Post Hurricane Insurance Rates (Florida)

Comments(18)

• 
  REPrincess24th September, 2004

  Just closed on a property last week and had no issues with insurance.

• 
  vkdba24th September, 2004

  I just got insurance policies yesterday for my 3 new properties on east coast of florida.
  
  Vicky[ Edited by JohnLocke on Date 09/24/2004 ]

• 
  davese24th September, 2004

  You got lucky to get them yesterday with Hurricane Jeanne heading right for that area again.
  
  The insurance companies typically don't issue policies if a watch or warning is in place.

• 
  ray_higdon24th September, 2004

  Got three policies two days ago, the rates were suprisingly good, I figured they would have gone up more with all the hurricanes

• 
  MDHolderfield24th September, 2004

  Thanks for the replies...
  
  I heard from a friend (insurance broker)
  that rates will be affected but couldn't / wouldn't say by how much. But he's already seeing some results...
  I currently don't have anything in the works but do know several who do.
  I figured I'd check here to see if there's been adverse effects yet.

• 
  norrist24th September, 2004

  With what carriers are you getting non-owner occupied coverage? Just curious...
  
  Tim

• 
  ray_higdon25th September, 2004

  State Farm and another local carrier

• 
  norrist26th September, 2004

  "Local" carrier? Are they single families or multi-units?

• 
  ray_higdon26th September, 2004

  Duplexes, actually carrier was the wrong term, local insurance agency, haven't even checked the actual carrier yet

• 
  norrist26th September, 2004

  Hi Ray,
  
  I'd be interested to know, if you don't mind sharing when you find out. I assume you are safe and sound today???
  
  Tim

• 
  ray_higdon27th September, 2004

  My last 11 non-primary residences were written with state farm, these last three duplexes were written with First Protective Insurance company.
  
  HTH
  [addsig]

• 
  thechangingtable27th September, 2004

  Tower Hill wrote my NOO rental property. Seems like a popular company, I see it written on several of the damaged houses here after Charley hit.

• 
  bgrossnickle27th September, 2004

  State Farm will only write if you are a long time customer in good standing. You also have to carry more than just NOO insurance.
  
  Aren't the rates determined by the state? I can not help but believe that when the dust settles, you will have more companies pulling out of FL.
  
  Brenda

• 
  linlin30th September, 2004

  The insurance commissioner decreed that companies are not allowed to jack up the rates because of the hurricanes and not allowed to cancel policies.
  Rates should be at current limit for at least the next 6 months according to commissioner and anyone wanting a hike will have to get it preapproved

• 
  thechangingtable17th November, 2004

  do you have allstate?? I heard that many insurers will not even write Florida anymore. I would try and shop it if you think your FICO could take it. Keep us updated. I have a renewal in May and I am building two houses, so I am sure it is going to be higher premiums in the coming years. They (the insurers) are all saying they are broke now and have nothing in the reserves.

• 
  norrist17th November, 2004

  Hi MDH,
  
  Chances are your increase was due to a filing by Allstate many months ago, probably before the Hurricanes hit. It usually takes awhile to get the rates approved by the Insurance Department...
  
  Not that this helps your bill... :-(

• 
  MDHolderfield17th November, 2004

  thechangingtable,
  
  You are correct, 'Allstate' it is.
  I have a contract pending now, I can hardly wait
  to see what the isurance quotes on a NOO will be.
  
  I'll keep you informed...
  MDH

• 
  linlin17th November, 2004

  MDH as norrist said rate hikes take a while they do not occur in a month or so - bureaucracy does not work that fast thankfully sometimes.
  You can check the insurance commission website and see which insurance companies have applied for a rate increase.