USAA-Florida policies

[ryann24]

For those of you with USAA, I am sure you got the letter in the mail about the non renewing of Florida policies due to financial risk, etc. Well, we called USAA to confirm if we were reading the document correctly and were told as long as we kept our primary residence insured with USAA (whether it was in the state of Fl or not) that we would keep our tenant policy on our home in Pensacola. Wellllllllllll.......NOT the case. We just got a non-renewal letter and they explained they will ONLY insure your primary residence in the state of Florida which is our renters policy for here on base. Yippeee! I called Statefarm which is 500 more a year than what we pay now. So just and fyi for those of you who have USAA.

 

[dbatt005]

I got a letter from USAA as well about the same topic. However, ours stated that they would insure any primary residence, FL or other states, as long as we were there by a PCS. This is for homeowners and renters. I received no other letter about cancelling our FL policy.

 

[ryann24]

I got a letter from USAA as well about the same topic. However, ours stated that they would insure any primary residence, FL or other states, as long as we were there by a PCS. This is for homeowners and renters. I received no other letter about cancelling our FL policy.

Yes, that is what I stated, they are going to insure our primary residence which is on base, however the home we own which we have a tenant policy with them they are non renewing becase it is NOT our primary residence.

 

[TheBubba]

The letter I received from USAA stated that only your primary residence in FL would be insured... no confusion there... Yet another case of a state being retarded with insurance legislation.

 

[dbatt005]

This letter came right after the yearly financial statement showing their increase in net worth, as I am sure is the case with all major insurance companies. Now the government(FEMA) can bail out more people who will have no insurance after this years huricane season while the insurance companies increase their wealth.

 

[Circle K]

Ever think to check their yearly reports for the year before, when there were numerous hurricanes that came ashore and did a great deal more damage. Also, keep in mind that although USAA benifits service members and their families in the end they are a business too. They are still insuring primary residences in Florida, no changes for those who really need it. Do some research, Citizens' is destroying the insurance market in Florida, be thankful for USAA pretty soon no one will be able to afford insurance here except for Citizens' and by then they won't be solvent either.

 

[Flash]

Ever think to check their yearly reports for the year before, when there were numerous hurricanes that came ashore and did a great deal more damage. Also, keep in mind that although USAA benifits service members and their families in the end they are a business too. They are still insuring primary residences in Florida, no changes for those who really need it. Do some research, Citizens' is destroying the insurance market in Florida, be thankful for USAA pretty soon no one will be able to afford insurance here except for Citizens' and by then they won't be solvent either.

Can you explain a little further? Just curious........

I believe Florida also just changed its laws making it a little more painful for insurance companies to do business in the state. Is hat what you were alluding to with Citizens?

http://www.sun-sentinel.com/business/sfl-finsure16may16,0,1294698.story

 

[Flash]

This letter came right after the yearly financial statement showing their increase in net worth, as I am sure is the case with all major insurance companies. Now the government(FEMA) can bail out more people who will have no insurance after this years huricane season while the insurance companies increase their wealth.

You need to do a little research, USAA Insurance is basically a non-profit insurance entity. There are no shareholders or owners to pay the profits to, they are retained for financial strength or returned to the members.

 

[Circle K]

Can you explain a little further? Just curious........

I believe Florida also just changed its laws making it a little more painful for insurance companies to do business in the state. Is hat what you were alluding to with Citizens?

http://www.sun-sentinel.com/business/sfl-finsure16may16,0,1294698.story

The article you posted is a pretty good summary. Citizens' is a state run safety net insurance company (straight from there website). Their rates have always been capped by the state. Recently the governor and legislative system have made it more difficult for insurance companies to tack on extra fees on unrealted policies to pay for the losses they take in Florida (whether that pratice is good or bad is pretty obvious and doesn't really need more debate here). This effectively makes it impossible for many private insurance companies to remain solvent, except for the big dogs. In response the insurance companies raise there rates as high as they can for the specific homeowner's policy. Then people can't afford it, so they fall to the safety net, Citizens, which is having trouble remaining solvent as well because it's rates are capped. For those people in the military, this isn't much as much of an issue, because they have USAA at their disposal, which will insure a primary residence in Florida. It is a problem for the rest of the middle/lower class.

I didn't really mean to make this the long winded lesson on FL insurance, the short answer to the thread's issue is, be happy that you can use USAA (if you can) and of course, exactly what Flash said, it's not a profit making venture, so in the end, if USAA is flush with cash, somehow, you'll see the windfall.