Florida homeowners forced into new insurance company, CBS News investigation finds - CBS News

[genxlib]

1. This has been going on for years

Happened to me twice starting probably 15 years ago. My neighbor is going through it now.

The state pool is an insurer of last resort. If someone on the private side will insure you, they kick you out. They will flat out give you away to some unknown company.

I get why they do it but there are questions about how solid these unknown companies are. The motivation for the state to reduce their risk pool leads to pressure to accept insurers that might not be top tier companies. And there has been a history of quickly rising premiums after the initial year. That is why I have been through the process twice because my first spinoff jacked up the rates in year 2 and there was a revolt to get back into the state. The most recent spinoff has been a little better but I don’t trust them. I just haven’t needed to make a claim.