| The State Of Citizens
No crystal ball is needed to see the future of Citizens Property Insurance, the state-run insurance pool. It will be getting bigger, possibly much bigger, in coming months. The massive insurance reform bill passed during the legislative special session in January will let Citizens compete with private insurers for homeowner business in the state's windstorm area. It also allows Citizens to expand commercial coverage. Now, during the regular session, Gov. Charlie Crist and several lawmakers would like to see a Senate bill move forward that paves the way for Citizens to be a full-fledged insurer. In making a case for Citizens, the bill claims the state's economic health and public safety are at risk without affordable property insurance. Citizens will be moving far beyond its original concept as a market of last resort for home, condo owners and renters who couldn't find available policies from private insurers.
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For those of us who are not billionaires -- or even millionaires -- in South Florida, life has gotten tougher.
It's difficult to find an affordable house, especially when adding on the cost of homeowners' insurance and property taxes. It also costs more to drive a car and see a doctor. And we have new bills for services we "need" such as high-speed Internet.
How do you live the South Florida life -- more cheaply?
In today's new Your Business section, Sun-Sentinel staff writers address some of the big cost issues for South Florida living.
We don't have all the answers. Maybe you have ideas on how to live more inexpensively in South Florida. Please tell us. Post your comments at sun-sentinel.com/business, where you also can get more money-saving tips by going to the Web sites listed inside.
Insurance Law Fuels Confusion
Bill Bartram is one of more than 38,000 residents in Florida who are receiving notices from Nationwide Insurance that their homeowners policies will not be renewed. Like others, Bartram, a retired cop from Washington, D.C., who has lived in his Bradenton home for the past 28 years, thought recently passed legislation protected him from receiving such a notice. He was wrong. Actually, the law states that once insurance companies submit rate-reduction filings with the Florida Office of Insurance Regulation - as Nationwide and others have done - then those companies can deliver nonrenewal notices to customers. Still, Bartram thinks someone's not keeping his word. "From what (Gov. Charlie) Crist's office said, if they (companies) sell insurance in Florida, they're going to have to continue to offer coverage," says Bartram, who has been with Nationwide for 25 years and also has automobile and life insurance with the company.
Get to Know Home-Buying Fees
If you're about to buy a house, you're about to face a multitude of fees. It's valuable to take some time to learn what you'll be paying for. Take a deep breath and read on. Points or origination fees: Each point is one percent of the mortgage value, and the more points you pay, the lower your mortgage's interest rate should be. Sometimes you can get your seller to pay the points for you -- if you're the buyer, get your own broker to look into that possibility for you.Escrow fees: Depending on your lender and the terms of your purchase contract with the seller, you may have to pay money into escrow either before closing or while you're paying down your mortgage. There are fees for this service, though.Homeowner's insurance: Most lenders require insurance before you can take possession of your new home.Legal fees: Not everyone needs the services of a lawyer, but if your transaction is too complicated for boilerplate forms, you'll want an attorney looking out for you.Private mortgage insurance: This may be required if your down payment is less than 20% of your home's value.
Senate insurance panel quizzes former director
Charleston-area property owners were treated to a rare opportunity last week (if treat is the right word): The state Senate insurance subcommittee held its meeting in North Charleston rather than Columbia. A main purpose of the committee is to gather information related to bills being considered by the Legislature. This year, given a coastal insurance crisis that has gained momentum since last summer, there are a host of bills proposed that aim to fix problems with increasing premiums and shrinking availability experienced by thousands of the state's homeowners. But not all the talk last week centered on solutions. Former Director of Insurance Eleanor Kitzman was again asked to testify before the committee and was asked by co-chairman Luke Rankin (R-Myrtle Beach) if she thought last month's expansion of the wind pool by her successor, Scott Richardson, went far enough.
Grand designs for your home? Get a secured loan
Brits are planning home improvements worth many, many billions of pounds to give them their own 'grand design', according to new Halifax research.An estimated 11 million households in the UK have a big idea about how they'd like to transform their home, with transforming the garden the most popular option.In total all these plans would cost an impressive £153 billion, bringing the average makeover budget in at just over £13,000 – a very affordable amount of money to borrow as a secured loan or homeowner loan."Whilst well planned and executed home improvements can add significant value to a home, getting it wrong can be a disaster. We'd advise anyone planning any major improvements to their home to employ qualified and reputable tradesmen, rather than going it alone," said Vicky Emmott from Halifax."Indeed trying to tackle certain areas that you are not qualified for, such as electrics or plumbing, could invalidate your home insurance and leave you liable for the cost of any subsequent damage," she advised.Given that more than four million UK homeowners admit they've made a serious DIY mistake, it is definitely best to pay a little extra and get the experts in.The initial extra expense is more than offset by the reduced stress and risk of damage, and all such costs can be easily rolled into small monthly payments with a secured loan or homeowner loan.© Adfero Ltd .
Nationwide Rates Set To Rise
31--TALLAHASSEE -- Arbitrators have overruled the state and will allow Nationwide Insurance to raise homeowners' premiums by an average of 54 percent. The increase by the Tampa Bay area's second-largest insurer applies to hurricane and nonhurricane coverage, though the amount will vary by location. Nationwide spokesman Eric Hardgrove said the company will implement the increase "as soon as possible." Nationwide, which has 240,000 policyholders in Florida and 42,005 in the Tampa Bay area, sought a 71 percent rate increase in July, but regulators rejected it. The company then filed for arbitration and won the case during hearings earlier this month. The ruling was released Friday. Under the original 71 percent average request, increases for the Tampa Bay area varied widely. Hillsborough County was projected to be 49.8 percent; Pinellas, 134.6 percent; Pasco, 73.7 percent; and Polk, 43.7 percent.
Insurance, brush control, evacuation plans and kitchen safety are ...
Know what your homeowner's insurance covers and upgrade as necessary. Know what to do if your stove catches on fire. Store important personal papers and copies in an accessible - preferably fireproof - place. Have an evacuation plan. These suggestions and more were offered to an audience of some 40-plus residents by a panel at TWCM Project 19's fire seminar held March 28 in the Fireside Room. The panel included GRF CEO Alan Gardner, General Counsel Shannon Walpole, two residents and three representatives from the Contra Costa County Fire Prevention District (CCFPD). The program was moderated by Project 19 Director Pauline Kelzer. Insurance “Insurance is a boring subject, until of course you need it," Walpole said, prefacing her discussion of what residents need to know about the subject.
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