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Insurance companies slammed for not passing on savings

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Updated: 8/08/2013 3:25 am
JACKSONVILLE, Fla.-- Florida homeowners are likely paying more for their insurance than people in other states.

That's why Florida's CFO is taking action to get your bill lowered. Linda Grey has lived in Florida for several years. She knows first-hand how high insurance rates are. "Two thousand to $2,500, something like that," said Grey.

She was even more frustrated when we showed her this letter from the state's top financial officer.

CFO Jeff Atwater said homeowners like Grey should be paying less for insurance, because companies are paying less. "The rates are up statewide based on hurricanes in other areas," Grey said. "Everyone gets penalized for people in a few areas."

We took the letter to a local insurance agent. Joe Carlucci with Brightway Insurance said he doesn't agree with it. "The insurance rates haven't gone down," said Carlucci.

He said rates are based on a lot of factors. "The location, the year, what it's made of, how many square feet, and any claims," Carlucci said. "The list goes on."

Carlucci said rates are not just fixed on what happens in Florida. A global disaster like the tsunami in Japan is just one example Carlucci gave.

One homeowner said there needs to be some relief in sight. "There are very few insurers in the state of Florida as it is," Grey said. "People don't have a choice about where to go."

The letter was sent to Florida's insurance commissioner. His office told us he received it, and is working on a response back to the state CFO.
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wishmistress - 8/8/2013 1:08 AM
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I can't wait for the day when my mortgage is paid in full. I will tell ALL the insurance companies to take a flying leap. I'll use the same money to put into savings for emergencies to pay for all those things they refuse to pay for to begin with.
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