Help with Home Owners Insurance!!?

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I’ve been tagged to come out of the FL State Insurance Program, and the new companies rates are much higher and the coverage is less. Do I have to accept the new company’s homeowner’s policy?

  1. Reply
    August 23, 2011 at 9:02 am

    no you can look into different companys like allstate,etc.

  2. Reply
    August 23, 2011 at 9:31 am

    It pays to shop around.

  3. Reply
    August 23, 2011 at 9:49 am

    No, you can go without insurance – but be prepared to lose your house when the next storm comes around. The problem in FL and other coastal areas has been that homeowners have not been paying premiums which reflect the probability of losses.

  4. Reply
    August 23, 2011 at 10:47 am

    Assuming you mean Citizens . . . I don’t *think* you have to move out of Citizens, but you will HAVE to talk to a local agent. They will be more up to date on this.

    Sometime any minute now, Citizens is taking a 59% rate increase. Also, by next spring, they are being required to collect enough premium on the policies to handle a “worst case” scenario. That means, the $ 750,000,000 subsidy that they are currently getting from the state and feds, will GO AWAY. THAT means, you’re going to see an even BIGGER rate jump than you will this spring.

    My advice would be, if you CAN get out this spring, do so, because NEXT spring you could be back in the same situation, of not having any voluntary carriers willing to take you (with the massive rate hikes), at ANY price, and not wanting to pay 4X as much for insurance as you did in 2006.

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