Are you speaking of Tower Hill?Has anyone had any experiences with Home Insurance Exchanges in Florida? For my case anyway, it's a lot cheaper even considering the surplus contribution. When I first heard about it my initial concerns seem to be satisfied (I think/hope) by:
1) Policies are nonassessable. I understand this to mean that individual policy holders aren't liable for if/when losses exceed reserves?
2) They are reinsured. I understand this to mean that if losses ever do exceed reserves, then the reinsurance company picks up the difference?
3) Demotech rating is A for the one Im looking at anyway
I suppose they could just pull out of the market at any time, or raise rates substantially upon renewal, but the same could be said for traditional insurance as well.
Is there anything else about this type of insurance I should be concerned about? Anyone have a feel for their claims paying reputation?
Thank you.
Statistics: Posted by rossington — Mon Mar 10, 2025 1:01 am