Citizens Homeowner Policy Rate Increases

[784caroline]

I dont know if you all saw it in todays paper but Citizens is projecting for 2013 a homeowner policy rate increase of 50% for Costal areas and 24% for area such as The Villages. So if you are now paying $800 it "may" jump to close to $1000. The reason cited: SO many people have been moving to Citizens and away from the traditional homeowner insurance providers, (for whatever reason) that "WHEN" not "IF" the big one comes, it could wipe out the state backed insurance reserves.

Thats not a warm and fuzzy feeling thinking you have insurance but then the company is in such financial jeapordy, it may not be able to pay off a catestrophic event. And to think Hurricane season starts in 14 days!!

[twotogo]

Citizens insurance is also raising rates on sinkhole insurance. They are excluding patios, birdcages, driveways and sidewalks from coverage.
What will the ins rates be in 3 - 5 years? This needs to be addressed by the Villages.

[rubicon]

I keep trying to tell everyone this was with the blessing of governor Scott. He wants people to move away from Citizens because if there is a major loss they will never be able to pay all of the claims which will leave taxpayers on the hook. So one way is to equalize rates throughout the homeowner insurance industry. I am with a major carrier and they did two major increases two years in a row and now demand a separate premium for sink hole. I am staying with them because hey have an excellent reputation for not horsin g you around if a loss does occur.

If you live in florida it will cost you on insuring your house and on water use. Might be time to invest in property insurance and water utilities