You don't purchase a multi-million dollar home with your insurance premium savings

I don't have a particular problem with people purchasing multi-million dollar waterfront homes. I don't even have a particular problem with that home restricting my access to a beach (as long as the municipality is smart enough to designate some reasonable amount of public access)

My problem comes when they whine they can't afford the insurance on said home and need artificially reduced rates. Really? You just paid $7M CASH for this house (your second VACATION HOME by the way) and you can't afford a $12,000 wind policy? You gotta have other policyholders subsidize 20% of that? Really?

But, like I said, their property taxes probably level that off. It's financial ju-jitsu. I'd bet that $7m second vacation home coats them at least $30k a year in property taxes, whereas your normal house is a few thousand a year. It ends up in the kitty somewhere along the way.

Allstate has non-renewed us (for the second time). We should just throw them out for good, make Citizens the go to company, and pay policy holders a dividend.

If gubmint would really get behind public access (I give them a C+), it would go a long way to ending our housing crisis.

30K on 7mil. Way low. I pay 3K on a house that is taxable value of 175,000.
Allstate non renew twice, State farm once. Never had a claim.

Well, at least.....

My house is taxed at a value of around $120k, I pay $830 per year for property taxes.

Yes, the beachfront property pays a lot more in tax dollars (their tax rate, however, is lower), but they are also spent within their own town (municipality)borders only, so their tax dollars pay for landscaping on the roadways, the nice police cars (all 6 of them) and fire trucks (4-5 of them), their city managers 6 figure salary, and special parking areas for town residents only. Oh, they've got a boat storage rack for town residents only, too (sunfish/laser type stuff), but no mast-up storage and NO TRAILER PARKING (you have to use one of their boat launches at $5 per launch)

The rest of us working class "help" are delegated to the county gub-ment.

Maybe I don't get what tax dollars have to do with insurance subsidies, as they don't mix...?

And Citizens is currently so far upside down in terms of ability to pay losses, if it were the go-to carrier you'd be better off paying the loss yourself (which is what you will do eventually anyway)

I believe the meeting today is supposed to remove the 10% rate hike cap on Citizens, which (if approved) would hike premiums next year at least 30% in our area... joy


Oh, and looking at my TRIM notice, my tax rate is close to 13 mils... ouch

Now you're being inappropriate and obviously a troll.

Have all my policies with the same carrier..

Funny thing, the agent noted to me that my boat policy will only kick in when the boat is on the water... The auto and homeowners cover it when its not..

another interesting "quirk" here in my state...it is rare that a carrier would want the home AND auto/boat. Most auto/boat carriers want nothing to do with homeowner policy. The home carriers are undercapitalized and therefore can't take boat/auto in many cases... so you pretty much get screwed out of the "multipolicy discount" some offer.

There was a "race to the bottom" in auto coverage a short time ago, and plenty of SR-22 coverages out there which is why you should really make sure you've got good UM/UIM coverage. FL only requires $10,000/$20,000 liaiblity, which would just about cover a damaged bumper on many cars here.