Double dip deductible will be replaced

[StormChasr]

According the the Florida Insurance commission, the "double dip" named storm deductible willl become a thing of the past for future hurricane seasons. That is the good news. However, several companies have requested and received approval for 5-15% wind and storm hikes. In addition, some companies are only going to offer a 5% deductible for named storms in a given season, in lieu of the 2% named storm deductible.

Pretty cute, eh? This doesn't even take into account the re-rating of the entire area in 2006, that may cause non-risk pool insurers to pull out of the Florida market altogether.

[MSRobi911]

In Pascagoula there already exsists a "wind pool insurance" that you have to purchase if your house is on the the beach side of the gulf. Fortunately, I live on the north side of the road where the line is drawn. We have flood insurance which costs 1500.00 a year in addition to the regular house insurance, but would have to buy into the "wind pool" for the bottom cost of 1,000.00 a year if we lived on the other side of the street. At the current time there are only two insurance companies that will write a policy on a home in my "zone". So you pay what they want and have no say so. Just waiting for them to go up again. Fortunately we didn't have to make a claim for Ivan as all we had was a few loose shingles and lots and lots of tree branches down. We raked for ever, but I won't complain, if not for a little shift of about 50 miles we would have been in big time trouble.

Hopefully we won't have to use our insurance this year either!!

Mary

[flashflood]

That explains the 12% increase in my Hurricane coverage. So far two insurance companies have pulled out on me since I been in my house. I was fortunate to find an another "A" rated company and was not "forced" into the Citizens (JUA) insurance like so many others I know. Hopefully I can get by the 2006 re-rating without the one I have pulling out.

Is the 5% deductible based on the same method as the 2%? I would hope they would have a different basis for a huge amount like that.

note: Had no idea housing prices have gone through the roof in Daytona. Can't imagine how much new homeowners are going to pay for insurance now, as compared to a few years ago.