Homeowners insurance rate hike (FL)

[The Critic]

Well, not that I disagree completely with your statement but for the OP it is complacency. You shopped around, he hasn't.
He should be shopping like crazy to get answers. It's possible he is overpaying.
There are areas in Florida that are less hurricane prone. Northeast Florida Yulee area is less prone to hurricanes than most of NC, SC and all of Florida and Alabama
Its one reason besides location we almost bought there, we actually live in a more hurricane prone area in North Carolina than if we did live in Florida but agree, Florida has to be harder to insure but Yulee area maybe a little less so. (MAYBE)


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Coastal exposures are complex because the areas closest to the water will obviously have the greatest exposure, but even areas that are within hours of it can be subject to more severe weather-related claims. From an insurer standpoint, that is an extra exposure that cannot always be adequately priced for if the rate regulatory environment is not supportive. Capacity is always an issue, obviously more so when you're closer to the water.....but insurers will watch how much saturation they have in an area.

Every carrier is going to be in a different spot, both from a book health, capacity and rate adequacy standpoint. That is more/less why there is often some variation in the prices. But in some areas, everyone's book is in a bad spot with limited capacity. In those situations you are unlikely to find drastic savings by shopping; and if you do, I'd be skeptical.

 

[SC Maintenance]

Lexington is nice. Pretty much, Chapin and Irmo on one side of the lake, Town of Lexington on the other. The Counties in that area are Lexington and Richland.
Unless you really go rural way out towards the end of the lake which is Prosperity and Saluda keep in mind it's 40 miles long> Chances he will want to stay in closer east side of Lexington for the nightlife maybe and keeping in mind the City and State Capital (Columbia) isnt that far and you have the whole USC scene there we like that stuff then would go home to our quiet little area.

Lexington Medical Center is the big provider there, but you also have Prisma another big one and Heart specific hospitals as well.
Lexington Medical heart center is in conjunction with Duke University Medical Center in NC. I ve been happy with them and going to miss it even though I am ok now, I like to stay proactive, a bit slimmer choice here on the coast for sure.

One thing to keep in mind, the area has grown like crazy so you will have traffic though not LI type.
The entire interstate i20 and i26 exchanges there are being rebuilt. Huge project, already underway. I think over a billion dollars of improvements to modernize and meet the growth.

I have been crawling all over this entire state for work for 20 years and the only place in this state I would not live willingly is the Columbia MSA of which Lexington is part. Compared to the rest of the state its crowded, expensive for what you get, run down, economically its not keeping up with the rest of the state, and you still get all the politics and crime of Columbia if your near it, and if your further out like Lexington town limits or Irmo traffic in and out is terrible - maybe the current I26 widening will make it better. My opinion only.

All of lowcountry is nice, Upstate is nice, Rock Hill / Fort Mill you get the benefits of Charlotte (great city, lived there many years) while still being in SC. All 3 of those places will have plenty of jobs if your looking for work. I would even consider Aiken area, or maybe even some of the small towns like Cheraw if thats what your looking for. Myrtle beach is crowded and touristy but I know some people there that really like it if your OK the transient nature. Richland County / Legington County just seems dirty and run down compared to everywhere else here - IMHO.

 

[Dave Hess]

Well, not that I disagree completely with your statement but for the OP it is complacency. You shopped around, he hasn't.
He should be shopping like crazy to get answers. It's possible he is overpaying.
There are areas in Florida that are less hurricane prone. Northeast Florida Yulee area is less prone to hurricanes than most of NC, SC and all of Florida and Alabama
Its one reason besides location we almost bought there, we actually live in a more hurricane prone area in North Carolina than if we did live in Florida but agree, Florida has to be harder to insure but Yulee area maybe a little less so. (MAYBE)


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Unfortunately many think Florida is a very cheap place to live.

Property insurance will continue to go up along with flood insurance.

I plan on moving out of here within a few years.

 

[Zee09]

If you get an acceptable price quote online, finish the transaction online... I redid my homeowners last week and when I was promted to call directly they jacked the quote up about 35% more...
That was another $1000.
This happened with two different companies.

I went back to my original insurance company which had far more coverage and was slightly cheaper.
I never had a claim, but at this point I don't feel like gambling.

I think with the shenanigans going on in Florida I would build to a higher spec and keep the house smaller and take my chances... I still worry about fire or my neighbors house torching mine..

 

[SeaJay]

You are subsidizing those who live on the coast. Insurance companies take a beating paying claims for hurricane damage. They have to make up for those losses.

It is not just the coast where homes get damaged from hurricanes. But the odds do increase on the coast.

 

[alarmguy]

I have been crawling all over this entire state for work for 20 years and the only place in this state I would not live willingly is the Columbia MSA of which Lexington is part. Compared to the rest of the state its crowded, expensive for what you get, run down, economically its not keeping up with the rest of the state, and you still get all the politics and crime of Columbia if your near it, and if your further out like Lexington town limits or Irmo traffic in and out is terrible - maybe the current I26 widening will make it better. My opinion only.
...

You're entitled to your opinion of course. But with due respect it is made out of ignorance since you have not lived there nor did your research which any one can do. Including all the health care and incredible boating on Lake Murray
My wife and I and our 2 kids lived there for 15 years. I can say that you are not correct.
Lexington, Chapin and Irmo have some of the best school districts in the state and some of the highest household incomes. Yes, being a southern state or any state there are lower income areas but not many here.

Lexington-South-Carolina.html

https://www.city-data.com/neighborhood/Chapin-Chapin-SC.html

https://www.realtor.com/realestateandhomes-search/Lexington_SC/price-500000-na

https://www.realtor.com/realestateandhomes-search/Chapin_SC/price-500000-na

https://www.realtor.com/realestateandhomes-search/Irmo_SC/price-500000-na

https://www.dnr.sc.gov/lakes/murray/description.html

My daughter graduated from Chapin HS, top 1% school in the state and best public High School in the entire state way over even the areas you mention, friends of ours on the Lexington side a few below that.
Daughter moved onto Clemson got her 4 year degree and very successful in the Charlotte area now.
blue-ribbon-public-schools

Everything I typed here contradicts your impressions ... IN addition, even Columbia SC which is no where near the areas I am talking about or better said, not exactly around the corner. I doubt that parents would send 35,000 students to USC from all over the country if it was as you thought.

 

[alarmguy]

Unfortunately many think Florida is a very cheap place to live.

Property insurance will continue to go up along with flood insurance.

I plan on moving out of here within a few years.

Yes, as you know we looked and almost bought there last year. Would have been a mistake for us. Plus where we bought we are not as far from our kids. I liked the extreme northeastern Florida a lot.
BUT, if, like us, you want to be in a community, freaking Florida CDD fees really are a bait and switch on home buyers, you think you are paying a certain price for the home but you really are not. You are also paying for the next 30 years, CDD fees for building and maintaining all infrastructure of roads, sewers ect ect oh and those BEAUTIFUL amenity centers that sell you on the community only to find out you are paying for them to be built! Even once those 30 years are paid for, you are still paying a maintenance fee for those structures.
More or less the homebuyers are paying the costs that the developer had in building the community. This happens no other state on the scale it does Florida. You're stuck with that for life. Then throw in the HOA fees, then the cheaper but not so cheap real estate taxes. All of a sudden we were going to downsize to a nice new home in Florida on a postage size lot from our large home in SC and have to pay over $5000 more in Fees and Taxes *LOL* It was then my love for Florida faded away as a place to live but still like to visit.

 

[SC Maintenance]

You're entitled to your opinion of course. But with due respect it is made out of ignorance since you have not lived there nor did your research which any one can do. Including all the health care and incredible boating on Lake Murray
My wife and I and our 2 kids lived there for 15 years. I can say that you are not correct.
Lexington, Chapin and Irmo have some of the best school districts in the state and some of the highest household incomes. Yes, being a southern state or any state there are lower income areas but not many here.

Lexington-South-Carolina.html

https://www.city-data.com/neighborhood/Chapin-Chapin-SC.html

https://www.realtor.com/realestateandhomes-search/Lexington_SC/price-500000-na

https://www.realtor.com/realestateandhomes-search/Chapin_SC/price-500000-na

https://www.realtor.com/realestateandhomes-search/Irmo_SC/price-500000-na

https://www.dnr.sc.gov/lakes/murray/description.html

My daughter graduated from Chapin HS, top 1% school in the state and best public High School in the entire state way over even the areas you mention, friends of ours on the Lexington side a few below that.
Daughter moved onto Clemson got her 4 year degree and very successful in the Charlotte area now.
blue-ribbon-public-schools

Everything I typed here contradicts your impressions ... IN addition, even Columbia SC which is no where near the areas I am talking about or better said, not exactly around the corner. I doubt that parents would send 35,000 students to USC from all over the country if it was as you thought.

I am glad you enjoyed it, and maybe others here would also, but its far from as you paint it comparatively to other parts of the state.

There are some good schools in Lexington County, and there are some bad ones. Lexington county plays the game of having 5 districts - so all the rich kids get to go to one set of schools and all the poor kids go to a different set. Good for them, but its just unusual for SC. The consistently best high schools in SC that are not magnets are Wando (near Charleston), Dreher in Columbia and Fort Mill. My wife is a high school teacher, and those are the ones that are not magnets that always get the top scores.

As for income, there middle of the pack in a fairly poor state. Google the largest employers and compare it to Charleston, Greenville, York, Lancaster - any of the other well to do counties and compare.

Well, my daughters do go to USC in Columbia, academic scholarships in STEM, one is interning in Florida in the fall, and the other is interning at MUSC here in Charleston this summer, since were bragging. There doing fine, I am happy to hear your kids are as well

Obviously everyone has a place they like.

 

[Fla]

Unfortunately many think Florida is a very cheap place to live.

Property insurance will continue to go up along with flood insurance.

I plan on moving out of here within a few years.

Anyone that thinks that Florida is a cheap place to live is well behind the times. Forty or fifty years ago it was a cheap place to live but it has been above the national average for many years now.

I dropped my homeowners insurance in Florida. The coverage simply wasn't worth the costs of the yearly premiums, particularly when I considered the greatly reduced coverage and greatly increased deductibles.

 

[JHZR2]

Lender placed insurance is expensive.

It is because right now they have the ability to profit from it and/or just force the borrower to whatever policy they dictate and “buy” for them.

My concept is different. Lenders insure the property loss risk in case of a mortgage as part of their rate. This way they have to be competitive. If they are a percentage point higher than the next lender they won’t get business.

It needs to be forced into the pricing of the loan.

That doesn’t mean a homeowner shouldn’t buy their own. But my point and comment was relative to the insurance that many have to pay because of the need to protect their lender….

 

[alarmguy]

I am glad you enjoyed it, and maybe others here would also, but its far from as you paint it comparatively to other parts of the state.

There are some good schools in Lexington County, and there are some bad ones. Lexington county plays the game of having 5 districts - so all the rich kids get to go to one set of schools and all the poor kids go to a different set. Good for them, but its just unusual for SC. The consistently best high schools in SC that are not magnets are Wando (near Charleston), Dreher in Columbia and Fort Mill. My wife is a high school teacher, and those are the ones that are not magnets that always get the top scores.

As for income, there middle of the pack in a fairly poor state. Google the largest employers and compare it to Charleston, Greenville, York, Lancaster - any of the other well to do counties and compare.

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Well, my daughters do go to USC in Columbia, academic scholarships in STEM, one is interning in Florida in the fall, and the other is interning at MUSC here in Charleston this summer, since were bragging. There doing fine, I am happy to hear your kids are as well

Obviously everyone has a place they like.

I dont think its poor as portrayed, lower median income compared to some others yet much more buying power and nicer homes. YOU can buy more house in Lexington than you can in many areas on the top of the chart which is misleading on income or median.
My post stands as I typed it, I lived there and my daughter graduated from the highest ranked public HS school in the state.
US Census states Beaufort City Median Household income at $53000 https://www.census.gov/quickfacts/beaufortcitysouthcarolina
The two counties are listed below side by side, county for county, not city.

Good conversation ... but Im done *LOL*
People can choose where they wish, all the information is on line and then they can go visit.
Comes are not that far apart and picking and choosing various places without taking into account ocean front, retirement golf communities along the coast like in Beaufort than compare housing costs in a place well over hundred or more of miles away ...
Anyway, considering it's much more economical to live in Lexington income isnt much different.
Here are the US Census numbers and all the facts are in there, for example, the population is much older in Beaufort which could explain a slightly higher median income s the poverty level is the same and the schools the same or better and home ownership the same. ITs actually much closer than I thought, since you picked an ocean front county to compare with one a 150 miles away (and almost in the middle of nowhere).
https://www.census.gov/quickfacts/f...rolina,lexingtoncountysouthcarolina/PST045222

I like Census data no fudging of numbers, Here is the Town Of Lexington data
https://www.census.gov/quickfacts/fact/table/lexingtontownsouthcarolina/PST045222

Lexington Town Compared to Beaufort City (Median Household Income in Lexington $73,000 to Beaufort City $53,000
https://www.census.gov/quickfacts/f...hcarolina,beaufortcitysouthcarolina/PST045222

Ok, it's dinner time! Enough said... its a great site for those looking around though!

 

[SC Maintenance]

I dont think its poor as portrayed, lower median income compared to some others yet much more buying power and nicer homes. YOU can buy more house in Lexington than you can in many areas on the top of the chart which is misleading on income or median.
My post stands as I typed it, I lived there and my daughter graduated from the highest ranked public HS school in the state.
US Census states Beaufort City Median Household income at $53000 https://www.census.gov/quickfacts/beaufortcitysouthcarolina
The two counties are listed below side by side, county for county, not city.

Good conversation ... but Im done *LOL*
People can choose where they wish, all the information is on line and then they can go visit.
Comes are not that far apart and picking and choosing various places without taking into account ocean front, retirement golf communities along the coast like in Beaufort than compare housing costs in a place well over hundred or more of miles away ...
Anyway, considering it's much more economical to live in Lexington income isnt much different.
Here are the US Census numbers and all the facts are in there, for example, the population is much older in Beaufort which could explain a slightly higher median income s the poverty level is the same and the schools the same or better and home ownership the same. ITs actually much closer than I thought, since you picked an ocean front county to compare with one a 150 miles away (and almost in the middle of nowhere).
https://www.census.gov/quickfacts/f...rolina,lexingtoncountysouthcarolina/PST045222

Beaufort County is home to Hilton Head Island hence its reason for top of list on income - not really fair comparison - they bring there money with them I actually lived in Beaufort county for a couple years also, lots of rich, lots of poor, not much middle. I liked it, but you get bored fairly fast hence moved to Charleston. I am one of those extremely lucky people that have worked remote for 20 years so can live wherever.

Anyway I agree, to each there own. I would prefer to live just about anywhere in SC over about 95% of the rest of the country.

 

[alarmguy]

Beaufort County is home to Hilton Head Island hence its reason for top of list on income - not really fair comparison - they bring there money with them I actually lived in Beaufort county for a couple years also, lots of rich, lots of poor, not much middle. I liked it, but you get bored fairly fast hence moved to Charleston. I am one of those extremely lucky people that have worked remote for 20 years so can live wherever.

Anyway I agree, to each there own. I would prefer to live just about anywhere in SC over about 95% of the rest of the country.

Yeah, it's all good and dont take my insane long posts the wrong way, I like learning, researching and wow did we before we moved south almost 16 years ago.... I just used the site to check out where we live now, doesnt matter as much schools ect because we are done with that... but really good site and numbers better than I suspected and sort of in-between Lexington and Beaufort County.
Though we have guards, automated gates, license plate readers ect... its nice to have but we are in a nice touristy area... lots of decorations on the beaches too .. love it

Oh, PS! We have been to most coastal SC areas many times on vacations... and why we are back to the coast forever... for hopefully a long retirement to enjoy it all.
Ok time for a tuna sandwich ... and maybe the beach...

 

[Dave Hess]

alarmguy,

Of all the areas you posted, which have the least amount of crime ?

 

[SeaJay]

It is because right now they have the ability to profit from it and/or just force the borrower to whatever policy they dictate and “buy” for them.

My concept is different. Lenders insure the property loss risk in case of a mortgage as part of their rate. This way they have to be competitive. If they are a percentage point higher than the next lender they won’t get business.

It needs to be forced into the pricing of the loan.

That doesn’t mean a homeowner shouldn’t buy their own. But my point and comment was relative to the insurance that many have to pay because of the need to protect their lender….

One of my insurance clients that I consulted for some number of years ago had a forced placement book of homeowners policies. It was extremely profitable offsetting some poor experience in other types of insurance.

 

[alarmguy]

alarmguy,

Of all the areas you posted, which have the least amount of crime ?

All of them but they are Huge areas.
There is no crime, but for an outsider, Chapin, Lexington and Irmo in that order.

There is no crime in any of those areas in which you would live.
Then, as an all-around crime free area, including shopping I would vote for Lexington.
Since you were asking a pointed question like that, a home in Lexington County, which would be on the southern side of Lake Murray.

Chapin on the northern shore is also part Lexington county almost a Mayberry RFD town, much of an affluent and I’m at a loss for words but zero crime. You then have areas of Irmo that border Chapin and it’s all the same.
The bottom line is any of these areas around both shores of Lake Murray itself are higher end homes.
It’s just that the shopping experience in dining might be a bit more crime free feeling in Lexington, yet the Harbison area of north western Columbia is where a lot of Irmo and Chapin residents shop and eat.
Since this area is ginormous with every restaurant and store you can think of, naturally, they will be a bit more crime
I really hate talking about crime in these areas because it really is insignificant but I would say overall Lexington county would be the answer to you as far as least crime and one that I would suggest as most favorable to someone asking the question.

My wife and I do feel the other area, Harbison although huge is starting to feel a bit more urban.
Though speaking about it, I feel like I’m defending it because of peoples perceptions, even people who seem to live in this state, but not in that area, see it so negative and all I could say is it’s not true.
Still being you are asking Lexington county for you

@Dave Hess I updated this, so give it another read
For what it’s worth in the 15 years we lived here we personally don’t know anyone who is a victim of a crime or of anybody who knew somebody who was a victim of a crime
We do know of one home breakin in our community in 15 years.

 

[odie]

Watched this on NBC Nightly News a few nights ago .

 

[thescreensavers]

My Policy in WPB on a 2006 home went from $3500 to $7000. StateFarm actually had a decent rate from all others in the ~$5500 range but I ended up going with a non-figa insurance company for the same $3500 I was paying.

 

[Dave Hess]

All of them but they are Huge areas.
There is no crime, but for an outsider, Chapin, Lexington and Irmo in that order.

There is no crime in any of those areas in which you would live.
Then, as an all-around crime free area, including shopping I would vote for Lexington.
Since you were asking a pointed question like that, a home in Lexington County, which would be on the southern side of Lake Murray.

Chapin on the northern shore is also part Lexington county almost a Mayberry RFD town, much of an affluent and I’m at a loss for words but zero crime. You then have areas of Irmo that border Chapin and it’s all the same.
The bottom line is any of these areas around both shores of Lake Murray itself are higher end homes.
It’s just that the shopping experience in dining might be a bit more crime free feeling in Lexington, yet the Harbison area of north western Columbia is where a lot of Irmo and Chapin residents shop and eat.
Since this area is ginormous with every restaurant and store you can think of, naturally, they will be a bit more crime
I really hate talking about crime in these areas because it really is insignificant but I would say overall Lexington county would be the answer to you as far as least crime and one that I would suggest as most favorable to someone asking the question.

My wife and I do feel the other area, Harbison although huge is starting to feel a bit more urban.
Though speaking about it, I feel like I’m defending it because of peoples perceptions, even people who seem to live in this state, but not in that area, see it so negative and all I could say is it’s not true.
Still being you are asking Lexington county for you

@Dave Hess I updated this, so give it another read
For what it’s worth in the 15 years we lived here we personally don’t know anyone who is a victim of a crime or of anybody who knew somebody who was a victim of a crime
We do know of one home breakin in our community in 15 years.

Thanks for all the info.

 

[SHOZ]

My house insurance went up 25% this year in Illinois. Progressive is the company. $1400 or so for a 1500 sq ft ranch.