Home Insurance Buyers Guide, LLC

After a few years of limited relief, they are back again – Florida home insurance rate increases.

At the present time, they are coming in many shapes and sizes:

• Citizens Property Insurance is moving forward with multi-year rate increases in order to make their premiums more appropriate to the risks they accept.
• Private Florida home insurance companies are raising rates as well – many are getting double digit increases for the first time in several years.
• State Farm Florida recently received approval to eliminate certain discounts resulting in an effective Florida home insurance rate increase of 28%.
• Most Florida home insurance companies are moving forward with plans to re-inspect homes that might not qualify for certain discounts they are currently receiving.

So where does that leave you as a Florida home insurance consumer during these difficult economic times?  On the defensive as usual.

Here’s what you need to do to fight back against these Florida homeowners insurance rate increases:

• Shop your policy around with more than one Florida home insurance agent – it is the only way you can be sure to get a quote from every Florida home insurance company writing new business in your area.
• Decide on the minimum coverages you need in your Florida home insurance policy and make sure all of the Florida home insurance quotes you obtain have the same coverage.
• Don’t compromise on things like the value of of your home or a higher hurricane deductible – if you do a major Florida hurricane could wipe you out.
• Don’t assume that Citizens Property Insurance is your only option for a Florida home insurance policy.  It might not be.  New Florida home insurance companies are starting up all the time and there might be a company you don’t know about who wants to cover your home.
• Research each and every Florida homeowners insurance company that you are considering.  Don’t assume that each company you get a quote from will give you the same levels of fast and fair Florida insurance claim service.  And don’t assume that each Florida insurance company has the same ability to survive financially after the next Florida hurricane.  There is a very big difference among the companies and you will be sorry if you don’t shop around.

Last but not least, check out the Florida home insurance buyers guide located at:

www.homeinsurancebuyers.org

The buyers guide helps you find, screen, and contact Florida homeowners insurance companies still writing new business in the Florida county where you live.

When you use the Florida home insurance buyers guide you find out exactly who open for business in your county, what types of home they are looking for, and you get a buyers guide rating that helps you quickly narrow the field to the best Florida home insurance companies available in your area.

Don’t take these Florida home insurance rate increases lying down.  Check out the Florida home insurance buyers guide today.

United insurance refunds on tap – Orlando Sentinel June 16, 2007

Anika Myers Palm of the Orlando Sentinel covers insurance refunds being issued by the United Property and Casualty Insurance Company.

Millions of dollars in refunds must be refunded to its policyholders because the company moved forward with an 83 percent rate increase and the Florida Office of Insurance Regulation ultimately approved about a 55 percent rate hike. United Property and Casualty was simply following the “use and file” practice that was permitted by law prior to the 2007 Emergency Legislation.

“Use and file” is something that starts off with the best intentions. Most people don’t know that State Insurance Regulators put a lot of effort into trying to get new private insurers to enter the Florida homeowners insurance market. In their efforts to attract new private insurance companies, the ability to implement a rate increase and have it approved at a later date (Use and file) is something that any state insurance commission would point to as a sign to insurance companies that the state is “business friendly” and is easy to do business with. And who could blame them for doing this, given the large number of private insurance companies that have left the state.

In a world without the 2004 and 2005 hurricanes, “use and file” probably worked fine. Maybe a 16% increase would be adjusted to 14% and so on. However, with our current Florida Insurance Crisis, the magnitude of the increases that many companies put through using this provision is significant and doesn’t sit right with the public. And, the history of “use and file” in Florida has been that the unapproved increases put in place by the insurance companies have been rarely overturned by the state regulators after being reviewed.

Thankfully, this practice of “Use and file” is now prohibited as a result of the 2007 Emergency Legislative Session and a lot of hard work by the Consumer Insurance Coalition.

Find out how the Home Insurance Buyers Guide can save you a ton of money on private Florida homeowners insurance.

Get involved with the crisis and let your legislators know how you feel!