Tennessee or Florida?

[daniellefort]

Well i'm moving to TN in a few years (already have the land) but just to throw in another reason, We just got a letter stating our insurance will not be renewed this August (middle of hurricane season) and doesn't look very good finding anyone whose picking up any new policy holders either. Had the same insurance for 6 years, never a claim but this is going on all over Florida. No wonder so many people want out or risk losing your home to a storm because you can't even GET insurance no matter what it costs because the insurance companies have stopped taking new policy holders.

[Queen1972]

Wow, sorry to hear that danniellefort. Did they give you a reason why they aren't renewing your insurance. That is so unfair, especially after their hurricane predicitons for this year. Do you have any leads on any other insurance companies taking new policy holders. I thought FL passed a law this year about insurance companies not being able to do this and not raising rates either? You should find out, I know I heard something about this.

[daniellefort]

Well there is a way in their wording about dropping policies. They claim they have to drop some policies in order to be able to afford and increase their other coverages for other policies like auto ins etc. They call it a non-renewal policy. There's always a way around it for them to find a reason not to renew. Most companies just say they are pulling out of FL all together and that alone is reason to cancel it which i think is kind of what our insurance is telling us that they are pulling out of home owners insurance only just to be able to increase their other policies. I've been on the FL forum asking others and apparently it's difficult to find anyone that will accept new policies especially if you live 50 miles from the coast which i live about 25. Of course the state funded insurance is available but costs an arm and a leg. We've been told by others that they have had to resort to the state insurance and their premiums went up $3000 - $4000 on average. It's been an ongoing problem here in the state between that and taxes.

[Queen1972]

What do they (state government) expect people in FL to do about insurance if another big hurricane hits? (hopefully it won't). Maybe its plan by the state to get people to purchase the state funded insurance, this way they get more money and they sqeeze out all the other insurance companies, either way its so unfair, unless you are wealthy, you can't afford the insurance to protect yourself, how sad!

[daniellefort]

Originally Posted by Queen1972

What do they (state government) expect people in FL to do about insurance if another big hurricane hits? (hopefully it won't). Maybe its plan by the state to get people to purchase the state funded insurance, this way they get more money and they sqeeze out all the other insurance companies, either way its so unfair, unless you are wealthy, you can't afford the insurance to protect yourself, how sad!

Well it's been a debate in Tallahassee for a couple years now between insurance and taxes. Many of our insurance companies left the state completely after that bad year in 2005 and the state had to step in somehow to help and Citizens insurance formed but it's the most expensive insurance out there. Then the state offered all homeowners up to $5000 match to make any repairs to your home in order to help prevent damage with the storms and in the last 12 month they've only written out 18 checks to people! It was on the news just the other day. We signed up for it right away and still no word. They're priority is the coastal communities. This is what we mean when you hear so many people moving to TN or some other state when we say it's too expensive to live here yet you can't even live in a home and be assured that it's covered by insurance. It's taking a huge risk to go without any home owner's insurance in FL anyways. Though we're now closing on property in TN, we can't move for at least 5 years. We weren't looking to leave FL due to the high costs to begin with but this insurance issue has got me worried now.

[dreamofmonterey]

Originally Posted by Queen1972

What do they (state government) expect people in FL to do about insurance if another big hurricane hits? (hopefully it won't). Maybe its plan by the state to get people to purchase the state funded insurance, this way they get more money and they sqeeze out all the other insurance companies, either way its so unfair, unless you are wealthy, you can't afford the insurance to protect yourself, how sad!

You think the state cares if you have HOI? We are in the age of corporate socialism. Do YOU live in Florida????? No one has a say when underwriters decide to drop you. Res Ipsa Loqutor. The law protects corporations, not people.

[Queen1972]

Originally Posted by sunnyhelena

You think the state cares if you have HOI? We are in the age of corporate socialism. Do YOU live in Florida????? No one has a say when underwriters decide to drop you. Res Ipsa Loqutor. The law protects corporations, not people.

LOL I did live in florida! hence the word "DID". I am pretty sure they (the state) were trying to do something because there were so many people losing thier insurance and no one taking new policy holders. PLUS the insurance companys still in business there were raising their rates so high that no one could afford them. I will research the article, either way its a shame that so many people are getting ripped off.

[Queen1972]

Ok here was one article, and there are several more, interpret it as you may. Its from naples news dot com

"TALLAHASSEE — Most homeowners should see insurance premium savings of more than 20 percent but lawmakers cautioned policyholders to be patient. It could take several months for many of those price breaks to take effect.

Moderator cut: Provide a link instead of copying everything here, please

[daniellefort]

But that small percentage rate reduction doesn't make up for the percentage rate that they went up over the past 2 years. And see, Citizens insurance is still going to be able to increase rates come January again. The rate reduction is great i guess for those who still have insurance but who is signing up new people?? That's the problem. Nobody is.


About 300,000 residents living in high-risk areas of the state will be allowed to enter Citizens, but not until the fall.


Well of course the State run insurance will allow me to sign up AFTER hurricane season when we need our insurance the most.

[SPLIT]

D.F. Sorry to read about the latest update. We were back in Nov and friend inland of Ft Myers said his taxes and ins now about $10 K / yr. We sold older house in June about 18miles inland of the east coast, and buyer got Citizens, wanted to give him my last 5 months, but co not allow. Still were giving new co quotes, but read 1/3rd of state in Citizens program, sad.
Real estate agents must be ready to jump off bridges after the boom years of 2004 and 2005.
Late 90's had co called BANKERS, was very impressed at that time. They cut back in early 90's, but were suppose to restart in mid 2006.??
Also there was some concern with a 25 year rule. Some co's dropping due to old electric wiring, etc,
Again lots of Elbow room here, found two more new swimming holes today, about 73 degrees .. hiking , and wild flower searching.... .[/IMG]