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Old 06-25-2009, 07:51 AM
 
Location: Tennessee/Michigan
28,192 posts, read 47,512,098 times
Reputation: 19697

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TALLAHASSEE -- Resisting pressure from a chorus of large and politically influential industry groups, Gov. Charlie Crist on Wednesday vetoed legislation aimed at enticing large property insurance companies to write policies in Florida.

The decision all but ensures State Farm Florida will push ahead with plans to stop writing policies for property owners here, an exit that insurance experts warn could be devastating to hurricane-prone Florida.

Gov. Charlie Crist vetoes property insurance bill - Business - MiamiHerald.com (http://www.miamiherald.com/business/story/1112671.html - broken link)
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Old 06-25-2009, 09:44 AM
 
Location: Florida
479 posts, read 1,307,096 times
Reputation: 2294
That may be the one good thing he's done this year. I'm not sure I understand why people would pay 3 times as much for SF as another insurance company. When they threatened earlier this year, we changed insurance companies and immediately saved over $300 year on the policy.
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Old 06-25-2009, 10:26 AM
 
Location: America
6,985 posts, read 15,453,543 times
Reputation: 2067
We are in the economic meltdown of the century part of which was made possible via deregulation of the banking/financial system. So if there is one thing we have learned is that deregulation of big business is a very very bad idea.
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Old 06-25-2009, 11:27 AM
 
3,923 posts, read 10,291,180 times
Reputation: 5212
The few insurance companies permitted to write property insurance policies in Florida are probably doing the happy dance. It looks to me as if Crist didn't want any more private companies competing with the state-run Citizens Property Insurance...and therefore less choices for consumers in the marketplace. So, it's back to the lawmakers to fix Florida's broken insurance system (again).
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Old 06-25-2009, 11:34 AM
 
17,297 posts, read 25,642,559 times
Reputation: 8567
Quote:
Originally Posted by TampaKaren View Post
The few insurance companies permitted to write property insurance policies in Florida are probably doing the happy dance. It looks to me as if Crist didn't want any more private companies competing with the state-run Citizens Property Insurance...and therefore less choices for consumers in the marketplace. So, it's back to the lawmakers to fix Florida's broken insurance system (again).

I think it's an overwhelming goal to get people OFF of Citizen's if possible. State run options are not for profit however, they can take a loss and require state financial resources.

Smaller insurers are the best bet for continued insurance solvency. It's not as if the "big" companies have the solid backing of their parent company's financial holdings to help them out. They create shell corporations and wind pools, and then cry poverty when the "shell" or pool runs out of money. Meanwhile, the parent corporation enjoys record profits.

My HOI is with Universal. My rates went DOWN from last year, and I will stay with them as long as they'll have me, lol.
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Old 06-25-2009, 11:35 AM
 
Location: America
6,985 posts, read 15,453,543 times
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Quote:
Originally Posted by TampaKaren View Post
The few insurance companies permitted to write property insurance policies in Florida are probably doing the happy dance. It looks to me as if Crist didn't want any more private companies competing with the state-run Citizens Property Insurance...and therefore less choices for consumers in the marketplace. So, it's back to the lawmakers to fix Florida's broken insurance system (again).
I see you are in R.E., what has been your experience with citizens, I heard it was God awful.
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Old 06-25-2009, 11:59 AM
 
3,923 posts, read 10,291,180 times
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Quote:
Originally Posted by Wild Style View Post
I see you are in R.E., what has been your experience with citizens, I heard it was God awful.
My experience exactly. It's sad to see people who would otherwise love to live here not be able to afford the property insurance (and taxes).

A good portion of Pasco County is Citizen's only due to subsidence settling and/or sink holes. A fellow I met recently in NPR lost his homestead exemption (long story) and the Pasco Property Appraiser doubled his property value which skyrocketed his taxes and insurance. He left the state disgusted and frankly, I couldn't blame him.
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Old 06-25-2009, 12:31 PM
 
Location: America
6,985 posts, read 15,453,543 times
Reputation: 2067
Quote:
Originally Posted by TampaKaren View Post
My experience exactly. It's sad to see people who would otherwise love to live here not be able to afford the property insurance (and taxes).

A good portion of Pasco County is Citizen's only due to subsidence settling and/or sink holes. A fellow I met recently in NPR lost his homestead exemption (long story) and the Pasco Property Appraiser doubled his property value which skyrocketed his taxes and insurance. He left the state disgusted and frankly, I couldn't blame him.
This lady I know had all state I believe for her home insurance. She was dropped after the last hurricane and was forced to go with citizens. This state is a hot mess.
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Old 06-25-2009, 01:51 PM
 
26,590 posts, read 54,456,308 times
Reputation: 13016
You pay more because the risk is higher. All insurance premium is based on risk. When you live in an area prone to wind damage/hurricanes, the risk is higher, and as such your premium is higher. it's what you have to deal with in order to live near the water. People in much of California pay high rates due to the risk of earthquakes.

Citizen's is more expensive because they only operate in Florida, and as such can't spread the exposure around like other companies can. As a result they need to collect higher premiums to fund their reserves.

Personally it pisses me off to no end that I have to pay almost $200 a year to Citizen's when I'm not even covered by them. Why should I be forced to pay for someone else's choice to live in a hurricane prone area? Everyone covered by Citizen's would be paying a lot more if it wasn't that those of us who have insurance through other insureres weren't subsidizing your coverage.
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Old 06-25-2009, 02:25 PM
 
Location: Central Fl
2,903 posts, read 10,911,274 times
Reputation: 2859
I did not know others were subsidizing Citizens.........when I bought my home in Florida 2 years ago, I first went to State Farm. They told me they could not write me because I was not already a state farm policy holder.

I had state farm for years up here in NY, but a few years ago switched to Allstate. The state farm rep told me that I should get some policy from state farm again just in case they opened things back up. I was also told that my roof had to be 5 years old or less to get coverage. She recommended this other great company called "Citizens". She said that is what she had and that it was great and I should take it.

I ended up going to the local Allstate rep, who told me that even though I had all my NY stuff with Allstate, they could not give me an allstate HO policy. They put me with Universal Insurance holdings of North America.

My rates went down last year, and I've been happy with them. After hearing all this stuff about citizens, I think I'm glad I did not go with them. My rates are still way higher then my HOI in NY state, but at the time it was difficult even to get HOI in Florida. Now, it seems to be easier.

Frank
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