Posted on 08/07/2024 12:45:32 PM PDT by RomanSoldier19
Florida's largest insurer has requested a 13.5 percent rate hike but says it needs a nearly 93 percent increase to match the competitive market.
Citizens Property Insurance Corp. is currently requesting a more modest hike from the Florida Office of Insurance Regulation (OIR) because state regulations cap the amount rates can increase annually.
Brian Donovan, Citizens' chief actuary, said in a hearing last week that this would increase the average price of homeowners multi-peril policies, the insurer's most common type of policy, from $3,560 to $4,041.
(Excerpt) Read more at msn.com ...
Well at least they’re not going to double the rates.
If PDJT was in office, Newsweek would find a way to tie this directly to him, and would put that reason in the headline.
All fifty states should agree with the insurance company
and revoke their license to do business in their state.
Screw one state, and all 50 will come back at you.
I’m fairly confident they would find a way to stay in
business without a 93% rate increase.
something’s rotten in denmark.
the reality is the reverse. the insurance companies tell the states what to do.
Ok so a hurricane wipes out my half a million dollar house. If I’ve got $1 million in the bank why should I pay for insurance? Perhaps it’s a loan condition. Get rid of the mortgage deduction and prices will go down. Solve the problem? No but the present conditions don’t help. 85% had health insurance b4 Obama came along and were quite happy. Now what happened.
Could the congress meet on Jan 3rd or thereabouts and eliminate Obamacare in one year for Trump to sign on the 20th? Make them go back to work and find solution that covers everybody(American that is).
Just a tip to you Floridians: If you build your dream house by the ocean, don’t be shocked that you have to shell out lots of cash for your homeowner’s insurance.
That needs to change.
Look, I’m a capitalist. I want the market place to work, but
both my vehicle insurance and regional home insurance policies
are going through the roof.
I’m now paying enough to purchase both my cars in under five
years. I haven’t had a claim in a decade. Most people
haven’t. Most homes haven’t been burned out.
This is nonsense.
Capitalism isn’t at play here — at least not free market capitalism. If it were, competitors would be diving in to take advantage of the outrageous premiums dictated by a virtual monopoly over the past few years.
I do think self-insurance is a good idea, but just paying
out dollar for dollar for repairs doesn’t seem like a good
plan. Perhaps put $500k insurance on the home, and then
use your funds to cover the rest. Not sure of what the
rates would be then though.
Not everyone has that option either.
As for Obamacare, it’s been a while since I’ve looked at
it.
As will all domestic programs, tossing all the illegals in
has certainly not helped.
We are giving these people a total free existence out of
our national debt piggy-bank.
That’s why I’m not inclined to allow the insurance companies
to just double their rates, seemingly on a whim.
How many decades have we paid for hurricane coverage without
breaking the bank? To be honest, we’ve had less storms in
the last few decades that we used to have in a season or
three.
This doesn’t seem like it’s on the up and up to me.
Agree.
I used to own a home in south Florida a few years ago. I’m not positive, but I believe that Citizens Property Insurance is actually a state run pool of money that originated after Hurricane Andrew. The state set up an insurance pool that was paid into by residents who owned homes within 1-2 miles of the coast. This fund was developed to pay victims of hurricanes because so many companies left Florida after the hurricanes of the 90s starting with Andrew.
Thanks xoxox...
INVADES WITH DRIVER’S LICENSES WHO CANNOT READ OUr ROAD SIGNS & WHO DO NOT GET INSURANCE...
THE PERFECT STORM
We raised the deductibles beyond what was allowed for our loans, before having paid them off.
I see the same outrageous increases every renewal.
According to my agent, it’s because we are paying for the uninsured illegals driving.
I think the average price of a home in my
Florida rural area is around $350k for 1750 sq ft. The homes are pimped out with artificial doodads that make them look mansionesque. The elaborate wood look inside finishing details are all cheap molded plastic. The homes are mostly on fifteen-foot lot lines, meaning there is at most thirty feet between them. So, a tornado whipping through one of these flash-built neighborhoods could wipe out a few million dollars’ worth of homes. These homes can be literally finished in a week. (Oh, weird detail. They all have super steep snow load roofs, making replacing a roof dangerous and more expensive.)
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