[tampaguy03]

they are predicting as early as next year....interesting article. So now the state will help reinsure the insurance companies(taxpayers=us floridians)

http://www.tbo.com/news/metro/MGBKWBFKVWE.html (broken link)

[Jammie]

That was a good article. It looks like they're actually going to get something done to help people who pay tremendously high premiums.

I follow the weather in Fla. because we have family there, but the insurance problems there have always confused me. I know you had several awful canes, but there are other areas of the country that get hit with floods, F-4 or F-5 tornadoes and there is also a huge financial loss in those states, too. Yet, they don't have near the problem of paying such high premiums like you do in Fla.

[MaryLou2007]

Originally Posted by tampaguy03

they are predicting as early as next year....interesting article. So now the state will help reinsure the insurance companies(taxpayers=us floridians)

http://www.tbo.com/news/metro/MGBKWBFKVWE.html (broken link)

I am skeptical. I have seen articles about that after the hurricanes on '04 and '05 and did it ever happen? Nah.

Let's say this COULD really happen. Yeah, it could.

But if we have one measely Category 1 Hurricane in 2007. Do you think that would STILL happen?

I think not....
ML

[sunrico90]

Congratulations!

You just lowered property insurance bills by switching long-term risk to the taxpayers.

Wait - aren't you a taxpayer?

This week, politicians from both parties made bold promises to help consumers, but many analysts feel that any immediate savings will come only because the state is taking over a large portion of risk.

Gov. Charlie Crist said it is right to raise concerns about the state taking on more long-term risk. But the immediate crisis with insurance rates has to be considered, too.

"I understand the impact this is having on real people every single day in the state of Florida as well. That's my overriding concern," Crist said, referring to people who have seen their premiums double or triple.

The insurance crisis has had an impact on the real estate and construction industries, and even forced some people to leave the state.

If the state takes on more of the long-term risk, consumers should see some immediate rate relief, and that could help other businesses.

"We believe that the proposals that have been put forth are responsible," Crist said of the plans that switch some risk to the state.

Some feel that the right words simply aren't being used.

http://www.tbo.com/news/politics/MGBSSAFKVWE.html (broken link)

[mntborn]

Why would the state be willing to help the insurance companies when they are reporting record profits? Its insane that the insurance companies have the gall to report that and the families of Florida are struggling with the high cost of premiums, some opting for no insurance and taking their chances.

[sunrico90]

Originally Posted by mntborn

Why would the state be willing to help the insurance companies when they are reporting record profits? Its insane that the insurance companies have the gall to report that and the families of Florida are struggling with the high cost of premiums, some opting for no insurance and taking their chances.

Citizens might get to sell additional insurance: auto, boat, etc More money for the insurance company.....

[smtfl]

I thought it was illegal to price gouge in the state of Florida. Raising the insurance rates the way the state insurance commission has allowed is nothing more then price gouging. It is illegal for people to do it but I guess it is ok for the government to do it. Don't we already pay enough or do they want our entire income. I love Florida and don't mind paying to keep it a great place to live. But it is getting to expensive for even middle class people.

[shedav]

jammie I agree about other states with flooding issues. Here in WV it is pretty much a yearly thing here with flooding especially in the spring and fall. It is always the same areas to unlike with hurricanes when you dont know where they are going to hit. we get assisted with government FEMA and next year BAM it happens again. Many people dont carry flood insurance though because it is to expensive and our home owners will not cover anything flood damaged regardless of what it is

[chisoxfan]

Some breaking news on insurance:

Crist wants to freeze insurance rates

BY PAIGE ST. JOHN
FLORIDA TODAY

TALLAHASSEE -- Gov. Charlie Crist intends to seek a freeze on home insurance rate increases and policy cancellations.

A draft copy of the governor's emergency rule, to be taken up at Tuesday's Cabinet meeting, cites the current crisis of the state's property insurance market, and the time it will take for the Legislature's insurance revision bill, signed just last week, to take effect.

The rule refers to the insurance bill passed in special session as a "path forward out of the existing crisis and towards a stable, affordable property insurance marketplace."

However, it notes that it will take time for regulators to calculate the amount of premium reductions to expect from the legislation, and Florida insurance companies time after that to file new rate tables.
To allow insurance companies in the meantime to seek further hikes and to continue dropping Florida customers would "result in the circumvention of the new law" and will further destabilize Florida's market, the proposed rule states.

"As the 2007 hurricane season approaches, it is essential that property insurance become and remain both more available and more affordable," the new rule states. "The immediate protection of the public welfare thus requires emergency action" to "stabilize the market, prevent further deepening of the existing crisis, and eliminate the possibility for rate increases."

Specifically, under the proposed emergency rule, rates for residential property insurance coverage shall remain at the level they were Jan. 18, the day Crist signed the insurance bill. They cannot be raised until regulators calculate the law's impact and review new filings. In the interim, an insurer may not non-renew a personal residential insurance policy covering property in Florida, and cannot cancel a policy except for material misrepresentation, fraud or non-payment.

[Ladywithafan]

Man #1: Psst......I've got some great land for sale in Florida...and ya know what? Because there's no house yet, ya don't need to think about insurance yet....by the time you build, it will have gone down!


Man #2: I'll buy it!!! No insurance!!!


That was a joke...