Florida Farm Bureau Insurance Told to Sharpen Their Pencils!
On August 6, 2008 Julie Patel of the South Florida Sun-Sentinel wrote: “State Rejects Florida Farm Property Insurance Rate Increase” covering the Florida Office of Insurance Regulation’s announcement that they plan to reject the proposed 28% average statewide property insurance rate increase proposed by Florida Farm Bureau Insurance.
The article stated that the Florida Office of Insurance Regulation did not feel that the profit projects of Florida Farm Bureau or its backup insurance costs were fully justified.
The price of South Florida homeowners insurance would have gone up dramatically under the proposal. Florida Farm Bureau Insurance would have raised the cost of South Florida homeowners insurance by up to 96% for some South Florida homeowners.
Finally, the Florida Office of Insurance Regulation challenged the Florida hurricane risk prediction models that had been used by Florida Farm Bureau Insurance saying that the company’s model was not approved by the state.
So where does all of this leave the Florida insurance consumer?
This drama will continue to play out as Florida Farm Bureau Insurance looks at its options.
Many believe that they are just one of many Florida home insurance companies that are fearlessly coming forward with significant rate increases for homeowners insurance in Florida as a prelude to additional mass cancellations of Florida home insurance policies. Those Florida home insurance cancellations might occur if Florida Farm Bureau Insurance doesn’t get the rate increases it wants.
It would not be good news if Florida Farm Bureau Insurance started dumping South Florida homeowners insurance policies or across the rest of the state for that matter.
If you get cancelled by Florida Farm Bureau Insurance or you simply don’t want to hang around for their massive Florida homeowners insurance rate increases you should check out The Home Insurance Buyers Guide located at www.homeinsurancebuyers.org.
The Home Insurance Buyers Guide helps you find, screen, and contact Florida homeowners insurance companies still writing new business in your county.
The guide also helps you stay out of Citizens Insurance Florida and gives you the truth about Citizens Property Insurance Corporation.
The Home Insurance Buyers Guide provides you with the secrets to finding affordable Florida homeowners insurance. And it takes a clear position on the quality of the companies still writing home insurance in Florida.
Using The Home Insurance Buyers Guide will help you avoid the big increases planned at Florida Farm Bureau Insurance or to find a new Florida home insurance company if you are dropped or cancelled by Florida Farm Bureau.
No matter how crazy things get, The Home Insurance Buyers Guide will help you make sense out of the Florida Property and Casualty Insurance Market.