Is this happening to anyone else who has had insurance thru them.
Back in March when they announced it on the news that they were pulling out, I called Poe and asked about our policy. They said that we were ok since we were just renewed (March), so you would assume that we were good to go til next March, right? NOT! I even called my dh after I got off the phone to tell him this right after I talked to them, so I know what I was told.
Anyways we get a nice letter today saying that as of July 1st, (6 days from now). our insurance is being cancelled. I realized we are transferring to Citizens, but thats not the point. This is the first official letter weve gotten, and they told us we were good til next March.
Ok, so if they do this arent we owed some money then, or does it go to citizens and we pay the difference? Should I call and blow my Italian stack at them or is it not worth it anymore?
So Before I Call Poe Insurance Tomorrow and Blow My STack...
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NativeFloridaGirl
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Well I called them this morning and they said that they sent these letters to everyone.
She told me that when our contract goes to Citizens our policy will hold until next March, so we wont be paying any difference until then, which makes me feel a little better......I think.
Anyways, dh wants me to call back and get it in writing, do you think they will do it?
Barb
She told me that when our contract goes to Citizens our policy will hold until next March, so we wont be paying any difference until then, which makes me feel a little better......I think.
Anyways, dh wants me to call back and get it in writing, do you think they will do it?
Barb
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Citizens may become largest home insurer
By Stephanie Horvath
Palm Beach Post Staff Writer
Tuesday, June 20, 2006
The state's insurer of last resort soon could be Florida's largest insurer.
State insurance regulators released market share numbers Monday that reflect the number of policies held by different insurers at the end of the first quarter. Although those numbers, from March 31, still show State Farm Florida in the lead, they also reflect the presence of two Poe Financial Group companies, which have since been liquidated.
As many as 330,862 policies formerly held by Tampa-based Poe's three insurers will slip into Citizens Property Insurance Corp. as of July 1, making it the biggest home insurer in Florida. That means the state-subsidized insurer could be carrying as many as 1.2 million policies at that time.
Being the largest is a dubious distinction for a company that was created simply to be a backstop in the market, not a major player.
Citizens' growth is just another indication that Florida's insurance market has continued to fall apart after two punishing hurricane seasons. And it raises questions about what will happen if Florida has yet another bad season.
"We need to be very concerned about another year. I'm afraid there will be more insolvencies. And that's not good," said Sam Miller, spokesman for the Florida Insurance Council.
State Farm Florida now is the state's largest home insurer with slightly more than 1 million policies. But folks who can add have expected Citizens to be Florida's largest insurer by the end of the year because of the Poe transition and the hardening Florida market.
The numbers released Monday show that two of Poe's companies — Florida Preferred Property and Atlantic Preferred Insurance Cos. — were ranked Nos. 6 and 7 in the state, respectively, in policy counts. They have a total of 286,335 policies, about 5,000 more than they had in the last quarter of 2005.
Poe's third company, Southern Family Insurance Co., did not make the top 10. But most, if not all, of its 44,527 policies will roll into Citizens too.
There's a chance not all the Poe policies will end up in Citizens. Some customers could find other coverage. And Homewise Preferred Insurance Co., a new Tampa-based insurer, offered this month to take 50,000 Poe policies.
But the bulk of Poe's business will end up in Citizens.
It took only two bad storm seasons to make Citizens the state's largest insurer. A third bad season will mean more insurers going belly-up, more companies dropping customers and more policies pouring into Citizens, observers say. That would mean Citizens could be writing most of the state's new homeowners policies.
"You'll probably end up with more failures, so the market will get even tighter," said Melissa Gannon, vice president of Weiss Ratings, a Jupiter-based independent rating agency.
Many of the state's largest insurers, including State Farm Florida and Allstate Floridian, had to get millions of dollars in cash from their parent companies to help pay for the last two storm seasons. A report by a task force that included Insurance Commissioner Kevin McCarty questioned how much longer the companies would be willing to do this.
The incoming Poe policies also will cement Citizens' standing as the largest state-run home insurer in the nation. Although most coastal states have an insurer of last resort like Citizens, none comes close to it in size.
Starting in 2003, Citizens tried to shrink itself by implementing a program in which it paid private insurance companies a bonus for taking some of its policies. From 2003 to 2005, 480,319 policies were removed, many of them by Poe's Atlantic Preferred, a so-called "takeout company."
But so far this year, Citizens has managed to farm out only 51,960 policies. Citizens spokeswoman Christine Turner said the higher price of reinsurance, or insurance for insurance companies, has limited the number of policies private companies are willing to take.
By Stephanie Horvath
Palm Beach Post Staff Writer
Tuesday, June 20, 2006
The state's insurer of last resort soon could be Florida's largest insurer.
State insurance regulators released market share numbers Monday that reflect the number of policies held by different insurers at the end of the first quarter. Although those numbers, from March 31, still show State Farm Florida in the lead, they also reflect the presence of two Poe Financial Group companies, which have since been liquidated.
As many as 330,862 policies formerly held by Tampa-based Poe's three insurers will slip into Citizens Property Insurance Corp. as of July 1, making it the biggest home insurer in Florida. That means the state-subsidized insurer could be carrying as many as 1.2 million policies at that time.
Being the largest is a dubious distinction for a company that was created simply to be a backstop in the market, not a major player.
Citizens' growth is just another indication that Florida's insurance market has continued to fall apart after two punishing hurricane seasons. And it raises questions about what will happen if Florida has yet another bad season.
"We need to be very concerned about another year. I'm afraid there will be more insolvencies. And that's not good," said Sam Miller, spokesman for the Florida Insurance Council.
State Farm Florida now is the state's largest home insurer with slightly more than 1 million policies. But folks who can add have expected Citizens to be Florida's largest insurer by the end of the year because of the Poe transition and the hardening Florida market.
The numbers released Monday show that two of Poe's companies — Florida Preferred Property and Atlantic Preferred Insurance Cos. — were ranked Nos. 6 and 7 in the state, respectively, in policy counts. They have a total of 286,335 policies, about 5,000 more than they had in the last quarter of 2005.
Poe's third company, Southern Family Insurance Co., did not make the top 10. But most, if not all, of its 44,527 policies will roll into Citizens too.
There's a chance not all the Poe policies will end up in Citizens. Some customers could find other coverage. And Homewise Preferred Insurance Co., a new Tampa-based insurer, offered this month to take 50,000 Poe policies.
But the bulk of Poe's business will end up in Citizens.
It took only two bad storm seasons to make Citizens the state's largest insurer. A third bad season will mean more insurers going belly-up, more companies dropping customers and more policies pouring into Citizens, observers say. That would mean Citizens could be writing most of the state's new homeowners policies.
"You'll probably end up with more failures, so the market will get even tighter," said Melissa Gannon, vice president of Weiss Ratings, a Jupiter-based independent rating agency.
Many of the state's largest insurers, including State Farm Florida and Allstate Floridian, had to get millions of dollars in cash from their parent companies to help pay for the last two storm seasons. A report by a task force that included Insurance Commissioner Kevin McCarty questioned how much longer the companies would be willing to do this.
The incoming Poe policies also will cement Citizens' standing as the largest state-run home insurer in the nation. Although most coastal states have an insurer of last resort like Citizens, none comes close to it in size.
Starting in 2003, Citizens tried to shrink itself by implementing a program in which it paid private insurance companies a bonus for taking some of its policies. From 2003 to 2005, 480,319 policies were removed, many of them by Poe's Atlantic Preferred, a so-called "takeout company."
But so far this year, Citizens has managed to farm out only 51,960 policies. Citizens spokeswoman Christine Turner said the higher price of reinsurance, or insurance for insurance companies, has limited the number of policies private companies are willing to take.
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I pay $2369 to Citizens and that was the cheapest and I mean by a $1000, policy I could find. I shudder to think of what my renewl will be in the fall. It down right scares me... enough to be a big reason I am selling my tiny little wood house and getting out of here. ( and I am not on water by any stretch and I have NEVER made a claim )
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Taffy-SW Florida
Where are you located? Have you checked the insurance company maps (i.e. not the FEMA flood maps)? In my neck of the woods, State Farm is the only game in town. I've been insured with them for over 30 years. My daughter has a house just two blocks away from me and State Farm wouldn't touch her with a ten foot pole. None of us are in a flood or surge zone.Taffy wrote:I pay $2369 to Citizens and that was the cheapest and I mean by a $1000, policy I could find. I shudder to think of what my renewl will be in the fall. It down right scares me... enough to be a big reason I am selling my tiny little wood house and getting out of here. ( and I am not on water by any stretch and I have NEVER made a claim )
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flashflood
- Tropical Storm
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I got the same letter from Poe saying my policy ends July 1st. My policy began the 1st day of Hurricane Season 6/1. I was told I am now with Citizens. I had a $500 deductible on Hurricane Insurance with Florida Preferred, and was also told Citizens would honor that as well, which was nice.
So far I have not received anything except for a canceled check and a letter saying Poe is liquidated, etc. Right now I am presuming I have coverage, and hoping to receive something in the mail soon.
I don't know anyone who has Citizens, I wonder how well they handle claims etc?
So far I have not received anything except for a canceled check and a letter saying Poe is liquidated, etc. Right now I am presuming I have coverage, and hoping to receive something in the mail soon.
I don't know anyone who has Citizens, I wonder how well they handle claims etc?
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CentralFlGal
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flashflood
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CentralFlGal wrote:What a racket.
Must one maintain insurance on a home without a mortgage?
I figure if one puts enough away into an interest-bearing account, the amount of money available should cover damages if a disaster strikes - minus all the headaches and premium increases and/or drops/transfers.
It is not necessary to maintain insurance on a home without a mortgage. You can always decline the Hurricane insurance part and save at least 50% of the premium. I would like to cancel my Hurricane insurance and save the premium, but not after going through Hurricane Andrew, and knowing that I can loose everything.
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