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Screw*d by Citizens ins.

Old 04-25-2007, 04:20 PM
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Default Screw*d by Citizens ins.

Anyone else in SoFla get the shaft...
WTF happened to insurance relief??? the politicos shafted us again

windstorm prem. up $5900 which is 63% more than last year... and higher deductible...
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Old 04-25-2007, 05:14 PM
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Default Re: Screw*d by Citizens ins.

Try having a house where the earth shakes. See what you're up agaist for home insurance there.

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Old 04-25-2007, 07:21 PM
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Default Re: Screw*d by Citizens ins.

yeah my parents they wanted 7k for insurance and 3k deductable. They are self insuring now
Not that close to the water in Boynton Beach. risk but 10k a year is lots of damage to recoup your insurance premium
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Old 04-26-2007, 06:47 AM
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Default Re: Screw*d by Citizens ins.

Do not know if this has hit FL yet or not but we have a house at Isle of Palms, SC(Charleston SC) and we got a notice from State Farm that as of March of next year they will no longer carry insurance in coastal areas of SC.

Looks like we will have a wind pool for all of us with property in the coastal areas of SC, WE HOPE
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Old 04-26-2007, 10:09 AM
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Default Re: Screw*d by Citizens ins.

good luck on that tprice...citizens is the incarnation of the windstorm "pool" that Fl set up after hurricane andrew...

new gov. legislature PROMISED relief after wilma...talk of reduction...or...no increase...or...slight increase...and it was a typical politico promise...empty...63% is not SLIGHT increase
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Old 04-26-2007, 10:26 AM
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Default RE: Screw*d by Citizens ins.

evernic, I feel your pain. Allsnake is using every excuse they can find to dump there customers but still keep the gravy lines running. I hear if you live in bunker in the midwest they will quote you if you convert all your different insurance to them Worse thing to happen to insurance was allowing them to become publicly traded. According to Shag your lucky the industry wants 25% of the value in premiums annually according to him
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Old 04-26-2007, 10:52 AM
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Default RE: Screw*d by Citizens ins.

iron banks - 4/26/2007 10:26 AM

evernic, I feel your pain. Allsnake is using every excuse they can find to dump there customers but still keep the gravy lines running. I hear if you live in bunker in the midwest they will quote you if you convert all your different insurance to them Worse thing to happen to insurance was allowing them to become publicly traded. According to Shag your lucky the industry wants 25% of the value in premiums annually according to him
thanks for the kind words...we got a "non renewal" notice from our condo liability carrier and when asked why...they said...Oh, just standard proceedure for ALL clients in SoFla... we've never had a claim with them...(Philadelphia Ins.co.) I have learned that the increase from citizens is for "commercial" they can't explain how 9 townhomes, private residences...come under "commercial" lines...another gimmick...more than half of the waterfront homes in SoFla are condos or townhouses...not sgl fam homes...I just pray we have another mild year...come on El Nino...come back
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Old 04-26-2007, 11:15 AM
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Default RE: Screw*d by Citizens ins.

iron banks - 4/26/2007 10:26 AM
According to Shag your lucky the industry wants 25% of the value in premiums annually according to him
Nope, not according to Shag. There was a Florida actuary on here a while back who threw out the 25%. The point I was trying to make on the other thread is that coastal property rates are subsidized in some way, shape, or form and if the rates were actuarily sound they would be even higher than they are now.
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Old 04-26-2007, 12:45 PM
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Default Re: Screw*d by Citizens ins.

"Worse thing to happen to insurance was allowing them to become publicly traded."

Sears (a publically traded company at the time) used to own allstate. Hurricane Andrew hit in 1992 and Allstate/Sears suffered large losses. They happen from time to time, but Allstate reviewed their exposure (# of houses insured by location) soon after and determined that if Andrew had hit a few miles further away the losses would have been so huge as to have bankrupted both Allstate and Sears. Sears determined that they did not need this type of risk and spun off Allstate. Not much anyone could have done to have stopped that from happening.
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Old 04-26-2007, 02:09 PM
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Default RE: Screw*d by Citizens ins.

Shag - 4/26/2007 11:15 AM

iron banks - 4/26/2007 10:26 AM
According to Shag your lucky the industry wants 25% of the value in premiums annually according to him
Nope, not according to Shag. There was a Florida actuary on here a while back who threw out the 25%. The point I was trying to make on the other thread is that coastal property rates are subsidized in some way, shape, or form and if the rates were actuarily sound they would be even higher than they are now.
My apologies for for giving information that was not accurate to your position. Still, at 25% the coast will be devoid of development. Folks will really have to live inland and be land locked
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Old 04-26-2007, 02:32 PM
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Default RE: Screw*d by Citizens ins.

iron banks - 4/26/2007 2:09 PM

Shag - 4/26/2007 11:15 AM

iron banks - 4/26/2007 10:26 AM
According to Shag your lucky the industry wants 25% of the value in premiums annually according to him
Nope, not according to Shag. There was a Florida actuary on here a while back who threw out the 25%. The point I was trying to make on the other thread is that coastal property rates are subsidized in some way, shape, or form and if the rates were actuarily sound they would be even higher than they are now.
My apologies for for giving information that was not accurate to your position. Still, at 25% the coast will be devoid of development. Folks will really have to live inland and be land locked
No apology necessary. I am in the insurance business but I also have a house at the coast.
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Old 05-01-2007, 08:07 AM
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Default Re: Screw*d by Citizens ins.

Well, as i write this I am looking off my south porch overlooking a VERY flat gulf of mexico. Hell I have affordable homeowners to include wind and hail and flood. Total cost ....just a tad over 1400 year for $275,000 in coverage ( 250 flood) ....well of course i have a 5% deductible, so essentially I am self insuring the first 13 grand or so of damage.....I will take it for the view....

I dont have a problem with the insurance companies making a profit..even a HUGE profit... but then after declaring a HUGE profit they turn around and whine and complain and poor mouth and ask for and get huge rate increases...now that is BS. Seems to me insurance companies SAY they are in the risk business but it seems as of late that in TERRIBLE years they still make a profit and in good years they make HUGE profits....again all well and good until they want to tack on huge increases on top of huge profits.
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Old 05-01-2007, 08:34 AM
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Allstate just canceled us yeterday after filing one claim in 20 years and it was 10 years ago and non storm related they now are having us apply to some company called Royal Palm which sounds like a shell company to me. Anyone ever heard of Royal Palm? What do you tell the mortgage company? I'll tell em to come take the house and stick it to em. I don't need any credit any more......Man this really torques me off
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Old 05-01-2007, 08:35 AM
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Default Re: Screw*d by Citizens ins.

I'll bet as much as 50% of the claims paid for "hurricane damage" were BS..I've personally seen tens of thousands of dollars paid needlessly. Additionally, if you don't make an effort to protect your property, you shouldn't be able to collect from insurance.
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