Articles by Michael Letcher on ArticleSnatch.com

The Coming Year Will Feature More Florida Home Insurance Cancellations

Tue, 02 Feb 2010 00:30:32 -0500

Standby for more possible bad news in the coming year - the cancellation of your Florida homeowners insurance policy. Florida's largest private property insurance company is moving forward with an approved plan to cancel 125,000 policies on homes, condominiums, and mobile homes. While this is good news compared to the estimated 700,000 policies it was originally planning on non-renewing, this is still a significant number of Florida homeowners who are going to be scrambling to find new coverage. Another major national insurance company announced plans late in 2009 to non-renew an additional 60,000 policies as it continues to shrink its presence in the Florida home insurance market. Perhaps these cancellations will be more easily absorbed because the company arranged for a regional Florida home insurance company to pick up those policies. However, there is no guarantee that the policyholders who lose their coverage will be able to find a replacement. It will be especially difficult for homeowners in Florida's southern coastal counties such as Dade, Broward, and Palm Beach to find alternative coverage. It will also be difficult for those with older Florida homes and those built with wood frame construction to find replacement coverage. **End Summary** Topics: Florida home insurance]]> Florida home insurance cancellations]]> Florida homeowners insurance]]> Florida home insurance rates]]>]]> About the Author: ]]> Michael Letcher is a senior Fortune 500 executive. Use his on-line consumer guide to find low cost homeowners insurance Florida . Get his free newsletter and learn about low cost homeowners insurance Florida at => http://www.homeinsurancebuyers.org

It's Time to Watch Out for High Florida Home Insurance Rates Again

Mon, 01 Feb 2010 04:28:45 -0500

As you plan your finances for the coming year, you've probably already factored in a 10% to 15% rate increase on your Florida home insurance. But you might not know about some discounts you might lose this year that could result in a massive increase in your premiums. Presently, Florida homeowners like you get the benefit of wind mitigation discounts for multiple home features that help make your home more resistant to hurricanes. Home insurance companies are required to give you this discount under Florida law and a specific formula must be used to calculate it. It includes discounts for things like the shape of your roof, whether your roof has a secondary backup system for removing water, the methods used to attach your roof to the walls of your home, and whether or not your home has hurricane shutters among others. Home insurance consumers in Florida have enjoyed these discounts which can be up to 50% of the wind premium on a home. However, homeowners sometimes are disappointed with those discounts as well. One homeowner who was showcased in the St. **End Summary** Topics: Florida home insurance]]> Florida home insurance rates]]> Florida wind mitigation discounts]]> Florida building code]]>]]> About the Author: ]]> Michael Letcher is a senior executive in the Fortune 500. Use his on-line database to find low cost homeowners insurance Florida . Get his free newsletter and find out about low cost homeowners insurance Florida at => http://www.homeinsurancebuyers.org

The Most Expensive Costs of Owning a Florida Home

Sat, 30 Jan 2010 08:45:36 -0500

Buying a new home in Florida requires more due diligence than a home you could buy anywhere else in the United States. But if you don't do your research, you could end up very disappointed - even if the price you are paying for the new home is way below market levels. Florida property taxes are still sky high even with depressed home values. Find out from the county tax assessor how much the property taxes will be based on the price you are going to pay. Property tax bills shown to you by the seller might not reflect what you are going to pay. Long time homeowners in Florida enjoy what is known as a "Save Our Homes" exemption that could be freezing the assessed home value far below what you are offering for the home. A year after buying such a home you could be facing outrageous property taxes. Don't confuse the Florida "Save Our Homes" exemption with a homestead exemption. A Florida homestead exemption exempts the home from the first $25,000 of assessed value on a primary residence. **End Summary** Topics: Florida Real Estate]]> Florida homeowners insurance]]> Florida Property Taxes]]> Florida homestead exemption]]> Florida Save Our Homes Exemption]]>]]> About the Author: ]]> Michael Letcher is an executive in the Fortune 500 who offers an on-line consumer guide to help you find, screen, and contact companies offering affordable Tampa home insurance . Learn about affordable Tampa home insurance in his free newsletter at => http://www.homeinsurancebuyers.org

West Central Florida Sinkholes Cause Panic and Other Issues

Wed, 27 Jan 2010 22:20:26 -0500

Florida sinkholes have always been with us. But now they threaten a much larger part of Central Florida and are creating huge issues for those looking to find Florida home insurance. Sinkholes are naturally occurring depressions in the soil that are fairly common in West Central Florida. They appear when the limestone underneath the soil dissolves resulting in a shift or depression in the surface soil. Sinkholes vary in size and if conditions are right can show up anywhere with little notice. Their appearance can be caused by multiple factors including too much rainfall or drought conditions that lower underground water levels. Recently, citrus and strawberry crops in Florida were threatened by unusually cold weather. To protect those crops from freezing, farmers flooded their fields with water but may have caused a drop in underground water levels that resulted in new sinkholes. Two sinkholes recently appeared in southern Polk County which swallowed two lanes of northbound U.S. Highway 27. A possible sinkhole resulted in the closing of two lanes of Tampa's Interstate 4 later in the same week. **End Summary** Topics: Florida Sinkholes]]> Central Florida]]> Central Florida home insurance]]> Florida homeowners insurance]]>]]> About the Author: ]]> Michael Letcher is an executive in the Fortune 500 who offers an on-line consumer database to help you find low cost Ocala home insurance . Get his free newsletter and learn about low cost Ocala home insurance at => http://www.homeinsurancebuyers.org

Florida Home Insurance Companies Losing Money in Good Weather

Tue, 26 Jan 2010 17:19:22 -0500

During this period of calm hurricane seasons in Florida, home insurance companies should be getting a lot stronger. However many are losing money during a time when they should be building cash. Despite this recent period of mild hurricane seasons, the financial stability of many Florida home insurance companies is facing serious trouble. More than 50% of the companies that are writing new business in Florida lost money during the past twelve months. Three home insurance companies suffered a financial collapse and had to be taken over by the state. One of the companies that failed wrote new business exclusively in the 12 most southern coastal counties in the state. Why are these companies failing and why is it that so many companies are losing money? For starters, Florida home insurance rates have been held artificially low by the state for the past three years by the legislators. While it has been politically popular with voters to do this, low rates have contributed substantially to the poor finances of these companies. Florida's state run insurance company - the largest company in the state sets the benchmark for rates in the market. **End Summary** Topics: Florida home insurance companies]]> Florida home insurance rates]]> Florida homeowners insurance rates]]> Florida hurricanes]]> Florida homeowners insurance compa]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed CPA. His on-line buyers guide can help you find low cost home insurance in Florida . Learn more about the secrets to affordable home insurance in Florida at: => http://www.homeinsurancebuyers.org

New Problems With Florida Home Insurance Companies

Wed, 25 Nov 2009 08:31:22 -0500

While 2009 was a quiet year for Florida hurricanes there was no shortage of news from Florida home insurance companies. For starters, almost half of all active Florida homeowners insurance companies reported net losses in 2008 - a year in which no major storms hit. Those losses continued for many companies into 2009. Among the reasons for these losses include lower revenue due to inadequate Florida home insurance rates along with rising expenses. As 2009 unfolded, two Florida home insurance companies failed and were placed in receivership by the state after their cash reserves fell below the required minimum levels. Homeowners insurance companies failing during non-hurricane years should send fear and panic across the state. Why? Because if these companies can't make money in non-hurricane years the odds increase dramatically that they will not be able to build up enough cash to pay your claim after a major Florida hurricane. Taking a closer look at the company that failed in the spring of 2009 shows some very disturbing trends that could affect other Florida home insurance companies going forward. **End Summary** Topics: Florida home insurance companies]]> Florida hurricane]]> Florida homeowners insurance companies]]> Hurricane Wilma]]> Florida home insurance policies]]>]]> About the Author: ]]> Michael Letcher is a corporate executive and a licensed Certified Public Accountant. His on-line guide can help you find affordable Florida home insurance companies . Get his free newsletter at => http://www.homeinsurancebuyers.org

What You Should Do After the Next Round of Florida Home Insurance Cancellations

Mon, 23 Nov 2009 21:26:25 -0500

Just when you thought that most of the Florida home insurance cancellations were a thing of that past, new threats to your Florida home insurance coverage are on the horizon. And these cancellations are occurring at a time when Florida home insurance rates are starting to go up again even though the nationwide recession continues. To begin with, the largest private homeowners insurance company in Florida is still moving forward with its planned exit from the state. If that company leaves as planned, over 700,000 Florida home insurance policies will be cancelled. Newer Florida start-up insurance companies are doing selective policy cancellations in certain zip codes when they need to balance their exposure or to comply with the terms of their reinsurance coverage. More than a few homeowners insurance companies in Florida are moving forward with aggressive home inspection plans. If those inspections uncover issues that the companies were not aware of, your Florida homeowners insurance policy could be at risk of cancellation. That could include anything from a home in poor condition to one that is missing hurricane shutters. Finally, Florida home insurance rates are starting to increase again - the majority will experience double digit increases. **End Summary** Topics: Florida home insurance cancellations]]> Hurricane Andrew]]> Florida home insurance company]]> Florida home insurance coverage]]> Florida home insurance rates]]> Flor]]>]]> About the Author: ]]> Michael Letcher is a corporate executive and a licensed CPA. His on-line consumer guide can help you find low cost Fl home owner insurance . Get the secrets to low cost Florida insurance at => http://www.homeinsurancebuyers.org

How to Get the Most Affordable Florida Home Insurance Quotes

Mon, 22 Jun 2009 00:00:00 -0400

You've probably used them many times in the past to get auto, home, and life insurance quotes. Quote generator websites have been around in many different forms since the start of the Internet to help you get lower prices on many different kinds of insurance. While there are many variations to the way these sites work, here is the basic process they follow for homeowners insurance. You enter information about your home including its location, size, age, roof type, construction materials, and other features along with your contact information. That information is sent by these websites to insurance companies who review your information and decide whether they would like to quote a price to insure your home. All of the interested companies provide their quote information either directly to the website you originally visited or they might contact you either directly or through one of their agents. Depending on the website you used to request the quotes you could receive an email with detailed quote information, phone calls from agents and companies, or some combination of both. **End Summary** Topics: Florida home insurance quotes]]> Florida home insurance]]> Florida insurance quotes]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed CPA. His on-line buyers guide can help you find low cost home insurance quotes Florida . Get the secrets to affordable Florida insurance at => http://www.homeinsurancebuyers.org

Is Now the Time to Re-Enter the Florida Real Estate Market?

Thu, 18 Jun 2009 00:00:00 -0400

If you are one of the people who has been holding out for the right time to come back into the Florida real estate market, the confusing trends in the market itself make it a lot harder for you to decide whether now is the right time to buy a new home in Florida. There are important trends that you should consider on the positive side. A large number of homeowners have taken advantage of lower interest rates and have refinanced. Refinanced homes are critical because they result in lower monthly payments to help distressed homeowners resulting in fewer additional homes being added to the market for sale that are going though some part of the foreclosure process. North Florida has a better employment base which has resulted in a lower number of foreclosures compared to other areas of the state. Property taxes have come down during the past three years - not because of the legislation passed but due to the fact that lower home values have to be reflected in the annual property tax bills. **End Summary** Topics: Florida real estate]]> Florida real estate market]]> Florida legislature]]> Florida unemployment rate]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed CPA. His on-line buyers guide can help you find low cost options to Citizens Insurance . Get all the secrets to affordable Florida insurance in his free newsletter at => http://www.homeinsurancebuyers.org

The Impact of Consolidating Newspapers in Florida

Thu, 18 Jun 2009 00:00:00 -0400

Over the past two years, I've had a unique opportunity to see significant changes in the Florida newspaper industry as I've worked with business reporters covering the Florida home insurance crisis. Over this period, I've established great relationships with eight business reporters who have ultimately lost their jobs in restructurings or seen their hours cut from full to part time. It's been a real eye opener for me. Both in Florida and nationwide, newspaper companies continue to struggle with debt, Chapter 11 filings, layoffs, and mergers. This multi-year downward trend has been blamed on everything from debt levels to liberal bias in the print media. As I've operated my own consumer organization and managed my own real estate portfolio I've had some surprising experiences with the newspaper print media. In the fall of 2008, I lost a tenant that had been leasing a home that I own in Port St. Lucie Florida. In prior years I had taken out newspaper ads that ran about $150 for a two week period that had some limited success attracting prospective tenants. This time I didn't bother. **End Summary** Topics: Florida newspapers]]> Florida home insurance]]> Florida home insurance crisis]]> Florida newspaper circulation]]> Florida newspaper advertising]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed Certified Public Accountant. His on-line guide can help you find affordable options to State Farm Insurance Florida . Get all the secrets to low cost Florida insurance in his free newsletter at => http://www.homeinsurancebuyers.org

What You Need to Know About the Coming Florida Home Insurance Rate Hikes

Thu, 18 Jun 2009 00:00:00 -0400

The recent Florida property insurance law passed by the Florida Legislature and signed by Governor Charlie Crist was an important step towards improving the financial stability of the Florida insurance system. It allows Florida's state run insurance company - Citizens Property Insurance Corporation to start raising its rates as much as 10% per year starting in 2010 as part of a multi-year process to move the company towards more actuarially sound rates. Private Florida home insurance companies will also be able to get rate increases in the future as they purchase more reinsurance from the private market instead of from the Florida Hurricane Catastrophe Fund. The good news is that if Florida can continue the recent history of limited hurricane activity, the entire Florida insurance system should become stronger financially in the coming years - something that has to happen to improve the chances that most Florida home insurance companies can make good on their promise to pay your hurricane claim quickly and fairly. The bad news is the fact that all of us will be facing up to a 10% increase in Florida homeowner insurance rates. **End Summary** Topics: Florida insurance]]> Citizens Property Insurance Corporation]]> Florida hurricanes]]> State Farm Florida]]> Florida home insurance companies]]> insurance Florida]]> Flo]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed Certified Public Accountant. His on-line buyers guide can help you find affordable Florida insurance . Find out the secrets to low cost Florida insurance for homes in his free newsletter at => http://www.homeinsurancebuyers.org

Why Your Florida Bank Might Decide to Raise Your Florida Homeowners Insurance by 400%

Fri, 10 Apr 2009 00:00:00 -0400

There aren't too many of us in Florida that want to talk about home insurance. Despite the chaos in the market, we are sick of it and would just rather pay the bill and forget about it until next year. So it's no wonder that when a story ran in the Florida media earlier this year about two key financial rating agencies (A.M. Best and Demotech) threatening to downgrade the ratings of dozens of Florida homeowners insurance companies unless something was done about the Florida Hurricane Catastrophe Fund shortfall, no one paid any attention. If these rating agencies follow through on their threat to downgrade Florida home insurance company ratings, the impact would be disastrous for all homeowners in the state. Let's take a look at how this potentially dangerous situation was created. The Florida Hurricane Catastrophe Fund (Cat Fund) charges all Florida home insurance companies a premium for reinsurance - which is insurance for insurance companies. It is merely a way to permit insurance companies to be paid back by the Cat Fund, once Florida hurricane claim losses exceed certain levels. **End Summary** Topics: Florida homeowners insurance]]> homeowners insurance Florida]]> Florida home mortgages]]> AM Best]]> Demotech]]> Florida Hurricane Catastrophe Fund]]> Florida Mortgage]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed Certified Public Accountant. His on-line guide can help you find low Florida homeowner's insurance . Learn the secrets to affordable Florida insurance in his free newsletter at => http://www.homeinsurancebuyers.org

What Smart State Farm Florida Policyholders Are Doing Since the Big Announcement

Thu, 09 Apr 2009 00:00:00 -0400

State Farm Florida Insurance Company announced earlier this year that it intends to leave the Florida Property and Casualty Insurance Market. The only thing still yet to be determined is the actual terms of the withdrawal plan and the timing around when the policy cancellations will begin. Front and center are the estimated 700,000 State Farm Florida home insurance policies that are expected to be cancelled over a two year period - that's over 29,000 policies that will be cancelled each and every month for two years. No matter how you look at it, this is probably the most significant shock and disruption to the Florida home insurance market in history - and you could not pick a worse time for this to happen. To begin with, many of the home insurance policies that will be dropped by State Farm Florida will occur at the exact same time that Citizens Insurance Florida will be moving forward with higher rates in 2010 as required by law. **End Summary** Topics: State Farm Florida]]> State Farm Insurance Florida]]> Florida home insurance]]> Florida homeowners insurance]]> Florida home insurance cancellations]]> Florida homeo]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed Certified Public Accountant. His on-line guide can help you find low cost alternatives to Citizens Property Insurance Corporation for home insurance. Learn the secrets to affordable Florida insurance in his free newsletter at => http://www.homeinsurancebuyers.org

How Other Homeowners in Florida Get You to Pay for Their Insurance

Wed, 08 Apr 2009 00:00:00 -0400

After Hurricane Andrew and the Florida hurricanes of 2004/2005, Florida home insurance companies have continued to leave the state and/or pursue major home insurance rate increases. That's because both the companies and Florida state regulators can't agree on the right amount of premium that should be charged for Florida hurricane insurance. So starting in the 1990's, the State of Florida started to charge special assessments on each Florida home insurance policy written and formed an insurance company of last resort which today is called Citizens Property Insurance Corporation to make sure that everyone in Florida has at least one insurance company willing to cover their home or business. The state also created an entity called The Florida Hurricane Catastrophe Fund that requires all licensed Florida home insurance companies to purchase reinsurance once the cost of a major hurricane exceeds a certain level. This fund is insurance for Florida insurance companies and helps to make sure that they don't have to absorb all of the costs of a major hurricane event. Finally, Florida created a legal entity called the Florida Insurance Guaranty Association (FIGA) that will pay your insurance claim if your Florida homeowners insurance company is declared insolvent. **End Summary** Topics: Florida insurance]]> insurance Florida]]> Citizens Property Insurance Corporation]]> Florida Hurricane Catastrophe Fund]]> Florida Insurance Guaranty Association]]> ]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed CPA. His on-line buyers guide can help you find affordable Florida Insurance . Find out the secrets to low cost Florida home insurance in his free newsletter at => http://www.homeinsurancebuyers.org

What to Expect if You Are Trying to Rent Out a South Florida Home

Thu, 19 Feb 2009 00:00:00 -0500

I thought I was ready for the challenges of being a landlord when I purchased a new rental home in Port St. Lucie, Florida in 2005. I thought that I had seen it all after three years of high taxes/insurance and dropping prices. But I was totally unprepared for what I would face when my most recent tenant asked to move out in August, 2008 - just as the financial crisis became worse I thought I was up to the task when my tenants asked if they could terminate their lease in August of 2008 on my Port St. Lucie rental home. After all, I'd always been able to find new tenants before without the help or expense of a realtor. I estimated that in the worst possible scenario I would lose up to two months of rent. I couldn't have been more wrong about that. I was determined to stay positive and to get this home back on the South Florida rental market as soon as possible. **End Summary** Topics: South Florida landlord]]> South Florida real estate]]> Port St. Lucie]]> South Florida rental market]]>]]> About the Author: ]]> Michael Letcher is a Fortune 500 executive and a licensed CPA. His on-line buyers guide can help you find low cost Port Saint Lucie homeowners insurance . Find out the secrets to low cost Florida insurance in his free newsletter at => http://www.homeinsurancebuyers.org

Why You Should Give Some Florida Home Insurance Companies a Break

Thu, 22 Jan 2009 00:00:00 -0500

Being angry at Florida home insurance companies has become a popular activity since many large companies started exiting the state after Hurricane Andrew - a pattern that has continued thru today. After Florida's 2004/2005 hurricanes, companies significantly increased both their rates and their insurance cancellations But there are now two distinct groups of home insurance companies in Florida. The first group of companies consists of well known national names such as State Farm Florida, Allstate Floridian, and Nationwide Insurance Company of Florida among others. The second group consists of recently formed Florida based companies that have commenced operations in the past 15 years - many since the end of 2005. In this brave new world of big companies leaving and new companies entering the Florida market, it is the second group of recently formed companies that we should be giving a break. Here's why: After the 2007 legislation, it was the recently formed companies that actually reduced their rates in response to this legislation while many of the national companies stubbornly pursued rate increases. **End Summary** Topics: Florida home insurance]]> Hurricane Andrew]]> State Farm Florida]]> Allstate Floridian]]> Nationwide Insurance Company of Florida]]> Citizens Property Insurance Corp]]>]]> About the Author: ]]> Michael Letcher is a former Bank of America and W.R. Grace executive and a licensed Certified Public Accountant. His on-line guide can help you find affordable insurance Tampa Florida . Get all the secrets to low cost Florida insurance in his free newsletter at => http://www.homeinsurancebuyers.org

How to Find More Options for Insuring Your Florida Coastal Home

Wed, 21 Jan 2009 00:00:00 -0500

Finding low cost Florida home insurance can be difficult no matter where you live in the state. The situation is worse because most national companies will no longer cover homes here. Currently, only 40 companies out of over 400 that are licensed to write home insurance are still accepting new business in Florida. If your home is located in a Southern Florida coastal county, it is even harder for you to find coverage. Most southern coastal counties have an average of approximately 25 companies currently writing new business - and the nearer your home is to the water, the number of companies that will cover your coastal home decreases dramatically. Many Florida coastal homes end up seeking coverage with Citizens Property Insurance Corporation where they are subject to higher premiums and special assessments. However, the fact that you own a Florida coastal home doesn't always mean that insurance will cost you more. There are lower cost options to insure your Florida coastal home if you know where to look. **End Summary** Topics: Florida home insurance]]> Florida insurance]]> Florida coastal home]]> Southern Florida]]> Citizens Property Insurance Corporation]]> Citizens wind pool]]> Florida home]]>]]> About the Author: ]]> Michael Letcher is a former Bank of America and W.R. Grace executive and a licensed CPA. His on-line database can help you find home owners insurance Florida for coastal homes. Get the secrets to affordable Florida insurance for coastal homes in his free newsletter at => http://www.homeinsurancebuyers.org

How You Can Save on the Cost of Insuring an Older Florida Home

Mon, 19 Jan 2009 00:00:00 -0500

Owners of older Florida homes face a special challenge as the Florida insurance crisis continues. Depending on the building codes when they were constructed older homes can be subject to more damage in Florida hurricanes. They may also have outdated electrical, plumbing, and heating systems that make them more susceptible to fire, water damage, and other perils. Finally, the age, condition, and construction materials of the roof can result in larger claims for these older homes after a Florida hurricane. With all of that said, it is still possible for many owners of older Florida homes to find private homeowners insurance in Florida - and at an affordable price. As Florida home insurance companies consider the age of a home, they generally group homes into the following categories: Built 2004 and prior Built 1994 and prior 20, 30, or 40 years old or newer Up to 75 years old The first two categories take into consideration the Florida Building Code modifications of the early 2000's and the mid 1990's. Homes built after each of the building code updates are considered to be more resistant to damage, especially from hurricanes. **End Summary** Topics: Florida home insurance]]> Florida insurance]]> Florida home insurance companies]]> Florida older home insurance]]> My Safe Florida Home]]> Citizens Property Insuranc]]>]]> About the Author: ]]> Michael Letcher is a former Fortune 500 executive and a licensed CPA. His on-line buyers guide can help you find low cost Florida insurance for your older home. Get all the secrets to affordable Florida insurance in his free newsletter at => http://www.homeinsurancebuyers.org

How You Can Create Competition and Get Low Cost Florida Home Insurance

Mon, 19 Jan 2009 00:00:00 -0500

The Florida home insurance market is still fragmented and confusing to consumers. Despite the legislation of the past two years, it is still difficult to find affordable Florida home insurance - particularly for homes that are close to the coast or those that are older. After the exodus of most national insurance companies, Florida consumers are still faced with a limited number of newer, smaller, Florida based companies to protect their most significant investment. In this confusing market, what are the steps that you can take to create competition for your home insurance business and save the most? For starters, you need to understand that while there are over 450 companies licensed to write homeowners insurance in Florida, only around 40 are actually writing any new business at this time. And of those 40, only a portion of those companies are willing to cover your home. Why? Because each company establishes underwriting guidelines for the type of homes they want to insure. The two biggest factors companies use to decide whether to cover your home is its age and how close it is to the Florida coast. **End Summary** Topics: Florida home insurance]]> Florida insurance]]> Florida home insurance companies]]> Florida insurance agents]]>]]> About the Author: ]]> Michael Letcher is a former Fortune 500 executive with W. R. Grace and a licensed CPA. His on-line database will help you find affordable home insurance in Florida . Get all the secrets to low cost Florida insurance in his free newsletter at => http://www.homeinsurancebuyers.org

Mistakes You Don't Want to Make When Picking a Florida Homeowners Insurance Company

Tue, 13 Jan 2009 00:00:00 -0500

After Hurricane Andrew hit Florida in 1992, many of the best Florida home insurance companies began to leave the state. Many more exited Florida after the hurricanes of 2004 and 2005. Today the few name brand companies that remain for the most part don't write any new business. What was once a prominent list of over 500 companies is now a short list of about 40 brand new start up companies that most people have never heard of. With all of the chaos in the Florida home insurance market, what is the best way for you to find the best Florida home insurance companies? For starters, it's never been more important to have coverage with a private company - avoiding the bureaucracy of Citizens Property Insurance Corporation. While Florida's state run insurance company of last resort, is charging below market rates and competing with the private market, there are plenty of storm clouds on the horizon. Citizens has stated that it does not charge enough in its rates to cover the risks that it is taking. Consequently, the company must borrow even before hurricanes hit in order to have enough cash available to pay claims. **End Summary** Topics: Florida home insurance company]]> Hurricane Andrew]]> Citizens Property Insurance Company]]> Florida insurance consumer]]>]]> About the Author: ]]> Michael Letcher is a former Fortune 500 executive with W. R. Grace and Bank of America and a CPA. His on-line database can help you find a Florida home insurance company to meet your needs. Learn the secrets to affordable home insurance in his free newsletter at => http://www.homeinsurancebuyers.org

What You Should Do If You Receive a Letter From a Take Out Florida Home Insurance Company

Tue, 06 Jan 2009 00:00:00 -0500

Citizens Property Insurance is Florida's state run home insurance company. It was formed to offer home insurance coverage to consumers unable to find coverage from a private Florida home insurance company. Homeowners in Florida turn to Citizens for coverage due to one or more risk factors that make their home undesirable to private insurance companies. These risk factors include among other things - the home's age, distance from the coast, construction materials, and roof type. It's a known fact that Citizens Property Insurance doesn't charge enough in premiums for the risk that it takes. Instead it relies on a mixture of borrowing prior to major hurricane events and imposing surcharges on many types of Florida insurance policies after a storm if it doesn't have the money it needs to pay claims. This potentially lethal mix of high risk homes along with being under funded is one of the reasons that it's always been a good idea to try to reduce the number of policies in Citizens Property Insurance. The fewer number of policies the company has, the less risk there is of policyholders across the state being hit with massive special assessments for many years after a major hurricane. **End Summary** Topics: Florida home insurance]]> Citizens Property Insurance Corporation]]> Florida home insurance company]]> Florida take out companies]]>]]> About the Author: ]]> Michael Letcher is a former executive with Bank of America and W.R. Grace and is a licensed CPA. His on line guide helps consumers find, screen, and contact Florida homeowners insurance companies . Learn more about the Florida home insurance market by visiting => http://www.homeinsurancebuyers.org

Can State Farm Florida Remain in the State After Losing its Bid to Raise Home Insurance Rates by 47%

Sat, 20 Dec 2008 00:00:00 -0500

For years State Farm Florida Insurance Company has remained one of the few Fortune 500 homeowners insurance companies still doing business in Florida. It is still by far the largest private insurance company in the state for both homes and autos covering 1 million and 2.5 million policyholders respectively. They deserve credit for that. After all, many big insurance companies simply left Florida for good after Hurricane Andrew - and never looked back. That left Florida to deal with the problem on its own and caused it to create its own state run insurance company of last resort to help those who simply could not find coverage. State Farm Florida did not pursue this path. It has taken a reasonably prudent business approach to the situation that has unfolded in Florida since Hurricane Andrew. These steps have included: Strict underwriting criteria for homes selected for new business Multiline discounts for policyholders with home, auto, and life coverage Selectively cancelling higher risk older homes closer to the coastline This approach might have been successful during normal, reasonable periods of history. **End Summary** Topics: State Farm Florida]]> Florida insurance cancellations]]> Florida Hurricane Catastrophe Fund]]> Citizens Property Insurance]]>]]> About the Author: ]]> Michael Letcher is a former Fortune 500 executive and a licensed CPA. His on-line database can help you find alternatives to State Farm Insurance Florida . Get his free newsletter by visiting => http://www.homeinsurancebuyers.org

Now That States Can't Borrow, Will the Federal Government Be Next to Lose its Credit Card?

Sat, 20 Dec 2008 00:00:00 -0500

As citizens of the US, we've heard gigantic numbers in the media in recent years to pay for extraordinary events not initially considered when our government establishes its budget: $32 billion immediately following the September 11, 2001 attacks Up to $200 billion for Hurricane Katrina $500 billion and more for the War in Iraq Given the impact of extraordinary events like these most of us already expected that the federal government was going to face massive deficits this year - even before the financial crisis started. As the year comes to a close, however, we've heard a staggering new set of numbers connected with the bailouts either already announced or still being considered by the federal government: $200 billion to offset the future losses of Fannie Mae and Freddie Mac $700 billion for the Troubled Asset Relief Program Up to $1 trillion being considered in infrastructure projects to jump start the US economy After many years of simply not paying attention, I decided to do some on-line research on the financial condition of the US federal government. Quite frankly, I was shocked by what I discovered: The national debt just hit $10. **End Summary** Topics: national debt]]> President Elect Obama]]> Great Depression]]> Troubled Asset Relief Program]]> General Accounting Office]]>]]> About the Author: ]]> Michael Letcher is a CPA and former Fortune 500 executive with Bank of America and W.R. Grace. His on-line database can help you stay out of Citizens Property Insurance . Get all the secrets to affordable Florida home insurance in his free newsletter by visiting => http://www.homeinsurancebuyers.org

State of Florida - Is There Any Way to Avoid a Financial Collapse?

Wed, 03 Dec 2008 00:00:00 -0500

The State of Florida is experiencing a financial crisis more severe than anything in its history. With an estimated budget shortfall of $2.3 billion, the State of Florida is one of eight states where a deficit of over $1 billion is expected. The budget shortfall is being blamed on everything from lower collections on documentary stamp taxes from a slumping real estate market to reduced sales taxes on the sale of automobiles. Dramatic reductions in tourism, consumer spending, and corporate income have all led to lower sales and corporate taxes. And in particular, for the first time in decades there are fewer newcomers entering the state. Florida property taxes are still extremely high. Voters have seen little relief from Amendment 1 passed earlier this year. While the collapse of the Florida real estate market has brought down taxable home values, this has been negated by higher tax rates and the introduction of new taxes that are not based on the value of the home. The net result is that Floridians still face staggering Florida Property tax bills - even in a depressed real estate market. Florida homeowners insurance is still expensive and hard to find. **End Summary** Topics: State of Florida]]> Florida Property Taxes]]> Florida homeowners insurance]]> Florida Hurricane Catastrophe Fund]]> Warren Buffett]]> Berkshire Hathaway]]> Citize]]>]]> About the Author: ]]> Michael Letcher is licensed Certified Public Accountant and a former executive with Bank of America and W.R. Grace. Florida residents use his on line database to find alternatives to Citizens Property Insurance for their home insurance in Florida. Subscribe to his free monthly newsletter and get the truth about Citizens Property Insurance by visiting => http://www.homeinsurancebuyers.org

Articles by Michael Letcher on ArticleSnatch.com

The Coming Year Will Feature More Florida Home Insurance Cancellations

It's Time to Watch Out for High Florida Home Insurance Rates Again

The Most Expensive Costs of Owning a Florida Home

West Central Florida Sinkholes Cause Panic and Other Issues

Florida Home Insurance Companies Losing Money in Good Weather

More Florida Homeowners Insurance Problems Ahead This Year

New Problems With Florida Home Insurance Companies

What You Should Do After the Next Round of Florida Home Insurance Cancellations

How to Get the Most Affordable Florida Home Insurance Quotes

Is Now the Time to Re-Enter the Florida Real Estate Market?

The Impact of Consolidating Newspapers in Florida

What You Need to Know About the Coming Florida Home Insurance Rate Hikes

Why Your Florida Bank Might Decide to Raise Your Florida Homeowners Insurance by 400%

What Smart State Farm Florida Policyholders Are Doing Since the Big Announcement

How Other Homeowners in Florida Get You to Pay for Their Insurance

What to Expect if You Are Trying to Rent Out a South Florida Home

Why You Should Give Some Florida Home Insurance Companies a Break

How to Find More Options for Insuring Your Florida Coastal Home

How You Can Save on the Cost of Insuring an Older Florida Home

How You Can Create Competition and Get Low Cost Florida Home Insurance

Mistakes You Don't Want to Make When Picking a Florida Homeowners Insurance Company

What You Should Do If You Receive a Letter From a Take Out Florida Home Insurance Company

Can State Farm Florida Remain in the State After Losing its Bid to Raise Home Insurance Rates by 47%

Now That States Can't Borrow, Will the Federal Government Be Next to Lose its Credit Card?

State of Florida - Is There Any Way to Avoid a Financial Collapse?