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Old 02-18-2021, 08:10 AM
 
15 posts, read 3,267 times
Reputation: 23

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Easy. The more people moving here and buying houses the more risk of claims and actual claims. That reality is fraught with potential gouging...from attorneys included, but keep in mind, if people were not gleefully and hurried in becoming the wave of house buyers and thereby customers, there would not even be customers for the insurance companies to fleece willy-nilly. The more residential "customers", the MORE claims - some legitimate claims from decent and honest new residents, some from illegitimate crooks and opportunists who made their way here as well
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Old 02-18-2021, 08:25 AM
 
15 posts, read 3,267 times
Reputation: 23
Quote:
Originally Posted by srq57 View Post
Most insurance carriers raise rates every year. They know what an inconvenience it is to change carriers. It doesn't hurt to shop around and change carriers if need be.
This is true no doubt. They have a captive clientele, and obtain a brand new group of chumps clamoring for coverage every day, every month, every year because the invasion of transplants wanting to move to sunny Florida.


There is no incentive to reduce rates! Why would they? when the risk pool is expanding and PAYING?? (thus the likelihood of more claims?)


Nay, it's like shooting fish in a barrel for them. It's also like shooting fish in a barrel for attorneys! Everyone 'wins' - except the local longtime consumer and citizen. Newcomers are used to getting screwed by rates, and they (ins companies) know that too.
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Old 02-18-2021, 09:50 AM
 
59,597 posts, read 46,516,177 times
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Many folks have absolutely zero clue about how insurance rates are formed and regulated.

Most insurers only offer HOI in FL because if they stopped, the state would make them stop selling auto insurance and everything else as well.

Let that sink in eh? Your state department of insurance basically has to force insurance companies to sell HOI there. If you think insurers are making money over the long run there selling HOI, I have some swamp land to sell you. (This is in general, there are of course some niche insurers out there selling in limited geographies and so forth.).
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Old 02-19-2021, 07:52 AM
 
15 posts, read 3,267 times
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Nope. Property and Casualty Companies in Florida aren't the same as Personal Lines. The licenses and regulations/corp structure aren't the same. Many personal lines companies don't sell much P&C.
Health insurers are another ball of wax.



Also, with all of the forbearance/foreclosures now in FL, P&C/Mortgage companies are writing "forced insurance" at absolutely criminally high prices and charging the homeowners on top of their principal and interest. Pure add-on profit! The P&C companies always get paid/reimbursed even when the house is sold/auctioned- it's a contracted/required element contained in all mortgage agreements between banks and borrowers.
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Old Today, 08:04 AM
 
8 posts, read 121 times
Reputation: 13
^^^this
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