The Anna Maria Island Sun Newspaper

Vol. 13 No. 47 - September 18, 2013

REAL ESTATE

The insurance company you love to hate

I have a secret, I hate insurance. I hate thinking about it, I hate talking about it, I hate paying for it, and I especially hate writing about it – something that I have been doing way too much of recently. But, never-the-less here I am again with another column about Citizens Insurance.

On Monday, Sept. 9, the state’s insurance regulators allowed Citizens Property Insurance Corp. to charge an estimated average increased rate of 6.3 percent. This figure is down 1.6 percent from the original request Citizens made. What this means to the regular homeowner according to the Florida Office of Insurance Regulation is an average increase of 7.9 percent statewide.

South Florida and counties along the coastline could see a 10 percent jump in their insurance bills, with lower increases for residents who live further away from the coast. This is the fourth straight year that Citizens has increased its rates.

Barry Gilway, Citizens’ CEO, was pleased with the rate approval indicating that this action will allow Citizens to continue providing quality service to their 1.2 million policyholders, while still reducing the risk of an assessment on all Floridians. The possibility of a statewide assessment has always been lurking in the background since Citizens has always maintained that the state’s exposure to hurricanes makes every property owner in the state vulnerable to storms, even if they are not directly on the coast.

Gilway’s statement is especially interesting, since the same day the Citizens’ rate increase was announced, it was the peak of the quietest hurricane season in recent years. There has not been a major storm formed since the hurricane season officially started. As of this writing Tropical Storm Humberto was forming off the coast of Africa and is expected to curve out to sea staying away from Florida. If Humberto does turn into a hurricane it would be one of the latest first hurricanes on record in more than 100 years.

However, there are still more than two months left in the hurricane season and it’s not unusual for storms to form quickly in September and October. But the probability of a major storm forming starts to drop off after the peak of the season, and hurricanes are rare after late October.

Citizens also recently announced a policy comparison clearinghouse in which consumers can shop for comparable offers of coverage from participating private market carriers. This is part of the continuing effort to decrease Citizens’ policyholders and move them into the private market place.

Many Citizens’ policyholders will be getting letters in the next month from takeout companies indicating their insurance is being taken over by them. Homeowners can opt to stay with Citizens, but ultimately they may be forced to find new insurers through the state’s clearinghouse where private insurance agents will handpick Citizens’ policies.

If it sounds confusing it is, but it’s very important to pay close attention to any correspondence you receive about your homeowner’s policies, since there are time sensitive decisions that you may have to make. The Citizens’ rate increase will become effective in January and February of next year, which as we have previously discussed, is right on the heels of potentially heavy increases in flood insurance rates.

My biggest fear when I read about the insurance increases for coastal communities is the impact it will have on just the average homeowner and retirees who may have lived on the coast for decades. The wealthy can usually absorb what is thrown at them, but do we really want Florida’s coastal communities to be an enclave for only the rich?

I hope that I don’t have to think about the one thing I really hate for a while, but I fear that may be impossible.

Real Estate Transactions
Real estate transfers as of May 2013
Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

06/03/2013 549,000 530,000 614 N Bay Blvd 1120 72x81 2 Br/2 Ba SFR
06/04/2013 779,000 767,000 109 Palm Ave 1290 50x110 2 Br/2 Ba SFR
06/14/2013 825,000 780,000 107 Willow Ave 2880 50x110 5 Br/3 Ba SFR
06/10/2013 399,000 380,000 710 Rose St 1564 50x79 3 Br/2 Ba SFR
06/14/2013 473,500 415,000 252 Gladiolus St 1428 85x101 2 Br/1 Ba SFR
06/21/2013 412,000 455,000 524 South Dr 1212 60x110 2 Br/1.5 Ba SFR, Reo/Bank Owned
06/27/2013 1,900,000 1,875,000 799 N Shore Dr 2340 50x125 2 Br/3 Ba SFR
06/06/2013 229,000 210,000 522 Pine Ave # 1b 822 2 Br/1 Ba Condo
06/13/2013 230,000 215,000 522 Pine Ave # 5a 822 2 Br/1 Ba Condo
06/14/2013 825,000 780,000 107 Willow Ave 2880 25x110 Inc
06/04/2013 399,000 350,000 505 South Bay Blvd 73/x100 Vac

Bradenton Beach

06/06/2013 495,000 463,000 601 Gulf S Dr # A & B 1656 50x100 4 Br/3 Ba SFR
06/03/2013 150,000 169,900 2312 Avenue C # 4 651 2 Br/1 Ba Condo
06/07/2013 489,000 472,500 1007 Gulf N Dr # 202 1259 2 Br/2 Ba Condo
06/07/2013 143,000 130,000 611 Gulf N Dr # A13 698 1 Br/1 Ba Condo
06/14/2013 279,000 230,000 703 Gulf S Dr # 3 1050 2 Br/2.5 Ba Condo
06/18/2013 149,000 132,000 1603 Gulf N Dr # 34 380 1 Br/1 Ba Condo
06/27/2013 299,000 250,000 703 S Gulf S Dr # 4 1050 2 Br/2.5 Ba Condo
06/27/2013 239,000 225,000 501 Gulf N Dr # 115 1128 2 Br/2 Ba Condo
06/28/2013 279,000 275,000 1325 Gulf N Dr # 136 675 2 Br/2 Ba Condo
06/28/2013 299,650 285,000 901 Gulf S Dr # 10 962 2 Br/2 Ba Condo
06/06/2013 495,000 463,000 601 Gulf S Dr # A 1656 50x100 Inc.

Cortez

06/05/2013 289,900 275,000 12607 Safe Harbour Dr. 105x117 Vac.

Holmes Beach

06/04/2013 699,000 650,000 515 67th St. 1891 80x111 3 Br/2 Ba SFR
06/04/2013 269,999 269,999 2911 Gulf Dr. 1650 50x100 3 Br/3 Ba SFR, Reo/Bank Owned
06/05/2013 675,000 600,000 602 Key Royale Dr. 1936 3 Br/2 Ba SFR
06/07/2013 315,000 295,000 311 59th St. 1000 2 Br/1.5 Ba SFR
06/10/2013 764,000 685,000 652 Key Royale Dr. 3400 3 Br/2.5 Ba SFR
06/14/2013 429,000 395,000 208 Haverkos Ct. 2181 65x98 3 Br/2.5 Ba SFR
06/17/2013 599,000 575,000 507 77th St. 2164 90x100 4 Br/3 Ba SFR
06/21/2013 734,999 685,000 612 Hampshire Ln. 2317 95x105 4 Br/3 Ba SFR
06/14/2013 399,000 425,000 129 52nd St. 2047 100x100 4Br/2 Ba SFR,Short Sale
06/27/2013 549,900 511,400 624 Foxworth Ln. 1823 3 Br/2.5 Ba SFR
06/24/2013 598,000 570,000 214 69th St. 1425 90x107 2 Br/2 Ba SFR
06/28/2013 399,900 370,000 622 Key Royale Dr. 1972 100x103 2 Br/2 Ba SFR
06/25/2013 995,000 965,000 307 66th St. # A 2800 6 Br/4.5 Ba SFR
06/27/2013 400,000 400,000 2809 Gulf Dr. 1420 50x100 2 Br/2 Ba SFR
06/17/2013 349,000 305,000 5806 Gulf Dr. # 104 1128 2 Br/2 Ba Condo
06/11/2013 319,900 319,000 5806 Gulf Dr. # 201 1164 2 Br/2 Ba Condo
06/25/2013 299,999 246,000 6200 Flotilla Dr. # 294 985 2 Br/2 Ba Condo, Reo/Bank Owned
06/28/2013 225,000 198,000 3000 Gulf Dr. # 3 756 2 Br/1 Ba Condo
06/28/2013 249,500 220,000 6300 Flotilla Dr. # 104 1212 3 Br/2 Ba Condo
06/14/2013 399,000 399,000 6250 Holmes Blvd. # 52 1536 2 Br/2.5 Ba Condo
06/20/2013 255,000 242,250 600 Manatee Ave. # 127 1222 2 Br/2 Ba Condo
06/11/2013 249,000 245,000 432 62nd St. 1080 2 Br/2 Ba Half Duplex

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Source: Manatee County Property Appraiser’s Office


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