When they raised my insurance 3 years ago here in WV and I complained they said it was because of the huge losses in the southern states. Although they only raised mine 20% it was for losses that would never happen here. I guess thats the down side of being with a National co instead of a regional.
Any Florida homeowners here? What are you doing about home insurance rates?
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That's who I have now and is going from $3600 to $6000.
Self insuring is an option but a fire would be absolutely devastating. The storm damage is something I could handle on my own bit a fire, no way.
My in-laws live in Naples and are down to Chubb and AIG for homeowners with massive deductibles and massive premiums.
My in-laws live in Naples and are down to Chubb and AIG for homeowners with massive deductibles and massive premiums.
Maybe 20 years ago my insurance company (USAA) would not renew on the duplex and 2 small rental houses I owned in Niceville, FL. They disagreed with a new state law on coverage and were reducing Florida exposure. They would only insure one unit, and they picked the one it would be, a specific house. I told them I would pick the building, and I picked the duplex. They said I didn't have a choice. I said I did, and fired them on the spot. It was a funny conversation as the phone agent didn't seem to understand what "you're fired!" meant.
They had already irritated me when they arbitrarily only allowed half my expenses from windstorm tree damage a few years earlier.
For a small extra charge I increased my umbrella liability coverage. In the last 20 years I've probably saved 70 grand in premiums. I don't know your particulars, but it worked out for me.
They had already irritated me when they arbitrarily only allowed half my expenses from windstorm tree damage a few years earlier.
For a small extra charge I increased my umbrella liability coverage. In the last 20 years I've probably saved 70 grand in premiums. I don't know your particulars, but it worked out for me.
Last I heard the state's insurance program was underfunded for the possible major storm surge / flood risk in FL unless they significantly increase the building code standard. Look this is not FL specific, Japan also has a lot of the earthquake standard mandate and forces old buildings to be demolished despite being "functional".
If I am in FL and think tax is high, insurance is high, risk of loss is high, I'd just sell the home in a good market like now and rent, and maybe put my investment in an index fund for long term.
Mine goes up about 5% per year here in the PR of NY. Currently paying about $1100/yr for my 2800sq-ft 2-story with full basement on one acre. In today's market it's worth about $350k.
I'm bracing for the next rate hike since everything is going up.
Have you tried every insurance company online that is known to mankind and unable to find a lower rate?
If so, then there is something about your area that insurance companies want no part of. One thing for sure, the Sarasota real estate market, like the rest of Florida is on fire and could use a little taming.
Ahhh ... yes and you are not an owner occupied home which is always more expensive to insure compared to the averages in the link below.
I was just curious ... here is a small read with some recommendations =
Best Homeowners Insurance in Florida for 2024 | Bankrate
Florida’s home insurance market is complex. Our research may help you find coverage.
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Depends on the area I guess. In my part of California the big risk is from wildfires. I was paying something that was fairly reasonable but then it kept on going up. I can't get anyone else to do it now so I'm stuck. The really hard part for me is that my house is still using fuses, and I don't have the funds to replace them with breakers. When I was with a Farmers agent, Farmers didn't actually cover my home, but an independent where my agent was the middleman and Farmers would bill me. I could pay online, but if I wrote a check and sent it in to Farmer, it had to be made out to the actual insurer.
The other deal is that I'm not covered for earthquakes. Those policies are crazy expensive, have a high deductible, and then only cover about 90% of any loss.
USAA tried to pull on over on my mother. They tried to triple her homeowners premium based on an error in their database with regards to the rating and distance of the nearest fire department. It took the state insurance commission to get it resolved because USAA was doing it to a lot of policyholders in the area due to their faulty data.
I asked my agent about Citizens Insurance and she got me a preliminary offer of $2500 pending an inspection report. No idea why I had to bring this up myself. And I don't need anywhere near this much Personal Property coverage or any Loss of Use coverage. Can I ask for a lower Dwelling Limit to reduce the premium?
Homeowners
Form Type HO-3
Dwelling Limit $314,400
All Perils Deductible $1,000
Hurricane Deductible 2%
Dwelling Loss Settlement Replacement Cost
Other Structures $6,288
Personal Property $157,200
Loss of Use $31,440
Liability $100,000
Medical Payments $2,000
Loss Assessment $1,000
Ordinance or Law Limit 25%
Personal Property Loss Settlement Replacement Cost
Sinkhole Loss Coverage Not Included
$2,584 12 Month Total Premium
There's a lot of insurance fraud in Fla. Especially with regards to roof damage, but hey, if people want to live in a high risk area so be it.
Florida is in a tough position because of the comparatively low taxes and huge population of fixed income residents.
AZjeff
$50 Site Donor 2023
Sell it. Rent a place when you want to go.
FIL lives in Brooksville and had the same thing happen, rate went sky high this year. He was going to drop his we talked him out of it. No damage in 20 years blah blah, sure dad and what will you do if you do get hit?
FIL lives in Brooksville and had the same thing happen, rate went sky high this year. He was going to drop his we talked him out of it. No damage in 20 years blah blah, sure dad and what will you do if you do get hit?
Insurance is a scam. And worse; often a legally mandated scam. Insurance companies are in the business of taking money in - insurance companies are not in the business of giving money out. So they much prefer to do as much of the first as they can while doing as little of the second as they can possibly arrange. I blame Warren Buffet's re-thinking of the insurance business but who knows really?
I stopped buying home owners insurance years ago. If the risk is small enough for the insurance company to feel safe with taking it - why should I doubt their judgement? So I keep the premiums and take my own risk. One answer is to also do what insurance companies do - which is to dilute the risk by selling policies all over the place. Buy several houses and the risk that you will become homeless as a result of storm damage falls below even the very slight original risk.
In 30 years of paying my premiums I had three claims. All of which were denied by policy interpretation trickery. Oh; and a single business liability claim - also denied. I then reasoned: if I am, in fact; personally responsible for the cost of all "insured losses" - what do I need an insurance company for?
Well I certainly agree there is nothing wrong with self insuring. I do disagree that it is a "legally mandated scam"
Insurance companies are in business to make money like any other company and serve people who want it or need it.
Government is not forcing to buy anything. (yes that's a statement that will trip up some people)
Hmmmm ... I dont have the answer nor am I some expert, I just always hunt around the internet, personal property I think depending on the company "fixed" with the value of the home.
Since you use an agent, cant you go line by line and ask her if there is any way to eliminate some lines and get you a better price or company to fit your needs?
Also maybe hunt around on your own and if you find something but still want to use her, you can bring the company and policy to her attention.
That $2,584 is a nice drop from $6000. If you dont want some of those items covered see if she can eliminate any of them.
I suspect you will always have to hunt around every year for insurance in this fluid environment.
Ps. I switched home insurance companies about 6 times in the last 15 years for best price, so far, for me personally Travelers Insurance has had the best long term price for us. Now into our 3rd and will soon be our 4th year ( or 2nd to be our 3rd) with them, longest I ever had an insurance company, no one comes close in price. Every year I check at least 3 to 6 different companies for all our insurance needs.
Only thing that can change is raising the deductible to $2500 which will drop the premium to $2276. Assuming the inspection is ok.
Oh, wow, I look at that deductible as low but nothing wrong with it, need to do what is comfortable for you.
I run a $5000 deductible (all perils)
I would too but my agent said $2500 is the highest they can do.
If it's like car insurance, any why wouldn't it be?... I have been having to switch nearly every 6 months to keep my rates down. No changes in anything, just skyrocketing rates.
The bulk of increases is not managing risk, planning for hurricanes, etc. They get as much as they can get given their current basket of excuses. They have a big basket now. No different that extorting material shortages.
The bulk of increases is not managing risk, planning for hurricanes, etc. They get as much as they can get given their current basket of excuses. They have a big basket now. No different that extorting material shortages.
