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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.
