Signs of the Florida market healing

[axeman462]

• Florida Peninsula Insurance announced a 2% average reduction in property insurance for the more than 122,000 residential policies it insures, for new policies and renewals, starting in July.
• Slide Insurance Company is seeking a 0.5% decrease in the average rate it charges to insure single-family homes.
• Florida Family Insurance Company is also seeking a 0.5% decrease in premiums for owners of houses, condominium units and rentals.

There’s also encouraging news from the state-backed insurance company Citizens, which posted a net income of $746 million last year, compared to a $2.2 billion loss in 2022.

3 Florida property insurance companies announce reduction in rates, desire to give homeowners some relief

Three Florida property insurance companies have either announced a reduction in their rates or the desire to pass some relief on to homeowners.

www.news4jax.com

 

[Policy Monkey]

Fl Pen is up around 200% over the last few years, and now we jump for joy over a 2% reduction. But at least it's a move in the right direction. Between that and some new carriers entering the market, there might be a pinhole of light at the end of the tunnel.

 

[bluediamond]

• Florida Peninsula Insurance announced a 2% average reduction in property insurance for the more than 122,000 residential policies it insures, for new policies and renewals, starting in July.
• Slide Insurance Company is seeking a 0.5% decrease in the average rate it charges to insure single-family homes.
• Florida Family Insurance Company is also seeking a 0.5% decrease in premiums for owners of houses, condominium units and rentals.

There’s also encouraging news from the state-backed insurance company Citizens, which posted a net income of $746 million last year, compared to a $2.2 billion loss in 2022.

3 Florida property insurance companies announce reduction in rates, desire to give homeowners some relief

Three Florida property insurance companies have either announced a reduction in their rates or the desire to pass some relief on to homeowners.

www.news4jax.com

Fl Pen is up around 200% over the last few years, and now we jump for joy over a 2% reduction. But at least it's a move in the right direction. Between that and some new carriers entering the market, there might be a pinhole of light at the end of the tunnel.

Are you a 220 agent? If so does citizens require a 4 point inspection just for Wind. I know they do if you combine the HO-3 with hurricane, I already have the wind mitigation inspection.

 

[bluediamond]

• Florida Peninsula Insurance announced a 2% average reduction in property insurance for the more than 122,000 residential policies it insures, for new policies and renewals, starting in July.
• Slide Insurance Company is seeking a 0.5% decrease in the average rate it charges to insure single-family homes.
• Florida Family Insurance Company is also seeking a 0.5% decrease in premiums for owners of houses, condominium units and rentals.

There’s also encouraging news from the state-backed insurance company Citizens, which posted a net income of $746 million last year, compared to a $2.2 billion loss in 2022.

3 Florida property insurance companies announce reduction in rates, desire to give homeowners some relief

Three Florida property insurance companies have either announced a reduction in their rates or the desire to pass some relief on to homeowners.

www.news4jax.com

Mine is doubling.

 

[Policy Monkey]

Are you a 220 agent? If so does citizens require a 4 point inspection just for Wind. I know they do if you combine the HO-3 with hurricane, I already have the wind mitigation inspection.

Yes, I am a 220 agent in FL. Citizens needs a 4 Point for any home over 20 years old. They use it for eligibility, so it doesn't matter if the policy is with wind, x-wind or wind only.

 

[Policy Monkey]

Mine is doubling.

Unfortunately, that is all too common the last few years.

 

[axeman462]

Are you a 220 agent? If so does citizens require a 4 point inspection just for Wind. I know they do if you combine the HO-3 with hurricane, I already have the wind mitigation inspection.

I'm Not licensed 220, I recommend talking to @Policy Monkey he will be able to walk you through the process

 

[bluediamond]

Yes, I am a 220 agent in FL. Citizens needs a 4 Point for any home over 20 years old. They use it for eligibility, so it doesn't matter if the policy is with wind, x-wind or wind only.

Thanks! I did have one a few days ago for combined wind and HO 3 and it was mostly satisfactory except I found out I'm only have copper and half aluminum wiring. Going to get alumiconn on half.

The inspector sent all pics to agent (with satisfactory for plumbing) well in the pics she found a little dirt, rust and oxidation and said I needed connectors replaced. After going back and forth said I could just clean the rust and oxidation off. Going to try today with some stuff I bought.

 

[Policy Monkey]

From what you said, I probably would have given the same advice. Aluminum wiring on 110V circuits are frowned upon without alumiconn or copalum connectors. And when copper plumbing connections get green and crusty, I recommend cleaning with CLR and a wire brush. If that doesn't work, then look at replacement.

It sounds like you are on the right track.

 

[bluediamond]

From what you said, I probably would have given the same advice. Aluminum wiring on 110V circuits are frowned upon without alumiconn or copalum connectors. And when copper plumbing connections get green and crusty, I recommend cleaning with CLR and a wire brush. If that doesn't work, then look at replacement.

It sounds like you are on the right track.

Thank you very much appreciated.