Florida

Zorro

(16,237 posts) Sun Sep 17, 2023, 11:25 AM Sep 2023

Many Florida homeowners face double-digit increase for property insurance by end of year

The state’s Citizens Property Insurance Corp. has revised proposed rate increases, with many homeowners likely to see double-digit hikes starting late this year.

Citizens last week sent a proposal to the state Office of Insurance Regulation that would lead to an average 11.5 percent increase for homeowners with the most-common type of policies, known as “multi-peril” policies, according to information slated to be presented to the Citizens Board of Governors on Sept. 27.

When other types of personal-lines residential policies are factored in, such as wind-only and mobile-home policies, the average increase would be 12.3 percent. Various types of commercial policies, including condominium association policies, are expected to see an average increase of 10.2 percent.

Citizens made revisions after the Office of Insurance Regulation last month took issue with parts of an earlier rate proposal and ordered some reductions. The revisions were aimed at addressing regulators’ objections, though Citizens had not received a final sign-off as of Friday morning, Citizens spokesman Michael Peltier said.

https://www.heraldtribune.com/story/news/state/2023/09/16/citizens-insurance-revised-florida-rates-increase/70866219007/

Good to know DeSantis and the Republican legislature are on top of this...

6 replies

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Many Florida homeowners face double-digit increase for property insurance by end of year (Original Post) Zorro Sep 2023 OP

What a surprise that insurance companies raise rates PoindexterOglethorpe Sep 2023 #1

Actually, the rate increases are due to mismanagement. Native Oct 2023 #5

The insurance companies have you by the short hairs here in Florida and other states. mitch96 Sep 2023 #2

Why I don't live is a hurricaine prone region. Squaredeal Sep 2023 #3

With out specifics where is that?,,, No tornadoes? I like living in Florida but don't like them mitch96 Sep 2023 #4

I found a few places like that, but their groundwater is contaminated. Native Oct 2023 #6

PoindexterOglethorpe

(26,544 posts)

1. What a surprise that insurance companies raise rates

Reply to Zorro (Original post)

Sun Sep 17, 2023, 12:25 PM

Sep 2023

after they've had to pay out millions of dollars in claims. I mean, who ever would have guessed that hurricanes can do so much damage, or that they are so common in Florida.

Native

(6,288 posts)

5. Actually, the rate increases are due to mismanagement.

Reply to PoindexterOglethorpe (Reply #1)

Wed Oct 25, 2023, 08:34 AM

Oct 2023

Check this article out. It's a fucking racket, and DeSantis is screwing over homeowners because the insurance industry has given so generously to his campaign. Our govt bought the lie that the premium hikes were necessary because of bogus lawsuits filed against the insurance companies by homeowners. But this article shows that there is nothing, no data whatsoever, to back that up. So what did DeSantis do last year? He got a law passed that eliminates our ability as homeowners to get reimbursed litigation fees should we even win a fucking lawsuit.
https://web.archive.org/web/20231024014336/https://www.tampabay.com/news/florida-politics/2023/10/19/florida-leaders-blame-insurance-crisis-lawsuits-evidence-is-thin/

mitch96

(14,584 posts)

2. The insurance companies have you by the short hairs here in Florida and other states.

Reply to Zorro (Original post)

Sun Sep 17, 2023, 12:27 PM

Sep 2023

It there is the least inkling that there will be a claim (hurricane,tornado, flooding) you are gonna get socked with an increase.
We had a 25 year roof installed on our townhouse complex (five units one roof). The insurance company said it was only really good for 20 years. Since we were on year 19 they said to replace it or go find another insurance company. This was right after hurricane Ian occurred and we knew materials would become scarce right quick. We got a bunch of bids, picked the best one and went with them. We had to wait about a month but during that time we advanced them the money for materials. Everything is ok now but we still =got a stiff raise in our insurance cost. uff
m

Squaredeal

(530 posts)

3. Why I don't live is a hurricaine prone region.

Reply to mitch96 (Reply #2)

Sun Sep 17, 2023, 01:38 PM

Sep 2023

Or in a flood zone or where forest fires or earthquakes or volcanos are prevalent, I don’t what my home destroyed, even with insurance, or live in a community that is frequently destroyed, for that matter.

mitch96

(14,584 posts)

4. With out specifics where is that?,,, No tornadoes? I like living in Florida but don't like them

Reply to Squaredeal (Reply #3)

Sun Sep 17, 2023, 03:05 PM

Sep 2023

blowy swirly things.. I know the hurricane is coming so I can leave.
Not so with tornadoes and earth quakes. BOOM💥🧨💥 they are in your face.
Oh yea the gov't here sucks but at this point it does not effect me
and I'm getting too old to move.😜 It's always someting..
m

Native

(6,288 posts)

6. I found a few places like that, but their groundwater is contaminated.

Reply to Squaredeal (Reply #3)

Wed Oct 25, 2023, 08:42 AM

Oct 2023

You basically have to pick your own poison these days. Look at all the billionaires that bought and built in New Zealand years back thinking that was the best place to ride out climate change, and lookey what happened in New Zealand!

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