Letter: Insurance insanity

Editor, Daily News:

I am not in the habit of airing my concerns to the general public. In fact, this is the very first time I have written to a newspaper regarding a situation that exists not only for myself, but also for many, many Florida residents.

I am referring to the exorbitantly high insurance premiums being quoted to condominium associations. Not only has the pool of insurance carriers dwindled to but a precious few, but the coverage for windstorm has almost disappeared, and the premiums quoted have soared to heights that even the winds of Hurricane Wilma did not reach.

Insurance carriers are waiting until the last possible moment to quote premiums, thus placing property owners with their backs against the wall. Why is this type of business practice allowed in this state?

The condominium association wherein I reside full-time received a premium quote for hazard coverage which amounted to a 500 percent increase over last year. This exorbitant quote was the only one received. Even at that, it was not presented until 48 hours before the expiration of the former policy. The annual maintenance fees have doubled because of this price gouging.

Is anyone in the state's political arena looking into these practices which appear to be a form of extortion?

Arlene F. Goffredi , Naples