Florida State Home owners Insurance

Nearly half (48.2 percent) said they can't afford to pay what's being required of them to cover their share of their community's storm-related insurance costs, and more than two thirds (68.3 percent) said the increases are causing them or their neighbors to consider selling their property and leaving the state.
The lack of affordable housing is strangling our community," said law professor William Quigley, director of the Gillis Long Poverty Law Center at Loyola University. "How do you have food, music, culture? How do you have hospitals, schools and drugstores? Every one of our institutions is built on working class people who historically have been underpaid, but one of the excuses for underpaying people has been that New Orleans was a relatively low-cost place to live. It's not anymore.

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state home owners insurance
Insurance Premiums

Nation wide Insurance

State officials should consider capping local government spending from property taxes, according to a report Gilreath has forwarded to commission members. Only after that, should they look at reducing reliance on property taxes using something like an additional sales tax.
Take the example of Nationwide Insurance Co. of Florida's recent proposed increase, submitted in July and revised last month. The company wants to raise rates by an average of 71.4 percent statewide, but is calling for even larger increases in South Florida -- as high as 82.1 percent in Broward and 105.8 percent in Palm Beach County -- where there's a high risk of storms. Other parts of Florida, such as the Panhandle, are facing significant price increases, too, to bring homeowners prices in line with storm risk.

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Additional sales Tax
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Florida's Insurance

Huge Insurance Firms

Yet the insurance companies, to a firm, argue their policies -- most of which contain language clearly promising to pay for hurricane destruction, a premise upon which the policies were initially sold to unsuspecting property owners -- actually cover only wind damage.
The flooding, the huge insurance firms steadfastly assert, is another matter. In other words, you would need additional flood insurance to collect for Katrina.
Lott -- and thousands of other Mississippi, Louisiana, Texas and Alabama residents who've filed lawsuits against the insurance firms -- reasonably and logically contend it was the Force 4 and 5 winds of Katrina that pushed the gulf and reservoir, lake and river waters across the beaches, levees and protecting barrier islands and over inland areas of each of those states, and thus were the causal agent of the damage, whether it was wind damage or water damage.

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Hartford insurance Companies
State home owners Insurance
Home owners Insurance