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.
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
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.
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...
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.
Just closed on a property last week and had no issues with insurance.
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 ]
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.
Got three policies two days ago, the rates were suprisingly good, I figured they would have gone up more with all the hurricanes
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.
With what carriers are you getting non-owner occupied coverage? Just curious...
Tim
State Farm and another local carrier
"Local" carrier? Are they single families or multi-units?
Duplexes, actually carrier was the wrong term, local insurance agency, haven't even checked the actual carrier yet
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
My last 11 non-primary residences were written with state farm, these last three duplexes were written with First Protective Insurance company.
HTH
[addsig]
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.
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
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
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.
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... :-(
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
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.