[gypsychic]

Originally Posted by FloridaKash

Yes, they do require. But if no insurance company will write insurance on, let's say a specific zip code, I doubt bank would take back all the homes in that zip code. They may just whether take this risk since the money has already been loaned and the area is 'uninsurable'.

What they do is provide their own "mortgagee" protection insurance at several times the cost of a regular policy and set up and escrow to make you pay. That happened to us on an old cottage we owned in Pasco County when we couldn't get insurance on it. That was even before the hurricanes too. Insurance is a huge, massive problem in Florida. I wish mortgagees did not require it, or at least give us the option of just carrying small amounts.

[♥♥PRINC3Ss♥♥]

Rick Scott is such a crook, he is probably helping his insurance buddies, and we will be stuck with some Mickey Mouse insurers who don't have any state licensing. He knows a thing or two about fraud. But the people of Florida have spoken and deserve the crap they elected.

[annerk]

Originally Posted by FloridaKash

You do understand that the very nature of insurance subsidizes the high risk areas, right? It's about everyone putting money into a pot so those that have a loss can pull money out to fix their problems. It spreads out your financial impact.

Actually if the policy is underwritten properly, it doesn't subsidize high risk areas because the policy holder is charged a premium comensurate with risk. The financial impact should be spread out, but it should be spread out with those who pose the highest risk paying the highest premiums.

I pay $3000 a year for insurance on a 2900 s/f inland block home built in 2004. About 10% of that goes as a surcharge to cover people insured by an insurance company other than the one I'm with. I understand sharing risk--within the pool of insureds of the company I insure with. But I shouldn't have to share risk with every Tom, Dick, and Harry in the state--especially when they live in homes that my insurance provider wouldn't touch with a 10 foot pole regardless of the reason! That's not equitable, that's BS. That's not sharing risk, that's welfare for people who insure with Citizens.

[annerk]

Originally Posted by popcorn247

the private sector bailed on us! They weren't pushed out!

I have insurance through the private sector. There are plenty of private sector insurers who will insure coastal homes, but they want higher premiums than Citizens does--goes to show you how Citizens is nothing but a welfare scam for homeowners.

[annerk]

Originally Posted by ILoveTheChain

Florida Insurance regulations do not allow for companies to selectively insure certain areas. If it were not for Citizens they would have to accept these properties and define a risk pool for them.

The insurer I'm with did just that. They don't insure homes worth under $1M within five miles of the coast, $750K within 10 miles. We squeaked in just at their minimum value for inland properties.

[popcorn247]

I live ~ 12 miles inland, my house is built like a bunker (in 1956), it survived Andrew..... When can we recall Governor Scott?? After 1 year in office?

[Mike1306]

Originally Posted by Spring Hillian

No, not at all. They don't want to cover Pasco and Hernando due to the abundance of questionable sink hole claims. People hire sinkhole repair companies who without fail will find a "sinkhole" no matter how deep they have to drill to find it. If the insurance company denies the claim, people hire a public adjuster and they will usually settle the claim. A lot of people pocket the money and forget about their "sinkhole".

I had to bump this thread. You need to remember that Citizens also hires the engineer and adjuster that comes out to determine if there is a sinkhole. Of course it is in the interest of the engineering company to determine there is not a sinkhole, otherwise Citizens will find another engineer that does not find as many.

Sometimes all the homeowner has left that they can do is call a public adjuster or attorney to fight for them because Citizens denied their claim unjustly. When your trusses are snapping because the house is shifting so much, you might have a problem.

As far as pocketing the money and forgetting about the sinkhole. It should not really be up to anyone but the homeowner what they want to do with the money. It's just like when you get in a car accident and insurance pays your claim, you then decide if you want to repair the car or sell the wrecked car and buy new.

[Hold on to the Nights]

Didn't the pass a law that people with sinkhole claims must repair their home? I think they also raised the deductables to 20% or 20k or some figure like that.

From what I understand sinkhole claims are a big loser for insurance companies, even worse than hurricanes. It seems the actuaries were caught off guard and now don't know how to avoid losses in places like the Tampa Bay area. Unfortunately many people move to places like the Tampa Bay area and are not aware of these insurance problems because most people relate Florida to hurricanes.

[Mike1306]

Originally Posted by Hold on to the Nights

Didn't the pass a law that people with sinkhole claims must repair their home? I think they also raised the deductables to 20% or 20k or some figure like that.

From what I understand sinkhole claims are a big loser for insurance companies, even worse than hurricanes. It seems the actuaries were caught off guard and now don't know how to avoid losses in places like the Tampa Bay area. Unfortunately many people move to places like the Tampa Bay area and are not aware of these insurance problems because most people relate Florida to hurricanes.

It depends on whether or not they say you have a sinkhole or not. If they say you do then when they send the check it is in your and your mortgage holders name and you do need to repair. If you have to fight and get an attorney then if you win you do not need to repair it if you choose not to. You can pay off your mortgage and sell to someone that buys sinkhole homes or an investor or just live in an unrepaired home.

I just got my renewal and my deductible is $2500 not 20% or $20,000