Compare Insurance Rates On State Web Site

Gov. Charlie Crist looks at a page from the Shop and Compare Rates website.

COLIN HACKLEY / Tribune

By JEROME R. STOCKFISCH

Published: Jun 26, 2007

TALLAHASSEE - Floridians can get an idea of which insurers are writing homeowners policies in the state and what they are charging through a new web site established by the state's Office of Insurance Regulation.

At www.shopandcomparerates.com, consumers are directed to a map of the state on which they can click their county and see what 25 insurers are charging to cover an average $150,000 concrete block home with a $500 non-hurricane deductible, a 2 percent hurricane deductible, no claims, and no wind mitigation discounts.

The 25 companies have either written policies in the previous quarter – those firms are listed in yellow on the chart – or, as indicated in white, have filed to do so in the future.

"Floridians have been frustrated about the price of their insurance coverage," said Gov. Charlie Crist. "This is an attempt … to allow Floridians to shop and compare."

Homeowners should be aware, however, that the numbers are grossly simplified averages, and don't reflect different territories within a county or the many factors that can affect homeowners' insurance rates. In a Capitol news conference showing off the site, Crist used his home county of Pinellas as an example; rates and availability were not broken down for inland vs. waterfront homes, for example. The system does not account for mitigation efforts such as storm shutters or strengthened roofs, or for more expensive homes.

Insurance Commissioner Kevin McCarty acknowledged that "hundreds of variables" go into homeowners insurance rates. "But the governor asked us to give some way of making some comparisons," McCarty said. "This is a work in progress. It's evolving. We will continue to add more companies, we'll add more ratings factors, we'll add more territories, and we're going to look toward having more analytical tools to help people make those choices."

In a special session in January, lawmakers greatly expanded the state's catastrophe fund to provide cheaper reinsurance to companies required to hold the expensive backstop. The legislature also allowed the state-backed Citizens Property Insurance Corp. to compete more directly with the private sector.

Lawmakers were expecting those moves to lower rates by at least 20 percent, but such savings haven't materialized across the board. Crist acknowledged that on Tuesday.

"It's been a little frustrating," he said. "The Legislature did great work in January, but rates have not come down as much as I would like or the people would like or even the Legislature would like. But the reality is they are coming down. Turning this ship in that direction is not easy."

Reporter Jerome R. Stockfisch can be reached at (850) 222-8382 or jstockfisch@tampatrib.com.