Insurance Premiums Increase 130%?

[tivoli]

Today's Wall Street Journal Marketplace today
indicates the Florida Panhandle along the Gulf
Coast, premiums could rise by nearly 130%. WOW!
Citizens Insurance is in a financial pinch, with a deficit
in 2005 that could hit $1 billion or more. Stated some
insurance companies have stopped writing new coastal
homeowners policies in states of NY and MA.

 

[Smiling JOe]

Today's Wall Street Journal Marketplace today
indicates the Florida Panhandle along the Gulf
Coast, premiums could rise by nearly 130%. WOW!
Citizens Insurance is in a financial pinch, with a deficit
in 2005 that could hit $1 billion or more. Stated some
insurance companies have stopped writing new coastal
homeowners policies in states of NY and MA.

Mine increased 80% two weeks after Hurricane Ivan (2004) (only about 3 months into my contract) and another 80% in July '05. It would not surprise me if it goes up another 130% to cover losses.

 

[SHELLY]

I watched this train coming down the tracks for the last couple of months. The real "unknown" is how it's going to shake out in the vacation rental market as owners try to pass costs along to their customers.

My heart breaks for the poor "in land working stiffs" in the area who are going to take a hit in order to subsidize beach house/condo insurance.

 

[Coast is Clear]

My premium only went up 20% which I was very thankful for. I am not directly on the water, but about 3 minute walk.

I spoke to a friend who has a house on St Simons in GA, and their wind policies are astronomical in comparison. A multiple of my premium.
He is on a marsh.

So while Citizens is bad, private policies in other states might be much worse.

 

[Franny]

We just received notice of a 100% increase on our house in Pt Wash but only 10% for our rental near the gulf??

 

[imasunbum]

We just received notice of a 100% increase on our house in Pt Wash but only 10% for our rental near the gulf??

Franny, who to you have your rental near the gulf with, if I may ask?

 

[DBOldford]

Ours went up 250 percent and another friend said they had a 380 percent increase, although I wonder if she did the math right on that one. It's not a happy event, but the pain is shared by everyone in the State, not just people on the coast. After all, wind damages can be as bad or worse inland as on the water. Also, as bad a rap as Citizens gets, at least they are there for us. Florida really does take care of folks in this department, requiring that carriers provide coverage or providing an alternative. Could be a lot worse.

 

[Beach Runner]

Ours has been cancelled every year because of being too close to the Gulf, so every year we have to scrounge around for new coverage. I can't even deal with it right now. It's SO expensive. I'll be like Scarlett O'Hara and deal with it another day. If I computed the percent increase, I might faint!

Where's my mint julep?

 

[Wastin Away]

We just got new insurance on our home which is about 50 yards from the Gulf. It cost us about 150.00 more than what we had been previously paying with the same coverage. The company we went through is Kite Insurance out of Pennsacola. They have been great. Their number is 850-434-8123. You can ask for Kelly Ballard or Chantelle Dupuis. The coverage we got also included wind insurance.

 

[Smiling JOe]

We just got new insurance on our home which is about 50 yards from the Gulf. It cost us about 150.00 more than what we had been previously paying with the same coverage. The company we went through is Kite Insurance out of Pennsacola. They have been great. Their number is 850-434-8123. You can ask for Kelly Ballard or Chantelle Dupuis. The coverage we got also included wind insurance.

I have been hearing that Citizens is the only carrier with wind coverage. Reading this, I am learning differently. Anyone else have another company for wind?