I don’t know when that article was written, but I’m assuming some time ago &/OR the writer didn’t do too much research. Take-out companies are no longer receiving ‘bonuses’ and the FIGA fund was at $300,000, not $250,000 and I’m pretty sure it has been recently increased to $500,000.
Nope, none of these companies are rated by AM Best, only Demotech. Still, I believe most consumers will be better served by the take-out companies than by Citizens, ESPECIALLY if we have even a moderate (or worse) hurricane this year. It is in flux right now, but Citizens clients will be assessed FIRST and MOST if we have a bad storm. God forbid there is more than one! And there’s always FIGA: the Florida Insurance Guaranty Assn. … LOL! What a mess the legislature, governor and insurance commissioner have made of this!
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I don’t know when that article was written, but I’m assuming some time ago &/OR the writer didn’t do too much research. Take-out companies are no longer receiving ‘bonuses’ and the FIGA fund was at $300,000, not $250,000 and I’m pretty sure it has been recently increased to $500,000.
Are any of these companies rated? What happens when the first storm hits? Good ol’ Florida. Pay your premium and pray, PRAY you don’t have a loss!
Good old Charlie doesn’t think company ratings are important….he should know as he is such an insurance expert and business professional
What do you think of this article?
http://www.fldfs.com/pressoffice/Documents/Citizens%20shifting%20risk,%20but%20to%20whom.htm
I’m glad I don’t live in Florida.
Nope, none of these companies are rated by AM Best, only Demotech. Still, I believe most consumers will be better served by the take-out companies than by Citizens, ESPECIALLY if we have even a moderate (or worse) hurricane this year. It is in flux right now, but Citizens clients will be assessed FIRST and MOST if we have a bad storm. God forbid there is more than one! And there’s always FIGA: the Florida Insurance Guaranty Assn. … LOL! What a mess the legislature, governor and insurance commissioner have made of this!
Right at the top of the article,
10-31-2005