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Old 06-03-2009, 08:04 AM
 
Location: Ft Lauderdale
351 posts, read 1,073,914 times
Reputation: 108

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Anyone see this article today? Citizens Property Insurance proposes rate increases of up to 10 percent a year for one to five years -- South Florida Sun-Sentinel.com

Citizens rates are going up 44 PERCENT over the next five years!

I was told when I bought my home 3 years ago that I forced to be insured with citizens due to the age of my property (built in 1980). Is this ALWAYS true ?
I am , already $90,000 upside down and now THIS. I am hating life in Florida right now.
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Old 06-03-2009, 10:14 AM
 
68,835 posts, read 51,852,571 times
Reputation: 42472
Quote:
Originally Posted by SierraDog View Post
Anyone see this article today? Citizens Property Insurance proposes rate increases of up to 10 percent a year for one to five years -- South Florida Sun-Sentinel.com

Citizens rates are going up 44 PERCENT over the next five years!

I was told when I bought my home 3 years ago that I forced to be insured with citizens due to the age of my property (built in 1980). Is this ALWAYS true ?
I am , already $90,000 upside down and now THIS. I am hating life in Florida right now.
Sorry, but that's the reality of the situation. They've admitted that the rates were inadequate....and keep in mind....this is WITHOUT a major hurricane paying you guys a visit.

Remember, this is the state run insurer and Gov. Christ has made the state VERY unattractive to insurance companies with the little games they are playing. (For example the state approves all rates....but then they turn around and accuse the insurers of charging too much )

Don't give up looking at other insurance options but realize that the rates are probably going to be high no matter what and pray for no hurricanes.
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Old 06-03-2009, 01:03 PM
 
Location: Vero Beach, Fl
2,965 posts, read 12,911,077 times
Reputation: 2226
Sierra - how much do you pay now? We are with State Farm. After Wilma, our $3,000 a year policy went up to almost $9,000. Now that was sobering. The following year, aftr getting our home inspected, it went down to approx. $2,600 (we have a hippp roof). Then we got hurricane impact windows and it went down to $2200. We have an older home (1978) - 2800 sq. ft.

Citizen made this announcement some days ago. It is a given that our insurance is through the roof - but then again we live in south Florida. :-)
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Old 06-03-2009, 01:06 PM
 
Location: Jersey Shore
831 posts, read 2,317,394 times
Reputation: 300
I was with liberty mutual paying close to $3000 year, I just switched to a company called St. Johns out of North Carolina, thru Allstate. They cover the pool cage and hurricanes, The price is $1400 per year, huge savings and same coverage I was receiving.
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Old 06-03-2009, 05:50 PM
 
Location: Fort Lauderdale, FL
518 posts, read 2,136,837 times
Reputation: 268
Quote:
Originally Posted by SierraDog View Post
Anyone see this article today? Citizens Property Insurance proposes rate increases of up to 10 percent a year for one to five years -- South Florida Sun-Sentinel.com

Citizens rates are going up 44 PERCENT over the next five years!

I was told when I bought my home 3 years ago that I forced to be insured with citizens due to the age of my property (built in 1980). Is this ALWAYS true ?
I am , already $90,000 upside down and now THIS. I am hating life in Florida right now.
Do you live east of I-95? If so, Citizens is likely your only choice. But otherwise, you may have a few options as some new insurers have popped up in the past few years.

It's not the best time to be raising rates given the state of the economy, but keep in mind that some in the state Legislature were pushing for an ANNUAL Citizens increase of 120 percent a few years ago. The most recent decision is a compromise.
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Old 06-04-2009, 07:41 AM
 
Location: Ft Lauderdale
351 posts, read 1,073,914 times
Reputation: 108
Quote:
Originally Posted by chisoxfan View Post
Do you live east of I-95? If so, Citizens is likely your only choice. But otherwise, you may have a few options as some new insurers have popped up in the past few years.

It's not the best time to be raising rates given the state of the economy, but keep in mind that some in the state Legislature were pushing for an ANNUAL Citizens increase of 120 percent a few years ago. The most recent decision is a compromise.
Thanks - I live west of I-95. Any recommendations on insurers to try? I am also concerned about using some unknown company (who knows if they would be able to pay a claim after a major storm). But then again, it may beat being with Citizens.
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Old 06-04-2009, 10:20 AM
 
68,835 posts, read 51,852,571 times
Reputation: 42472
Quote:
Originally Posted by SierraDog View Post
Thanks - I live west of I-95. Any recommendations on insurers to try? I am also concerned about using some unknown company (who knows if they would be able to pay a claim after a major storm). But then again, it may beat being with Citizens.
If at ALL POSSIBLE I would go with someone other than Citizens. They have only something like 6-8billion on hand to pay claims and yet a major hurricane could produce losses for them of 40billion. Thier rates ARE cheap, they actually don't charge enough and they know that....so that should be a warning sign.

This means they have to do a bond offering of tens of billions of dollars...sell the bonds and then pay your claim within oh.....60 days? See any potential problems there?

Frankly, that would scare the heck out of me because they are the state and not subject to play by the rules that normal insurers do. Meaning they can't be fined, don't have to worry about oh...customer service, don't have to actually have enough money to pay claims.....

Stick with a reputable company via an insurance agent. If the agent places you with a company that bellies up you can always sue the agent.
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Old 06-04-2009, 10:23 AM
 
68,835 posts, read 51,852,571 times
Reputation: 42472
Quote:
Originally Posted by jhlcomp View Post
Sierra - how much do you pay now? We are with State Farm. After Wilma, our $3,000 a year policy went up to almost $9,000. Now that was sobering. The following year, aftr getting our home inspected, it went down to approx. $2,600 (we have a hippp roof). Then we got hurricane impact windows and it went down to $2200. We have an older home (1978) - 2800 sq. ft.

Citizen made this announcement some days ago. It is a given that our insurance is through the roof - but then again we live in south Florida. :-)
Excellent post! What is needed is more prevention than just building cheaply and paying high premiums. There are articles in actuarial literature that talk about declining home insurance costs over the past years (countrywide) due to better and more reliable electrical wiring practices etc. that greatly reduced home fires. I'd rather pay more upfront...seriously who WANTS to collect on a policy?

After Andrew stricter building codes were enacted and then rescinded because it was making homes "too expensive"
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Old 06-04-2009, 10:34 AM
 
188 posts, read 560,681 times
Reputation: 58
We just bought in Oct. and are using Universal I think. We went through All lines Ins. in Weston.
We are paying somewhere around $2000.00 for a 2,400 sq ft home w.pool on lake.This is with the 4 point wind inspection. Flood was an extra $460.00 or so.
I really don't know too much about Universal but it seemed like the lesser of several evils.
Good luck
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Old 06-04-2009, 02:48 PM
 
68,835 posts, read 51,852,571 times
Reputation: 42472
Quote:
Originally Posted by tankev View Post
We just bought in Oct. and are using Universal I think. We went through All lines Ins. in Weston.
We are paying somewhere around $2000.00 for a 2,400 sq ft home w.pool on lake.This is with the 4 point wind inspection. Flood was an extra $460.00 or so.
I really don't know too much about Universal but it seemed like the lesser of several evils.
Good luck
Smart move on buying flood insurance. In general they sell it below cost (our tax dollars at work). Frankly 2500 a year doesn't sound so bad considering the amount of exposure that is generally found living in Hurricane alley.
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