Quote:
Originally Posted by sdeikenberry
Be careful moving to another company, and you may want to check Progressive to see if they themselves are actually insuring you...or are they putting you in the Florida insurance pool. When we shopped around this past January, two companies we quoted with wanted to insure us through them but in the Florida insurance pool. Sure, the premiums were lower...BUT...you don't want to be in that pool unless you have absolutely no other choice. The main reason is that pool can assess you any difference between what the payouts are and the income. For example, if we have a bad hurricane and 20 million in damages are paid out but the pool only has 10 million in reserves, the pool will bill all insurers for the balance due...in addition to your annual premium. The other reason is the amount of homes being covered and paying into the pool is ONLY in Florida, so the risk of being billed the overage amount is high...and the coverage isn't that great either.
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Are you talking about an Exchange? We use The Villages Insurance and have had Tower Hill the past 2 years. We got our renewal and our insurance went from $1400 to $1900 and they are now an "Exchange". From the little I read about exchanges, they make me nervous and I don't want anything to do with them. We are in the process of getting quotes now. FYI, State Farm will not insure your home if it was built before 2004, ours was built in 1999.