Florida’s Citizens Says Sinkhole Claims Forcing Proposed Rate Hike

By Timothy F. Kirn | September 8, 2010

  • September 8, 2010 at 11:35 am
    Nobody says:
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    Citizens is as other Insurance Companies are just looking for a reason to increase already high coverage rates. If Citizens is loosing this much money then fire the manager and board of directors.
    Rate increase is unnecessary. Adjusters know their jobs and can determine fraudulant and frivilous claims. If the policy holder is explained to that if the damage may not be blaamed on sink hole activity then they are charged the cost of the Adjusters time.It’s about time Insurance Companies become more friendly in the way they make their rate increases maybe people wouldn’t try to get something covered and risk their rates to be incresed when it amounts to nothing.

  • September 8, 2010 at 1:47 am
    WK says:
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    I had a lady shopping for homeowners insurance for her Hernando County home that had a sinkhole claim. The company paid out the policy limit. That company was Citizens. Yet they have never had a loss like that per Paul. Hmmmm. If you pay out a total amount I would call that a total sinkhole loss. Raise the rates!

  • September 8, 2010 at 1:54 am
    Company Gal says:
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    WK – I don’t think you understand. LOTS of carriers have paid out total losses. However, it is almost unheard of that those losses were as a result of a home being uninhabitable, having suffered a catestrophic loss. Instead, carriers are paying out policy limits for cracks in driveways.

  • September 8, 2010 at 2:10 am
    wudchuck says:
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    and now you wonder why citizens is hiking rates 8.4% (fl state run insurance) but would not allow State Farm to raise rates. what is wrong with that picture? I’d SAY NO! afterall, does that mean you are trying to make profit, when you did not want S.F. to make any or cover any of it’s losses. sounds like you just shot yourself in the foot.

  • September 8, 2010 at 2:50 am
    Sarah says:
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    Citizens is like having the Dept Of Motor Vehicles handle the servicing of your insurance policies. Nothing good can come from government (politicians) or government employees (Lazy).

  • September 8, 2010 at 3:22 am
    Jimmy L. says:
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    As far as I am concerned, it does not matter what Citizens charges. All that matters is that customers can buy sinkhole coverge. If companies do away with the coverage, then I can not get money for my customers. On the other hand, I can sue the agents for not advising/selling the coverage they expected. Either way I win!

  • September 8, 2010 at 3:38 am
    Hillsborough agent says:
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    way to tug on the heart strings there Jimmy.

    That’s why we have customers sign a waiver AND give them a quote that includes sinkhole coverage. We make them handwrite “I reject this quote that includes sinkhole coverage” and sign on the actual quote page before we’ll sell them a Cat Ground Collapse-only policy.

    I’m sure you’d still put them in front of a jury and have them say “It’s sooo complicated, I had no idea what I was signing.”

    Of course, I also think you’re really an insurance agent who just likes yanking chains.

  • September 8, 2010 at 4:45 am
    BK says:
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    Need I say more?

    Just get rid of these two “professionals” and things will go back to normal.

    And by the way, nothing personal against attorneys… just the ambulance chaser ones.

  • September 8, 2010 at 5:00 am
    Not Necessarily, Sarah says:
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    I agree that nothing comes from the bureauacraps (politicians), but I do believe that most of the employees are doing a good job.

  • September 8, 2010 at 5:00 am
    Rick says:
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    I wish agents would get paid like government employees. We only get paid if we make a sale and please the customer to renew. They get paid no matter what they do. They end the year with at least 50% more in income and more benefits to boot. They can’t even get fired! Our customers can fire us anytime they want.



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