Friday, October 20, 2006

Nationwide Smacked in Tallahassee

Maybe I'm going a little old-school with this reference, but it appears that the man from Nationwide is indeed, NOT on your side. Like other insurers used to a free-pass from their shills in the state capital, Nationwide is looking for some more revenue and wants to increase rates. This time, they took it to whole other ballfield: they approached the state insurance commission with a request for 71.5% increase. Oops.

'Florida Insurance Commissioner Kevin McCarty said Wednesday he plans to reject an average 71.5 percent statewide homeowners insurance rate increase proposed by Nationwide Insurance Co. of Florida.

In a notice to Nationwide, regulators said the insurer has failed to provide sufficient data to justify the planned Nov. 10 increase and its intended 15 percent profit.

Supporting data are necessary, especially in a period when Florida residents are feeling the pinch of rising insurance rates, McCarty said in a statement. '


Wow - somebody in Tallahassee standing up for consumers? What alternate universe have we travelled to?

'"In such an environment, insurers must redouble efforts to fully and completely support all requests for increased rates, and that has absolutely not been done in this case," McCarty said.

"The filing contains proposed hurricane rate hikes in excess of 300 and 400 percent for some territories, which are entirely unsustainable."'


Oh, but suddenly, it all becomes clear - we're in an ELECTION year. AND, guess what the #1 issue with voters in Florida this year? Yep, the insurance crisis.

So, back to the story of our friends at Nationwide. With this slap in the face, now what are they going to do?

'It's unclear whether Nationwide will further withdraw from the troubled Florida insurance market because of the state's rejection.

Citing major hurricane losses, Nationwide announced in August 2005 that it was shedding 35,000 homeowners policyholders and its entire book of more than 1,000 condominium associations, and that it will not write any new homeowners or condo insurance policies in Florida. '

Nice guys, huh?

Full Article: Nationwide Rejected

21 comments:

slow and low said...

Man, you KNOW that they're making money, hand over foot this year. Any rate increase they get will immediately add to their bottom-line income (after taxes, that is).

lizziebeth said...

Off Topic:

Frank, thanks for backing me up at the Business Weekly Blog! Some of those folks piss me off so much, I tend to go off a little too much! Haven't heard from my girlfriends Pamela and Tricia in awhile. I kind of miss them!

Anyway, I don't know about everyone else here, but The Housing Bubble Blog is getting too big! The wait time to read comments, post... is just a pain. While I'm interested in the what's happening everywhere, I'm really concerned about Florida real estate! Thanks for the Blog! Maybe you could have a Bits Bucket and off topic category. We need to get more Housing Blog Floridians over here.

xSparta said...

I agree with Lizziebeth. Some of the blogs are getting too big, it takes forever to read a 100 comments per post, and most are nationwide.

This one is nice and local, just what I was looking for.

Crazy G said...

Like Tip O'Neil, former Speaker of the House once said:

"All politics is local"

SSSOOOO!!!! People complain to their congressman, that their insurance rates are too high, when they're going up 200-300%...
TO COVER THE INCREASE IN PROPERTY VALUES....WHICH HAVE JUST GONE UP ACCORDINGLY [200-300%]!!!!!

>>>>AND THEN THEY COMPLAIN THAT THE INSURANCE COMPANIES AREN'T PAYING OUT CLAIMS CUZ THEY'RE BANKRUPT<<<<< [or leaving the business cuz they can't make money & will go bankrupt]

Either way, your going to loose, either way, your going to pay!!! [DEARLY]

Because politicans didn't let the free market work for itself...the free market has to find it's own equilibrium/balance.....and that is heading North on I-75/95....

The hand writing is on the wall, and has been there for 14 years [1992]....Home-owners have had their heads in the sand of Florida Beaches so long, they got their brains are water logged!!!

The risk/reward ratios are disporportional unless they have VAST reserves, which the homeowners don't want to foot the bill for.....

NO POLITICO IS GOING TO SOLVE THIS THING....Each and every homeowner is going to have face his own destiny....

PAY-UP OR SHUT-UP!!!!!

lizziebeth said...

Insomnia had me searching other areas in Florida. Check out the Naples News! Holy cow article after article whining about long lines, no workers..... I didn't read anything that suggested that maybe home prices should be lowered. Those folks that enjoyed 100% appreciation over the last two years, can enjoy their so called equity, but can't get any service. What's most frightening is the lack of healthcare workers. Something's gotta give in paradise!

Check out the remarks of this idiot realtor!
http://www.naplesnews.com/news/2006/oct/01/prices_stabilize_market_falters/

"I don't expect it to ever be a low end market. I expect it to be another California". Joe Ballarino Amerivest Realty.

There were some realtors that were more realistic.

"It's sad when you have to call a $300,000 home affordable housing," said Joy Runyon of Keller Williams Platinum Realty.

"It's not difficult to buy the elephant, the challenge is to feed it," said Maneal Iraola president of homekeys.net of the lack of affordability when you factor in rising insurance rates and high taxes. I love that qoute! So many bought the elephant, but can't feed it. The zoo's going to have a surplus of elephants soon! There may be some elephant bargains!

lizziebeth said...

I forgot this classic qoute from the idiot realtor Iraola, "I don't know that (affordability) is going to change much. It hasn't changed much yet and I don't see it changing. We need affordable housing (but that) doesn't mean we'll have it".

Here's a topic suggestion, idiot realtor remarks!!!!

lizziebeth said...

Good Lord, maybe it's the lack of sleep, but holy cow you need to check out the Naples News. It's the Housing Bubble on steroids. Only they aren't suggesting a return to normal prices. Check these out.

The Fall Hurts "exotic loans"
http://www.naplesnews.com/news/2006/sep/24/fall_hurts/

Conversion Reversion-classic picture of some idiot that bought an apartment for a short term investment!
http://www.naplesnews.com/news/2006/oct/01/conversion_reversion/

Crazy G said...

Well the FINAL insult is coming to pass!!!!

The other day, I stopped off at the 'barter board', at our central mail box, and there was a gentlemen posting a card for an open house for this day..[Sun 22nd]..

The house was $349k,....So I asked him how much he paid for it??...RIGHT UP FRONT [I Am]...

He said; Go look it up yourself!!!! I said houses in here weren't selling at all, and why he thought he could sell it better than a Realtor....

He says to me, that his wife is a realtor!!!!

So! I go back home and look it up on the wesite....low and behold they've got a nice mortgage to pay!!!

DO YOU SUPPOSE THE "FINAL INSULT" WILL BE REALTORS SELLING THEIR OWN HOMES BECAUSE THEY CAN'T AFFORD THEM?????

FlyingMonkeyWarrior said...

Nation Wide just canceled my HOA's Home Owner Insurance, out of the blue.

So, the cost WAS $120,000.oo per year.
Now we are with Citizens, who has 0 dollars in their reserves, and the yearly cost? $320,000.oo. Our HOA Fees just went up by 50%.

DOh.

Crazy G said...

Did you ever think for one minute that the 300% increase is just a 'red herring'

In other words, that the insurance companies don't want any part of this mess down here...
I mean, Allstate, State Farm, and NOW Nation Wide, are all heading north on I-75/95.....

This is NOT political.....

>>>THIS IS REALITY<<<<<

I mean, ask Queen Elizabeth, from Spain [c. 1500's] how much she lost in gold shipments, due to hurricanes....

It just amazes me, that people think, their politicans can pass a law to repeal, the laws of nature!!!!

Crazy G said...

Another Florida Fallacy, is that "ALL" these people are moving here, to Florida.....

In the "PAST TENSE" that was true, true, true!!!!

At one point a year or two ago, there were 221 people a day moving to Palm Beach County..... I don't think that is the case anymore...As MOST of these statistics are historical data.....

"IF", you want a current barometer, that's all you have to do, is call up a moving truck rental company [Penske, Hertz, Budget, etc], and get a rate, of moving North vs moving South.....

"""TRIPLE"" the price, moving NORTH.....

This NOT what the man on the street is lead to believe....They got this idea that all them snow birds are headed here to save the day!!!!

FL - Paradise Lost said...

Lizziebeth:

In the words of Jambi (on Pee-Wee's Playhouse), Your wish has been granted! Long Live Jambi.

A weekly "bits and pieces" forum like Ben has is a great idea, and (as you can see) we now have our own, which I intend on setting up on Mondays.

Crazy-G:
Great job giving that guy the "20 questions" treatment. It's always fun to go to open houses (all of which I've been to in the last year were completely devoid of buyers) with the sales history of the home on hand. When asked why the house is priced so high (when it only sold for $x on x date), the realtor gets either: a. A stunned look or b. Very defensive.
either way, it makes for great comedy.

FMW:
I just don't get it. How could these companies have insured this state for all those years, and now they can't? Citizen's will be fine, as long as there isn't another 2005-2006 string of hurricanes.

Crazy G said...

Citizens is going to be fine?????

RIGHT!!!! Come on!!!!

By law they have to charge the highest rate in the state, ||| NOW ||| for Snow Birds and Land Lords, then can Charge the highest +++++""" PLUS """++++ 25%..

Citizens ((( JUST ))) maybe fine....""BUT "" what about >>> YOU <<<

Are you going to be fine, paying those rates????

COME ON DUDE....WAKE UP & SMELL FLORIDA GOING UP IN SMOKE!!!!

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