[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."

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[TriMT7]

Just Rick Scott again, working so hard for his true constituents: Big business!


Also, kiss any home price recovery goodbye... the more it costs to insure a house, the more prices of homes will have to drop to keep affordability.

[mikereznm]

We're fortunate that we don't have a mortgage. However, if we're hit with hefty increases then it will most likely force us into changing our policy to cover only fire and liability. While I don't like nor want to do this, at least we can adjust our policy. And, I really feel for folks with no options but to take the hit. With that said, I implore that everyone who reads this post please, if you are not voting then REGISTER TO VOTE and actually show up and vote in all elections local,state and federal. It's not a perfect system, but the power is still in the numbers.

[Donna-501]

Mine went up $500 this year and now it seems they are excluding pool cages if I remember. I have to shop around for a better price as it is due the end of next month.

[JimMe]

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

I don't feel your pain, yet. But I will soon as we plan a move to Florida next year. That being said I think you're blaiming the wrong governor for your insurance woes. It is Charlie Crist who distorted the property insurance market when he and the legislature created Citizens--a government-run property insurer of last resort. Sure, it held down the cost of property insurance as the government entity competed against private insurers, but at what cost? The corporation is under capitalized. That means that if one or a series of catastrophic events cause massive property loss, Citizens will not have the money to pay the claims of property owners. Who do you suppose will have to step into the breach? That's right--the taxpayer.

So in effect the lower rates Floridians have enjoyed since 2002 have come at the risk of taxpayers. Is it right to ask my neighbor to be the guarantor of the safety of my property? No, but that is what socialism is all about. Florida is a wonderful place to live but there are risks involved. One has to weigh the risks against the benefits and if the risks, and their attendant costs, are too high then it's time to look elsewhere.

[beachmouse]

Originally Posted by JimMe

I don't feel your pain, yet. But I will soon as we plan a move to Florida next year. That being said I think you're blaiming the wrong governor for your insurance woes. It is Charlie Crist who distorted the property insurance market when he and the legislature created Citizens--a government-run property insurer of last resort.

You're making stuff up there. Citizen's long predates Charlie's time as governor- its origins actually go back to 1992 when the state legislature of the time formed the Florida Residential Property and Casualty Joint Underwriting Association because essentially no property insurer wanted to have much to do with the state after Hurricane Andrew. While Crist was technically in the Florida Senate at the time, that was hardly his baby, and as a freshman Senator, he didn't have much in the way of political clout at the time to really make much happen.

Citizen's proper was created in 2002 during Jeb!'s watch when FRPCJ was merged with another windstorm pool in an attempt to provide better efficiency. And the plan then was to eventually phase out the new entity as people found better private insurance options. Which worked well in 2003 and the first half of 2004, and then we all know what happened after that.

Charlie's plan was a huge gamble- needed about 5-10 years of light claims to really properly capitalize the reinsurance part of the insurance reform plan. But we've been lucky and so far the reserves have started to build, and it just might work out in the end.

As for the cries of socialism, remember that without the alleged socialism following Hurricane Andrew, any capitalism in the state would have come to an utter and screeching halt at that point because of the insurance issue. And while I know there are people here who think that would have been a good thing, the state would be a far, far poorer place and have a far worse economic situation without government intervention in that area and time frame.

[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

[CDusr]

This is one more reason to make housing completely unaffordable. Seriously dumb. Also I don't know why people feel like a for profit model is the only one for insurance.

Terrible timing for racking up more problems on an already messed up economy.

[jambo101]

Not a Scott fan but i'm wondering what he's doing to raise the price of home owners insurance as i thought insurance was a private endeavor .
Maybe some one can enlighten me on the specifics of what he's doing to raise prices, is it just new taxes?.

[tallrick]

I am very happy with my insurance bill, it has been the same for decades, $0.00 No mortgage and a house built of poured concrete. Sure it looks like a bunker, but what savings! Anything that raises the cost of insurance should lower property values. In a bad economy, lower property values are a very good thing- more money stays in your pocket.