Then cancel your policy. Don’t carry insurance. No one is forcing you to. Insurance isn’t a charity. Eventually your house will be destroyed by a hurricane.
I feel being a homeowner that Citizens knowing we can not go anywhere else is robbing us. My rate went from $554.00 to $858.00. I have not had any claims on my homeowners plan. We have no choice but to pay it, but you see I have not had a raise in my income. How am I to pay more for insurance, if my income isn’t getting any bigger? I might have to give up my first house since I don’t know how I am going to keep up with everybody hiking there fees. That includes car insurance and my property taxes.
I am not rich but was fortunate to find a run down old house close to the ocean. I have sunk most of my savings and retirement into fixing it up for myself and my son. My premiums have gone up from $3200 to $4100 to ????$$$$! I am facing a 40+ percent increase next year. I’ve lived in Florida for over 37 years to finally realize that only the rich have the right to enjoy living near the ocean. All us poor folk should just live way inland on the mainland. That way our rates will only go up 25 percent. If anyone’s interested I’ve got a 1/2 acre with a partially renovated 2/2 plus 1/1 apartment for sale!
My sister lives in Reno NE where they experience “normal” winds (from January until June) in the 60mph to 110 mph range! She just laughs when I tell her how much my wind insurance costs!
Citizens – You have to love’em because they sure don’t care about us!
I lived in Fl for 37 years and I am ashamed of what is being done to the peope of Martin county (where I lived) that rate increase is not necessary there are other ways for Insurance Companies to get money but not at the insureds expense i am glad I left here and I have been a P&C underwriter for 39 years I am truly ashamed o the insurance Companies in Fl
In its truest sense, insurance pricing and availability are purely econommic problems, and should be solved economically, but with government oversight. Not government intervention.
I have relatives in the Fort Myers area who live in a manufactured housing community, and they constantly complain about their premiums. My response is that they live in a beer can 5 miles from the ocean. I live in upstate New York, and homeowners are underpriced here also.
rates. I tell them that
Mark-No offense but when you have a mortgage you must carry wind insurance – the mortgage company requires it! If you cancel your policy, the mortgage company will force place insurance which is 3 times more expensive than Citizens and gives you less coverage. There will come a time when people won’t be able to afford their insurance and property taxes and will be forced to sell. It is a sad situation for many, especially those that are retired and on a fixed income. Citizens for many is the last resort because other insurance companies aren’t selling insurance. Citizens has a monopoly and can charge whatever they want. Sad, but true. As a Florida resident, I feel that something needs to be addressed by our government and guidelines put in where insurance can only increase a certain amount each year. 110% increase is incredible!!! Maybe our country should not be helping so many people around the world and start looking at helping those that live here, work here and pay taxes. God bless everyone and have a happy new year!
Maybe our country should do what they also need to do in Asia — move people away from the water. But if you choose to live in hurricane country, then you should have to pay the correct risk premium. In Hurricane Andrew, Allstate lost 50 years worth of Florida profits and in 2004, they lost everything they made in Florida since Andrew. That’s 60 years of being in a very risky business with no profit. And please don’t argue that profits from other states should support Florida business — that’s just asking for a hand-out or subsidy from other states who have their own coastlines and other issues. Either Florida homeowners pay the full freight or they should literally get out of town.
Lets not forget about the sinkhole problem FL has, which is contributing to policies being written through Citizens. Tell me they’re not losing money on THAT business.
As an insurance broker I always find it distressing how little the public knows about the nature of the insurance industry. The bottom line is risk and reward; carriers will offer coverage where they feel that they can get a fair profit for the risk they are taking.
One of the respondents talked about the profit the carrier made on their insurance premiums, how much did they lose on other clients? If each client was charged strictly on their individual loss ratio no one with a claim would ever be able to afford coverage.
If you think I do not understand the scarcity issue try purchasing Workers Comp in California. Alan.
I find it hard to believe any of the people responding work in the insurance industry? Companies must make money or they are no longer a company. Premiums are there to pay claims. Citizens is the one holding you captive because most other carriers have figured out you cannot write the business and survive long term at the rates Citizens has been charging. They are increasing because their rates were too low.
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Then cancel your policy. Don’t carry insurance. No one is forcing you to. Insurance isn’t a charity. Eventually your house will be destroyed by a hurricane.
I feel being a homeowner that Citizens knowing we can not go anywhere else is robbing us. My rate went from $554.00 to $858.00. I have not had any claims on my homeowners plan. We have no choice but to pay it, but you see I have not had a raise in my income. How am I to pay more for insurance, if my income isn’t getting any bigger? I might have to give up my first house since I don’t know how I am going to keep up with everybody hiking there fees. That includes car insurance and my property taxes.
I am not rich but was fortunate to find a run down old house close to the ocean. I have sunk most of my savings and retirement into fixing it up for myself and my son. My premiums have gone up from $3200 to $4100 to ????$$$$! I am facing a 40+ percent increase next year. I’ve lived in Florida for over 37 years to finally realize that only the rich have the right to enjoy living near the ocean. All us poor folk should just live way inland on the mainland. That way our rates will only go up 25 percent. If anyone’s interested I’ve got a 1/2 acre with a partially renovated 2/2 plus 1/1 apartment for sale!
My sister lives in Reno NE where they experience “normal” winds (from January until June) in the 60mph to 110 mph range! She just laughs when I tell her how much my wind insurance costs!
Citizens – You have to love’em because they sure don’t care about us!
I lived in Fl for 37 years and I am ashamed of what is being done to the peope of Martin county (where I lived) that rate increase is not necessary there are other ways for Insurance Companies to get money but not at the insureds expense i am glad I left here and I have been a P&C underwriter for 39 years I am truly ashamed o the insurance Companies in Fl
In its truest sense, insurance pricing and availability are purely econommic problems, and should be solved economically, but with government oversight. Not government intervention.
I have relatives in the Fort Myers area who live in a manufactured housing community, and they constantly complain about their premiums. My response is that they live in a beer can 5 miles from the ocean. I live in upstate New York, and homeowners are underpriced here also.
rates. I tell them that
Mark-No offense but when you have a mortgage you must carry wind insurance – the mortgage company requires it! If you cancel your policy, the mortgage company will force place insurance which is 3 times more expensive than Citizens and gives you less coverage. There will come a time when people won’t be able to afford their insurance and property taxes and will be forced to sell. It is a sad situation for many, especially those that are retired and on a fixed income. Citizens for many is the last resort because other insurance companies aren’t selling insurance. Citizens has a monopoly and can charge whatever they want. Sad, but true. As a Florida resident, I feel that something needs to be addressed by our government and guidelines put in where insurance can only increase a certain amount each year. 110% increase is incredible!!! Maybe our country should not be helping so many people around the world and start looking at helping those that live here, work here and pay taxes. God bless everyone and have a happy new year!
Maybe our country should do what they also need to do in Asia — move people away from the water. But if you choose to live in hurricane country, then you should have to pay the correct risk premium. In Hurricane Andrew, Allstate lost 50 years worth of Florida profits and in 2004, they lost everything they made in Florida since Andrew. That’s 60 years of being in a very risky business with no profit. And please don’t argue that profits from other states should support Florida business — that’s just asking for a hand-out or subsidy from other states who have their own coastlines and other issues. Either Florida homeowners pay the full freight or they should literally get out of town.
Lets not forget about the sinkhole problem FL has, which is contributing to policies being written through Citizens. Tell me they’re not losing money on THAT business.
As an insurance broker I always find it distressing how little the public knows about the nature of the insurance industry. The bottom line is risk and reward; carriers will offer coverage where they feel that they can get a fair profit for the risk they are taking.
One of the respondents talked about the profit the carrier made on their insurance premiums, how much did they lose on other clients? If each client was charged strictly on their individual loss ratio no one with a claim would ever be able to afford coverage.
If you think I do not understand the scarcity issue try purchasing Workers Comp in California. Alan.
I find it hard to believe any of the people responding work in the insurance industry? Companies must make money or they are no longer a company. Premiums are there to pay claims. Citizens is the one holding you captive because most other carriers have figured out you cannot write the business and survive long term at the rates Citizens has been charging. They are increasing because their rates were too low.