[Rainger99]

Will insurance rates come down??

According to the Wall Street Journal, last year, Florida insurers had more than 100,000 lawsuits claiming $7.8 billion in damages.

The new insurance reform eliminates assignment of benefit and the requirement that insurers pay plaintiff attorney’s fees if they lose.

[villagetinker]

From the recent news articles that covered the new laws in Florida, the conclusion was the rates 'should' drop slowly over time. I tend to agree with this, maybe in a year or 2 or 3 there will be some relief. The insurance companies need to get back some of the money they lost in the recent storms and all of the "free roof" scams.

[Papa_lecki]

Originally Posted by villagetinker

From the recent news articles that covered the new laws in Florida, the conclusion was the rates 'should' drop slowly over time. I tend to agree with this, maybe in a year or 2 or 3 there will be some relief. The insurance companies need to get back some of the money they lost in the recent storms and all of the "free roof" scams.

Agree, rates are set based on claims experience, NOT what insurance companies think will happen due to a new law. If the law works as planned, premiums will come down in a few years.

[Flyers999]

Originally Posted by villagetinker

From the recent news articles that covered the new laws in Florida, the conclusion was the rates 'should' drop slowly over time. I tend to agree with this, maybe in a year or 2 or 3 there will be some relief. The insurance companies need to get back some of the money they lost in the recent storms and all of the "free roof" scams.

I think the problem is almost entirely due to the hurricanes not roof scams, which are a drop in the bucket comparatively.

[JoMar]

Originally Posted by Flyers999

I think the problem is almost entirely due to the hurricanes not roof scams, which are a drop in the bucket comparatively.

Since the roof issues cover the entire State, and are continuous, not sure they are a drop in bucket, but either way, unless a way can be found to keep insurance companies in the State the rates will increase.

[Flyers999]

Originally Posted by JoMar

Since the roof issues cover the entire State, and are continuous, not sure they are a drop in bucket, but either way, unless a way can be found to keep insurance companies in the State the rates will increase.

I don't know why the industry isn't pushing for a policy that has a deductable , like auto insurance. I would certainly buy a home policy with a $20k deductable, if it cut my premium in half. But here's the thing, it wouldn't reduce it much at all. Which is why the industry isnt pushing for it.

[melpetezrinski]

Originally Posted by Flyers999

I don't know why the industry isn't pushing for a policy that has a deductable , like auto insurance. I would certainly buy a home policy with a $20k deductable, if it cut my premium in half. But here's the thing, it wouldn't reduce it much at all. Which is why the industry isnt pushing for it.

All of my home insurance policies, which include Farmers and Kin Insurance have a property deductible and a separate hurricane deductible.

[keepsake]

We have no mortgage so we were able to drop windstorm coverage. Took the yearly premium from the renewal amount of $7500 to $1100. Still have fire, theft, pipe leakage, and liability.