[bfgking]

Has anyone else noticed an increase in their homeowners policy? How about sink hole deductables? Our deductable went from $500 to almost $20,000!!!!

[Bill-n-Brillo]

Yes, rates are up.

Bill

[alemorkam]

Yup - everything goes up

[rubicon]

I had two $1,000 increases back to back and never had a claim. In addition had to buy back full sink hole coverage for $200. You can thank Rick Scott because he wanted financial pressure taken off Citizens Property.

[justjim]

I understand Florida's insurance Citizens Property rates have been kept low but given a direct hurricane hit on the Florida coast it will be a disaster for Florida. My question is why should those in Central Florida pay increased rates for those "high roller" property owners on the Coast? Coastal owners should pay for their own risks of living in a high insurance risk area.

[mulligan]

The principle behind insurance is shared risk. You may give birth to a sinkhole.

[janmcn]

Originally Posted by justjim

I understand Florida's insurance Citizens Property rates have been kept low but given a direct hurricane hit on the Florida coast it will be a disaster for Florida. My question is why should those in Central Florida pay increased rates for those "high roller" property owners on the Coast? Coastal owners should pay for their own risks of living in a high insurance risk area.

Were you living here in 2004 when four hurricanes hit The Villages? Or 2007 when the tornado hit? Tampa hasn't had a direct hit from a hurricane for 91 years, so who would decide where the high insurance risk area is?

[janmcn]

Originally Posted by rubicon

I had two $1,000 increases back to back and never had a claim. In addition had to buy back full sink hole coverage for $200. You can thank Rick Scott because he wanted financial pressure taken off Citizens Property.

You are correct that Gov Scott wants people moved out of the state run Citizens Insurance, the largest insurer in Florida, but how does raising rates on others accomplish that goal? Citizens is only available to people that have no other options, and their rates are regulated by the state, as opposed to other companies that can charge whatever they want.

[justjim]

Originally Posted by janmcn

Were you living here in 2004 when four hurricanes hit The Villages? Or 2007 when the tornado hit? Tampa hasn't had a direct hit from a hurricane for 91 years, so who would decide where the high insurance risk area is?

Residents from coastal areas are evacuated to Central Florida areas when there is a hurricane threat. Private insurance companies have decided (and it makes sense) that coastal areas of Florida and other States are high risk areas.

I was in TV when the tornado hit---we were living in a villa in Caroline at the time. Two blocks away from our villa---- homes were completely destroyed. It was a miracle nobody in TV was killed but Lady Lake wasn't as fortunate. A tornado of the magnitude of this one in Florida is highly unusual but a tornado can happen most any place.

Florida has dodged the hurricane bullet many times and hit a few times. Experts believe it could happen anytime----a direct hit on the coastal areas of Central Florida. If it does happen, I don't know about you, but I prefer to be and my property to be, a few miles away from the coast.

[applesoffh]

We just got our renewal notice today. Our sinkhole insurance has been dropped...by the carrier.

[GatorFan]

Blame Charlie Crist not Gov. Scott.

[janmcn]

Originally Posted by GatorFan

Blame Charlie Crist not Gov. Scott.

Refresh my memory. What does former governor Charlie Crist have to do with the rising insurance rates today?

[buzzy]

Originally Posted by applesoffh

We just got our renewal notice today. Our sinkhole insurance has been dropped...by the carrier.

Which carrier, please?

[janmcn]

Originally Posted by justjim

Residents from coastal areas are evacuated to Central Florida areas when there is a hurricane threat. Private insurance companies have decided (and it makes sense) that coastal areas of Florida and other States are high risk areas.

I was in TV when the tornado hit---we were living in a villa in Caroline at the time. Two blocks away from our villa---- homes were completely destroyed. It was a miracle nobody in TV was killed but Lady Lake wasn't as fortunate. A tornado of the magnitude of this one in Florida is highly unusual but a tornado can happen most any place.

Florida has dodged the hurricane bullet many times and hit a few times. Experts believe it could happen anytime----a direct hit on the coastal areas of Central Florida. If it does happen, I don't know about you, but I prefer to be and my property to be, a few miles away from the coast.

You are correct that private insurance companies have decided that coastal areas of Florida are high risk areas. That is why they all pulled out. That is why Citizens Insurance was formed to be the insurer of last resort for people that lost their coverage.

How does the rate that people pay for Citizens in coastal counties effect the rate you pay in central Florida?

You were very lucky during the tornado. My villa neighborhood in Poinciana was totally devastated.

[GatorFan]

Crist apparently discounted the advice he got from Insurance Commissioner Kevin McCarty, typically an ally of his, who had urged him to sign SB2044. The bill will make sure that “all potential rate increases are reviewed and approved or rejected by OIR [Office of Insurance Regulation] prior to one penny being paid by consumers,” McCarty had written to the governor.

In vetoing the bill, however, Crist actually allows insurers to go ahead and implement new rates before getting state approval under a use-and-file system. The bill would have required approval before use.

Crist also said he opposed the bill’s provision reining in premium discounts for homeowners who strengthen their homes against hurricanes. A state audit had found this mitigation program riddled with fraud and overly-generous discounts. But Crist said he was troubled that honest policyholders who took responsible steps to fortify their homes would be penalized under the tighter rules.

The bill, sponsored by Sen. Garrett Richter, R-Naples, also would have addressed solvency concerns by imposing a higher capital requirement of $15 million for a new home insurer.

It also would have more closely regulated the transactions between carriers and their affiliated companies, a reform Crist said he supported at a Cabinet meeting earlier this year.

Crist released his veto message just a few hours before the midnight deadline after which the bill would have become law without his signature.

The insurance industry had backed the bill as one way to get at some the forces driving up costs, including rising sinkhole claims and millions of dollars in claims from Hurricane Wilma that are being re-opened by claims adjusters five years after the storm. The bill would have more closely regulated public adjusters and their fees. It also would have allowed insurers to retain a portion of replacement cost claims payments until there is proof repairs are being made.