Florida has an insurance crisis - another 'cane is horrible

[tgenius]

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.

Hate to be the bearer of bad news, but State Farm pulled out after Andrew in 92 for New policies and that HAS NOT changed (and these days, I'm almost positive it will remain that way)

[tgenius]

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 for one third less than I had been paying. My premium went from ~$1300 per year down to ~$800 per year.

The bigger problem isn't the lower premiums.. its having peace of mind they will pay out if necessary...

[caneman]

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.

Thanks for the backup. That wasn't a very well thought out post. Not to mention Charley which most of us evacuated from only to be right in the middle of Charley. Gatorcane-next time please get your facts straight.

[gtalum]

St. John's is financially backed by Allstate. Further, their financials look solid. I suspect they're as likely to pay out as any insurance carrier.

[tgenius]

St. John's is financially backed by Allstate. Further, their financials look solid. I suspect they're as likely to pay out as any insurance carrier.

I was saying to protect yourself, alot of these new insurers are coming in, taking people's money, and when it comes time to pay up, they don't and people end up in serious trouble.

[gtalum]

I was saying to protect yourself, alot of these new insurers are coming in, taking people's money, and when it comes time to pay up, they don't and people end up in serious trouble.

Oh I know it. But I did quite a bit of research before switching to St. John's. All I'm trying to say is they're worth a look.

[wayoutfront]

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

Nothing personal but that could be said about NO if there never was a Katrina

But back to your point. and I agree

Miami folks mostly have only been incovenienced by the storms

I was in FT lauderdale the day Katrina hit sitting in my truck while my wife was interviewing for a job.. and left up the turnpike going to Atlanta during the worse part of the storm... The only difference I saw was less traffic on the roads.

Now I was back 3 days later with my RV and my adjuster hat on and there were tons of blue roofs but very few isolated areas of moderate damage.

[Timedrifter]

It all depends on where you are in Florida I guess. I was expecting a huge increase in my Allstate bill this year but I was relieved when it only went up $80.

[VeniceInlet]

I live in Sarasota County and my insurance bills have gone crazy the past two years. I disagree, there is definitely an insurance crisis and it's on several levels. The insurance industry thinks it's in crisis; homeowners (many on fixed incomes) with dramatically rising bills know they are in crisis; homebuyers (especially of older homes) are in crisis because they are often unable to get insurance at all except through Citizens; and most importantly, those who suffered damage are truly in crisis when they can't get the insurance payouts they're entitled to.

[windycity]

I live in Palm Bch Gdns, Our insurance has trippled in the last two years. We are paying 4,200 a year for windstorm only. Its depressing. If we get hit this year, Citizens will pull out of Florida,leaving most without insurance. I think any coastal area has a huge insurance problem.

[gtalum]

The insurance industry thinks it's in crisis

Of course they claim they think that. They're lobbying for government handouts. Despite their claims of crisis, they made large profits in both 2004 and 2005. I don't begrudge them their profits, after all they are in business to make money. But they're not in crisis.

homeowners (many on fixed incomes) with dramatically rising bills know they are in crisis

Homeowners are only "in crisis" because insurance companies have been underpricing Florida homeowners' insurance for decades. The sudden rise to accomodate for that is hard to adjust to.

homebuyers (especially of older homes) are in crisis because they are often unable to get insurance at all except through Citizens

At least they have that option.

and most importantly, those who suffered damage are truly in crisis when they can't get the insurance payouts they're entitled to.

This is a problem I agree with, but it's a completely different problem from the rest you've listed. The state and feds need to crack down on carriers that incorrectly deny or underpay claims.

[gerrit]

I have always wondered why the majority of the house in 'hurricane alley' still are wood constructions. Here in PR most of the houses are constructed with concrete columns and beams and a concrete roof.
Maybe it's because we have no place to run?

[hial2]

It all depends on where you are in Florida I guess. I was expecting a huge increase in my Allstate bill this year but I was relieved when it only went up $80.

That's because you're in Gainesville...My State Farm insurance in Miami Dade went up 105%..and that's with a 10% deductible!!..BTW,my house is for sale..taking bids!!

[SouthFloridawx]

It all depends on where you are in Florida I guess. I was expecting a huge increase in my Allstate bill this year but I was relieved when it only went up $80.

That's because you're in Gainesville...My State Farm insurance in Miami Dade went up 105%..and that's with a 10% deductible!!..BTW,my house is for sale..taking bids!!

Who gave you a 10% deductible?