Homeowners insurance rate hike (FL)

[MNgopher]

FWIW, another company is headed for the exits in Florida...

https://www.orlandosentinel.com/2023/07/11/farmers-insurance-pulls-out-of-florida-angering-patronis/

Seems like a perfectly healthy market, right? Eek!

 

[Dave Hess]

I’m going to sell my house here in Florida and move to Humpty Dumpty, Wyoming the way things are going.

 

[Zee09]

I saw a house in Ocala listed at $479k and the estimated property tax was $6k.
Not the old Ocala

 

[Dave Hess]

I saw a house in Ocala listed at $479k and the estimated property tax was $6k.
Not the old Ocala

Link to house ?

 

[Zee09]

Link to house ?

It was on YT...I will have to dig it up again as I didn't like it.

 

[Dave Hess]

It was on YT...I will have to dig it up again as I didn't like it.

Don’t bother.

 

[Zee09]

Don’t bother.

I just found another that was $463k at 1.2% tax.
$5556.00
ST. Cloud.

 

[y_p_w]

https://www.wesh.com/article/aaa-issuing-non-renewals-florida/44538633
https://winknews.com/2023/07/14/triple-aaa-florida-insurance-tracie-davis/

 

[Dave Hess]

I just found another that was $463k at 1.2% tax.
$5556.00
ST. Cloud.

Thats ’normal’ for Florida unless they bought 20 years ago.

 

[rekit]

Well, it went up again! We don't have a large home, but the rate increased by over $600 for this year making it over $2,700 annually. When we bought the house 5 years ago it was less than $1000. Every year I want to switch but if I leave our current insurer they aren't accepting new clients and we won't be able to get back with them. Not sure what to do.

I saw a report on how FEMA is using "equity" to adjust rates now. Someone far from Hurricane prone areas are gonna pay 2-4 x what someone enjoying the beach will pay now.
https://www.fema.gov/sites/default/files/documents/fema_equity-action-plan.pdf

 

[The Critic]

https://www.wesh.com/article/aaa-issuing-non-renewals-florida/44538633
https://winknews.com/2023/07/14/triple-aaa-florida-insurance-tracie-davis/

FL, LA and CA are probably the three worst states to have market share in. This really isn’t a surprise. I fully expect the non-admitted carriers to dominate in those states during my lifetime.

 

[doitmyself]

So, these interweb statements are not true?:

"The strength of Florida's low tax burden comes from its lack of an income tax,"
"Florida is known for having low taxes. Delving into the numbers, the state mostly lives up to the reputation."

No matter how the pie is sliced, one way or another the government and other entities have to collect enough money to provide basic services.

 

[Zee09]

So, these interweb statements are not true?:

"The strength of Florida's low tax burden comes from its lack of an income tax,"
"Florida is known for having low taxes. Delving into the numbers, the state mostly lives up to the reputation."

No matter how the pie is sliced, one way or another the government and other entities have to collect enough money to provide basic services.

The game has changed.
High homeowners insurance if you can get it and high property tax compared to pre cv19..
The Florida dream is starting to tarnish.

 

[y_p_w]

So, these interweb statements are not true?:

"The strength of Florida's low tax burden comes from its lack of an income tax,"
"Florida is known for having low taxes. Delving into the numbers, the state mostly lives up to the reputation."

No matter how the pie is sliced, one way or another the government and other entities have to collect enough money to provide basic services.

Property taxes are variable, businesses are still subject to business income taxes, and they still have sales tax. So balancing budgets will either have to come from budget cuts, adjustment to taxes, and/or federal government subsidies.

But my understanding is that they do it with limited government.

 

[y_p_w]

So I found this:

https://www.wfla.com/news/florida/p...ome-homeowners-insurance-policies-in-florida/

They're not completely leaving Florida, but they won't renew policies in a category where the owner doesn't live in the home as a primary residence. I suppose that would mean rental homes or vacation homes.

 

[billt460]

They're not completely leaving Florida, but they won't renew policies in a category where the owner doesn't live in the home as a primary residence. I suppose that would mean rental homes or vacation homes.

The insurance companies who aren't renewing in Florida, are making the homeowners wish they didn't.

https://money.com/home-insurance-costs-rise-2023-forecast/

"Florida, the most expensive state for home insurance, owners can expect to pay an average of nearly $8,000 for premiums in 2023 — a whopping 66% increase over last year".

 

[alarmguy]

Yeah, I am hearing a lot about insurance costs in NE Florida and sky high property tax increases in Yulee FL from a community we almost bought in. We are tickled pink that we didnt buy there.

We LOVE it here on the Carolina Coast but I too am getting concerned about Insurance next year when we renew. We have a REALLY good rate right now but our builder got it for us through Progressive. What I dont know is if it was a one year discounted rate or not.

It will be interesting next year at renewal time.

 

[odie]

Will impact all with increase for insurance .

 

[alarmguy]

Will impact all with increase for insurance .

Yeah, that pretty much goes for anything in life
But it will be less and less threatening areas with lower claims

 

[MSCH]

I saw a house in Ocala listed at $479k and the estimated property tax was $6k.
Not the old Ocala

we paid 110k for the old house and property we once had in Ocala.. that was in the late 90's.
during the housing boom probably could have borrowed a million on it