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Posted on 05/18/2022 8:33:46 PM PDT by dynachrome
Starting today, May 16, Florida insurance agents and 68,000 policyholders will have 45 days to find new homeowners and dwelling coverage, under a financial restructuring plan submitted by FedNat Insurance and its sister companies.
But unlike an insolvency, FedNat Insurance Co. will not be liquidated, and will continue to pay some open claims, at least for a while. That could help the Florida Insurance Guaranty Association avoid having to, once again, raise the assessment on other insurers, industry insiders said.
“The early cancellation of policies … is an extraordinary statutory remedy reserved to address insurers which are or may be in hazardous financial condition without the cancellation of some or all of its policies,” reads a May 13 consent order filed by the Florida Office of Insurance Regulation.
(Excerpt) Read more at insurancejournal.com ...
I take it an “open claim” is a polite way of saying “money they owe.”
Thank God I’m not with FedNat.
Self regulated monopolies at the state level.
Blank check
>>Heads up if you are in Florida and have a policy with them.
Heads up if you are in Florida and have any plan with any provider is more like it. What a disaster it has become (the insurance market in FLA) -
who would have thought allowing rampant and unpunished fraud by unscrupulous lawyers and roofing companies would have had this outcome </sarc>?
I like florida, thought about retiring there someday, but this time they got what they asked for - all those people thinking ‘i am going to get me a free roof that I don’t need and then sue the insurance companies to pay for it’...are getting what they deserve with sky-high insurance rates, if they can even find it.
I’m in NC. The neighbor across the street had a party. Her Mom & Dad were there from Florida. I was talking to the Mom about moving down there and she told me...”The first person you should talk to is not a real estate agent or a banker. Talk to an insurance agent. Rates are sky high and could be a terrible surprise if you haven’t done your research.”.
Define “sky high”.
Colorado has homeowners rates that are twice the rates of Florida due to massive hail damage and massive fires. Our Colorado rate for 2022 would have been $4,200 a year, while here in Florida with hurricane and flood insurance included is $2,100 a year. That also includes liability insurance for a pool.
“are getting what they deserve with sky-high insurance rates, if they can even find it.”
As always, you post some of the most ignorant and stupid comments.
>>As always, you post some of the most ignorant and stupid comments.
and as usual, you are a moron who doesn’t even try to dispute facts - thats for chiming in.
“Dispute fact”.
You didn’t present any facts, only your moronic opinion.
“while here in Florida with hurricane and flood insurance included is $2,100 a year. That also includes liability insurance for a pool.”
To be honest, that isn’t scary considering what’s included. We’re at about $1200 annually, and that doesn’t include hurricane, flood or pool. Flood insurance alone would’ve boosted us up to your range with some of the lots we were considering on local lakes/rivers. And now, a new “grandkids” criteria is the overriding factor when looking at our next house. “Grandma” has decided we’re GONNA BE close to the kids. LOL.
Our house is also on the more expensive end of things. A typical $250,000 home in Florida would be about $1,200 for insurance.
As with anything insurance related, shop around. It is all about insurance pools. Every insurance company shops these pools and some are accepting of your property and others are not. Some are expensive and some are not. What is the price today won’t be the price tomorrow, literally. Simply shop around until you find an acceptable price.
We’re with FedNat (through Allstate). Last year they sent out an inspector. 3 months later we got a demand to cut some tree limbs and clean the roof of debris - and we had only 15 days to comply (during the China Flu!). I truly despise FedNat.
I live in Florida, PBC, we see nothing near that cheap. Also, try filing a claim. It will most likely be denied, which means you then have to just eat the damages or hire a lawyer. That also probably won’t be settled for at least a year. Home insurance, and the other types of Flood and Wind, are a HUGE problem. And, in my opinion, way out of control.
“A typical $250,000 home in Florida would be about $1,200 for insurance.”
That’s a damn good deal. I pay slightly MORE than that for a 950 square foot, $60,000 house in south Alabama. Does that include wind (hurricane) and hail damage?
Yes, it does. It seems hurricane/wind is no longer considered or treated separately.
PBC is on the beach. I am 6 miles off the beach. Beachside will be much more expensive. What are you seeing on beachside for costs?
“Also, try filing a claim. It will most likely be denied”
I’ve seen the billboards of attorneys advertising to represent, so I take it Michael, in 2018, is still causing problems?
“Yes, it does. It seems hurricane/wind is no longer considered or treated separately.”
That’s pretty good. Where I live getting separate policies is pretty much the norm. My wind and hail is $700 by itself, and I’m 40 miles from the coast.
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