[TriMT7]

Originally Posted by citizen000483

LOL...at all the insurance companies crying wolf...they are doing just fine...every business has the risk of losing money...except them, because they make it right back by exploding the rate immediately after any loss. quite the scheme

Exactly! The parent company of many of the Florida subsidiaries also rake in record profits year after year, and then cry that they cannot fund their Florida risk pool without rate hikes.

Insurance is an industry that needs MORE government oversight and regulation, not less.


And, as far as Citizens being "underfunded".... what are the honest, real chances of ALL of Citizens' risk exposure being realized at once? And, why is there no re-insurance? Don't forget we also have the Florida Insurance Guaranty Association.

[FloridaKash]

If insurance companies were really concerned about not having enough money to pay claims they wouldn't need to raise rates.... just raise deductibles. I wish my mortgage company would allow me to carry a $7500 deductible and 10% Wind. That would allow my rates to drop tremendously.

[Strel]

Originally Posted by citizen000483

Cost to insure homes takes off | The News-Press | news-press.com

Pedro Ocasio said his insurance agent warned him to expect a small increase in his homeowners insurance bill this year.

"The small increase was from $1,343 to $2,495," said Ocasio, 74, of Lehigh Acres. "That's not a small increase in any way, but that was the best price they could find."

click the link for more

In flippin Lehigh Acres, which is a whole freakin' county INLAND from the coast?

Thanks Governor Voldemort!!

[mikereznm]

Originally Posted by beachmouse

You're making stuff up there.

Great rebuff beachmouse.

[citizen000483]

Originally Posted by Strel

In flippin Lehigh Acres, which is a whole freakin' county INLAND from the coast?

Thanks Governor Voldemort!!

yep, same thing happened in Texas where I moved from. I had a new house and insurance double in two years due to the state government getting cozy with the insurance industry.. and i lived in san antonio...3 hours from the coast, not in a 500 year flood plain, south of tornado activity etc..

[MovedfromFL]

My policy just renewed in June and the cost was about the same. Still $600 + change.

[citizen000483]

Originally Posted by MovedfromFL

My policy just renewed in June and the cost was about the same. Still $600 + change.

where are you located?

[CDusr]

Originally Posted by TriMT7

Exactly! The parent company of many of the Florida subsidiaries also rake in record profits year after year, and then cry that they cannot fund their Florida risk pool without rate hikes.

Insurance is an industry that needs MORE government oversight and regulation, not less.


And, as far as Citizens being "underfunded".... what are the honest, real chances of ALL of Citizens' risk exposure being realized at once? And, why is there no re-insurance? Don't forget we also have the Florida Insurance Guaranty Association.

I think the more or less argument is the wrong one. More regulation means more expense. I think the real issue is the right regulations. Creating the proper protections, checks and balances.

Looks like Citizens ended 2010 w/ about 4.5bil in net assets. So they seem to be doing alright.

[muggums]

to the poster who asked how Rick Scott is causing higher premiums, this article somewhat explains it:


Five reasons that Florida homeowners insurance is still getting more expensive - St. Petersburg Times

[FloridaKash]

If insurance rates continue to grow I think lenders are going to have to relax rules on what coverage is being carried. ie; allow higher deductible, no sink hole insurance required, etc. The day is coming where lenders are going to either have to decide to take over homes because they don't carry the insurance they want them to carry currently. Or accept homeowners carrying higher deductibles and no sink hole.

Frankly, if I was a lender I would accept higher deductibles and if a major loss occurred I would gladly lend money to the homeowner for their deductible. Better than eating the cost of taking back a house, doing minimum maintenance on it and than selling it for a loss.

Or heck, someone needs to create insurance for insurance deductibles. LOL