I know from experience…my wind insurance with Citizens doubled this year. The Florida Lawmakers are being encouraged by the governor to cut more policies and raise rates so that their customers will seek other companies and let Citizen return to being the insurer of last resort.
Sounds good, right? No, it is impossible to find another insurer in this part of the state. I spoke to people further north and further inland and they were able to find other less expensive insurers but when I called they told me in no uncertain terms, that for me in this area, there are no other insurers.
This is a bad policy. How can homeowners help themselves? Many will have to sell their homes because they cannot pay these high rates of insurance. If you have a mortgage on your home, you have to have insurance. The bank will demand it.
Is this the only way to get more insurance companies to write policies in South east Florida? If no one wants the risk, there will be a crisis in the making.