[Corrie22]

but it's not all bad news.....Citizen is offering them policies cheaper.....and the new insurance companies are jumping on them too

Progressive Insurance is sending out more than 100,000 non-renewal notices to homeowners saying they are “rebalancing their exposure” in the Sunshine State

A total of 53,000 homes affected are in high-risk areas, and the remaining 47,000 are seasonal homes.

“We’ve been able to identify a current property carrier, Loggerhead Reciprocal Interinsurance Exchange, in which we have entered an agreement with to offer replacement policies to affected policyholders.”

“The good news is that in most of these cases, they are matching your coverage and deductibles, and they’re coming real close on the premium, which is a really, really nice thing,” Carlucci said. “Progressive has always been a company to who has ensured a lot of new construction homes. As such, most companies right now in the insurance market really, really want those Progressive customers.”

https://www.clickorlando.com/news/fl...e-the-details/

-----

I read on another news....Citizens is offering them policies for less than they were paying Progressive

[Rabflmom]

Originally Posted by Corrie22

but it's not all bad news.....Citizen is offering them policies cheaper.....and the new insurance companies are jumping on them too

Progressive Insurance is sending out more than 100,000 non-renewal notices to homeowners saying they are “rebalancing their exposure” in the Sunshine State

A total of 53,000 homes affected are in high-risk areas, and the remaining 47,000 are seasonal homes.

“We’ve been able to identify a current property carrier, Loggerhead Reciprocal Interinsurance Exchange, in which we have entered an agreement with to offer replacement policies to affected policyholders.”

“The good news is that in most of these cases, they are matching your coverage and deductibles, and they’re coming real close on the premium, which is a really, really nice thing,” Carlucci said. “Progressive has always been a company to who has ensured a lot of new construction homes. As such, most companies right now in the insurance market really, really want those Progressive customers.”

https://www.clickorlando.com/news/fl...e-the-details/

-----

I read on another news....Citizens is offering them policies for less than they were paying Progressive

Are you sure Citizens is available? They dumped or are dumping a lot of their existing policies on other insurance companies that are in the state.

https://www.floridatoday.com/story/n...tion-desantis/

[Corrie22]

no I'm not sure....that's not what I think....it's what I read

what I understand is if you can't insure with anyone else....you can get Citizens

[Sunshine Rules]

To obtain insurance thru Citizens, FL homeowners have to meet the following criteria:

You are unable to secure coverage with any other private home insurance provider.
or
The quotes private insurers have given you are at least 20% more expensive than a comparable Citizens policy.

[bale002]

Originally Posted by Rabflmom

Are you sure Citizens is available? They dumped or are dumping a lot of their existing policies on other insurance companies that are in the state.

https://www.floridatoday.com/story/n...tion-desantis/

That’s exactly what Citizens did after the previous spike in insurance rates, don’t remember the exact year, in the after math of the mortgage debacle around 2008 followed by landfall of a few major hurricanes, don’t remember the exact year, maybe around 2014.

Citizens in some sense is comparable to the Federal Reserve when it buys treasury debt and government housing securities in response to a crisis and later, when the crisis abates, stops buying and let’s the ones on its books mature with no rollover.

Of course there are huge differences; e.g. the federal government can issue money at will by moving electrons around.

In any case, there seems to be a pattern now whereby Citizens periodically issues policies to consumers, holds for a while, and then sells these policies to private insurance companies in such a way that they are profitable to these same private insurance companies. A way of issuing money one may suppose.

That’s the price to pay for consumers who demand housing in large quantities in naturally vulnerable areas.

[sinatras]

I know MANY people who have been canceled by Citizens. Including many people on City Data.

Citizens is no longer the "insurer of last resort".

Actually, there IS NO last resort option in Florida anymore.

When people say that the home insurance situation in Florida is a complete disaster, they are not lying.

[LKJ1988]

Originally Posted by sinatras

I know MANY people who have been canceled by Citizens. Including many people on City Data.

Citizens is no longer the "insurer of last resort".

Actually, there IS NO last resort option in Florida anymore.

When people say that the home insurance situation in Florida is a complete disaster, they are not lying.

Go bare blare and save trouble and money.

[Corrie22]

”Ten of thousands of Citizens policyholders may no longer be eligible for coverage if a private company offers to take over their policies. It's what Citizens calls ”depopulation.”

”Here's how the depopulation process works: Citizens will let you know that a private company wants to take over your policy. If that private company's premium is within 20% of your Citizens premium, you would no longer be eligible for Citizens. You don't necessarily have to go with that private company, but you'd no longer be able to get coverage through Citizens.”

”For example, if the premium for your Citizens policy is $3,000 and you get an offer from a private company for $3,600 or less, you wouldn't be able to keep your Citizens policy. That means some Citizens policyholders could end up spending more, or less, money on their new policies.”

https://www.wesh.com/article/citizen...orida/44589763

[sinatras]

Originally Posted by LKJ1988

Go bare blare and save trouble and money.

Going bare is not possible if you have a mortgage

[LKJ1988]

Originally Posted by sinatras

Going bare is not possible if you have a mortgage

I though you were loaded so pay it off.