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Topic Title: 'Homeowners Choice Property & Casualty Insurance' (HCPCI) vs Citizens?
Topic Summary: Does anyone have any info &/or feedback - or similar stories..
Created On: 11/11/2012 09:24 AM
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 11/11/2012 09:24 AM
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surfsail

Posts: 3210
Joined: 07/28/2003

Got a notice from Citizens that I have the option to 'opt out' and go with a relatively new Insurance Company 'Homeowners Choice Property & Casualty Insurance' (HCPCI).. Does not sound like a bad deal on the surface but I have lots of nagging questions..

Every once in a while citizens gives a few of these new (non National) fledgling companies the opportunity to get some business, and gived them the sole right to solicit homeowners on their terms - In my opinion defintiely not theose favorable to the consumer and definitely slanted towards the 'company'.

1) I CAN NOT get comparitive Rate quotes for both BEFORE choosing..  If I leave Citizens I will never be able to get back in. Seesm unfair as a consumer that I have to jump without knowing the rates.

2) I do not see that this relatively new company has a reasonable track record of 'events' or payouts, neither the similar ones formed. 

I was under Citizens & had damage durng Francis/Jeannie.  While the paybacks dragged out (4 different adjusters & 2+ years,), we did eventually get reimbursed reasonably compared to many.

Many who not with Citizens, who also had way more damage, practically didn't get back shite..

As an engineer I worked with many owners rebuilding damaged homes - all insurers are definitely not created equal..

Are these new kids on the block adequately backed further up the chain (If they were insured w/ Lloyds of London I would get a 'warm fuzzy'),  am I wasting my $ on premiums..

The head of Citizen's bailed recently & went over to head HCPCI up? What's up?

Florida hasn't had a bad hurricane season in years so Citizens should be very solvent since they have been making $ hand over fist & should have boatloads of cash in it's coffers.

Am I to give any creedence to  'rumors' that Citizens is planning massive rate hikes.

Citiizens, like social Security, was not meant as a money making organization but what is this talk about closing them down about - whats going on with the $ in the coffers? A Rebate sound fair to me since we have been paying 'extra' since I bought theis house 12 years ago.. or put another way; who 'gets' vs 'deserves' this closeout 'bonus'?

I will have to make a decision between the 2 within a month - but it does not sound like I have much of a rational 'choice' since there is no info offered..

Is this the way pro-consumer insurance regulator division of government is supposed to work?

- Anyone on here ever switched from Citizens to one of the other 'companies'?

- Any claims experience with them to date?

- How much was your rate change/hikes after the switch as compared to Citizens prior to the switch?

Thanks for your input/feedback..

 11/11/2012 10:03 AM
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SunriseSurfer

Posts: 7106
Joined: 07/22/2003

We're in the same boat ....


Yes, I received the same notice that if I didn't submit the "opt out" paperwork, I would automaticallly be swithed over to "Homeowners Choice"

On the advice of my State Farm agent who handles my auto and Citizens home owners policy, I opted out.
Hopefully, as my agent, they recommended the best for me, though as my agent I'm sure they also have a financial interest.
But again, Homeoweners Choice offered no input as to rates or anything.

Through Citizens, I recently also had to submit to a "free wind mitigation" inspection or be subjected to possible rate increases as they supposedly
have out dated info. Of course they did the inspecition and the report said I had all the openings of my house, including my entryway and sliders, protected by
hurricane shutters, ........BUT the report states there is no NOA number stamped on the panels. HUH ??? and the letter from Citizens now states my rate may
go up as much as $100 more PER MONTH. *&%$&@%^$ Thats like double.

My panels met all the Dade County specs 6 years ago, etc etc... (paperwork says that) but there isn't an NOA (Notice of Acceptance) stamp on them.
I didn't even know what that was at first, but I am well aware of it now.

I'm still in the progress of getting more info..contatcted the shutter company and my agent, and working on information and a resolution.

I'm still not leaving Citizens for the unknown....as I feel Citizen's letters are more of a scare tactic to get me to opt out....but hell yes I'm "concerned"
I agree, give me some more info on my future rates with the new company....!!

I'm tired of this insurance crap, but can't afford not to have it...and as I do have a mortgage, so I am forced and required to have insurance.
Though, I am thinking of selling soon and renting! Tired of all this!!

I'm thinking of even moving towards minimalist living and just rent and have less of everything.
I don't think I need all that I have anymore...or all those headaches anymore. I'll just pay
and let someone else deal with it. Then if I don't like the arrangement, I'll move on to another place.
No more roots, no more headaches. A vagabond, ....almost. or at least a minimalist, to make it easier to pick up and leave/move.

How much does insurance cost for a tent ???


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Puerto Rico 11 - 24 - 2013
 11/11/2012 11:23 AM
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surfsail

Posts: 3210
Joined: 07/28/2003

Sunrise.........

I am currently thinking of opting out also.. Don't  like the feel of this..

We refinanced recently (was 8 years away form payoff but signed up for another 15 at 3.5% (2% lower)..  I didnt realise that this came with 'strings attached' since I can't 'opt out' entirely as yet - but least we are going for a quicker payoff keeping our payments the same..

Have friends who live directly on the beach who have opted out entirely - unfortunately I really would like to have 'fire' & I beleibe it's hard (impossible) to buy separately...

Wonder 'why'?

I jsut read just online that HPCPI bought over a 'D' rated company that filed & went bankrupt - only to do another search & find out that HPCPI is also a 'D' rated company.. what gives here?

Looks also like all of the alternate companies are either 'D' rated or 'unrated'...

Hmmmmmmm..

Looks like I'm going to call my brother in law who owns a commercial Insurance company in Michigan & pick his brain..

My agent seemed like he was encouraging me to switch.. I'm starting to wonder if there 'something' in there for them to 'encourage' me to change over - or he isn't doing any upfront research on these guys either; neither one gives me a 'warm fuzzy'.

I may be switching agents instead of companies..

 11/11/2012 04:13 PM
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peterg

Posts: 507
Joined: 10/12/2006

had some problems about 2 -3 years ago. 1 company jacked up rates by 30%. fired them. went and got on with another company at a reasonable price. 2 months later they fired me because the family room had a flat roof. tried 4 or 5 different agents locally. no one would even return a call. well, 1 did and told me i needed a 4 point ( i think it was 4 points, may have been a different number) and a wind mitigation. shelled out for that and then THEY wouldn't call me back!!!

wound up complaining to the insurance commissioner and the governor that no one was writing policies. got a call the next day, followed by an email of "recommended agents".

1st agent i called from that list wrote me a policy with the original company i had fired, at less than i was paying before i fired them. still with them.
 11/12/2012 05:31 AM
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Ripper65

Posts: 2066
Joined: 12/08/2003

Yep, I received that letter too. Talked to Allstate who does my house(handles Citizens for me)and cars. They highly recommended I opt out. So I did.
The rates are going to go higher I heard too.


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 11/12/2012 12:50 PM
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phreshmango

Posts: 1537
Joined: 12/05/2005

make sure and watch how much they are charging for dwelling coverage, they upped mine to 250k, i live around desoto pkwy, there is no way my house would cost 250k if it were to blow away completely. i got them to lower the dwelling to 200k which saved me a few hundred off the policy.
 11/13/2012 08:50 AM
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tingo

Posts: 2003
Joined: 09/22/2004

You have the option to stay with citizens if you want. All the companies suck but the saving grace is that they are "admitted carriers" which means they are backed by the Florida Insurance guarantee fund. Which means that if the company goes belly up the state will cover your claim up to $500,00. There are ways to get back to citizens but i am to lazy to go ask the girls up front. Something like if the new premium is 25% more than citizens you can go back, something along those lines.

So you feel better there are no insurance agents discount...I pay the same as you.

as for your agent recommending to stay or go is a toss up, the commision is the same so the decision is not money driven

Its hard for an agent to make a firm call. Its like" would you like piece of shit one or piece of shit two..."

 

 11/14/2012 03:23 PM
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surfsail

Posts: 3210
Joined: 07/28/2003

tingo

Is it no biggie that all the alternate companies look like they are 'D' rated - since Citizens will still back them if they go belly up?

What about on an individual claim basis?

Who do I complain to if I feel I am getting the shaft, especially since it's only a local company that may not give a sheite?

I am not familiar with what the ratings mean.. Is a 'D' rating have anything to do with how they handle consumer payouts in an 'event' or more related to their overall financial stability..

Is there any rating that consumers do themselves?

 11/15/2012 07:48 AM
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tingo

Posts: 2003
Joined: 09/22/2004

Typically all the new companies are actually not rated as thier rating in the AM Best Book is "NR"= not rated so Im not sure where you are seeing the "D" rating. If you have a problem yu would contect the dept of insurance. I have found that if you have a legitimate claim and its not being handled correctly the old $250.00 letter from your atotrney gets the ball rolling. Its unfortuneate that you have to do that but it is what it is.

My advise is that if your insurance compony logo is a elephant you will need an attorney to get paid. 

AM Best is the only real source for insurance company rating. Demotech gives everbody an A.

 

Edit:

man that is filled with typos

 11/15/2012 01:50 PM
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Surfgrl4ever

Posts: 149
Joined: 07/08/2004

my agent told us that we should switch because citizens dropped coverage for anything but the house and dropped the dwelling coverage from 300,000 to 100,00, and my price is due to increase w citizens ,the new one is keeping coverage as is and takes care of pool and fence etc.. but now you guys have me questioning what to do, my agent said if it goes to high he will put me back in citizens, mine is a Farm Bureau agent, why shouldn't we switch ??
 11/16/2012 07:29 AM
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tingo

Posts: 2003
Joined: 09/22/2004

Surfer girl.
Citizens did not reduce the coverage for the structure from $300,000 to $100,000. That is your liability coverage. If someone were to fall on your property you could have in the past had $300,000 to defend you, if you paid the extra $20.00 per year. Now the limit is $100,000, cannot buy anymore now.

There is a gap policy that is available for $240.00 per year that covers the missing $200,000.

The statement about citizens dropping all the coverages besides the house is not accurate. Maybe you meant to say "reduced" the other coverages. 

 11/16/2012 03:16 PM
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Surfgrl4ever

Posts: 149
Joined: 07/08/2004

I will check with him again but he did tell me that my pool, gazebo and fence were no longer going to be covered , and that i would be paying the same amount, I would be getting less coverage for the same price and you are wrong the $300,00 was for rebuilding costs not my liability , that's where they changed it to $100,00. and yes i meant to say dropped and not reduced.. Do you always talk for people ? Sea u in the water
 11/16/2012 03:30 PM
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Ripper65

Posts: 2066
Joined: 12/08/2003

I know what your talking about 100% Surfgrl4ever......Hate Insurance,but have to have it...as long as you don't use it.


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 11/19/2012 07:34 AM
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tom

Posts: 4727
Joined: 07/25/2003

Just moaning and complaining:

1.  Sent payment to Citizens, lost either there or in the mail.  Insurance Canceled.

2.  Reapply with new inspection, send in new check etc.  Insurance.

3.  Letter from Citizens.  Electrical no good, inspection no good.  Insurance Canceled.

Um, the electrical hasn't changed?  The inspection was done by the contractor the insurance agent recommended?

I hate Citizens.

I wish somebody / anybody else would write beachside.

Ack.

note:  Had State Farm for 10 years. 

Charlie/Francis/Jeanne Storm in 2004.  Made claim for roof.  Dropped by State Farm.

ack again

 

 11/19/2012 07:39 AM
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tingo

Posts: 2003
Joined: 09/22/2004

sarcasm and jokes do not translate well on the internet so I cant be sure but if your house was insured for $300,000 and it was dropped to $100,000 thats some odd stuff for lack of better words.

im betting your still not getting it, meaning your not understanding something.

aint trying to be a jackass but citizens has dropped thier liability coverage from 300k to 100k , so thats a big coincidence

Yes 30 more minute and Im in the water. nice little sell coming in down here in palm beach county

 

 11/19/2012 07:43 AM
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dingpatch

Posts: 8655
Joined: 07/24/2003

Ya, but, , , , how much KY do you think it will take?
 11/19/2012 07:44 AM
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tingo

Posts: 2003
Joined: 09/22/2004

Tom,
trust me your agent isnt having any fun either. Homeowners and car insurance is a high volume business to make any money. Citizens pays 10% commision but not on the bottom line you see as a premium. To make it simple citizens pays 10% on half your premium. It may be easier to say citizens pays 5%  commision. That aint alot.

 11/19/2012 09:22 PM
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surfsail

Posts: 3210
Joined: 07/28/2003

Staring to look like staying with Citizens & taking my chances may be the better options.  My agent did say something about them not covcering 'attached' stuff - but at this point all I have is a tool shed; decided in '04 to not replace the pool screen.

Weiss (not sure exacltly who they are - Tingo - any input here) rates all the 'pickup' compnies as D or 'not rated', BUT some of these same companies are supposedly 'A' rated by Demotech?

What's up here?

Also saw that 'State Farm 'of Florida'' (note!) was not well rated & seem to remember many of my clients moaning about them during '04 with problems with paying..

Plot thickens..

 11/20/2012 06:00 AM
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tom

Posts: 4727
Joined: 07/25/2003

Surf - no complaints on State Farm.  They came through promptly and covered things I didn't think of as "loss". 

Tingo - yeah, I feel sorry for my Agent.  She's got to deal with Citizens and the Mrs.

 08/23/2013 08:48 AM
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SatBchRealty

Posts: 10
Joined: 02/03/2013

Check with Natwick Ins in Satellite off S.Patrick, they can get you quotes from Federated which seems to offer the most reasonable premiums right now. 

If you need Wind Mit / 4 PT inspection, see Honor Construction Inspections $135 



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