Home Insurance Buyers Guide, LLC

The Daytona Beach News Journal ran a story on August 7, 2008 written by Bob Lotane called “Insurance rates v. state solvency: Did overreaction create a crisis?

The article highlights the tremendous risk and financial consequences associated with homeowners insurance in Florida that are now squarely on the backs of all Floridians.

And quite frankly the article points out some shocking realities with Florida property and casualty insurance that very few people are paying close attention to:

• Citizens Insurance Florida executives told the Florida legislature in 2008 that the rates charged by Citizens Property Insurance Corporation are far below what is considered to be mathematically adequate.
• Takeout companies that have been approved to take Florida home insurance policies out of Citizens Insurance Florida are very thinly capitalized.  Those companies do not have the management experience to manage through the aftermath of a Florida hurriance.  To make matters worse, those companies are required to keep their rates at or below the rates of Citizens Property Insurance Corporation.
• Finally, few in public realize the magnitude of the chaos currently affecting the world financial markets.  Not long ago, the State of Florida had difficulty closing a CAT Fund bond deal for $625 million – in plain English that means that there were not enough investors willing to lend the money to Florida’s Hurricane Catastrophe Fund.  If the State of Florida had trouble selling out a bond issue for $625 million, what do you think is going to happen if they have to raise more?  Don’t forget – the Florida Hurricane Catastrophe Fund is on the hook for $29 Billion Dollars at the present time!

So where does all this leave you – the Florida homeowner and Florida businessman?

First if you are in Citizens Insurance you should see if you can get out by finding a private Florida homeowners insurance alternative to Citizens Insurance Florida.

The Home Insurance Buyers Guide can help you find, screen, and contact Florida homeowners insurance companies still writing new business in your area.

Use the Florida Home Insurance Buyers Guide to decide if you want to allow your Florida home insurance policy with Citizens Insurance Florida to be taken out by a thinly capitalized Florida home insurance company.

Finally, get involved with the Florida Homeowners Insurance Crisis and let your legislators know how you feel about the shaky financial condition of the Florida Homeowners Insurance Market.

Michael Peltier on August 5, 2008 reported in an article in the Scripps Treasure Coast Newspapers entitled: “Citizens Plans to Redo 350,000 State Windstorm Policies” about the plan at Citizens Property Insurance Corporation to cancel and re-write their “Wind Only” Florida home insurance policies.

Those who have “Wind Only” Florida homeowners insurance with Citizens Insurance Florida will be required to re-apply for coverage. And in the process some might face an increase in Citizens Property Insurance Corporation rates. That’s because Citizens Insurance Florida is updating their computer systems which also represents an opportunity to ensure that their policies are covering the full replacement value of the homes.

For some, Citizens Insurance Florida is the only availabile option for coverage. Other Florida homeowners might be in Citizens Property Insurance Corporation for the wrong reasons.

If you would like to find alternative Florida home insurance companies to Citizens Insurance Florida you should check out The Home Insurance Buyers Guide.

The Home Insurance Buyers Guide helps you to find, screen, and contact Florida homeowners insurance companies still writing new business. It also gives you important information that could allow you to get out of Citizens Insurance Florida.

Not everyone who has been placed in the Citizens Wind Pool belongs in there. If you want to evaluate all of your options for finding an alternative Florida home insurance company to Citizens check out The Home Insurance Buyers Guide.

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.