Inability To Buy Coverage Holds Up Home Sales/Florida

[tlcandie]

http://news.tbo.com/news/MGBBJLYXOZD.html

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TAMPA - Damage claims from the four hurricanes that have slammed Florida are expected to wipe out the capital reserves of Florida's largest property insurer, State Farm Florida Insurance Co., and although the company expects to survive, a number of smaller insurers may be rendered insolvent or forced out of business, state officials and insurance experts predict.

``Some smaller insurers may come up short,'' said Robert Hartwig, an economist with the Insurance Information Institute, a trade group in New York.``Insurers were planning for the big one, but no one expected four separate hurricanes.''

Meanwhile, home buyers are finding it increasingly difficult to line up insurance, and that's causing property closings to be delayed statewide, said mortgage experts.

Experts predict the ripple effect of this season's hurricanes on the insurance industry in Florida to end up not only hurting the real estate market, but costing Florida policyholders more in premiums in the near future. Florida now has the third-highest property insurance premiums in the nation.
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[Supersedeas]

1. Jeb has things (including karma) under control--just one more election

[ozymandius]

2. What has happened to homeowners in Florida is tragic.

It has been reported that some insurers are giving the runaround to come customers to avoid paying a claim. Some isurers will hang up on homeowners once they learn where they are calling from. Some claims adjusters are not being sent to certain areas for no rational reason.

The insurance companies are just avoiding their responsibility to pay what is due. It looks like some Florida residents will just have to cut their losses and move without compensation if they cannot afford any other recourse.

[schultzee]

3. I feel sorry for the Democrats livine in Fla. but not the rePIGs and

I have boycotted the state since the 2000 election fraud. No OJ from Florida, and no vacations. There are other nice places on the Gulf coast.