Sorry about the cost of insurance. Tell the Gov, he will help you with the People\’s insurance company. He will charge you less than any other ins. carrier and when the losses develope he will have them add a surcharge to the policy. Either way, your going to pay. Now or later. Insurance is not free nor should anyone expect a free handout.
Just as Mike said,\”when the losses develope he will have them add a surcharge to the policy\”. Today we were notified that the \”Peoples Insurance Company\” (Citizens)will be adding another surcharge to all Florida policies effective 7/1/07 of 1.4%. This is to pay for the losses of 2005 sustained by Citizens. (Citizens total surcharges will be almost 8% *are you listening voters*? YET, Bruce Douglas, Citizens Chairman maintains that Citizens has $8.8 billion \”in the bank\” to pay claims with a surplus of $2 billion. Humm, we need an additional surcharge with all this surplus. Those of us remember in 2004 when the then Chairman and also the CFO of Citizens exclaimed to the voters that \”Citizens had enough money to pay the claims of the hurricanes and Citizens was in \”good financial shape\”. Within 6 months they were bankrupt to the tune of over $3 billion. Now you see the surcharges take effect. The same scenario is taking place again and Crist and his yes men as well as a lot of innocent voters are eating it up. Print this email and then read it after the next major hurricane, Florida is being lead down the path of Financial ruin.
While Kelly and at least one other person expressed frustration with their insurance situation>>>>>
Trust me there are more than just a few people frustrated with this situation. I for one, will have to sell my house because of these obsurd prices!!!!! The american dream, what a joke! it just makes me sick to my stomach what these insurance companies are getting away with.How are the working class people supposed to afford their homes? Those living paycheck to paycheck have to somehow come up with an extra $500 a month just for insurance? disgusted with Florida.
Trust me, complaining on this forum is not worth your time. Most of the people that read and blog here are up to their eyeballs in insurance money and could care less for the \”average\” Floridian. They think we should pay or get out…. well I say to them to \”get out\” and let Citizens prevail, become bigger and less expensive so that we all can afford to keep our homes!
You want insurance prices to go down? How about doing something about what really drives up the cost of property insurance. Make all entities involved in the repair of property including the manufacturer, lumberyard, hardware store and contractors decrease their prices. The insurance companies have to pay those prices that seem to increase substantially every year so the cost increases have to passed along to the consumer. The insurance company would pass the savings onto the insured.
Not only do contractors drive up the cost, but Public Adjusters also, the state should cap their fees at 10% for storm as well as any normal claim, These blood suckers charge 20 to 35% and more than half do not even know how to write damage, they yell appraisal, higher Attys. that the insured does not even know about, filing suits and drive up the cost of settlements, and guess what, the cost Of insurance as well.
I see you found your way over here Kathy. You decided to stop posting on the other thread because people had you backed into a corner, huh?
\”Kelly, a resident of a Broward County mobile home park, said she and her husband live on a fixed income and she is upset that her monthly payment with Citizens is about $400 more than the roughly $800 monthly premium she paid with a private insurer that gave her more coverage.\”
Why is her payment $1200 a month for a mobile home? How much coverage could she possibly need? I pay a little more than $1200 a YEAR. My parents live in South Florida and require a lot more coverage than for a mobile home and don\’t even pay that much each month.
Either this story didn\’t get the facts straight or anyone who has to insure with Citizens is in for a world of hurt. I think a lot of people complain about their premiums being too high because they have increased recently (DUH! because we have had more hurricanes than in past years) or because they just like to whine. However, in this case, that is seriously a RIDICULOUS premium. Where does someone get that much money if they can only afford to live in a mobile home? And, really do they need $200,000 in dwelling coverage?
paying…Citizens is about $400 more than the roughly $800 monthly premium she paid with a private insurer
If she\’s paying $1200 a month for insurance on her mobile home she has more problems than just this insurance.
This story is just another that proves government cannot do it better than anyone else.
Actually……the price of insurance is not high enough!! The prices charged by Citizens or any other carrier are actually not high enough to account for the worst case scenario. Why do you think the State of Florida has a \”Catastrophe\” fund. Citizens and the State of Florida know that the premiums they are collecting are artificially low, and have the \”Catastrophe\” fund as back up.
Yes…the prices are high. Yes they are way above what we are used to paying. Are they adequate to pay for the storms that are forcasted for Florida???? No.
We (in the insurance industry) do not have an answer…..and frankly Governor Crist and the legislature do not have one either…..their answer is to make the prices artificially low and expose the entire state to tremendous surcharges if the forecasts come true.
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Sorry about the cost of insurance. Tell the Gov, he will help you with the People\’s insurance company. He will charge you less than any other ins. carrier and when the losses develope he will have them add a surcharge to the policy. Either way, your going to pay. Now or later. Insurance is not free nor should anyone expect a free handout.
Just as Mike said,\”when the losses develope he will have them add a surcharge to the policy\”. Today we were notified that the \”Peoples Insurance Company\” (Citizens)will be adding another surcharge to all Florida policies effective 7/1/07 of 1.4%. This is to pay for the losses of 2005 sustained by Citizens. (Citizens total surcharges will be almost 8% *are you listening voters*? YET, Bruce Douglas, Citizens Chairman maintains that Citizens has $8.8 billion \”in the bank\” to pay claims with a surplus of $2 billion. Humm, we need an additional surcharge with all this surplus. Those of us remember in 2004 when the then Chairman and also the CFO of Citizens exclaimed to the voters that \”Citizens had enough money to pay the claims of the hurricanes and Citizens was in \”good financial shape\”. Within 6 months they were bankrupt to the tune of over $3 billion. Now you see the surcharges take effect. The same scenario is taking place again and Crist and his yes men as well as a lot of innocent voters are eating it up. Print this email and then read it after the next major hurricane, Florida is being lead down the path of Financial ruin.
I\’m sorry Florida, but I think the only way out of this mess is open competition. There is no free lunch.
While Kelly and at least one other person expressed frustration with their insurance situation>>>>>
Trust me there are more than just a few people frustrated with this situation. I for one, will have to sell my house because of these obsurd prices!!!!! The american dream, what a joke! it just makes me sick to my stomach what these insurance companies are getting away with.How are the working class people supposed to afford their homes? Those living paycheck to paycheck have to somehow come up with an extra $500 a month just for insurance? disgusted with Florida.
Trust me, complaining on this forum is not worth your time. Most of the people that read and blog here are up to their eyeballs in insurance money and could care less for the \”average\” Floridian. They think we should pay or get out…. well I say to them to \”get out\” and let Citizens prevail, become bigger and less expensive so that we all can afford to keep our homes!
You want insurance prices to go down? How about doing something about what really drives up the cost of property insurance. Make all entities involved in the repair of property including the manufacturer, lumberyard, hardware store and contractors decrease their prices. The insurance companies have to pay those prices that seem to increase substantially every year so the cost increases have to passed along to the consumer. The insurance company would pass the savings onto the insured.
Imagine the uproar if that was ever mandated.
Not only do contractors drive up the cost, but Public Adjusters also, the state should cap their fees at 10% for storm as well as any normal claim, These blood suckers charge 20 to 35% and more than half do not even know how to write damage, they yell appraisal, higher Attys. that the insured does not even know about, filing suits and drive up the cost of settlements, and guess what, the cost Of insurance as well.
I see you found your way over here Kathy. You decided to stop posting on the other thread because people had you backed into a corner, huh?
\”Kelly, a resident of a Broward County mobile home park, said she and her husband live on a fixed income and she is upset that her monthly payment with Citizens is about $400 more than the roughly $800 monthly premium she paid with a private insurer that gave her more coverage.\”
Why is her payment $1200 a month for a mobile home? How much coverage could she possibly need? I pay a little more than $1200 a YEAR. My parents live in South Florida and require a lot more coverage than for a mobile home and don\’t even pay that much each month.
Either this story didn\’t get the facts straight or anyone who has to insure with Citizens is in for a world of hurt. I think a lot of people complain about their premiums being too high because they have increased recently (DUH! because we have had more hurricanes than in past years) or because they just like to whine. However, in this case, that is seriously a RIDICULOUS premium. Where does someone get that much money if they can only afford to live in a mobile home? And, really do they need $200,000 in dwelling coverage?
Something is indeed fishy here…
paying…Citizens is about $400 more than the roughly $800 monthly premium she paid with a private insurer
If she\’s paying $1200 a month for insurance on her mobile home she has more problems than just this insurance.
This story is just another that proves government cannot do it better than anyone else.
Actually……the price of insurance is not high enough!! The prices charged by Citizens or any other carrier are actually not high enough to account for the worst case scenario. Why do you think the State of Florida has a \”Catastrophe\” fund. Citizens and the State of Florida know that the premiums they are collecting are artificially low, and have the \”Catastrophe\” fund as back up.
Yes…the prices are high. Yes they are way above what we are used to paying. Are they adequate to pay for the storms that are forcasted for Florida???? No.
We (in the insurance industry) do not have an answer…..and frankly Governor Crist and the legislature do not have one either…..their answer is to make the prices artificially low and expose the entire state to tremendous surcharges if the forecasts come true.