I am mad and cannot why our florida policitians cannot figure out what to do?
On the news, there was an announcement that because of the other insurance companies Citizens will have to ask for a 55% increase in insurance rates. Our politicians are wringing their hands and say they do not know what to do. Well, I have a suggestion (1) Allow anyone to join Citizens and have Citizens roll back the premiums to the rate of 3 years ago. (2) have a law that insurance premiums cannot increase more than the Federal Cost of Living Adjustment. (3) have a fee leveled at all insurance companies, no matter what kind of insurance they sell (say 1% of premiums) that will be used to pay any damages over the amount of money Citizens collects for homeowner insurance. (4) If any company wants to offer homeowner insurance, they cannot go to Citizens insurance for policyholders unless they will give as good benefits and as low a premium (in other words no one can be forced off the Citizens Insurance (5) reduce the decible for wind damages down to level of other damages. SOUND GOO
I was an insurance adjuster (not agent) for over 8 years, and during that 8 years the company I worked for never had less than 25% profit on their vehicle insurance in the state of Florida. Insurance Company are making a killing in this state. Agents have no idea of the amt of money that is profit on a policy