Home insurance in Florida that covers hurricane damage!
by Guest » Mon Aug 19, 2013 06:52 am
I'm thinking of moving to Florida and permanently settle their. But I heard that it is impossible to buy insurance that covers damages from hurricane in there. Is it true?
Total Comments: 2
Posted: Mon Aug 19, 2013 12:52 pm Post Subject:
No. I don't know of any home owner policies that don't provide coverage for this. If you move to an area that is high risk it may be difficult to find someone to offer coverage or it may be very expensive.
Posted: Sun Aug 25, 2013 11:45 pm Post Subject:
The problem in Florida is that a number of insurers have exited the market, not that they don't cover the risk. Those who are left are more selective in their choice of risks to insure because the state created its own "Citizens Property & Casualty insurance Company" in 2002 as the insurer "of last resort".
But look what's happened in the last 10 years: CPCIC is #9 on the NAIC's list of 25 largest P&C insurers in the US, and has more than 59% of the market share in the one state (and now has about $2.7 billion in annual revenue). So much for being the insurer of "last resort".
At the height of the California Workers' Compensation "crisis" in the early 2000s, the State Compensation Insurance Fund (also created to be the WC insurer of last resort) was the #1 WC insurer in the US in 2005-2006 by virtue of number of employees covered, #2 in terms of total premium written, and had a bit more than 60% of the WC market share in California.
With a return to normalcy, SCIF now has about 7% market share, and is nowhere close to #2 in terms of direct premiums written. It still covers more employees than many other WC insurers, but is not the #1 insurer in that category either.
CPCIC might reduce its exposure if certain reforms are enacted concerning catastrophic loss exposures like hurricanes. (Louisiana faces many of the same challenges that Florida does.)
Posted: Mon Aug 19, 2013 12:52 pm Post Subject:
No. I don't know of any home owner policies that don't provide coverage for this. If you move to an area that is high risk it may be difficult to find someone to offer coverage or it may be very expensive.
Posted: Sun Aug 25, 2013 11:45 pm Post Subject:
The problem in Florida is that a number of insurers have exited the market, not that they don't cover the risk. Those who are left are more selective in their choice of risks to insure because the state created its own "Citizens Property & Casualty insurance Company" in 2002 as the insurer "of last resort".
But look what's happened in the last 10 years: CPCIC is #9 on the NAIC's list of 25 largest P&C insurers in the US, and has more than 59% of the market share in the one state (and now has about $2.7 billion in annual revenue). So much for being the insurer of "last resort".
At the height of the California Workers' Compensation "crisis" in the early 2000s, the State Compensation Insurance Fund (also created to be the WC insurer of last resort) was the #1 WC insurer in the US in 2005-2006 by virtue of number of employees covered, #2 in terms of total premium written, and had a bit more than 60% of the WC market share in California.
With a return to normalcy, SCIF now has about 7% market share, and is nowhere close to #2 in terms of direct premiums written. It still covers more employees than many other WC insurers, but is not the #1 insurer in that category either.
CPCIC might reduce its exposure if certain reforms are enacted concerning catastrophic loss exposures like hurricanes. (Louisiana faces many of the same challenges that Florida does.)
Add your comment