Let’s clarify this Home insurance situation in Florida. Homewise preferred is 1 company in Florida under the Homewise name. The other Homewise company Homewise Property & Casualty is still fully viable as a company. That book of business (Home Wise preferred)will be rolled over into Homewise Property & Casualty Insurance company.We all hope that this is all that will happen to the company as home Insurance issues in Florida are bad enough. Northern Capital is a differnat situation altogether. Northern Capital and all 3 of it’s differant carriers have all lost the A rating by Demotech. They are still going to process renewals at this time, but are not taking any new business. to my knowledge they have not taken new business since mid hurricane season 2009, but that may not be 100% true. We await more news on the subject matter and I am sure it will be a topic of discussion in Tallahassee when the Legislators ressume sessions next week.One thing is for sure, no one wants this business going into Citizens Insurance!!
February 2010
February 24, 2010
Homewise Preferred and Northern Capital Preferred updates.
Posted by homeinsuranceguru under Citizens Insurance, Home Owners Insurance, Homewise Insurance, Northern Capitol | Tags: Citizens, Flood Insurance, Florida, Home, Homeowners, Insurance, policy |Leave a Comment
February 24, 2010
New Florida Legislative session faces similar problems from the past!
Posted by homeinsuranceguru under Citizens Insurance, Home Owners Insurance, Hurricane Updates, Mitigation Inspections, State Farm updates | Tags: Citizens, Flood Insurance, Florida, Home, Homeowners, Hurricane, Insurance, policy, State Farm |1 Comment
Next week on 3/2 in Tallahassee our Lawmakers get together again and the Insurance isues are now bigger and badder than before. The Home Insurance companies are all loosing money and we have not seen a Hurricane since Hurricane Wilma in October 2005 in Florida. How can this be, but it is a reality that must be faced by all. The problems are that the large Insurance companies that have national businesses like State Farm do not write busienss in Florida and they are dropping customer’s again this year by by almost 200K more overall. The smaller companies in Florida that do write busienss struggle and the State of Florida is on the hook w/ reinsurance and the Florida Cat Fund! The responsibility is in the Billions for the State of Florida and the only way to resolve the problem to get Florida off the hook is to allow companies to raise prices and hope that a deregulation policy that is likely to get passed this session is the only possible scenario for Florida. Like it or not, this will have to be the way to save Florida financially. This means that we are all going to pay higher rates so the cat fund can be built up w/ enough surplus to handle a 1 in 25 year storm so it has the ability to pay. This should be a 5 year plan that eventually, could then see rates come down. So much can happen in that time that there is no way to tell. Higher rates can come in many ways and 1 of them is wind Mitigation credits being reduced or tougher rules made to make the discounts for true hurricane protection and not just a discount like it has been. Citizens has already determined that 70% of all inspections re done has found errors that will yield higher prenmiums without a rate increase. All companies are now doing this as well and the cost of Insurance will bget much higher for most. I do not know who can afford this or will want to afford this, but it is what is happening now. Please stay tuned to this blog for more info as it deveelops over the Florida Legislative session.Rset assured that the good new curently is that there are still multiple companies writing Insurance and the ability to shop is still there for most, but they may not like the news as increses are still the norm.
February 22, 2010
Florida Home Insurer Citizens finds inequities in Mitigation discounts
Posted by homeinsuranceguru under Citizens Insurance, Customer service, Home Owners Insurance, Mitigation Inspections, State Farm updates | Tags: Citizens, Flood Insurance, Florida, Home, Homeowners, Hurricane, Insurance, policy |Leave a Comment
Citizens Home Insurance company has currently inspected 452 homes for credits from Hurricane protection.Of the ones being inspected 39 have been found to not be getting enough of a discount, but 311 are going to be told that they will pay more at the renewal. 102 are actually ok. This is terrible news and who is to say that the inspector Citizens used is not looking to get more premium for Citizens. This puts the burden of proof on the consumer when they did what was requested of them. Hurricane season is close, State Farm and Liberty Mutual are dropping 185K policies between them and everyone else will pay more for insurance. Calgon take me away as customer service is a huge problem w/ all of these issues. Please read the full article below;
http://www.insurancejournal.com/news/southeast/2010/02/22/107541.htm
February 19, 2010
Northern Capital Just lost the A rating from DemoTech!!!!
Posted by homeinsuranceguru under Home Owners Insurance, Northern Capitol | Tags: Flood Insurance, Florida, Home, Homeowners |Leave a Comment
This is not good news for policyholder’s of this company as we head into hurricane season! More info to come, but the bad news is that not having an “A” rating by some agency means the banks do not accepth the paper it is written on and now the State of Florida will come in and begin to take over the company unless some good news happens quickly! Please watch for more updates on this big issue that relates to home Insurance in Florida. Please watch my blog or tweets for more info.
February 19, 2010
Strenthen Your Florida Home and save money on your Home Insurance!
Posted by homeinsuranceguru under Citizens Insurance, Home Owners Insurance, Hurricane Updates, Mitigation Inspections | Tags: Citizens, Flood Insurance, Florida, Home, Homeowners, Hurricane, Insurance, policy |1 Comment
Find out about Free Mitigation Inspections by the State of Florida in the My Safe Florida Home Project. Florida is trying to help you save money if your hame has real protection from Hurricanes and this will also help to keep you out of Citizens. This is true because the companies writing in Florida give nice discounts when there are discounts to give so the choices are better with a good mitigation and a 4 point inspectionas well for home over 30 years old.Please read the full article below from Alex Sink Office;
http://www.mysafeflorida.org/mysafefloridahome.html
February 17, 2010
Changes in the wind for Forida Home Insurance discounts!
Posted by homeinsuranceguru under Customer service, Home Owners Insurance, Hurricane Updates, Mitigation Inspections | Tags: Flood Insurance, Florida, Home, Homeowners, Hurricane, policy |Leave a Comment
If your home was inspected recently, don’t fear when the insurance compnay wants to do it again at their expense. They are checking for accuracy for Hurricane mitigation credits on your Home Insurance policy. If it was done accurately and by a licensed inspector, then you should be fine. If not then expect additional premium increases than would be already schedule. You may even get charged for last years incorrect premium and yes, you can still get dropped. Fraud is a huge problem in Florida and the customer service of this industry is being challenged with all that goes on in Florida. Please read the full article below and be sure to call us to shop your policy for you;
http://www.floridatoday.com/article/20100202/COLUMNISTS0207/2020311/1086/rss07
February 16, 2010
Florida House Insurance is still like playing cards despite no Hurricanes.
Posted by homeinsuranceguru under Citizens Insurance, Home Owners Insurance, Hurricane Updates, Mitigation Inspections, State Farm updates | Tags: Citizens, Flood Insurance, Florida, Home, Homeowners, Hurricane, Insurance, policy, State Farm |1 Comment
No Hurricanes and Insurance compnies still struggle w/ reserve requirements among other things. Home Insurance rates are on the rise and the big boys like State Farm are going up even more then the Florida based companies.Mitigation discounts can be large, but Fraud is even larger and many may feel the crunch going into hurricane season as rates go up because new inspections show smaller discounts.Other companies have gone under like keyStone and Coral Insurance last year. This year Magnolia is going down and Edison will soon be purchased by Florida Peninsula. On top of this larger companies besides State Farm will drop people like Nationwide and their 60K loosing coverage.Because of capacity issues, time will tell how many will be forced into Citizens Insurance even though they are tring to shrink in size. Time will tell what the deregulation bill will do when it comes up in session over the next few months. Please read the full article below;
http://www.naplesnews.com/news/2009/nov/29/florida-insurance-market-still-house-cards-despite/
February 12, 2010
Citizens Property Ins. Corp-More problems for Florida
Posted by homeinsuranceguru under Citizens Insurance, Customer service, Home Owners Insurance, Hurricane Updates, Mitigation Inspections, State Farm updates | Tags: Citizens, Flood Insurance, Florida, Home, Homeowners, Hurricane, Insurance, policy, State Farm |[6] Comments
Despite 3 good years w/ no Hurricanes 50% of all Florida based Home Insurance companies are loosing Money. Mitigation Inspections have lowered prices so far that it is tough to make money, just ask State Farm. Even if you hate Insurance companies, every business has to try and make money. These Insurnce companies are not the Insurance Giants like State Farm and Allstate that have billions, but will not put it in Florida to help us. These Florida based companies give the best service they can in an unfriendly environment. Hurricane season is fast approaching and the Insurance companies doing business in Florida may not have the capacity to help as re-insurance is still a big problem. Please research well and be sure to shop w/ an agency that can truly help w/ several quotes not just Citizens or 1 company. Please read the entire arytilce below;
February 12, 2010
Florida Home Insurance get’s behind AIG and the the Detroit Auto maker’s for help!!
Posted by homeinsuranceguru under Citizens Insurance, Home Owners Insurance, Hurricane Updates, Mitigation Inspections | Tags: Citizens, Flood Insurance, Florida, Home, Homeowners, Hurricane, Insurance, policy |[2] Comments
In 2007 Florida promised lower Home Inurance rates and more money going into the well known Florida Cat Fund. This is to protect against major hurricanes and other large disasters. The State of Florida took on a 28 Billion dollar expense and it is now 15 Billion short?? The prices of Insurance came so low w/ Mitigation inspections that this shortfall is now huge! As if this was not bad enough Citizens Property Insurance and it’s trillions in risk cannot handle what it has in major claims so the next hurricane could put Florida in a real bad financial situation. Being in Citizens is not a good choice because of many factors including a surcharge that will really hurt when you have a bad storm that hurts all. This surcharge could be 45% of your current premium.The summary for Florida Home Insurance is as folows;Higher premiums for the next 5 years, more companies going out of business, Mitigation inspections giving smaller discounts,and Real Estate being hurt by the scenario. Please read the full article below;
http://article-niche.com/launch/Florida-Home-Insurance-Gets-In-Line-With-Tin-Cup-B.htm
February 4, 2010
MSNBC-State Farm cancels thousands in Florida.
Posted by homeinsuranceguru under Auto Insurance, Customer service, Home Owners Insurance, Hurricane Updates, Mitigation Inspections, State Farm updates | Tags: Car Insurance, Flood Insurance, Florida, Home, Homeowners, Hurricane, Insurance, policy, State Farm |[3] Comments
6 months notice in the middle of Hurricane season, the Insurance industry in turmoil and State Farm adds to the problems. It seems that State Farm only seems to want to do Life Insurance and Auto Insurance. If you want Home Insurance with them, then you will pay a lot for it. If you are lucky enough to be renewed, even w/ the mitigation credits, your prices could increase overall 50-100% in some cases. Please call for help and do not wait for the non- renewal or renewal in the middle of Hurricace season, please do it now. We are here to help. Please read the full article below;
http://www.msnbc.msn.com/id/35220269/ns/business-personal_finance/