Does anyone have any ideas on how to fix the insurance market in Florida?

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Does anyone have any ideas on how to fix the insurance market in Florida?

Specifically the homeowners market. Its crashing - everything is having to be placed with Citizen's and thats not what it was designed for. If you're from FL you know what I'm talking about.

mkulda

People in Florida are hard pressed. The risk is enormous.
A few ideas for fixes....continue to encourage lawmakers to subsidize high risk losses through use of a taxpayer funded high risk pool (which is what Citizens is).
Push for much, much stronger building codes and standards.
People don't want to pay the extra 3 to 5% more a house costs to make it hurricane proof....yet they are the first to complain when insurance rates are so high.
Insurance rates are so high because too many people aren't heeding the advice not to build on the coasts and they aren't building storm resistant homes....so the storms come and damage the home and then they want free money to fix them.

jramirez

The problem with Citizen is that is was not ran properly from the begining. It is supposed to be the last choice but 1 or 2 years ago it was the cheapest. Finally the rates are up with everyone elses and now they are looking to modify their underwriting guidelines.
The prices of premiums have increased due to the re-insurance rates companies have to pay to stay in business in florida. They more than quadrupled!
Yes this year we've had a blessing by not having any hurricanes. The prices will stay up because we cannot let our guards down and expect next year to be the same.
All we can do is continue to send requests to our government and local officials to have professionals look into Florida's homeowner's future.

bearmeister34

I believe that answer lies in rating for coastal communities. The fact that all Florida residents are carrying the load for people that insist on building in the most storm prone areas.

Someone living in coastal areas should be paying much larger base rates than the rest of the state. If prople want to live on the coast then they should pay the price for security of their property and the rest of the state should not have to bear the load.

Lets rate the policy based on the threat of huricane damage.

Modus Operandi

Well it's a risk versus reward for the company. If there continue to be many many losses in FL each year, it makes no sense for companies to write policies there only to risk insolvency and have no ability to pay on all their liabilities. It seems there is no way to solve the issue. It doesn't make sense from a business standpoint to continue to write policies to lose money... Oh and by the way read your policy, usually flood insurance ISN'T included in a standard policy.

mbrcatz

Even if we're not from Florida, but *used* to write FL property insurance, we know what you're talking about.

The ONLY fix for the insurance market in Florida, is to allow the companies to take GIGANTIC rate increases - to the point where many people won't be able to afford the insurance.

The fact of the matter is, in the past few years, claims in Florida have been $3 - $5 paid out for every $1 taken in. So for insurance companies to make a profit - to be willing to write insurance in Florida - they've got to be able to increase their rates to about 6X what you were paying in 2003.

That's why the government stepped in with Citizens - because only the government can afford to insure buildings at a loss - because they tax everyone to get compensated.

The Naughty Scotsman

You must be referring to the insuring of mobile homes, which has been shrinking since hurricane Andrew hit back in 1992. I dare say that the job that our insurance commissioner is facing won't be easy.

Richard E

No, it's not jst mobile homes. It's everyone's home. My insurance went from $1800 to $5200 this year and I have NEVER FILED A CLAIM. My house is far from the coast and I only lost an awning when Wilma hit it head on. I didn't file a claim. I just glued six tiles baclk on the roof myself.

We need to let out legislators know that they had better get cracking or they will be out of work.

Tell your state senator and Rep and the Gov. Crist and the Ins. Commissioner that we are mad as hell and are not going to take this any more!

We are being screwed bigtime by the Insurance companies. Laws are needed. Threats must be made.

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