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Should I be thankful? My property insurance was renewed as of this upcoming 11/22/22 through my current carrier, SLIDE. (A company I had never heard of prior to last year when they took over my coverage due to the dissolution of St. John's Insurance--a company I had been with for the previous 15 years...)
Since 2004, I had St. Johns and the premiums remained reasonable and relatively stable at about $1,400-$1,500 per year.
Last year, however, the premiums jumped 100% to $2,800. Inexplicably. I just got a notification that my policy was doubling-----and that is for a homeowner, me, who had ZERO claims in the previous 16 years with the same company.
Ironically, I had my first claim last year for a roof replacement. I was bracing for the renewal and when I opened it up recently my first thought was "Okay, good, I got renewed!" lots of folks locally, for a number of various reasons due to tremendous upheaval in the worldwide and nationwide insurance market and re-insurance markets, are being dropped for no specific reason at all provided. So even though my premium is jumping up another 25% or $700 per year, to $3,500---I guess I should feel lucky?
Others are having even more difficulty than I am in Escambia County:
-One resident with whom I spoke was dropped, inexplicably and without prior notice, 2 days before his scheduled renewal. He had to literally scramble, get his roof inspected, and was able to work with his agent to find alternative coverage within 48 hours.
-Another constituent with whom I spoke was threatened with cancellation of coverage unless and until she replaced her 12 year old roof (which was allegedly a "30-year" roof). The policy she ended up getting after jumping through all the hoops was more than double her previous premium.
-Another individual with whom I have spoken and who owns his small home and property free and clear was given an ASTRONOMICAL renewal figure of $8,000 for his small home. He chose (like many that own their property free and clear) to forego carrying insurance. He's hoping for the best and that we don't have another storm.
Obviously this is a state-lvel and to some extent a federal level problem.
But it is affecting county residents and I intend to discuss it at an upcoming meeting with my counterparts. Perhaps there is more the state legislature can do? Perhaps they can utilize leverage to insure the insurers are not simply raking in the profits on lucrative and perhaps less costly/risky products like auto insurance policies in Florida--while at the same time scaling back (or eliminating altogether) their property insurance footprint in Florida. Because if allowed to do so, they will suck up all the insurance policy money that is profitable and eliminate their risk by foisting the volatile costly coverage onto taxpayers (Citizens Insurance). Should they have to take a proportionate share of the risk on property if they are cleaning up on the lower risk auto in the Sunshine State? Let's face it, they are doing that and are being allowed to do it. They are eating the cake and leaving the broccoli on the plate for taxpayers. That's how I see it.
To illustrate this, perhaps we need to look at their practices and portfolio balance (auto/property) in other states that are not as prone to natural calamities?
Look for the discussion to come.
More bloviating BS about an issue you can do nothing about at the local level to distract from the issues you can do something about such as infrastructure and economic development and strategic planning. Worthless. What are you going to do about insurance? Write a letter? LOL
ReplyDelete1013: You obviously don't get it. Of course we don't have control over this issue, but we have good working relationships with our state delegation who do have some sway in this space. In fact, let me educate you on something you apparently do not grasp. We have a lobbiest in Tallahassee to help us with issues like this, issues we can't control but have a huge impact on our citizens, economy, and county. It's a part of what we do and we spend hundreds of thousands if not millions of dollars building-up our community and neighborhoods, replacing windows and roofs so citizens can harden their properties against storms and losses while making communities better. So yes, while you live a life of "quiet desperation", going to the widget factory daily screwing in a bolt again and again on the assembly line, clocking out at 5 to come home to your empty trailer and empty life-really just leading a life of inconsequential obscurity--there are those of us who actually go out and do stuff, like completing infrastructure projects, doing economic development and planning. Meanwhile, folks like you that have no life, and lob attacks on the doers. Let me guess: you're either working at a dead-end, meaningless job--- or running a small business that barely makes it while you skim money into the cigar box, not paying taxes, or are retired on a government pension/disability check, watching TV all day when you're not acting like a human woodpecker on your keyboard. Yes, that is a worthless existence. Congratulations, keep it up. Ice Road truckers is about to start on Discovery, don't miss it, followed by COPS and Jerry Springer re-runs on E!
ReplyDeleteAlways attacking little Jeff and always deflecting from the real issues. Quality of life survey shows how ineffective you are. Most of our issues come from lack of economic development which you outsource. Still waiting for that empty land to create jobs.
ReplyDelete7:37--same IP as 10:13--certainly not an attack, just self-defense against your cynical, myopic, delusional, and inaccurate ad hominems. Bring something creative for a change, why don't you? Remember, I am an elected official that is creative and always looking for solutions for complex issues for constituents--that's not going to change. What I will never be is a pinata for back benchers like you. Remember that and have a great evening :) (By the way, TV land is showing re-runs of BJ and the Bear--don't miss it!
ReplyDelete1013 sounds like the democratic challenger for seat 4. Hope Bender wins.
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