nonlnear
Platinum Member
- Jan 31, 2008
- 2,497
- 0
- 76
Who do you blame for the mess that is the Florida home insurance market? What did you think of the legislation requiring that insurers pay in full estimated claims for (often fraudulent) sinkhole claims before repairs were even started? That's the kind of idiotic legislation that certain folks tout as "consumer protection". You wonder where Florida's insurance costs come from, and look to your legislators to stop the increases? You should look to them to stop causing the increases, not just to stop approving them. By the time the filings are complete the writing is on the wall. As much as some might like to believe that these big hikes are a gravy train for insurers, they aren't. (If you get ~5% raises year after year, they might be laughing all the way to the bank, but a raise close to 50% means they have been hemorrhaging money for quite a while, and probably prevented from filing their necessary increases by regulations that have nothing to do with providing for adequate reserves.)
Insurers have been leaving the Florida home market in droves because it's such a regulatory clusterfuck. Even with 30-50% increases some of those companies are still losing money. Not just making less money, actually losing many millions of dollars. You might not believe me, but think for a minute why you are with Citizens even though you imagine your rates are so unreasonable. If Citizens is writing your policy, it's because no company in the entire state thinks they can make a single cent off of you.
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