Florida property insurance rates expected to jump 40% to 50% in June (Tampa: hotel, home)

[wondermint2]

Your insurance company dropped your coverage? It could be doing you a favor in Florida

For full article:

https://www.yahoo.com/news/insurance...090000390.html

Your homeowners insurance company dropped you. And now you are forced to look into Citizens, the insurer created by the Florida Legislature as a safety net for those turned down by all other companies.

Does that mean you are being forced to settle for inferior coverage?

Independent insurance agents contacted by the Miami Herald say not at all. For many homeowners, agents say, the insurer of last resort could be the best option.

Here’s what to know about how Citizens stacks up against private insurers:

[wondermint2]

Florida leaders blame insurance crisis on lawsuits, but evidence is thin

For full article:

https://www.msn.com/en-us/money/insu...in/ar-AA1iw8jj

Five years into the crisis, the evidence that lawsuits caused Floridians’ premiums to skyrocket and caused 13 insurers to go out of business hasn’t materialized.

Litigation has yet to be found to be the cause of a single insurance company failure. Despite cracking down on litigation, premiums are still going up, and the industry now says they won’t go down in the foreseeable future because of factors, such as climate change, that are out of their control.

Some lawmakers are now wondering when, if ever, they’ll see proof that what they voted for was effective.

Florida does have an extreme number of lawsuits against insurers compared to other states. Even plaintiffs’ lawyers and consumer advocates will admit some litigation against insurance companies is abusive or unnecessary. One law firm has been shut down for its practices.

But the Legislature hasn’t studied how many of those lawsuits are excessive and not triggered by legitimate grievances against the insurer.

State regulators also can’t give definitive answers about how much excessive or frivolous lawsuits have caused Floridians’ premiums to go up, compared to other factors.

[wondermint2]

Florida’s insurance commissioner doesn’t support cap on rate increases

For full article:

https://news.google.com/articles/CBM...S&ceid=US%3Aen

“Would you or the governor support putting some caps on homeowners insurance premium increases?” Torres asked.

“So when we talk about putting a cap on it, it would lead to a situation where a number of our domestic carriers would probably either leave or go insolvent, so it wouldn’t be a situation that would work long term,” said Yaworsky.

The commissioner stated clearly that he does not support capping increases; however, he did say that all rate hikes must go through him.

[wondermint2]

I got rid of my car over a year ago and I can't say I regret it one bit. I'm saving a ton of money and not dealing with traffic/bad drivers. Then again it might be different if I was still working.

As is I have all of my groceries/prescriptions delivered, get transportation to medical appts. through my insurance, and use Uber or a friend for the small amount of other times I need a ride. Where I live rats got inside the engine compartment of my car and chewed up wires that ruined my car. Glad I have a huge yard (over 1 acre) for walking so I don't get claustrophobia - which means I don't need to drive anywhere to enjoy outdoors.

Florida Car Insurance Crisis as Rates Shoot Up 30% in a Year

For full article:

https://www.newsweek.com/florida-car...0-year-1838498

Florida's car insurance rates climbed by 30 percent in the past year, according to a recent report, calling attention to the depth of the ongoing dual insurance crises unfolding in the Sunshine State.

Floridians have recently been hit by both skyrocketing home and car insurance premiums, which most analysts expect to continue climbing next year. Excess litigation in the state has combined with the increased risk of extreme weather events to bring up the price of coverage for homes, while a growing number of uncovered drivers has caused car insurance premiums to shoot up.

[wondermint2]

‘People don’t know this’: Homeowner says insurance dropped her for filing two claims in same year

For full article:

https://news.google.com/articles/CBM...S&ceid=US%3Aen

“I get the letter that says we’re dropping you,” she told Action 9.

“It’s like why are you dropping us? They said, ‘Well because you filed two claims last year,’” she said. “I have almost a perfect credit rating, never missed a payment, and over the 10 years we’ve had MetLife, I gave them over $30,000. And for $508 I’m getting dropped?”

Vaglio says she offered to give the $500 and/or the $8 back, but the insurer wouldn’t take it.

“So, then I started calling other insurance companies and they looked me up. ‘Oh, you just got dropped. You’re on the list,’” she said. “I go, ‘The list?’ I was like, ‘What do you mean?’”

MetLife wouldn’t discuss her case with Action 9. But it’s not just that company. Chances are, yours does the same thing.

Mark Friedlander is with the Insurance Information Institute, the group that speaks for the insurance industry.

Action 9′s Jason Stoogenke asked him if this was fair. “You have insurance for a reason, but then you kind of get punished for using it, right?”

Friedlander says filing two homeowner claims within a short timeframe usually does raise a red flag and labels you high risk, even if you have never filed a claim before. “It’s all about risk,” he said. “To us, it’s a very fair process. Higher risk leads to higher costs.”

[wondermint2]

FL Insurance Crisis: Lawmakers OK $175M For My Safe FL Home Grants

My Safe Florida Home grant applications were on hold after submissions exceeded the pool of money to help harden homes against hurricanes.

For full article:

https://patch.com/florida/southtampa...da-home-grants

Floridians struggling with rising property insurance premiums and the need to fortify their homes against future hurricanes received some heartening news following a three-day special legislative session this week.

House Bill 1C, Disaster Relief, sponsored by Florida Rep. Jason Shoaf, R- Port St. Joe, allocated $181.5 million to help Florida farmers and homeowners whose property was damaged by Hurricane Idalia on Aug. 30 and to address the backlog of My Safe Florida Home applications.

The bill provides an additional $176.2 million to the My Safe Florida Home program that could lower annual homeowners insurance premiums for Floridians by $1,000.

[wondermint2]

In push to remove homeowners from Citizens, state-run insurer uses unlicensed inspectors

For full article:

https://news.yahoo.com/push-remove-h...114258718.html

In 2019, Citizens Insurance, the state-created and taxpayer-backed insurance company of last resort, ordered 2,200 home inspections. By the end of 2023, the company estimates that it will have ordered about 300,000 home inspections.

That’s more than a 100 fold increase in inspections, compared to a few short years ago. The number of properties the state company insures has roughly doubled over that time frame.

The people hired by Citizens to do the new home inspections are not licensed by the state of Florida, they point out. The company then relies upon reports made by those unlicensed inspectors to make decisions that can upend the lives of Florida residents.

Marro nearly lost her house because of errors on an unlicensed inspection.

“It’s really, really scary,” said Marro. “You would think they would be required by law to only hire licensed contractors or licensed inspectors.”

[wondermint2]

Originally Posted by wondermint2

This an opinion letter in response to the Bill Furst (Sarasota property appraiser) response to the Sarasota Herald-Tribune article about roof repairs increasing property taxes. Phew! and the blame game merry-go-round continues......

Sarasota County property appraiser's view on roof repairs doesn't hold water

For full article:

https://www.msn.com/en-us/news/us/sa...8b8e2e07&ei=32

What Furst failed to acknowledge, however, is that he is apparently the only county property appraiser in the state to assert that repairing or replacing a leaking roof is “an addition or change to land or buildings which increases their value and is more than a repair or replacement” under Chapter 193, Section 1555(1)(b), 2023 Fla. Stats.

Furst’s position is contrary to the plain language of the law, and it is an outlier among his peers in other counties in the state. Sarasota County homeowners deserve to have their property assessor follow the law as applied by every other county appraiser in Florida.

Sarasota retiree challenges increase in home's taxable value tied to new roof

For full article:

https://www.msn.com/en-us/money/real...c74f26bf&ei=40

Sarasota retiree Joseph McCarthy described feeling "cheated" out of protections in Florida's Save Our Homes law at a mid-December hearing before a special magistrate for Sarasota County's Value Adjustment Board.

That law, passed in 1992 through a voter referendum on amending the state constitution, capped increases in assessed values on homesteaded property at 3% per year.

Yet McCarthy found a 12% increase in his mailbox from the local property appraiser's office this summer, with the large increase attributed to the roughly $60,000 cost to replace a tile roof on his Sarasota County home.

That increase above the Save Our Homes cap could impact any Sarasota County resident who replaces a roof because of how the Sarasota County Property Appraiser's Office interprets state law. In recent years, home owners have been forced to replace roofs earlier and earlier as struggling insurance companies pulled back coverage in the Sunshine State.

“I’m an 80-year-old resident of Sarasota and I have a pension I received in 1994 and that pension today is still frozen at the same dollar amount," he told the magistrate. "I don’t have any expectation that you are going to fix that for me, but that is a condition that I exist in this town and I expect to be provided with the protections of Save Our Homes."

[wondermint2]

Holiday shoppers take over the UTC

https://www.msn.com/en-us/money/othe...b39d0fbc&ei=38

It’s the holiday season and lots of shoppers cashed in on their gift cards they got for Christmas. The stores at the UTC in Sarasota were packed with folks rushing in and out.

“I was surprised that Ulta was so busy when it had just opened at 10,” said Andi, a shopper visiting from North Carolina. “There were so many people in there and a lot of items already missing that I wanted to look at,” she added.

50% of us will return at least one unwanted gift, according to Consumer Reports. But all stores have different return policies, some more generous than others.

If you’re looking to return on Amazon, you have 30 days. Macy’s and Home Depot both give shoppers 90 days. Koehl’s is the most generous, with 180 days after purchase.

But when it comes to electronics, things get a little tricky. Apple returns run through January 8th, Best Buy returns run 2 weeks after purchase, and at Game Stop you have 15 days.

Aside from returns, when can you get the most bang for your buck? Well, during our next tax holiday. From January 1st through 14th select items will be free of sales tax. Clothing, shoe wear, and accessories under $100. Also, computers and related accessories under $1,500.

For more information on the tax holiday, click this link:

https://floridarevenue.com/taxes/tip...P_23A01-23.pdf

[wondermint2]

2023 Restaurant News

For full article:

https://www.msn.com/en-us/travel/tri...b39d0fbc&ei=47

Sarasota and Manatee counties saw a flurry of restaurant activity in 2023.

Here are some of the eateries that residents welcomed and said goodbye to during the past year.