Insurance in Florida
This post is kind of going to be a rant about property insurance in the state of Florida. So here goes….It seems that all the property insurance companies in Florida are freaking out due to all the hurricanes that we have been getting recently.
We are seeing everything from insurance companies just pulling out of Florida altogether, canceling policies of properties in the certain areas (mainly coastal) or failing and going out of business. Personally, our homeowners insurance policy has doubled in cost in one year.
The State of Florida has a governmental company set up called Citizens Insurance which is supposed to be the insurer of last resort for property owners who can not get insurance from another company.
So, recently, one of the companies that is choosing to go out of business (Poe Financial) and automatically transfer their policy holders to Citizens Insurance is now suing Citizens Insurance for, ready for this, COMMISSIONS for sending business to Citizens Insurance. Are these people nuts?!
A federal Judge recently threw the case out of court stating that this case did not belong in federal court. But Poe Insurance has also sued Citizens in a circuit court in Hillsborough County. Read more about it here.
