U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
 [Register]
Tampa Bay Tampa - St. Petersburg - Clearwater
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-17-2010, 10:34 PM
 
16 posts, read 33,163 times
Reputation: 31

Advertisements

Here we go again. We got dropped by Allstate, "the good hands (in your pocket) people."

Allstate simply stopped writing in our area. We never had a claim, never.

Anyway, we searched, researched and shopped around and found a company with reasonable rates.

Just got this email a couple of days ago from our agent:

"We would like to advise you of some changes to your homeowners insurance. Your home is currently insured with Northern Capital Insurance Company. We have been notified that they are no longer "A" rated with Demotech and are therefore cancelling all of their policies effective 05/30/10."

"Some changes," indeed. Six weeks from now we will be uninsured! Quite a change, isn't it?

An "A" rating designates "exceptional solvency," i.e., they have enough capitol to handle even a major disaster.

Northern Capitol was "A" rated less than 6 months ago.

No longer A rated? The real truth of it is, they are insolvent and have been ordered by the state of Florida to stop writing policies and accepting new clients and must divest themselves of ALL their clients and pay all their clients a pro-rated refund.

How in the hell did they go from an "A" rating to insolvent in such a short time?

The company is in "rehabilitiation," according to the State Insurance Commissioner's Office.

This makes me sick. It really does. Anyone know of any GOOD, STABLE (homeowners) insurance companies that are writing in Tampa these days?

We've lived in Florida a little over 30 years now. The last eight or so of those years have mounted disappointment on top of disappointment.

This state used to be a pretty fine place to live but now it has some serious problems and they all seem to flow from a corrupt government in Tallahassee.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 04-18-2010, 04:42 AM
 
Location: Hernando County, FL
8,488 posts, read 18,923,096 times
Reputation: 5397
Are you going to be uninsured or are they transferring your policy?

I had gone from State Farm to Citizens to Magnolia and back to Citizens. I hear people complain about Citizens but don't understand why since most people never have to file a claim. I pay $1345 for $300,000 in coverage. I was much lower but switched back to full sinkhole coverage instead of catastrophic.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2010, 02:07 PM
 
Location: Myrtle Beach
3,380 posts, read 8,369,821 times
Reputation: 2931
Quote:
Originally Posted by mickeyfinn View Post
Here we go again. We got dropped by Allstate, "the good hands (in your pocket) people."

Allstate simply stopped writing in our area. We never had a claim, never.

Anyway, we searched, researched and shopped around and found a company with reasonable rates.

Just got this email a couple of days ago from our agent:

"We would like to advise you of some changes to your homeowners insurance. Your home is currently insured with Northern Capital Insurance Company. We have been notified that they are no longer "A" rated with Demotech and are therefore cancelling all of their policies effective 05/30/10."

"Some changes," indeed. Six weeks from now we will be uninsured! Quite a change, isn't it?

An "A" rating designates "exceptional solvency," i.e., they have enough capitol to handle even a major disaster.

Northern Capitol was "A" rated less than 6 months ago.

No longer A rated? The real truth of it is, they are insolvent and have been ordered by the state of Florida to stop writing policies and accepting new clients and must divest themselves of ALL their clients and pay all their clients a pro-rated refund.

How in the hell did they go from an "A" rating to insolvent in such a short time?

The company is in "rehabilitiation," according to the State Insurance Commissioner's Office.

This makes me sick. It really does. Anyone know of any GOOD, STABLE (homeowners) insurance companies that are writing in Tampa these days?

We've lived in Florida a little over 30 years now. The last eight or so of those years have mounted disappointment on top of disappointment.

This state used to be a pretty fine place to live but now it has some serious problems and they all seem to flow from a corrupt government in Tallahassee.
Find an independent insurance agent or broker. The beauty of an independent is they shop several companies for you and get you the best deal for your money. The additional bonus is, if you are dropped by an insurance company the independent agent or broker does the work to find you a new carrier.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2010, 07:38 PM
 
16 posts, read 33,163 times
Reputation: 31
Quote:
Originally Posted by Mike Peterson View Post
Are you going to be uninsured or are they transferring your policy?
Here's your answer. In brief, they pulled the rug out from under us. Here's a copy the email notice we received:

We would like to advise you of some changes to your homeowners insurance. Your home is currently insured with Northern Capital Insurance Company. We have been notified that they are no longer "A" rated with Demotech and are therefore cancelling all of their policies effective 05/30/10. You will be receiving a pro-rated refund for your remaining policy period.


American Integrity will be sending an offer to insure your home effective 05/30/10-05/30/11. We are actively shopping insurance rates for you with other companies so that we can compare them to the offer you will be receiving from American Integrity. You will have the option of accepting the American Integrity offer or proceeding with a new application thru another company.

We will continue to be your agent with American Integrity. American Integrity has a Financial Stability Rating of "A" with Demotech. (I wonder how long THIS company will be "A" rated).


We apologize for any inconvenience this may cause. If you have any questions or concerns, please do not hesitate to contact me directly.


So no, as you can see, it's not a "transfer". And I would wager a lot of money, the "offer" from the other company will be at a substantially higher rate.


I'm really tired of of this stuff.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2010, 09:43 AM
 
Location: Bay Area
2,406 posts, read 7,308,247 times
Reputation: 1857
We are going with a new home insurer this year....their rates are great, under $2k year for $600K policy. I think they're called Authority Insurance, local in FL they looked up several policies and showed us, we picked which we wanted to go with, if you want to look them up. Good luck.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2010, 12:05 PM
 
Location: In a place with little freedom (aka USA)
712 posts, read 1,288,393 times
Reputation: 260
Quote:
Originally Posted by mickeyfinn View Post
Here we go again. We got dropped by Allstate, "the good hands (in your pocket) people."

Allstate simply stopped writing in our area. We never had a claim, never.

Anyway, we searched, researched and shopped around and found a company with reasonable rates.

Just got this email a couple of days ago from our agent:

"We would like to advise you of some changes to your homeowners insurance. Your home is currently insured with Northern Capital Insurance Company. We have been notified that they are no longer "A" rated with Demotech and are therefore cancelling all of their policies effective 05/30/10."

"Some changes," indeed. Six weeks from now we will be uninsured! Quite a change, isn't it?

An "A" rating designates "exceptional solvency," i.e., they have enough capitol to handle even a major disaster.

Northern Capitol was "A" rated less than 6 months ago.

No longer A rated? The real truth of it is, they are insolvent and have been ordered by the state of Florida to stop writing policies and accepting new clients and must divest themselves of ALL their clients and pay all their clients a pro-rated refund.

How in the hell did they go from an "A" rating to insolvent in such a short time?

The company is in "rehabilitiation," according to the State Insurance Commissioner's Office.

This makes me sick. It really does. Anyone know of any GOOD, STABLE (homeowners) insurance companies that are writing in Tampa these days?

We've lived in Florida a little over 30 years now. The last eight or so of those years have mounted disappointment on top of disappointment.

This state used to be a pretty fine place to live but now it has some serious problems and they all seem to flow from a corrupt government in Tallahassee.

It is because there are 8-9 named storms predicted this year with most forming into hurricanes. This should be considered illegal.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2010, 03:18 PM
 
147 posts, read 323,119 times
Reputation: 82
I just read in today's TBE/Times that the state legislature is considering allowing insurance companies to raise rates 10-20% every year. I was thinking of buying a second (retirement) home in the Pinellas/Pasco area. I really don't want to buy a house that I can afford only to be unable to pay several thousands of dollars to insure the house. Have the mortgage companies been foreclosing on homes that have lost insurance?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2010, 03:36 PM
 
Location: Myrtle Beach
3,380 posts, read 8,369,821 times
Reputation: 2931
I think the state needs to provide a 'public option' for homeowners insurance. If these insurance companies are making so much money, aren;t the citizens of Florida willing to contribute to a state insurance fund? Basically the state would be your insurance company. They would be able to charge less for premiums, since these premiums make an insurance company so much money. Of course, should something terrible happen the state may go bankrupt and not be able to pay claims. Who is up for the risk!? One of two things could happen. State could make money, state could loose it butt. Oh wait, nevermind, bad idea. I forget that politicians would eventually reach into the insurance fund and spend it on something else. Then once claims started rolling in there would be no money.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2010, 05:25 PM
 
16,009 posts, read 33,968,529 times
Reputation: 20430
Quote:
Originally Posted by AlaskaKash View Post
I think the state needs to provide a 'public option' for homeowners insurance. If these insurance companies are making so much money, aren;t the citizens of Florida willing to contribute to a state insurance fund? Basically the state would be your insurance company. They would be able to charge less for premiums, since these premiums make an insurance company so much money. Of course, should something terrible happen the state may go bankrupt and not be able to pay claims. Who is up for the risk!? One of two things could happen. State could make money, state could loose it butt. Oh wait, nevermind, bad idea. I forget that politicians would eventually reach into the insurance fund and spend it on something else. Then once claims started rolling in there would be no money.
We already have that - it is Citizen's. One out of 4 policy holders in Florida is insured by the state Citizens ins. They are not cheap, either.

To answer another poster, if you let ins. lapse, a mortgage company will come up with a lender's policy (expensive) which you MUST pay, and yes, if you don' they may foreclose. The insurance situation is the ONLY thing about living here in my beautiful state that is a real problem to me, it is just ridiculous.

And florida is no where near the only state that has hurricanes or disasters, so it is really discriminatory in my mind!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-19-2010, 05:28 PM
 
19,241 posts, read 12,554,194 times
Reputation: 6508
Best to pay cash for a house then ya don't have to deal with the rip off Ins companys. I am happy and Ins free.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top