[sunrico90]

This can be good news....the commission want to keep insurance companies in the state. Hope we get lower policies if the competition increases...

Modern USA Insurance Co., Olympus Insurance Co., American Keystone Insurance Co., Homeowners Choice Property & Casualty Insurance Co. and Privilege Underwriters Reciprocal Exchange Inc. all recently received approval from the state Office of Insurance Regulation to do business in the Sunshine State.

American Keystone will sell insurance for homes valued from $250,000 to $3 million, while Homeowners Choice plans to take out 15,000 to 20,000 policies from state-backed Citizens Property Insurance Corp. in July.

[cmj_fla]

Awesome. thanks for the info. Where did you get this information? Is the state offering these companies insentives for writting policies?

[carolac]

Interesting. I received a letter yesterday from our homeowners' insurance agent advising they can provide me with a lower rate because of some new companies offering coverage in Florida. We renew our insurance at the end of July. Thanks for the info.

[maggiekate]

Originally Posted by sunrico90

This can be good news....the commission want to keep insurance companies in the state. Hope we get lower policies if the competition increases...

Modern USA Insurance Co., Olympus Insurance Co., American Keystone Insurance Co., Homeowners Choice Property & Casualty Insurance Co. and Privilege Underwriters Reciprocal Exchange Inc. all recently received approval from the state Office of Insurance Regulation to do business in the Sunshine State.

American Keystone will sell insurance for homes valued from $250,000 to $3 million, while Homeowners Choice plans to take out 15,000 to 20,000 policies from state-backed Citizens Property Insurance Corp. in July.

regarding insurance, I just read it today in the paper. the bad is 3 of these companies can charge what the market will bear.. 3 of them ironshore, praetorian, and specialty and arch are out of state surplus lines carriers whoses rates are not regulated by the state. 4 others will begin writing on a limited basis. choice property will assume 20,000 from citizens.

[mattvj5]

I think it's good news...thanks for keeping us informed as always sunrico...I got screwed by Saint John's this year because I opened my policy on May 31st last year and of course the rates went down 20% on June 1st, and they would not give the decrease to me.

[DanBev]

Kind of funny but not,we lost our homeowner's ins. in 2005 when American Superior went bankrupt.We have been without since.Have tried in past and answers varied from,I never had ins so we can't ins you to me accepting near $5,000 liability and $1800 per year.My home near Branford Fl has a near 0 risk.Home has 2 by 6 frame,anchored every 48" to concrete slab,hurricane straps,140 mph windows,generator,surge protection etc..Ridiculous.I just re-applied and they said area was high risk????My home years ago in CT was just as much at risk.This area has had only a brush in 1964 in past 100 years.



'

[chisoxfan]

Funny typo in the Sun-Sentinel story on homeowners insurers entering the market:

The five companies receiving state approval are niche players that will be selective in selling policies, said Robert Hartwig, chief economist for the Insurance Information Institute. "And you can be assured that the price is going to be commiserate with the risk they're taking," Hartwig said.

Isn't "commiserating" what all Florida homeowners have been doing about the high cost/lack of availability of insurance?

[sunrico90]

Should we turn-off Citizens? We deserve better service for our money

Facing criticism for thousands of 2004 and 2005 hurricane claims still open, Citizens Property Insurance seeks to hobble the lawyers and freelance adjusters it alleges are whipping up disputes in order to pocket large fees.

Citizens, as of the end of May, had 3,510 claims from 2004 and 2005 hurricanes still pending, 2,723 of them in dispute over total damage exceeding $120 million.

They include 986 cases in court, a number that encompasses many Panhandle residents suing Citizens for full payment on homes destroyed by winds and floods in Hurricane Ivan.

Advertising by lawyers and public adjusters may add to the number of insurance claims in dispute, including bogus claims

[ConcernedConsumer]

5 of the new companies offering homeowners insurance in Florida is not good news for homeowners!

Those companies are in bed with each other, and a few of them are owned by the same company.

I know personally.

One of those companies is - if I recall correctly - no 18 on Governor Charlie Christ most expensive insurers.

To top it off it was quoted from the inside that to get a Demotech Rating of A or higher all you need is X amount of money to pay them, Demotech that is.

Beware of wolves in sheep's clothing. These insurance companies are not there to benefit you - the homeowner - but to pad their own pockets.

They do not care about homeowners, only about themselves.

Check out the list for yourself Compare Homeowner's Insurance Rates

No. 22 United out of 23 being the highest priced, is the same company that owns West Point Underwriters, Modern USA - one of the newest companies listed that is supposed to be great for Floridians offering lower rates - is also owned by West Point Underwriters or the holding company Welcome to American Traditions Insurance Company.

Check it out for yourself. While American tradition may be at No 2, that same company is spreading it's eggs out into different baskets, and those baskets are getting filled up with very expensive eggs from all it's other insurance companies.

The end result Floridians getting pirated by those basket holders who get richer and richer at the expense of all Floridian Homeowners, and those that are now homeless due to those rates.

Don't be fooled please!

I hope the Governor stays on top of these guys, and allows no more padding of the lobbyists pockets from the same aforementioned insurance companies, who state they lobby for lower insurance rates for the Florida Homeowner!

Yah right, and bees do not like honey.

[ricosan]

Has anyone done business with Olympus Insurance out of Orlando? They are one of the five companies listed as doing new business in the state. They just provided an estimate that is 50% less expensive than my current provider is charging (Northern Capital) and I am receiving the same amount of coverage. Go figure!

Your thoughts?