Originally Posted by chisoxfan

A bit of hope, maybe? The effort to repeal Senate Bill 1980 is the reason Citizens delayed a vote on its rate increase. Even the chairman of Citizens says the bill is flawed and should be done away with. Legislation to eliminate the provision requiring massive rate increases has been introduced and will be considered during the special session in January.

Yes that is why Citizens is holding off on the rate hikes however if you read the papers there are only a handful of Senators who actually are fighting to repeal "parts" of this horrible Bill. We definatly need to contact our local and State officials and let them know that we want this repealed! ALL OF IT!!!

[summergal]

Originally Posted by chisoxfan

Citizens delays vote on 55 percent insurance rate increase

By RON WORD
Associated Press Writer
GAINESVILLE, Fla. (AP) -- The state's insurer of last resort decided Thursday to delay a vote on whether to increase its homeowners rates an average of 55 percent, following requests from lawmakers to wait until after a special legislative session next month.

The decision by Citizens Property Insurance Corp.'s board of governors means a reprieve at least for 980,000 of its customers. The January special session will be Florida's latest attempt to tackle the problem of skyrocketing insurance rates.

Thank you for the update! I've been on the edge of my seat all day...