Ed Rust remains a piece of shit.
Thursday, September 24, 2009
Perdido Key, Florida
All this week, Florida’s largest newspaper, the Miami Herald, has been writing both feature articles and editorials about the problems facing Florida property owners in finding affordable insurance. Day after day, headlines conveyed the intensity of the struggle: “Storm Warning: Prop up insurance,” was a typical lead, along with “Is Citizens Insurance ready for the big one?” and “Lawmakers still scrambling on wind insurance.” Florida, like all gulf coast states, has problems of both insurance affordability and availability. But here’s the difference between the Sunshine state and the Bayou state. Florida is giving the problem serious attention. It’s a front and center concern for the governor, the legislature, insurance regulators, and the news media. In Louisiana, there is hardly a whisper.
When Florida Governor Charlie Crist took office a few months before Governor Bobby Jindal in 2007, his first words of commitment were: “The lack of available and affordable property insurance is the biggest threat to our economy. We cannot wait until the regular legislative session to find solutions.” Crisp immediately called a special session of the legislature and offered a litany of changes and reforms that led to cheaper insurance rates.”
Florida has significantly more hurricane exposure than does Louisiana. Ninety percent of all homeowners live within a few miles of the Gulf or the Atlantic Ocean. A hurricane crossing the Florida peninsula slows down, at best, only 15 miles per hour. Yet in spite of all this exposure, property insurance rates are cheaper in Florida than in Louisiana. In Perdido Key, on the Florida-Alabama border, many Louisianans have beach homes or condos. On average, they pay significantly less on these properties than they do on their homes in New Orleans, Baton Rouge and other Louisiana cities. Property insurance rates for commercial real estate have gone down, somewhere in the neighborhood of 30% to 40%, according realtor Steve Ekovich of the Tampa office of Marcus & Millichap, and insurance is more available. Continue reading “Jim Brown Compares Florida”
Thanks to Mr CLS for the heads up. From Commissioner McCarty’s office in Tallahassee.
I’m pleased to report that the First District Court today has again affirmed the appropriateness of the Office’s action in issuing the January Immediate Final Order suspending Allstate’s licenses to sell new business in Florida; it has denied Allstate’s request for a rehearing and has lifted the stay of the suspension. As a result, the suspension now is back in effect.
We are currently reviewing the Court’s opinion and the status of Allstate’s compliance with the law, Section 624.318(2), Florida Statutes, which requires them to freely produce documents requested by this Office. We will be issuing a more detailed statement later today.
The suspension applies to Allstate Floridian Insurance Co., Allstate Indemnity Co., Allstate Property & Casualty Insurance Co., Allstate Insurance Co., Allstate Floridian Indemnity Co., Allstate Fire and Casualty Insurance Co., Encompass Insurance Co. of America, Encompass Indemnity Co., Encompass Floridian Insurance Co. and Encompass Floridian Indemnity Co., and it only suspends the companies from writing new business in Florida.
I was catching up on insurance news now that the tax season rush has largely ended (it never completely ends) and noted this story in the Miami Herald by Beatrice Garcia that Allstate has received a stay while the Florida First District Court of Appeals considers their motion for a rehearing:
Allstate Floridian has asked the First District Court of Appeal in Tallahassee for a rehearing on its recent decision upholding a suspension of Allstate’s license to write new business in Florida.
Until the court completes the rehearing, Allstate can continue to write new policies. While Allstate and its sister companies have not been renewing homeowners policies in the past three years, auto insurance is a lucrative business for them.
”The good news is that we’re still open for business,” said Amy Moore, an Allstate spokeswoman.
The appeal court had issued a ruling April 4 to reinstate the suspension of Allstate’s license on April 14. Continue reading “Allstate Wins Another Florida Stay but the Allstate Challenge PR Disaster Continues”