Florida has an insurance crisis - another 'cane is horrible

[zlaxier]

Even if Chris just hit Miami as a Cat 1, we all saw what Wilma did as just a "Cat 1."

Sheesh, people are going to be leaving Miami in droves soon. Property insurance rates are doubling and tripling each year. It is becoming ridiculous.

The Miami Herald had huge stories in Sunday's and Monday's paper this week about the insurance crisis.

[HardCard]

yeah dude, try living in/near new orleans.. It makes miami's problems look like a stubbed toe.

[DESTRUCTION5]

Man you must be either in Ins or Politics with your posts..LOL

[gtalum]

Florida doesn't have an insurance crisis.

Anyway, I hope people leave in droves. It's getting crowded, even in my little city.

[Grease Monkey]

Florida doesn't have an insurance crisis.

Anyway, I hope people leave in droves. It's getting crowded, even in my little city.

LOL I feel your pain.

[Scorpion]

Florida is getting less likely for a hit...but theres still a possibility.

[Tertius]

Florida doesn't have an insurance crisis.

Anyway, I hope people leave in droves. It's getting crowded, even in my little city.

You have GOT to be kidding me. We can't even get private homeowners insurance anymore, and since our last insurer (part of the Poe Financial Group) went belly up like a carnival prize goldfish we are stuck being part of the Citizens group. Plus, the rates have gone completely through the roof as compared to say 2003.

If this state takes another couple of hits the few private insurers left will leave as well and the state-run insurer will go bankrupt. No crisis?

[tgenius]

yeah dude, try living in/near new orleans.. It makes miami's problems look like a stubbed toe.

I feel for Katrina victims, but Florida has been hit by 8 storms in 3 yrs, We DO have an insurance crisis. The reserves created after Andrew in 92 are totally gone, having blown through 12 years of savings...

[LaBreeze]

Louisiana wasn't only affected by Katrina with insurance problems - don't forget about us who lost our homes and property to Rita here in the southwestern part of LA.

[gatorcane]

Florida doesn't have an insurance crisis.

Anyway, I hope people leave in droves. It's getting crowded, even in my little city.

You have GOT to be kidding me. We can't even get private homeowners insurance anymore, and since our last insurer (part of the Poe Financial Group) went belly up like a carnival prize goldfish we are stuck being part of the Citizens group. Plus, the rates have gone completely through the roof as compared to say 2003.

If this state takes another couple of hits the few private insurers left will leave as well and the state-run insurer will go bankrupt. No crisis?

He lives on the West Coast in Sarasota where nothing happens - South Florida has all the problems so qtalum wouldn't even know

[tgenius]

Louisiana wasn't only affected by Katrina with insurance problems - don't forget about us who lost our homes and property to Rita here in the southwestern part of LA.

Good point considering Florida got hit by Katrina (albeit Cat1) as well... Insurance premiums are skyrocketing to the point that the insurance of last resort, Citizens, is now the #1 insurer in the state of Florida.

[Ivanhater]

Florida doesn't have an insurance crisis.

Anyway, I hope people leave in droves. It's getting crowded, even in my little city.

You have GOT to be kidding me. We can't even get private homeowners insurance anymore, and since our last insurer (part of the Poe Financial Group) went belly up like a carnival prize goldfish we are stuck being part of the Citizens group. Plus, the rates have gone completely through the roof as compared to say 2003.

If this state takes another couple of hits the few private insurers left will leave as well and the state-run insurer will go bankrupt. No crisis?

ummm, NW Florida as well...

He lives on the West Coast in Sarasota where nothing happens - South Florida has all the problems so qtalum wouldn't even know

[gatorcane]

yes and NW Florida...but the west coast around Sarasota has been spared for a long time.

[Ivanhater]

yes and NW Florida...but the west coast around Sarasota has been spared for a long time.

true

[fwbbreeze]

Florida does have an insurance crisis...I work with the sufferes every day. ONe example in the Destin/FWB are was a premium increase for a condo association of over 10 times last years premium. And last years was only a bit under 100K....it is rediculous and only going to get worse.

fwbbreeze

[caneman]

yes and NW Florida...but the west coast around Sarasota has been spared for a long time.

Gabrielle, Frances and Jeanne. Hardly spared. From a major yes but I had no power from 2 of the storms for 11 days.

[gtalum]

Don't forget Wilma. Wilma was worse here in Sarasota than Frances and Jeanne were.

I lost power for 3 days after Gabrielle, but not for any of the other storms.

Homeowners' insurance has been sorely underpriced in Florida for a decade or more and the current problems are a direct result of that. Once the market adjusts, the insurers will come back just like they did eventually after they pulled out after Andrew. In the meantime, private insurance and Citizens' must raise rates to cover costs.

[caneman]

Don't forget Wilma. Wilma was worse here in Sarasota than Frances and Jeanne were.

I lost power for 3 days after Gabrielle, but not for any of the other storms.

Homeowners' insurance has been sorely underpriced in Florida for a decade or more and the current problems are a direct result of that. Once the market adjusts, the insurers will come back just like they did eventually after they pulled out after Andrew. In the meantime, private insurance and Citizens' must raise rates to cover costs.

Yes, I know Gabby and Wilma affected that area. I was referring to losing power from JEanne and Frances. It seems to me when we get a cross state hit the East coast boys like to down play it but if they get a cross state hit like Wilma well then........ PLease get your facts straight boys.

[SeaBrz_FL]

He lives on the West Coast in Sarasota where nothing happens - South Florida has all the problems so qtalum wouldn't even know

Whoa! Bad night? That's an atypical "Gatorcane post"!

Every homeowner in the entire state is getting hit up for the insurance payouts for 2004 and 2005. Fortunately, I still have a private insurer that hasn't dumped me, but my rates have tripled.

As for "South Florida has all the problems" -- except for Wilma, you all have had a pretty easy ride compared to many others in the state over the past two seasons. Ask your neighbors in Palm Beach/Vero.

[gtalum]

Have you all checked out St. John's Insurance? After Safeco dumped me (yes, even in "safe" Sarasota, we get dropped) I found the same coverages with St. John's for one third less than I had been paying. My premium went from ~$1300 per year down to ~$800 per year. Allstate agents are selling it.

As far as "safe", remember that we in Sarasota just barely missed getting levelled by Charley.