Florida's Insurance Nightmare Caused by the State.........?

Question

Our last homeowners renewal, the State of Florida takes $90.00 to fund it's failing state ins Citizen's:

2007 CITIZENS EMERGENCY ASSESSMENT

Effective 2007 $10.80

2007 CITIZENS REGULAR ASSESSMENT

Effective 2007 $10.50

2007 EMERGENCY MANAGEMENT FUND

Effective 2007 $2.00

2007 FIGA EMERGENCY RECOUPMENT

Effective 2007 $9.65

2007 FIGA RECOUPMENT

Effective 2007 $10.02

2007 FL HURRICANE CAT FUND EMERGENCY ASMNT

Effective 2007 $7.72

2007 FL HURRICANE CAT FUND PREMIUM RECOUPMENT

Effective 2007 $39.

Homeowners are financing the states failure to control big business ins companies. Ins companies are making BILLIONS on auto ins, and refusing to take a hit during hurricanes. If Florida told all insurance companies they would:

1) No longer require car owners to carry any form of insurance,

and 2) Tell all insurance companies if they sell auto policies they must sell home policies, these companies would think twice. Right now they laugh at us.

Answer 1

Great idea!

Tell everyone that car insurance is not required so you can get hit by an uninsured motorist - sustain massive injuries and damages and then come to Yahoo answers asking what do you do now because the fool that hit you did not have insurance and now you can't pay your medical bills or replace your car and your going to lose everything!!  But hey - you got to save the cost of those insurance premiums.

And -the state does not require homeowners insurance - your mortgage company does. So if your home is paid for and you don't want to put a homeowners policy on it  -- you don't have to!  But, if it gets hit by a hurricane or suffers any other type of damage - your SOL. You get to pay for that yourself.

Here's something else to consider - you tell companies they have to sell homeowners if they do auto----well, big companies will just pull out of Florida. They can sell policies in the other 49 states. Now there is less competition so rates will go up. Also - the remaining companies will limit the business they write - they don't want to be over exposed. So you will have an even harder time to get insurance than you do now.

Heres the problem - Florida has over 8426 miles of shore line - this is second only to Alaska. But you have a huge hurricane risk that Alaska does not have.  

Florida is  only 350 miles at its greatest east/west width.

In short - you got a long skinny state with a ton of shore line that sticks out in the Caribbean where hurricanes are very active.  So...guess what...homeowners insurance is going to be very expensive. Just the cost of living in a high risk area.

Answer 2

So long as we are smashing the concept of free enterprise why stop with homeowners insurance? Don't you think auto insurance premiums have gone out of control? Let's tell the insurance companies that at your next renewal a 25% reduction will be mandatory.

And hey, those gas prices are crazy. Let's tell the oill companies that gas cannot be more than $2.00 per gallon. The oil companies should be happy with that, after all we could pass a law that sets the price of gas at $1.00 so they shouldn't complain.

And have you noticed the prices at the grocery store? Every week the prices are higher than the week before. Let's require that steaks be priced no higher than what was charged in 1998.

Don't get me started on mortgage rates. There ought to be a law we can pass.

Answer 3

Exactly, not so amazing is how the people so far have answered, its in their best interest to want US to carry insurance otherwise they cant pay their mortgages.

The facts are if people got off their dead butts and realized the money u paid in insurance could pay for your kids college, or that new boat, or your kids braces, maybe then people wouldn't be so passive when it comes to making the states fight the insurance lobbies and make us the consumers decide whats in our best interest rather than the agents and companies who sell insurance.

Answer 4

How does having a bunch of UNINSURED motorists running around solve anything?

If they have to sell auto AND homeowners you think that changes how they'll pay claims or how they'll charge?

The answer is more competition, enforcement of contract law so they can't squirrel out of legit claims, and coming down like a ton of bricks on any insurer who violates his contracts--preferably with severe penalties directed at the CEOs. IF they had to be accountable, FOR REAL, you'd be amazed at what they'd be able to accomplish.