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States, Insurers at Odds Over Rising Rates

Florida’s persistent battle with insurers over rates and coverage is spreading to other states and could have an affect on insurance customers nationwide.

New York, which prevented insurers from forcing residents to buy car and homeowners insurance from the same company in order to avoid cancellation, now wants to order insurers to set aside their record profits for future hurricanes.

Massachusetts and New Jersey are contemplating similar proposals.

Connecticut’s attorney general accused the nation’s largest reinsurance brokerage of price-fixing, rigging the market to run up profits by forcing insurers to run up rates.

So far, these regulatory and legislative efforts in Florida and elsewhere haven’t resulted in lower prices or guarantees of coverage. In fact, the largest insurers, Allstate, State Farm and Liberty Mutual, all have announced rate hikes and withdrawals from northern shores that have not seen a hurricane in nearly 70 years.

Where will it all end? Is there a chance large insurers will simply refuse to comply and refuse to service states that limit their ability to manage risk?

“There are such large markets that individual companies are reluctant to walk away from that much premium,” says Bill McCartney, insurer USAA’s senior vice president for regulatory policy and the former insurance commissioner of Nebraska. “(But) there is a tipping point. Florida is getting awfully close to it.”

Source: Gannett News Service, Paige St. John (11/02/07)

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Posted in: Real Estate News Tagged: home owner, homeowner, insurance, louis, mortgage, rate, real estate, saint, st.

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Still LOVE my home – thank you!!

Lynn B. Ballwin, Missouri

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Thanks Jim. I was prepared for a miserable experience. You took the worry and tension out of selling.

John Walsh Seattle, Washington

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We had the best experience during the purchase of our first home with Jim. We love it. One of my best friends is a Realtor and I have already told her that when I move, Jim Hurley is the one I work with.

James Fagan Ballwin, Missouri

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It was our first home and we spend several months looking. Jim never lost patience. He spent hours educating us and helping us through the process. He’s always smiling and positive…. Linda and Steve Green St. Peters, Missouri

Linda and Steve Green St. Peters, Missouri

default image

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

Tina and Tom Shinner Kirkwood, Missouri

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