[Dave_n_Tenn]

Originally Posted by MKTwet

Insurance rates soaring just like why the healthcare needed regulation and the government to step in to create the ACA to prevent the insurance and healthcare industry from capitalizing on patients.

However, some insurers maybe 1-2 disasters away from going bankrupt and people just love building on risky land like by the water or low level plains that will get flooded easily by rising water and sea levels.

We need less government involvement and to reduce litigation, if you want lower cost.

[MOforthewin]

Originally Posted by gatorlyn

It happened during the worst possible time too, with respect to the general mindset of the population, where every aspect of daily life got politicized, down to the pattern of underwear that you preferred.

Had Covid happened during the late-80s, early-90s, I don’t think the overreaction would have been as bad

Correct. The Flu of 1918 life went on, and the 1957 flu things didn't shutdown, people didn't wear gloves in public and such! My mom was alive then. School went on as normal and everything else.

[beachmouse]

Originally Posted by Dave_n_Tenn

We need less government involvement and to reduce litigation, if you want lower cost.

We tried the true free market for property insurance in Florida. It didn’t work, so we socialized it to keep business down here able to function.

[MOforthewin]

I posted before about how in the Ian landfall zones like Charlotte County, Lee County, Cape Coral, etc. TONS of houses hitting the market and due to the high inventory I'm seeing a lot off price slashes in lee, Charlotte and parts of Sarasota counties. Since I want to sell eventually I'm keeping tabs on listings in this regions and now the national media is picking up on it too.

Seems the Panhandle for example I'm seeing prices down a bit simply due to interest rates and less buyers but nothign like I'm seeing in the Ian impact zones.

This article is aimed at the Ian landfall areas.

https://nypost.com/2024/02/15/busine...surance-costs/

[Lincolnian]

I currently have Castle Key. They increased my premiums nearly 100% from 2021 to 2023 (never a claim). Now they are not renewing my policy saying that they cannot provide insurance on buildings within 3 miles of the coastline built before 2002. It is obvious that the can provide coverage they just choose not to unless they can really jack up the premiums (such as is being requested). This is an H06 policy for a condominium. Their exposure is limited to damage within the walls which primarily covers leaks from other units above my unit or a roof leak on the upper floors. The actual risk of a payout is extremely small relative to the premium and deductible. The real exposure is on the building's policy which itself has a huge deductible associated with wind/hurricane damage as well as an astronomical premium (well-maintained older building, excellent claim history - 173% increase 2021 to 2023).

The legal liability issue is a whole other story. It is a legal feeding frenzy as evidenced by the constant barrage of commercials encouraging people to contact a particular law firm for nearly any unfortunate situation a person may experience. This lawsuit victim marketing campaign is nonstop and likely a huge factor in the disproportionate number of liability claims in Florida.

[LKJ1988]

Just gonna get worse and worse.

[sinatras]

Originally Posted by Lincolnian

I currently have Castle Key. They increased my premiums nearly 100% from 2021 to 2023 (never a claim). Now they are not renewing my policy saying that they cannot provide insurance on buildings within 3 miles of the coastline built before 2002. It is obvious that the can provide coverage they just choose not to unless they can really jack up the premiums (such as is being requested). This is an H06 policy for a condominium. Their exposure is limited to damage within the walls which primarily covers leaks from other units above my unit or a roof leak on the upper floors. The actual risk of a payout is extremely small relative to the premium and deductible. The real exposure is on the building's policy which itself has a huge deductible associated with wind/hurricane damage as well as an astronomical premium (well-maintained older building, excellent claim history - 173% increase 2021 to 2023).

The legal liability issue is a whole other story. It is a legal feeding frenzy as evidenced by the constant barrage of commercials encouraging people to contact a particular law firm for nearly any unfortunate situation a person may experience. This lawsuit victim marketing campaign is nonstop and likely a huge factor in the disproportionate number of liability claims in Florida.

Excellent post!

Here come all the regulars (misinformed people) on this board saying you are making this up in 3, 2, 1........I have been talking about this on this board for YEARS and these people said I was making it all up.

[beachmouse]

Originally Posted by Lincolnian

I currently have Castle Key. They increased my premiums nearly 100% from 2021 to 2023 (never a claim). Now they are not renewing my policy saying that they cannot provide insurance on buildings within 3 miles of the coastline built before 2002.

As a former longtime Castle Key customer, I’ll say that while ripping off the band-aid is hard, they’re doing you a favor by dropping you and there are better cheaper plans out there.

[Corrie22]

Originally Posted by Lincolnian

I currently have Castle Key.

this was one year ago....

January 30, 2023

Allstate’s Castle Key Plans to Drop 33,000 Condo Policies in Florida

In a notice sent to Florida agents this month, Allstate said its Castle Key subsidiary had sent a letter Jan. 11 to the Florida Office of Insurance Regulation about dropping the coverage.

https://www.insurancejournal.com/new.../30/705056.htm

Feb 13, 2024

2 private Florida insurance companies want to increase premiums by more than 53%

Castle Key Insurance, which is owned by Allstate is requesting the Office of Insurance Regulation approve a 54% average rate increase.

Amica Mutual Insurance Company is also filing for a 54.1% average rate increase.

“It’s only two companies and it’s only very specific types of policies,” Friedlander said. “Castle key is strictly what are called HO6 individual condo owner policies, not standard home policy so strictly for condo owners. And the Amika Mutual is called dwelling fire policies, those are typically secondary, or vacation homes. They are not primary residences.”

https://www.news4jax.com/news/local/...-more-than-53/

it's the 3rd post in this thread.....

Originally Posted by Corrie22

other articles are not so dramatic.....

“It’s only two companies and it’s only very specific types of policies,” Friedlander said. “Castle key is strictly what are called HO6 individual condo owner policies, not standard home policy so strictly for condo owners. And the Amika Mutual is called dwelling fire policies, those are typically secondary, or vacation homes. They are not primary residences.”

https://www.news4jax.com/news/local/...-more-than-53/

”Amica Mutual Insurance Company is asking the OIR to approve a 54.1% increase in rates for its dwelling fire policies, which covers about 500 insureds, according to the Insurance Journal.”

https://www.pnj.com/story/money/2024...a/72586132007/

[OpinionInOcala]

A lot of the increases seemed to be random where I live (arguably one of the safest HO insurance areas of the state from a weather hazard perspective). In talking with numerous clients/acquaintances/friends/family with similarly aged and sized homes among my contacts in the county, 2023 premium increases ranged from 5% to a whopping 200%, even with the same insurance company, no extant or resolved claims having been filed, etc. Something about that just isn't passing the sniff test. Our primary residence's premium (via Tower Hill) was set to balloon from $1200 to $3005 annually, so we switched providers and now pay $1400 and change.

Auto insurance seems to be having strange increases as well. Our State Farm (which we've had 20 years now) was $179 for comprehensive on 2 vehicles for years. EOY 2023 it went to $200. Now it's going to be $254/month beginning March. Never have made a claim, no accidents, no tickets. They even discontinued my wife's roadside assistance without notification two years ago and corporate tried to tell her she verbally opted out despite never having spoken with an agent/rep in the first place, nor receiving any mail correspondence. I've thought about shopping around as a matter of principle, but most people I've talked to who did so lamented incurring skyrocket increases within 1-3 years. ;/