Question
My State FLA. After over 20 years my ins co will not renew my insurance, under this critera: can't be closer than 1 1/2 miles of water( Gulf ), house cannot be built before the year 2000, the house cannot be worth more than $200,000. My independent ins agent said they were negotiating with them now. Is there a law that they have to give money up to another Co to help differ any increase in my policy with another Co?. I'm assumming i'll loose any discount's, like multi policys, longevity without a claim, plus my 4 cars are with them. Is there laws that help protect me?. Can they just take my money and Run?.
Answer
My State FLA. After over 20 years my ins co will not renew my insurance, under this critera: can't be closer than 1 1/2 miles of water( Gulf ), house cannot be built before the year 2000, the house cannot be worth more than $200,000. My independent ins agent said they were negotiating with them now. Is there a law that they have to give money up to another Co to help differ any increase in my policy with another Co?. I'm assumming i'll loose any discount's, like multi policys, longevity without a claim, plus my 4 cars are with them. Is there laws that help protect me?. Can they just take my money and Run?.
**A: there is no such law requring renewal or renewal at the same terms and conditions. Haven't you heard of the non renewals due to toxic mold and hurricane issues?
Answer
Yes, it is Hurricane driven. I've been thru a hell of a lot of hurricanes in this house in 35 yrs not one claim. What is insurance?. Just like car insurance they have to pay out then cancel . Guess thats the only way to pay for all those 100 story buildings, and 100 thousand people that work for them, and CEO's bonuses all those years. they payout .10 cents on the dollar and steal the .90 cents. Thats having a license to steal. You don't get what you pay for.
They increase your premiuns every year, and do nothing!.