Quote:
Originally Posted by handyman
It appears to me that insurance commisioner kevin mccarty just rubberstamps anything the most profitable insurance companies tell him to....................what will these massive increases do to property value?Is an appointed commisioner best for the citizens, or the insurance companies?I think that he should be invited to speak at one of the Squares ,I am sure that he would be more then happy to stand at the podium and answer any quetions as to why the people in the villages should have to subsidize the people in his part of the state!!
|
In the 1970's several large insurers bolted against the state of New Jersey because the state had unlimited No Fault coverage and would not grant premium increases. So the large insurers State Farm, Nationwide, Allstate, etc. told the State that they would stop writing auto. So the State told the insurers if you won't write auto you won't write anything. Some of these companies pulled out and left a capacity gap which the state tried to plug with a JUA which went broke. Sound familiar hint, Citizen Property. So NJ made peace with the insurers and after better than 10 years they came back to the State. It appears the large insurers told the state of Florida they would pull out and the rest is extraordianry increases.
For those of you who have not received your renewals yet...be prepared for future sticker shock