The Anna Maria Island Sun Newspaper

Vol. 13 No. 2 - October 24, 2012

REAL ESTATE

Citizens Insurance is at it again

 

I recently said to a co-worker that in the newspaper business every rule has an exception, and all rules are meant to be broken or words to that effect. Well I’m sorry to say that I’m breaking my own self imposed rule to never write about the same topic two weeks in a row, but since the subject matter is one of the most important to all Florida homeowners, I’m giving myself a pass.

Last week was all about the low interest loan program that Citizens Insurance is proposing to offer to private insurance companies who agreed to write insurance for current Citizens policyholders. After the incoming house speaker Rep. Will Weatherford wrote a letter to the Citizens Board questioning the board’s authority to implement the loan program, Citizens agreed to slow down the process and bring in a third party firm to review the program. It did not, however, agree to put the program on hold until the Florida Legislature has the opportunity to hold hearings about the loan program and still plans on approving the program in December.

This week is all about the double digit rate hike that insurance regulators have approved for Citizens policyholders. State wide the rate hikes range between 9 percent and 22 percent averaging 11 percent. Manatee County homeowners will probably incur rates higher than the statewide average because of its coastal location. It’s reported that statewide the anticipated average increase for homeowners will be $250, but in Manatee County those averages can go as high as $1,500.

As previously stated, this is an ongoing program to shed policies from Citizens by making rates less and less attractive. Citizens has also been using back door tactics to discourage homeowners and increase rates by disallowing structures like pool cages and car ports. On Oct. 1, letters started going out to Citizens homeowners switching them to private insurance companies. These homeowners have until Nov. 6 to opt out of the new company and remain with Citizens.

The Insurance Commissioner Kevin McCarty said the approved rates represent a reasonable approach. He went on to say, “Our primary goal is to ensure Citizens policyholders are treated fairly and retain an opportunity to return back to a robust private insurance market as the Florida Legislature intended.”

The Citizens’ board keeps reminding everyone in the state that Citizens Insurance was established as the insurer of last resort and was never intended to be a permanent replacement to private insurance. According to them and other state leaders, Citizens now represents a huge financial risk to the average Floridian because the company can levy taxes on insurance policies statewide if it runs short of cash to pay claims after a major disaster.

That being said, in a state that is just starting to turn around economically and where real estate markets are just starting to level off, it would be a disservice to everyone if increasing insurance rates brought the recovery to a screeching halt.

I haven’t quite figured out yet if Citizens’ agenda of depopulating its insurance rolls is really doing a service to the state as a whole, which is what it contends, or if there is something more going on. Either way it looks like Citizens is moving forward with or without approval from the Florida legislature or Florida homeowners. I guess I’m not the only one breaking a few rules.

Real Estate Transactions
Real Estate Transfers from June 1 to June 30, 2012
Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

08/31/2012 379,900 348,500 211 Elm Ave # B 749 2 Br/1 Ba Condo
08/03/2012 599,000 548,000 807 Jacaranda Road 2832 62.0x100.0 2 Be/2 Ba SFR
08/10/2012 400,000 380,000 317 Magnolia Ave. 1064 52.0x120.0 3 Br/2 Ba SFR
08/15/2012 800,000 800,000 108 Beach Ave. 2722 150.0x106.04 Br/3.5 Ba SFR
08/15/2012 589,000 565,000 311 Tarpon St. 1022 75.0x110.0 2 Br/2 Ba SFR
08/27/2012 600,000 649,000 212 Palmetto Ave. 1819 52.0x110.0 3 Br/2.5 Ba SFR
08/17/2012 415,000 375,000 300 N Shore Drive 1680 78x100 2Br/2.5Ba Inc, bank owned
08/06/2012 317,000 300,000 812 Jacaranda Road 61.0x108.0 Vac.
08/29/2012 975,000 875,000 749 North Shore Drive 60x125 + Vac.

Bradenton Beach

08/10/2012 115,000 115,000 1603 Gulf N Drive # 25 380 1 Br/1 Ba Condo, bank owned 08/22/2012 125,000 125,000 1603 Gulf N Drive # 28 380 1 Br/1 Ba Condo
08/10/2012 215,000 240,000 2306 Avenue C 1674 50.0x100.0 2 Br/2 Ba Inc., bank owned
08/01/2012 169,900 150,000 2508 Avenue C 50.0x100.0 Vac.
08/01/2012 169,900 150,000 2510 Avenue C 50.0x100.0 Vac.Cortez
08/31/2012 285,000 260,000 9604 Cortez Road # 234 1800 3 Br/ Ba Condo
08/07/2012 295,000 282,000 12416 Baypointe Terr. 139x98 Vac.

Holmes Beach

08/06/2012 349,000 310,000 6400 Flotilla Drive # 46 985 2 Br/2 Ba Condo
08/13/2012 435,000 392,500 7000 Gulf Drive # 206 1259 2 Br/2 Ba Condo
08/13/2012 1,625,000 1,460,000 3302 Gulf Drive # 201 2108 3 Br/2.5 Ba Condo
08/17/2012 425,000 410,000 5200 Gulf Drive # 501 1169 2 Br/2 Ba Condo
08/17/2012 349,900 329,000 3803 E Bay Drive # 9a 1949 3 Br/3 Ba Condo
08/20/2012 279,000 265,000 741 Manatee Ave. # 31 1179 2 Br/2 Ba Condo
08/31/2012 399,900 355,000 100 73rd St. # 101a 660 1 Br/1 Ba Condo
08/01/2012 299,000 280,000 7002 Marina Drive 905 11456 Units 2 Br/1 Ba SFR
08/03/2012 700,000 695,000 513 83rd St. 2519 90.0x103.0 4 Br/3.5Ba SFR
08/13/2012 899,000 885,000 238 S Harbor Drive 1959 2 Br/2 Ba SFR
08/17/2012 269,900 269,900 2711 Gulf Drive 1350 50.0x100.0 2 Br/2 Ba SFR, bank owned
08/21/2012 1,499,000 1,365,000 8401 Marina Drive 3311 94.0x100.0 4 Br/3.5 Ba SFR
08/22/2012 489,000 460,000 504 58th St. 1540 78.0x108.0 3 Br/2 Ba SFR
08/22/2012 427,900 427,900 7001 Holmes Blvd. 1324 88x112 2Br/2Ba SFR
08/23/2012 399,000 386,000 306 72nd St. # A 2616 4 Br/4 Ba SFR, Short Sale
08/24/2012 317,000 290,000 7201 Palm Drive 1134 103x85 2 Br/2 Ba SFR
08/24/2012 498,750 400,000 517 75th St. 1806 90.0x121.0 3 Br/2 Ba SFR
08/24/2012 389,000 382,000 231 S Harbor Drive 1441 2Br/2 Ba SFR
08/29/2012 499,000 475,000 605 Baronet Lane 2000 100x117 4Br/3 Ba SFR, Short Sale
08/31/2012 399,900 315,000 402 73rd St. 1744 3 Br/2 Ba SFR
08/31/2012 389,000 369,000 3009 Avenue E # 2 751 100.0x105.0 2 Br/1 Ba Villa
08/10/2012 559,000 515,000 200 S Harbor Dr # All 2722 94.0x106.0 5 Br/4.5 Ba Inc.

Source: Manatee County Property Appraiser’s Office


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