The Anna Maria Island Sun Newspaper

Vol. 12 No. 33 - May 30, 2012

REAL ESTATE

Citizens insurance depopulation

 

Question: How is cleaning out your closet like Citizens Insurance? Answer: They both make room for new stuff with higher prices.

With the official start of Florida's hurricane season two days away, Citizens Insurance is on a mission to depopulate its insurance rolls. Without applying to state regulators for rate increases, the state run Citizens is increasing premiums for Florida homeowners through a home re-inspection effort. Citizen's ultimate goal is to move as many as 678,000 policyholders out of the state run agency and try to become what their original mandate was – insurer of last resort.

Citizens is conducting 209,000 inspections this year to verify that hurricane discounts were properly awarded resulting in an average premium increase of $600 for homeowners who may no longer qualify for the discount. In addition to the re-inspections, coverage for carports, screened enclosures and fences will end for renewal policies. Also personal liability coverage limits will be decreased from $300,000 to $100,000.

The reason Citizens is attempting to depopulate its insurance rolls is that its premiums have been artificially low which is discouraging private insurers from entering the Florida market. In addition, its aggressive plan is also an attempt to protect all Florida policyholders in the event of a major storm. Citizens has the ability to levy assessments on almost all Florida policyholders to make up a potential financial shortfall.

Another part of Citizens' attempt to increase its revenue bottom line is to increase rates on policies an average of 55 percent in coastal areas and 19 percent in inland areas for homeowners who buy coverage for the first time after Jan. 1. This is an attempt to get around the 10 percent cap on rate increases put into place by the Florida Legislature in 2009.

Citizen's position is that the 2009 legislation specifically addresses increases to existing policies and does not provide the same cap advantage to new customers. Whether or not Citizens goes through with uncapping premiums will be decided at its next board of governors meeting at the end of July.

With the combination of property re-inspections and removal of caps for new policyholders Citizens is hoping to shrink its policies by 45 percent. According to Citizens, its long term goal is return policies to the private market, reducing the reliance on assessments to all Florida residents in the event of a major hurricane. Citizens has 1.4 million policyholders at this time, the majority of whom are located in south Florida and the Tampa Bay area.

The question is what would you do if you were on the board of Citizens Insurance or if you were a Florida lawmaker responsible for the welfare of all citizens in the state? Everyone reading this column lives on the coast and is already experiencing high insurance rates. Is that the price we have to pay for our gorgeous views and water access? I wish I knew the fair and appropriate answer.

One thing I do know is how happy I am not to have to make any of the decisions burdening lawmakers. I'm content to stay home depopulating my closet and hoping the hurricane cone stays away from my side of Florida.

Real Estate Transactions
Real Estate Transfers from Feb. 16 to March 31, 2012
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

02/16/2012 399,000 395,000 704 Rose St. 1050 50x100 2 Br/2 Ba SFR
03/01/2012 639,000 599,625 107 Tern Dr. 2131 75x100 4 Br/3 Ba SFR
03/02/2012 1,299,000 1,100,000 804 N Shore Dr. 5462 100x100 5 Br/4 Ba SFR
03/06/2012 575,000 515,000 804 N. Bay Blvd. 2204 50x100 4 Br/3 Ba SFR
03/29/2012 435,000 410,000 730 Holly Rd. 1130 50x105 2 Br/2 Ba SFR
03/30/2012 890,000 830,000 213 Elm Ave. 2294 79x110 3 Br/3 Ba SFR
03/19/2012 235,000 215,000 416 Alamanda Rd. 57x123

Bradenton Beach

02/24/2012 269,000 235,000 2415 Avenue B 2560 50x100 4 Br/4 Ba Inc.
02/29/2012 239,900 212,000 2110 Avenue B # A 1622 25x100 3 Br/3 Ba Inc. REO/bank owned
02/28/2012 499,000 430,000 301 17th St. N. # 15 1722 3 Br/2.5 Ba Condo
03/02/2012 115,000 115,000 117 Seventh St. N. # 24 594 1 Br/1 Ba Condo, short sale
03/02/2012 179,000 155,000 2412 Gulf Dr. N. # 122 432 1 Br/1 Ba Condo
03/30/2012 229,900 210,000 400 21st Pl. 1100 2 Br/1 Ba SFR, REO, bank owned
03/19/2012 439,900 372,000 1439 Gulf Dr. N. # 27 1536 3 Br/2.5 Ba TH
03/08/2012 169,900 160,000 1303 Gulf Dr. S. # 3 613 1 Br/1 Ba Villa

Cortez

03/30/2012 221,000 212,000 4212 126th St. W. # 403 1104 2 Br/2 Ba Condo
03/30/2012 559,000 517,000 4216 Marina Ct. 2307 3 Br/2 Ba Condo
03/09/2012 895,000 750,000 12406 Baypointe Terr. 3363 4 Br/3 Ba SFR
03/30/2012 749,000 717,000 12527 Safe Harbour Dr. 2462 79x121 3 Br/2 Ba SFR

Holmes Beach

02/29/2012 335,000 310,000 5808 Gulf Dr. # 205 780 1 Br/1.5 Ba Condo
03/02/2012 439,000 410,000 5200 Gulf Dr. # 506 1169 2 Br/2 Ba Condo
03/02/2012 389,900 360,000 6006 Gulf Dr. # 214 1154 2 Br/2 Ba Condo
03/05/2012 195,000 145,000 3601 E. Bay Dr. # 204 1035 2 Br/2 Ba Condo, short sale
03/05/2012 350,000 315,000 2502 N. Gulf Dr. # 206 735 1 Br/2 Ba Condo
03/09/2012 235,000 200,000 723 Manatee Ave. # 22 1187 2 Br/2 Ba Condo
03/19/2012 329,000 290,000 3303 Gulf Dr. # 1 700 2 Br/1 Ba Condo
03/19/2012 385,000 350,000 600 Manatee Ave. # 210 1179 2 Br/2 Ba Condo
03/28/2012 189,000 181,000 6300 Flotilla Dr. # 80 1023 2 Br/2 Ba Condo
03/29/2012 239,000 225,000 102 39th St. # 7 648 1 Br/1 Ba Condo
02/17/2012 799,000 750,000 232 S Harbor Dr. # A & B 4238 4 Br/4 Ba SFR, short sale
02/17/2012 365,000 315,000 402 71st St. 2183 3 Br/2 Ba SFR, short sale
02/17/2012 324,900 290,505 5505 Gulf Dr. 1652 75x106 3 Br/3 Ba SFR, REO bank owned
02/17/2012 1,295,000 1,050,000 202 72nd St. 3813 59x105 8 Br/5.5 Ba SFR
02/22/2012 395,000 370,000 401 75th St. 1710 102x85 3 Br/2 Ba SFR
02/24/2012 549,000 525,000 127 47th St. 1650 55x100 3 Br/3 Ba SFR
02/27/2012 399,900 340,000 241 85th St. 1927 90x100 3 Br/3 Ba SFR
02/29/2012 475,000 380,000 620 Foxworth Ln. 1788 3 Br/2.5 Ba SFR
03/01/2012 554,900 520,000 601 Ambassador Ln. 2046 3 Br/2 Ba SFR
03/01/2012 649,000 649,000 304 62nd St. 2015 3 Br/2 Ba SFR
03/02/2012 649,000 618,000 118 Neptune Ln. 2353 58x114 3 Br/2.5 Ba SFR
03/05/2012 500,000 485,000 616 Dundee Ln. 1932 2 Br/2 Ba SFR
03/09/2012 425,000 400,000 7805 Gulf Dr. # 7508a 875 2 Br/2 Ba SFR
03/12/2012 649,000 619,000 626 Dundee Ln. 2565 4 Br/2 Ba SFR
03/14/2012 599,000 560,000 508 75th St. 1702 90x133 2 Br/2.5 Ba SFR
03/15/2012 799,000 775,000 307 66th St. 2600 6 Br/3.5 Ba SFR
03/16/2012 435,000 405,000 235 85th St. 1789 90x100 3 Br/3 Ba SFR
03/19/2012 725,000 775,000 307 66th St. # A 3000 6 Br/4.5 Ba SFR
03/26/2012 389,900 389,900 216 85th St. 1571 90x100 2 Br/2 Ba SFR, REO, bank owned
03/30/2012 995,000 880,000 651 Key Royale Dr 1989 3 Br/2.5 Ba SFR
03/30/2012 349,900 339,000 2711 Avenue C 1702 62x105 3 Br/2 Ba SFR
03/30/2012 255,000 255,000 215 82nd St 880 90x90 2 Br/1 Ba SFR
03/30/2012 669,000 615,000 607 Key Royale Dr. 2284 2 Br/2 Ba SFR
03/23/2012 550,000 500,000 200 52nd St. 2656 4 Br/3 Ba TH, short sale
03/30/2012 225,000 210,000 3400 Sixth Ave. # 7 900 2 Br/2 Ba TH
03/30/2012 349,900 349,900 6250 Holmes Blvd. # 54 1536 3 Br/2.5 Ba TH
03/01/2012 260,000 245,000 3004 Avenue C 150x100

Source: Manatee County Property Appraiser’s Office


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