Saw the same thing a couple summers ago with radar indicated hail, none at my home. They were calling everyone in the area and offering to do roof inspections.
Homeowners insurance rate hike (FL)
- Thread starter gregk24
- Start date
https://nypost.com/2023/06/19/miami-tops-nyc-as-least-affordable-housing-market-after-pandemic-boom/
Article about Miami boom, stay out of south FL.
Article about Miami boom, stay out of south FL.
USAA lost money last year for the first time in 100 years. There were a number of reasons given, but I believe one of the most significant ones is they were invested in Treasury bonds, which dropped in value as interest rates rose. Same problem experienced by the recent failed banks and, I suspect, the same problem facing a lot of insurance companies. My theory is these companies are trying to make up their investment losses by overcharging customers for their insurance products.
If my theory pans out, I hope insurance regulators are able to spot the disconnect between claim losses and premiums, then are able to hold the insurance companies accountable.
If my theory pans out, I hope insurance regulators are able to spot the disconnect between claim losses and premiums, then are able to hold the insurance companies accountable.
Families with a couple of 16 to 18 year olds still in high school typically have four cars in the driveway.
In three years your policy has increased by 50%. I can only assume you tried getting prices from 4 or 5 other insurance companies by now
I would have done it from year 1 when it went up to $1150
Rebuilding cost has gone up likely 50% in the last 3 years, maybe more. Wouldn't it make sense your insurance increases at about the same rate? Mine is up about the same - I think about 55% since 2019 or so?
Stay out of all of Florida...
The main causes of HO premium increases in Florida are the roofing scams AND the annual hurricane threats. Insurance companies aren't in business to lose money.
Not that I disagree but the story picks one of the most costly areas of the entire HUGE Florida state. Many more places in Florida less expensive.
Taxes including insurance is still cheaper than areas people are moving from, places such as Nassau County, NY
Im sure much goes for the West Coast too.,
Not disagreeing with the Miami part but that is the size of a thumbtack on a bulletin board compared to the rest of Florida.
On thing for sure, prices have gone way too high in Florida, too fast but this is just a sign of the people fleeing certain geopolitical high taxed states so for many its still very affordable.
I love the state but my wife and I too were very turned off after almost, literally signing contracts on a new home, we still have the contracts that we never signed, that is how close we came to buying there. Im glad we didnt and very happy with our choice near the NC coastal shore... but ... though, still a well kept secret where we are, its not so much anymore and freaking communities/developers clearing land and multiplying like crazy... I suspect I wont be on this earth by the time it possibly gets ruined decades down the road unless they control growth which is possible, being near the coast make be a blessing controlling growth.
And the fact that other insurers went belly up charging similar premium rates which were not enough.
A few years ago there were mysterious fires in home owners kitchens and they needed to file claims to redo their kitchen.
My real estate lawyer sister told me about this scam quickly spreading across south FL.
There's not enough money in all of Florida to pay me to live in that overcrowded ant hill!
Well it's obvious you don't have my money......
Why is that?
JTK
$100 Site Donor 2025
I think it's to the point FL residents don't have the pool to choose from. Unfortunately it's getting ugly for them.
I agree, I ran a little bit into that with our new home near the NC coastline. It took some effort but got the same low rate I was paying on the last home in the middle of SC. (hope it stays that way and if not now Ill still scour the earth to find it) Sometimes in that position an agency might be able to help give one some direction and can still go off on your own to keep searching.
Because you aren't me.
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