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The Florida home insurance crisis continues to be alive and well since Florida homeowners insurance organizations continue to depart the state and/or look for major fee hikes. Both companies assuring regulators can not agree on the correct amount that homeowners ought to be paying to insure for losses against major Florida tornados. As a result, starting in the Nineties, Florida started to enforce special assessments on every Florida homeowners insurance plan issued and created a express run insurance provider of last measure that is called Citizens Home Insurance Company to ensure that everyone in Florida will get home insurance insurance coverage for their house. Florida also created The Florida Hurricane Devastation Fund which usually requires all licensed Florida homeowners insurance companies to purchase reinsurance after the deficits from a major hurricane achieve a certain level. This fund is insurance policy for Florida insurance firms and helps to make sure that they don't need to absorb all of the costs of the major storm event.

http://collinsinstitute.fsu.edu/content/jeff-bartel

Lastly, Florida has an organization called the Florida Insurance Guaranty Organization (FIGA) that steps in to pay the claim up to a certain level if your Florida home insurance company has no money and is also declared insolvent. Those unique assessment series items in your Florida home insurance bill can cause you to pay collection item charges for many years to the future. You can be asked to make up the difference when Citizens Property Insurance Company and the Florida Typhoon Catastrophe Finance don't have the money to meet their own obligations. Or you could be evaluated for the distinction if FIGA doesn't have the cash to repay the claims filed towards a Florida home insurance company which became insolvent. So far, at high level, each one of these various entities and the protections that they provide make sense. So when they work correctly they do assist further broaden Florida's hurricane risk and make it desirable for Florida home insurance companies to keep to do business within the state. Nevertheless, the Florida Insurance coverage Laws passed in 2007 and '08 have changed and politicized the particular goals of each and every of these organizations to a point in which they no more function as originally intended. Exactly why? Because Florida law makers aren't ready to tell voters the truth - these entities have become seriously underfunded rather than positioned to do what they are meant to do. Even worse, many Florida buyers don't realize that they're paying for another person's Florida home insurance.

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[http://collinsinstitute.fsu.edu/content/jeff-bartel Jeff Bartel]