Home Owners Insurance State Of Florida

Letter: Explanation of home insurance rates: It's the state's fault

Robert Weckerle, Vero Beach

Letter: Explanation of home insurance rates: It's the state's fault

I want to thank Tasha Carter (director, division of consumer affairs, Florida Department of Financial Services) for her thoughtful explanation as to how home insurance rates are adjusted within Florida.

According to Carter, the state of Florida approved a 20 percent average rate increase for homeowners insurance renewals, effective after June 2011. My State Farm policy was $1,372 (2011) and a 20 percent increase should have increased my policy to $1,646. Instead, my insurance premium shot up to $3,791. Why the additional charge of $2,145?

Carter goes on to say, "State Farm also requested and received approval for some discount changes." These discount changes refer to the credits that the insurance company uses to calculate our insurance premium. These discount credits are based upon the age of your home, and corresponding building codes used during its construction and wind mitigation survey. I can't believe that the Office of Insurance Regulation (Kevin McCarty, commissioner) approved these changes without first conducting an impact study.

I want to thank Carter for providing me with the "official" interpretations as to how everything works. Sorry, Ms. Carter, there was nothing wrong with my original letter. The state is to blame for our skyrocketing insurance premiums.

According to Carter, the approval for the astronomical hike in our homeowners insurance premiums lies with: Gov. Rick Scott, Attorney General Pam Bondi, Agriculture Commissioner Adam Putnam, and Chief Financial Officer Jeff Atwater. Thank you all, and a special thanks to Commissioner Kevin McCarty, representing the Office of Insurance Regulation.

Has anyone from Florida had any experience with Tower Hill ...

Tower Hill has been around for quite a long time. 40 Yrs. Financial rating is down because their back up insurance is Lloyd’s of London rather than the state of Florida. I’m looking for someone that has dealy directly with them.

Chosen Answer:

Tower Hill is AM Best rated N-4. That means, they’ve asked the organization that rates the financial security of insurance companies, to NOT look at their numbers.

They’re a new startup company.

There’s no way, I’d move from State Farm – if they’re still actually offering you a policy – to a new startup company that is UNrated by AM Best, that won’t let them look at their financials. Come claims time . . . there’s a real strong chance you flat out won’t get paid.

Tower Hill is AM Best rated N-4. That means, they’ve asked the organization that rates the financial security of insurance companies, to NOT look at their numbers.

They’re a new startup company.

There’s no way, I’d move from State Farm – if they’re still actually offering you a policy – to a new startup company that is UNrated by AM Best, that won’t let them look at their financials. Come claims time . . . there’s a real strong chance you flat out won’t get paid.

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