The major insurance carriers are bilking Florida homeowners in several different ways. These large national companies have set up Florida subsidiaries in order to legally shield the parent company from large losses. They have also culled certain policyholders with phony computer selection systems. In reality, they rarely add any new policies yet continue to raise rates based not on experience ratings (no hurricanes in six years) but on claims of rising reinsurance premiums. In effect, their reduced presence in Florida then forces premiums to rise due to lack of competition. On the other hand, they continue to push their auto insurance business with some of the highest premiums in the country.
So, what’s wrong with this picture?
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