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Old 01-21-2011, 01:32 AM
 
143 posts, read 194,698 times
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I recently read an article in the St Pete Times. I'm not sure if it was an editorial type or an actual "news" article. The author stated that the cost to insure a home will increase by 55% in a short period of time. He stated that Citizens (the state run insurance company) will be charging "market rates" for coverage. The article then went on to say that business taxes will skyrocket in 2011 because the number of unemployed has wiped out the State's Unemployment benefits fund (this means that businesses will have to charge more for whatever services they are rendering, hence higher costs for groceries, gas, restaurants...). The article closes stating that utilities are frozen until the end of 2012 but will then see increases.
Does this story have any validity/ The reason I'm asking is because we were considering buying a second home in the Pinellas/Pasco area but even if we could afford the house I still would have to determined the annual cost of living in the area?
Thanks for any advice in advance.
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Old 01-21-2011, 06:12 AM
 
12,386 posts, read 12,345,984 times
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Quote:
Originally Posted by HughMcs View Post
I recently read an article in the St Pete Times. I'm not sure if it was an editorial type or an actual "news" article. The author stated that the cost to insure a home will increase by 55% in a short period of time. He stated that Citizens (the state run insurance company) will be charging "market rates" for coverage. The article then went on to say that business taxes will skyrocket in 2011 because the number of unemployed has wiped out the State's Unemployment benefits fund (this means that businesses will have to charge more for whatever services they are rendering, hence higher costs for groceries, gas, restaurants...). The article closes stating that utilities are frozen until the end of 2012 but will then see increases.
Does this story have any validity/ The reason I'm asking is because we were considering buying a second home in the Pinellas/Pasco area but even if we could afford the house I still would have to determined the annual cost of living in the area?
Thanks for any advice in advance.
Who knows, I'm probably wrong because it's so ridiculous however that would throw tens of thousands more into foreclosure and ruin the housing market. But like I said, strange enough to be true the way things have gone in the past in Florida.
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Old 01-21-2011, 06:22 AM
 
Location: Tampa, FL
9,917 posts, read 9,622,621 times
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Time bomb of rising bills awaits Floridians (St Pete Times)....

Through these tough economic times, we've kept some hefty bills artificially low. The day to pay up is coming soon.

Big hikes in long-suppressed property insurance and electric rates, as well as in business taxes to replenish benefits for the state's unemployed, are just around the corner.

Florida's predicament reminds me of the Popeye comic strip character Wimpy, best known for his give-me-now, pay-you-later line: "I'll gladly pay you Tuesday for a hamburger today."

We're all Wimpys. And our timing is onerous. Florida's economy, harder hit than the nation's, already will take years longer to revive. The coming spikes in insurance and electric bills, plus increases in business taxes, will further slow — but hopefully not derail — the rebound.

Politicians kept homeowners insurance premiums and electricity rates low on purpose in recent years to appease consumers hard hit by the severe economic downturn. But caps placed on these consumer expenses could soon be lifted.

A similar scenario looms for Florida businesses. Overwhelmed by a million-plus jobless Floridians, the state quickly drained its trust fund used to pay unemployment benefits. That forced the state to borrow more than $2 billion from the federal government to cover those benefits while promising to repay that loan and rebuild its trust fund. How? By increasing the taxes on more than 450,000 Florida businesses.

Had the state shortfall been replenished all at once, the minimum annual tax rate levied against businesses would have risen a staggering 12-fold last year. Instead, the state Legislature raised taxes slowly, postponing the day of reckoning for a few more years.

Still, Florida businesses face a 188 percent tax increase this year just to start refilling the unemployment trust fund. And interest charged by the feds on billions that Florida has already borrowed starts coming due this fall.

Insurance rates also have been kept lower than they might otherwise be. State-run Citizens Property Insurance, the largest insurer in the state, remains under restrictions that lawmakers imposed in the aftermath of the busy 2004 and 2005 hurricane seasons. Citizens cannot raise its average rates more than 10 percent a year.

Now comes new Florida Gov. Rick Scott. Scott insists that Citizens must charge rates that are actuarially sound.

That's business lingo for saying that rates, in this case, must go way up to make sure Citizens can cover claims in the event of a major storm. That would also allow private insurance companies to raise rates and remain competitive.

Up how much? Citizens' rates need to rise 55 percent. That means that for policyholders who currently pay $2,000 (that's modest these days) for Citizens coverage, the new bill would climb to $3,100.

Electric rates are also due to rise. Progress Energy Florida CEO Vinny Dolan last week said that the utility had agreed to freeze electric rates through 2012, in part because Floridians were suffering through tough financial times.

But those rates have been kept artificially low and, Dolan points out, must be made up over time. Progress Energy Florida, which provides electricity to most of west central Florida, already plans next spring to request higher rates that would take effect in 2013.

Financially stressed Floridians have long sworn they would gladly pay up Tuesday for lower bills today. Well, my fellow Wimpys, guess what day it is?

http://www.tampabay.com/news/busines...cle1146386.ece
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Old 01-21-2011, 07:01 AM
 
Location: Tampa Bay Area
495 posts, read 790,267 times
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Cost of living or CPI I beleive will increase because energy costs continue to increase, food costs are increasing (look at coffee, sugar, corn and other soft commodities) and other commodities are increasing to record levels which ultimately will affect consumer goods.

I think you will spend less for insurance specifically in PASCO away from the water in a non sinkhole area than Pinellas.

Do your research and happy hunting
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Old 01-21-2011, 07:16 AM
 
12,386 posts, read 12,345,984 times
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Quote:
Originally Posted by BucFan View Post
Insurance rates also have been kept lower than they might otherwise be. State-run Citizens Property Insurance, the largest insurer in the state, remains under restrictions that lawmakers imposed in the aftermath of the busy 2004 and 2005 hurricane seasons. Citizens cannot raise its average rates more than 10 percent a year.

Now comes new Florida Gov. Rick Scott. Scott insists that Citizens must charge rates that are actuarially sound.
Congratulations Florida! You elected another Chris Christie-type who's going to give it to you good. This from the same guy who just froze all new highway construction jobs in the state for "further review" which is holding thousands back from work. Bear in mind all transportation projects go through years of feasibility studies before they're approved. Apparently Gov. Scott has authority issues...
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Old 01-21-2011, 08:26 AM
 
Location: Tampa, FL
9,917 posts, read 9,622,621 times
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I like the idea of reviewing these things - really the business side of the new Gov coming out. Any business owner looks at income/expenditures for his business. As long as the reviews don't take forever. We don't need a Road to Nowhere (Alaska) http://www.nytimes.com/2005/08/20/opinion/20lende.html . Makes sense and I'd do the same thing - no wasteful spending under my watch.
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Old 01-21-2011, 08:43 AM
 
Location: Sun City Center, FL
177 posts, read 353,458 times
Reputation: 126
Quote:
Originally Posted by BucFan View Post
Time bomb of rising bills awaits Floridians (St Pete Times)....

Through these tough economic times, we've kept some hefty bills artificially low. The day to pay up is coming soon.

Big hikes in long-suppressed property insurance and electric rates, as well as in business taxes to replenish benefits for the state's unemployed, are just around the corner.
Governor Scott is doing exactly what he should be doing unlike the weasel who was in office before him. Utility, insurance, and unemployment rates should not be political footballs but they should be set by using sound business practices. This is why the government, state and federal and local, should not be providing our services --- the politicians are too weakminded and wobbly kneed, they will always do what is politically expedient.

Even though we are soon to be Florida residents, I think that Florida and the nation are getting exactly what they deserve regarding energy (and health insurance) prices. The nation elected an adminstration who is determined to raise energy prices one way or another (stopping drilling in the GOM for one example and stopping coal mines in West Virginia) and who is causing the cost of health care (which drives up heath care insurance rates) to rise geatly due the fed takeover of healthcare.

So you all you don't want drilling off the Florida coast and voted for the present federal administration, stop complaining. You may have not gotten much hope but you certainly are getting the change that you asked for .
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Old 01-21-2011, 09:06 AM
 
464 posts, read 534,525 times
Reputation: 198
DlHanson, You do know that healing people that don't have insurance is something others with insurance have to pay right? Our healthcare costs are high because more and more people cannot afford to have insurance, but they still getting sick. PS. Most of the heathcare bill provisions does not come into effect untill 2014, so current sky high costs are thanks to the old system.
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Old 01-21-2011, 09:08 AM
 
5,453 posts, read 3,944,634 times
Reputation: 2141
almost $4 a gallon again...my guess is YES....I want to know when the wages will catch up! (if ever)
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Old 01-21-2011, 09:18 AM
 
Location: Tampa, FL
9,917 posts, read 9,622,621 times
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re: $4/gal. The writing has been on the wall for quite awhile. Time to downsize to 4-cylinder, gas efficient cars. I've noticed on our roadways people are buying smaller cars, fortunately.
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