Monday, December 23, 2013

Editorial: Steadily rising property insurance costs in Florida... |

I know that my current $5,500 a year property insurance premium through Citizens is unsustainable. They seem to find ways to put your home in a higher risk category and ignore what protections you do have from losses. I have little hope that the state of Florida can deal with the situation in an above the board manner. Any savings should be passed on to the consumer. Click title for link to article. Here is a bit:
Florida has had no serious hurricane seasons since 2005. The cost of reinsurance, which insurance companies buy to protect themselves from severe losses, has decreased significantly. In previous years, companies cited reinsurance as the main reason to keep raising prices. In August, Mr. Atwater asked why companies were responding by purchasing even more reinsurance, not passing any of those savings on to homeowners.