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Started By
Message
re: FL Citizens Insurance is tired of being the primary provider
Posted on 8/8/24 at 9:08 am to Weekend Warrior79
Posted on 8/8/24 at 9:08 am to Weekend Warrior79
quote:
Citizens is not supposed to be the more affordable option,
quote:
supposed to be the option if a resident cannot get an affordable plan
Makes no sense
SO if you can't find an affordable option...you should go find the MOST expensive option???
This post was edited on 8/8/24 at 9:10 am
0
Posted on 8/8/24 at 9:16 am to sidewalkside
quote:
It's only "necessary" because laws have been passed requiring anyone who carries a mortgage to be insured. It's not to protect homeowners...it's meant to protect banks who carry debt on the properties.
You think lenders would not require insurance on their collateral if there wasn't a law requiring it? lmao.
Are there even state laws requiring home owner's insurance for mortgaged properties?
Posted on 8/8/24 at 9:17 am to CaptainsWafer
quote:
Go without it.
I would lov to, but my mortgage bank won’t allow it.
Posted on 8/8/24 at 9:17 am to stout
Citizens purpose is to be the company of last resort and it is suppose to carry the highest rate. It is not suppose to play the role of primary provider for most of the state. Their goal is to be non-competitive
Louisiana citizens had a 60+% increase post Ida because of this. When other carriers premiums become so high that citizens is competitive, citizens is forced to raise premiums to outpace the most expensive portions of the market
Louisiana citizens had a 60+% increase post Ida because of this. When other carriers premiums become so high that citizens is competitive, citizens is forced to raise premiums to outpace the most expensive portions of the market
Posted on 8/8/24 at 9:18 am to sidewalkside
quote:
These statements are in conflict...so was this created to help homeowners who couldn't find ins bc it was too expensive?
No. Citizens was created for homeowners that could not find insurance, period. You get dropped and no other company will pick you up, then Citizens is there. What he's saying now is that oh Allstate dropped you and you go shopping for a new provider and both Citizens and Nationwide are basically the same cost, which it shouldn't be.
Posted on 8/8/24 at 9:21 am to bengalbait
quote:
Florida has had 5% of your assessed home value deductible for any storm damage from a named storm.
5% is an option but 2% is the norm.
Posted on 8/8/24 at 9:22 am to PCRammer
quote:
What he's saying now is that oh Allstate dropped you and you go shopping for a new provider and both Citizens and Nationwide are basically the same cost, which it shouldn't be.
I get that but when it talks about citizens being created because homeowners could not find affordable options...it's counter intuitive.
Posted on 8/8/24 at 9:22 am to ThePoo
quote:
Louisiana citizens had a 60+% increase post Ida because of this. When other carriers premiums become so high that citizens is competitive, citizens is forced to raise premiums to outpace the most expensive portions of the market
Part of that increase may have also been because of so many companies backing out of LA and closing shop (can't recall the insurance term), plus the number of people that had to file suits against their insurance carriers to get damages paid. If your house isn't fully repaired, or you have an open suit; no insurance company is going to write a new policy for you.
Posted on 8/8/24 at 9:23 am to ThePoo
We moved to Citizens on our FL property after our insurance company doubled our policy cost. Citizens cost was back to our original cost. We kept them for two years until a private insurance quote (thru Citizens ) was within $1000 of what Citizens was costing. We then had a couple of months to switch to private.
Posted on 8/8/24 at 9:28 am to CocomoLSU
quote:
"Needs."
They probably do. Florida Citizens is the insurer of last resort. It’s a public company owned by the state. They are funded by premiums but also by every other policy in the state in the form of assessments (no matter who your carrier is you have a line item that you pay to Citizens).
Basically it’s either go up on the individual policy holders or get a higher assessment on all policies in the state.
Florida Citizens does not have a large nationwide risk pool to absorb a large amount of losses.
Pretty much all states have the same setup.
Posted on 8/8/24 at 9:29 am to stout
Time to get back in the unpaid-for ragged-out convertible and motor alllll the way back to Ohio.
Posted on 8/8/24 at 9:30 am to sidewalkside
It wasn’t intended to be the affordable option, it was intended to be the insurer of last resort. However, over the last few years private companies have gone insolvent or completely left the market, forcing more people to buy citizens policies.
They have a depopulation program where private companies can assume the risk from citizens, but that’s been a disaster in the last 5 years. Citizens is the largest home insurer in Florida, and the 10th largest home insurer in the nation. That was never the intent of the program.
They have a depopulation program where private companies can assume the risk from citizens, but that’s been a disaster in the last 5 years. Citizens is the largest home insurer in Florida, and the 10th largest home insurer in the nation. That was never the intent of the program.
Posted on 8/8/24 at 9:30 am to nicholastiger
quote:
nicholastiger
Roofer or public adjuster.
Maybe Plaintiff Attorney.
Posted on 8/8/24 at 9:31 am to theronswanson
quote:If that were the case, then companies would be lining up to come write policies and we wouldn't have a shortage of companies willing to write. They could undercut the market and write a whole bunch of policies and rake in the dough. But its not the case. Google "reinsurance"
The carriers are making money hand over fist on the backs of the average consumer by charging astronomical rates.
The carriers are charging astronomical rates because they're paying out astronomical amounts to buy reinsurance. Its a cost of doing business, but when that cost skyrockets then they have to figure out a way to offset it (aka raising rates).
This post was edited on 8/8/24 at 9:32 am
Posted on 8/8/24 at 9:32 am to theronswanson
quote:
The carriers are making money hand over fist on the backs of the average consumer by charging astronomical rates.
No they aren’t, if writing homeowners in FL was profitable everyone would be doing it. There’s only one national carrier writing in FL. No Allstate, no progressive, no nationwide, no Geico, no farmers, no travelers, no USAA
Posted on 8/8/24 at 9:33 am to Tiger Prawn
quote:
If that were the case, then companies would be lining up to come write policies and we wouldn't have a shortage of companies willing to write. They could undercut the market and write a whole bunch of policies and rake in the dough. But its not the case. Google "reinsurance"
You beat me to it. No sense in trying to introduce facts.
Posted on 8/8/24 at 9:36 am to sidewalkside
quote:
I get that but when it talks about citizens being created because homeowners could not find affordable options...it's counter intuitive.
Citizens is not supposed to be the affordable option. Citizens is supposed to be where you go when they're the ONLY option. It was not the state's intent to create Citizens to undercut or compete with private insurers.
The entire purpose of Citizens' creation was to provide an option for people / properties that private insurance companies refused to insure for whatever reason: too many prior claims, open claim still pending with another insurer, older houses without updates, high risk location, property features that other insurers didn't want to touch, etc
Posted on 8/8/24 at 9:55 am to nicholastiger
quote:
insurance is nothing more then a scam
when you finally need the coverage you have been paying decades for they are nowhere to be found
And you forgot...when you do get them to pay it's " those cabinets are ....10 yrs old ( from flooded kitchen) so they are now worth $3,000 due to depreciation"
Posted on 8/8/24 at 9:56 am to CaptainsWafer
quote:
Go without it.
as soon as my mortgage is paid in full (in the next 3-4 years) I am dropping all of that bullshite
Posted on 8/8/24 at 9:59 am to SuperOcean
quote:
And you forgot...when you do get them to pay it's " those cabinets are ....10 yrs old ( from flooded kitchen) so they are now worth $3,000 due to depreciation"
Yea that doesn’t happen either if you have replacement cost.
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