Governor Scott & Citizens Insurance Governor Scott dropped the cap on Homeowners insurance to a company that is now a Monopoly Jacksonville, Florida
Governor Scott !!! What are you doing? Why are you allowing Citizens Insurance (a known monopoly in the Florida homeowners insurance industry) to raise homeowners insurance another 10.8%. After my insurance has more than doubled since last year.
My insurance was 3300.00 last year. Now it is 6700.00 this year. Now I hear from WIOD and Channel 7 news that you are allowing another 10.8% raise. How can you drop the cap on a company that has no competition. It doesn't make sense.They might be backing your campaign but the homeowners in this state are the voters.I have dozens of neighbors and friends that are getting together to fight this and advertize this all over the state. It is a crime what you are allowing. How can you expect for people to pay more when they are already upside down on their homes and barely hanging on to there jobs.It just doesn't make sense . We are
making plans to join the Class action suite from Stephanie Ritchie.
Sincerely Registered Voter
2 Updates & Rebuttals
ClaimAdvocate
Ft Wayne,Indiana,
United States of America
Do the Math
#3Consumer Comment
Sun, March 03, 2013
Unless you have been in a coma for the the past 2 years, Citizens has been the most corrupt ran operation in History with a pass form Gov Scott to do so.
Its not about tropical storms, its all about sinkholes. They sold a policy hoping not to pay out anything since it could never be proven if and when the event occurred, thus denied by almost every insurer for 20 years reaping big profits for selling something that was never going to be covered. It worked for decades until it was determined how to prove such a loss.
Then comes the big carriers spending millions on lobbying to get Scott to allow the contract to be changed against the Floridians on May 2011 (Statue changes) where in the definition of sinkhole was re-defined to stop claims and loss of profits. 85% of the claims were paid up until 2011, then there were 68% denied in 2011 (DFS own records) That was not good enough so now they re- defined it again until nobody has a sinkhole claim that meets the test and in Jan 2013 the State reported Citizens had 117 new sinkhole claims reported and they have now been able to deny all 117 new claims, so they are now profitable. When you bet with a policyholder against a loss and collect premiums and if NO claims are paid , its a win -win for Citizens and Gov Scott who supports the fraud.
Numerous Tampa News reports have showed how the system is rigged and Citizens has Billions in reserve while they raise the rates for a peril of loss that cannot possibly be collected by the homeowner. Yes you have a sinkhole in your back yard but you cant collect on it as they have changed the definition to avoid any payments. Yes you still have to pay premiums for sinkhole if you have a mortgage as the banks have not figured it out. They are the worst people when it comes to understanding insurance. You dont need sinkhole coverage when you cant collect on it unless your home goes 100% under ground, then it may not be a sinkhole, but subsidence, landslide, or a pre-existing condition which are all not covered under the policy either.
Today the FBI are investigating Citizens and has fired their entire EXEC VP staff in claims and Human Resources for fraud. This is highly in the news..open your eyes. In 1929 they would have all went to jail at Citizens for racketeering. Its still corrupt ran operation for profit. Scott has ran many of the good carriers out of the State as they could not compete in a FIXED market place.
I am a 40 yr Insurance Executive who has moved out of Florida along with my business interest as its a corrupt State to do business with the State with a corrupt Government.
Ken
Colorado,USA
Rates have gone up significantly, especially in areas subject to tropical storms.
#3Consumer Comment
Thu, October 04, 2012
Many insurers will no longer sell homeowners insurance in high risk states. How do you think Citizen's Insurance became a "known monopoly"
If the premiums are capped well below the payouts...NOBODY will sell policies in the high risk states.
Some states with this problem have tried offering state supported policies...doubt that works very well.
Homeowner's policies are paying out MORE than they take in as premiums.
No,I didn't make this up, nor do I work for the insurance companies.
What will your "class action" lawsuit allege the insurance companies are doing illegally?
BTW, insurance companies do NOT base their rates on the insured's financial condition.
Rates are based on their payouts and exposure to risk.
Again, I DON'T work for the insurance companies...NEVER have.