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Dolgan
Premium Member
join:2005-10-01
Madison, WI

Dolgan to Zoder

Premium Member

to Zoder

Re: [Rant] Homeowners Insurance in Florida

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.
Zoder
join:2002-04-16
Miami, FL

Zoder

Member

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.