01-05-2007, 10:16 PM #1
Homeowner's Insurance Sideshow Continues
As Gov Charlie ("I live in a rental a condo") Crist prepares take on the Homeowner's Insurance problems of the Great State of Florida....along comes this:
"Allstate Floridian Insurance Co. said Thursday evening that it would not be renewing another 106,000 policies starting on April 15, further reducing its homeowner insurance business in the state.
Allstate customers who are not renewed will be offered of a policy with Royal Palm Insurance Co., a new provider. State documents show the company had just three employees as of November. The company outsources its customer service and claims processing.
Royal Palm already has taken on 120,000 Allstate policyholders whose insurance is not being renewed. The company was founded by W. Locke Burt, a former state senator. Royal Palm's policies are sold exclusively by Allstate agents.
Royal Palm's Web site says: "We strive for excellence and our mission is to provide a quality product at a competitive price. Our coverage offer is based on your current homeowner's policy; however, there may be differences in the limits and in the underlying coverage forms.''
Documents show that Royal Palm applied for a state loan last year of $25 million as part of state program.
The low-cost loans are available to insurers who agree to take on more policyholders. Royal Palm officials agreed to put up an additional $25 million of their own capital."
Seems as if the "Good Hands People" are giving Floriduh the finger.
.But hey...Top Ramen tastes a whole lot better when you eat it off of a Granite Countertop. (Mr & Mrs Too Much Homebuyer)
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