Homeowners insurance ripoff perpetrated by the State (Tallahassee, Sarasota: mortgage, house)

[mickeyfinn]

So I get a notice in the mail from my insurance agent that my homeowners insurance company, Northern Capital Select Insurance Company, is now in "receivership," and the company is being "liquidated" by the State of Florida beginning May 1 and Northern Capital Select Insurance Company will be out of business by May 30!

My policy was for 11/30/09 through 11/30/10. I paid it in full. So I will be owed 6 months worth of premiums.

I called the State Chief Financial Officer's (Alex Sink) office today to find out what's happening and when I will be refunded the six months worth of premiums I will be due.

I was told that yes, I will EVENTUALLY get my 6 months worth of premiums BUT there is no way of knowing when I will get the money... AND the State of Florida will take $100 from the amount I will receive for "processing" the check.

The Chief Financial Officer is supposed to check insurance companies to make sure they are solvent before granting them a license to write insurance in Florida. They gave this company an "A" (exceptional) rating 8 months ago and allowed them to write policies in our state.

So this company went from an "A" rating to insolvency very, very quickly.

The company screwed up AND SO DID THE STATE BY ALLOWING THEM TO WRITE POLICIES.

And now I have to pay $100 out of my pocket to get my money back.

The state of Florida is going down the crapper in front of our eyes, people, and the state is taking us with it!

Every other day (literally) there is another scandal coming out of Tallahassee on the front page of the newspaper.

If the housing market here wasn't so depressed, I'd sell my house and get the hell out of Florida.

I hate this state. I really, really do. So many of our politicians are corrupt that it makes me sick. It really does.

[bentlebee]

It seems many on this forum have ins. companies who are leaving the State. I got a notice as well but still will be ins. until Sept. 2010...but the quotes I"m receiving are almost double of what I pay right now...and I get a bunch of B.S. of that I was under ins.

One even stated I needed to get the dwelling raised to $ 440K while I have $ 365 K...while I bought the home for $ 275K....they claimed it was so much more expensive to rebuild the house....uhmmmm

Has the mortgage skeem moved to HO ins.?

[loves2read]

article in the Sarasota forum a month ago or so about insurance companies that are borderline for bankruptcy
should search it out
listed and ranked insurance companies for solvency
you don't want to make a mistake and get a policy from someone just as likely to fold