Florida Home Insurance

Interesting article on Citizens

If you are one of Citizens' 1.35 million policyholders, you may want to prepare for your bill to go up. This week, state regulators rejected Citizens’ request to hike rates by 12 percent, but some increase is all but certain. Your rate could also increase if your Citizens policy is taken over by a private insurer when Citizens offloads customers in October.
When Susan Gregory's insurance company went insolvent earlier this year, her policy ended up with Slide Insurance.
"10 days before renewal, I got the bill for $36,000," Gregory told First Coast News in June.

Just got my official "You may not be renewed note from Citizens.. But if non renewed, Citizens will "Help" me find a comparable policy which will not exceed 20% of my existing policy . Sounds like old Native American term of BOHICA. (Bend over here it comes again!)

Just got my official "You may not be renewed note from Citizens.. But if non renewed, Citizens will "Help" me find a comparable policy which will not exceed 20% of my existing policy . Sounds like old Native American term of BOHICA. (Bend over here it comes again!)

Bend way over and brace yourself.

“Jameson says the 20 percent rule is only good until your policy must be renewed; then a private insurance company can charge you whatever they want, like Gregory's $36,000 renewal rate.”

Just got my official "You may not be renewed note from Citizens.. But if non renewed, Citizens will "Help" me find a comparable policy which will not exceed 20% of my existing policy . Sounds like old Native American term of BOHICA. (Bend over here it comes again!)

I got one of those notices about a month ago, but they did renew my policy at the same rate as last year, about a week ago.

I didn't get a non renewed, just a bill for $1,200 over last year's, still cheaper than private insurance, but now over a third of my mortgage payment goes to insurance alone.

I didn't get a non renewed, just a bill for $1,200 over last year's, still cheaper than private insurance, but now over a third of my mortgage payment goes to insurance alone.

Even though we have only been in our condo since late March and are pleased with the overall savings on our cost of living compared to our former house, we find ourselves looking at alternatives in other cities out of fear of rising insurance rates that may be unsustainable for us.
I have to admit, while not being one of their policy holders, I do not understand the goal of Citizens Insurance. It’s described as insurance of last resort, but yet they are trying to shed their policyholders to private insurers who will eventually double or triple their rates and what, drive those people back to Citizens because of unaffordable rates?

I think we're about to see a post COVID exodus from Florida, especially after a couple of hurricanes.

Even though we have only been in our condo since late March and are pleased with the overall savings on our cost of living compared to our former house, we find ourselves looking at alternatives in other cities out of fear of rising insurance rates that may be unsustainable for us.
I have to admit, while not being one of their policy holders, I do not understand the goal of Citizens Insurance. It’s described as insurance of last resort, but yet they are trying to shed their policyholders to private insurers who will eventually double or triple their rates and what, drive those people back to Citizens because of unaffordable rates?

Cities outside FL? WHat ones do you like?

Cities outside FL? WHat ones do you like?

None really, but Ashland City outside Nashville is favorable because my wife has two sisters, their children, and grandchildren there.
We want to stay here where our son, daughter in law, and four grandchildren reside.
We both have siblings in Memphis, but that is a big fat no!
Been there done that.

None really, but Ashland City outside Nashville is favorable because my wife has two sisters, their children, and grandchildren there.
We want to stay here where our son, daughter in law, and four grandchildren reside.
We both have siblings in Memphis, but that is a big fat no!
Been there done that.

Move there visit here often.

Move there visit here often.

That is an option, but after 16 years this is home.

Disappointing

Disappointing

Chief financial officer demands ‘airtight prosecution’ in Hurricane Ian fraud case

Those insured losses are estimated at $60 billion.

www.wesh.com

Old Jimmy bragging about a less than 1% payout rate for a hurricane that happened last year.

Prepare For A Hurricane Tax

I declare Florida officially over today.

Prepare For A Hurricane Tax

The 'Hurricane Tax' Hitting Florida Alongside Idalia

Too many homeowners are relying on Florida's public insurer. That could create financial problems for the entire state.

time.com

That article "almost" sounds like the insurance industry paid for it. As for an assessment, think my policy is already assessed money for Citizens.

That article "almost" sounds like the insurance industry paid for it. As for an assessment, think my policy is already assessed money for Citizens.

It is, but the ultimate backer to Citizens is the state. Maybe, just maybe we could take steps to actually fix our insurance problem rather than lip service?

Pay more get less​

​

Home insurers cut natural disasters from policies as climate risks grow​

Some of the largest U.S. insurance companies say extreme weather has led them to end certain coverages, exclude natural disaster protections and raise premiums​

Looks like we dodged a bullet.

With that said, I got a call from an insurance adjuster yesterday asking if I had any damage. I simply asked his company name again and informed him I was not in the path of the hurricane and never was. I called the AG's fraud hotline (866) 966-7226 and reported them.

Got a depopulation letter from Citizens today, my choice this time as it was more than 20% over what my Citizens premium is, they even have scary language talking about the possibility of a surcharge for large losses.

Citizens currently: $4,225.00
Offer from Slide: $20,087.00
Citizens cost with surcharge $6126.00

My cost saving range from a little under $16k to a little under $14k.

I know this is a form letter, but come on Florida we can do better.

Got a depopulation letter from Citizens today, my choice this time as it was more than 20% over what my Citizens premium is, they even have scary language talking about the possibility of a surcharge for large losses.

Citizens currently: $4,225.00
Offer from Slide: $20,087.00
Citizens cost with surcharge $6126.00

My cost saving range from a little under $16k to a little under $14k.

I know this is a form letter, but come on Florida we can do better.

Why don’t we just shift everyone in Florida to a nonprofit form of insurance?
It’s past time to take the profit out of some of life’s necessities.

Why don’t we just shift everyone in Florida to a nonprofit form of insurance?
It’s past time to take the profit out of some of life’s necessities.

Better yet, drop all the investment homes from Citizens.

I have a 25 year old metal roof, installed properly. It is considered a 100-year roof. I don't know about that but expect it to last my lifetime. My insurance agent said only one company would insure a home with a roof over 20 years old. My Insurance has gone from about $2500/year to now $8,000 a year.

Is stopping at 20 year roof simply a method of weeding out older homes?

I have a 25 year old metal roof, installed properly. It is considered a 100-year roof. I don't know about that but expect it to last my lifetime. My insurance agent said only one company would insure a home with a roof over 20 years old. My Insurance has gone from about $2500/year to now $8,000 a year.

Is stopping at 20 year roof simply a method of weeding out older homes?

The 20 year roof is arbitrary and flies in the face of logic. My roof is a metal roof approaching 23 years old without any signs of corrosion or defects of any kind. None. They have already upped my payments 100% in 2 years. I can’t wait until next renewal season.

The 20 year roof is arbitrary and flies in the face of logic. My roof is a metal roof approaching 23 years old without any signs of corrosion or defects of any kind. None. They have already upped my payments 100% in 2 years. I can’t wait until next renewal season.

Is it just a coastal thing for roofs or statewide? . Almost seems like they're quitting.