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Well, "AA" can stand for different things or for the lack of different things.. Florida's insurance crisis revolves around the lack of Availability and Affordability in the insurance market. Availability and Affordability---that's also "AA". On January 16th, lawmakers, lobbyists, lawyers, agents, consumers and media will inundate Tallahassee, presenting and studying proposals and concepts to rectify the situation. As for now, the situation seems to be worsening. For instance, in the last month Citizens has announced their plans to jack up premiums 25% on vacation homes, second homes or otherwise non-homesteaded properties. In Florida with its 1,300-plus miles of built up coastline, that's a bunch of policies and premiums. It ...Read More »
Some of us reside in Florida. Many more of us have served time here with a stint or two following catastrophes that impacted the Sunshine State. In the aftermath of Andrew; the 'four in 2004', and then Wilma, oldtimers and rookie adjusters alike saturated the fourth largest state and served for weeks and months.By the end of 2005, state spokesmen proclaimed the industry was in a crisis mode. Citizens, the state created 'insurer of last resort'; (ILR), was out of breath (and money). Poe Financial, a group of carriers that had attempted to help depopulate Citizens, was on the rocks.Now, Citizens has in excess of 1.2 million policies, and the ILR is still growing.The newly elected Florida Legislature is having a special January session to deal with insurance matters. Very few of these lawmakers have any background or experience ...Read More »
Some of us reside in Florida. Many more of us have served time here with a stint or two following catastrophes that impacted the Sunshine State. In the aftermath of Andrew; the 'four in 2004', and then Wilma, oldtimers and rookie adjusters alike saturated the fourth largest state and served for weeks and months.
By the end of 2005, state spokesmen proclaimed the industry was in a crisis mode. Citizens, the state created 'insurer of last resort'; (ILR), was out of breath (and money). Poe Financial, a group of carriers that had attempted to help depopulate Citizens, was on the rocks.
Now, Citizens has in excess of 1.2 million policies, and the ILR is still growing.
The newly elected Florida Legislature is having a special January session to deal with insurance matters. Very few of these lawmakers have any background or experience ...