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By THE ASSOCIATED PRESS
TALLAHASSEE - Homeowners in the Florida Keys will see their insurance premiums go down.
Today, state regulators gave the 35 percent decrease rate plan final approval.
Citizens Property Insurance provides wind coverage for virtually all Keys residents, because the state-run insurance company sells policies to those who can’t get it on the private market.
The company had filed for approval to raise homeowners rates there by more than 25 percent, but state Insurance Commissioner Kevin McCarty rejected that plan and ordered the company to lower its rates.
The company also will have to lower mobile home premiums by 15 percent on average in the island chain.
Homeowners in Monroe County will start to see their premiums decrease when they make their renewals after January first.
The lower rate will have to be in place for at least one calendar year.
What’s the bottom line here...If Citizens Insurance experiences a shortfall, they are (by law) subsidized by all of the other insurers in the state. Does that mean that the 35% reduction for the Citizens customers in the Keys will be passed on and indirectly paid by the non-Citizens policy holders?
This doesn’t look like it’s going to have a happy ending!
Not only do the rates not go back down when the season is less active, what about all the years they’ve collected before the last two big hurricane years? and the rest of the country? It was always my understanding that insurance was supposed to “spread the risk” among all clients? My carrier only went up $600 on the annual premium this year, but....they raised the separate hurricane deductible from $7,000 to $9,180!! So they’re collecting more premium and most likely will not have to pay a claim (I’m not on the water, either, in fact, I’m probably on one of the highest elevations in Pinellas Co)
I agree, let’s keep the ball rolling through all the counties AND get going on the taxes, too! Because of taxes and insurance, my mortgage payment (fixed interest rate)has gone up $700 per month in the 7 years I’ve owned my home. That averages $100 per month per year!!!
A rollback of Citizen’s rates would not help us, since we were taken out this year by HomeWise. At the first renewal after takeout, our insurance went up around $2000 to $5400 for wind only. HoweWise found a loophole that Citizens must charge higher than the largest 20 insurers, which leaves HomeWise to charge whatever they like. I believe the company was also started by former Citizens employees, so they even had the inside scoop.
When will the state do something about this???
i would love for us to get downer rates. I’m paying Citizens about $3000.00 at the present. We are not near the water.
This is only fair. COmpanies can raise premiums because of active hurricane seasons, but when the season is less active, premiums do not go down. All other counties should benefit from this change.
OK, NOW THAT THE BALL IS ROLLING LETS KEEP IT GOING. HOW ABOUT PASCO COUNTY?
What about the rest of Florida?? Does anyone realize how many foreclosures will result from insurance payments that are, in some cases as much as, or almost, the mortgage payment? Too bad the stockholders of insurance companies will not settle for a smaller PROFIT, instead of demanding more at our expense.
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Posted by Harry Park, Sarasota on 09/29 at 04:05 PM
Hey I got an idea, lets all cry also about the increase in cost of everything else on earth. Its sooo unfair to have the cost of goods and services increased. Lets have town meetings about the infair practice of raising the cost of an average automobile. By god an average auto with standard features cost $18,360 in 1995...a comperable vehicle today costs $29,135!! Holy crap, thats over $10,000 more! My Nike running shoe, yes just a shoe went from $30 to $120!.
Get Jeb on that!