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Zoder

join:2002-04-16
Miami, FL

[Rant] Homeowners Insurance in Florida

Just got our Statefarm homeowners policy renewal. The raping of Florida customers continues. 20% increase and our policy does not even include windstorm coverage. That's with the state backed Citizens Property Insurance. This is after another 20% increase the year before.

Then there is Citizens with the re-inspection program to take back windstorm mitigation policy credits. Our house has shutters over every door and window except for 1 side door which exits to the patio from the bathroom. This is a completely wooden door. So Citizens treats this as if the whole house has no protection and removes a $4000 credit for the renewal. However the inspector found features that were better than listed on our policy. But for this we get no additional credits. So my Statefarm agent, you have to go through them for Citizens, asks how much the credit will be once the door is replaced. $3500. What happened to the other $500? They can't tell her that Can I get a breakdown of how the discount were applied pre and post inspection? No we can't provide you with that I mean WTH. They are regulated by the state so it looks like I'm going to have to file some complaints.



Xioden
Premium
join:2008-06-10
Monticello, NY
kudos:1

Claims dropped and profits quadrupled? RAISE ALL THE RATES!



old_tech
Premium
join:2013-03-31
Springfield, IL
reply to Zoder

What do you expect. If you want to keep up with State Farm, check out some of the stories at »www.pantagraph.com .



Dolgan
Premium
join:2005-10-01
Sun Prairie, WI
Reviews:
·Charter
reply to Zoder

You need to blame your legislature as State Farm was given a sweetheart deal when they threatened to pull out of the state a few years ago. They got rate concessions as the politicians recognized there was no way that CPI could come close to picking up the slack if SF left the state and there are not many carriers looking to enter the property insurance market in FL.


PrntRhd
Premium
join:2004-11-03
Fairfield, CA
Reviews:
·Comcast
reply to Zoder

»articles.sun-sentinel.com/2012-0···nsurance

Found this on a search.


Zoder

join:2002-04-16
Miami, FL
reply to Dolgan

said by Dolgan:

You need to blame your legislature as State Farm was given a sweetheart deal when they threatened to pull out of the state a few years ago. They got rate concessions as the politicians recognized there was no way that CPI could come close to picking up the slack if SF left the state and there are not many carriers looking to enter the property insurance market in FL.

Don't get me started. The Legislature has been in the pocket of the insurance lobby for years and the stupid public keeps reelecting them.

To name just a few things:

They've allowed the companies to form Florida only subsidiaries.

They allow companies that sell multiple forms of insurance in other states to sell insurance in Florida excluding homeowners insurance.

They will not cover homeowners in coastal cities like
Tampa and Miami/ Ft. Lauderdale for windstorm. They'll cover the rest of the homeowners policy. This places the riskiest policies in Citizens Property Insurance Corp without spreading the risk which is the purpose of insurance.


Pathfinder
Dazed Confused
Premium
join:2000-03-26
Mount Vernon, NY
reply to Zoder

That is why my brother moved to Georgia.

Expand your moderator at work


Oh_No
Trogglus normalus

join:2011-05-21
Chicago, IL
reply to Zoder

Re: [Rant] Homeowners Insurance in Florida

That is the price of living in a disaster hurricane zone.
The insurance companies KNOW they will be paying out a lot of money, so they have to collect a lot in premiums.

All it takes is one entry point to flood your house.

All you can do is pay your mortgage off and save enough money in the bank to have enough money to completely replace your house if it is destroyed so you dont have to get insurance anymore.

I will say it is BS that you get state back insurance, but you still have to go through a private company that takes a cut of your premium as their profit. That is a waste of money as the state is the one who is going to pay your claims.


Zoder

join:2002-04-16
Miami, FL

said by Oh_No:

That is the price of living in a disaster hurricane zone.
The insurance companies KNOW they will be paying out a lot of money, so they have to collect a lot in premiums.

All it takes is one entry point to flood your house.

All you can do is pay your mortgage off and save enough money in the bank to have enough money to completely replace your house if it is destroyed so you dont have to get insurance anymore.

I will say it is BS that you get state back insurance, but you still have to go through a private company that takes a cut of your premium as their profit. That is a waste of money as the state is the one who is going to pay your claims.

To clarify, the windstorm insurance is separate from the homeowners insurance. This was a provision the legislature granted the companies as they didn't want to cover the risky businesses only the profitable part of homeowners insurance. But the agent is the same for both in most cases. Citizens in the state insurer of last resort but due to the screwed up situation in Florida has become the largest windstorm carrirer in the state. They are supposed to be funded solely through premiums, not taxes. However if they run short of funds to pay claims, they have the power to levy assessments on all policies in the state regardless of carrier to pay off the borrowed money. They say they have enough money to pay an Andrew sized storm fwiw.

Also back in 2007 the state started a program to get homeowners to add construction upgrades to their homes to mitigate the risk of loss. These were things shown to cut damage way down. In exchange you would receive discounts on your insurance. Many homeowners tooks advantage and of course the insurance companies complained that too many people were getting the discounts and it was hurting their profits. We never win.

rody_44
Premium
join:2004-02-20
Quakertown, PA
Reviews:
·Comcast
reply to Zoder

Like flood insurance around here. There is a house we paid for three times now in the last ten years> maybe its time to level the freaking place and let them move somewhere else. They pay 1800 a year which is a lot around here . Meanwhile for that 1800 Multiplied by ten they pay 18000 for ten years premiums. And we as tax payers got to pay over 900000 in repairs. In other words if you dont like what insurance costs, move.