Homeowner's Insurance Carriers

[redfisher]

Hey everybody, I know this topic has been debated in the past...However, I need to make some decisions r/e homeowner's carriers...I'm w/Fidelity (flood), Sunshine State (regular coverage), and citizens (wind)...IF YOU ARE SATISFIED W/YOUR CURRENT CARRIER, would you recommend who you use...Am I right in assuming that there are NO other carriers for wind/hurricane than Citizens?...Red

 

[DBOldford]

Some insurance carriers will tell you that Citizens is the only entity offering wind coverage in FL now. That isn't really true, as some small agencies do offer it. When Citizens took over our policy, the annual cost increased by $4,670. We found two small insurance agencies that offered wind, but they were 30% and 35% higher, respectively than Citizens. Their claim was that their estimates were in keeping with what Citizens will be quoting this year. This is supposedly because the 2005 storm season didn't compute in this year's Citizen estimates. That is what we were told.

We made a decision to stay with Citizens until they reassign these policies, as the State ultimately requires them to. We weren't interested in paying more than we have to at this time, but are fully insured. We also feel more comfortable with a known entity or a larger carrier with so much turmoil in the industry at this time. We thought of it as the level of confidence and security one would have with the clout and discount of a group insurance health plan vs. being independently insured these days.

Good luck with your decision. We have been satisfied with our carrier, in general. Only had one small claim after Ivan, however. If you want the name of the carrier and agent, send me a PM. I don't like to use names on the Board.

 

[Beach Runner]

We decided NOT to use Citizen's. It's the insurance company of last resort. That means it could take infinity of time to get a claim processed and get your money to pay your contractors. So basically that means you're facing paying for the damage out-of-pocket, then waiting forever to get reimbursed from Citizen's. We've heard horror stories about how impossible it is to even talk to Citizen's after a storm just to start the claims process. So we decided to go with Lexington that covers wind (if your home excluding property and additions like pools has to be valued at $500,000 or more). Our premiums have skyrocketed, but hopefully we'll get reimbursed faster if the worst happens since Lexington has fewer policies.

 

[redfisher]

Donna, I wasn't aware that Citizens has to reassign these policies...can you elaborate?...thanks, Red

 

[yippie]

Donna - Citizens does not reassign policies. It is the insurer of last resort. Other insurance companies try to reassign policies to Citizens when they no longer want to carry coverage. However, even that cannot be done without a homeowners approval.

Many agents are volunteering to find homeowners insurance when theirs is nonrenewed and they all suggest Citizens. It is an easy policy to write because Citizens cannot refuse anyone who has been nonrenewed, canceled or refused by other carriers.

I would recommend Citizens only as a last resort as that is their purpose. They have a HUGE deficit.

I don't know who keeps telling you information, but a number of post you make on the insurance subject have been grossly wrong. Please have your facts straight before giving advice on something as serious as insurance. A lot is at stake.