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.
Homeowners insurance rate hike (FL)
- Thread starter gregk24
- Start date
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.
Sure except hurricanes seasons here have been mild compared to years past.
I thought roofing scams were part of the reason.
Homeowners' insurance rates more than double for Florida residents as roofing scams continue
Homeowners' insurance rates are soaring for Florida residents as roofing scams continue.
www.abcactionnews.com
Tell that to the folks down by Fort Meyers... As stated above - your pool is the State of Florida, and you are paying accordingly... along with the messed up roofing scams the FL legislature refuses to deal with...
Building the pot for the next big hurricane.
Our family is grateful to be out of the sw Florida real estate ownership fun... Made it through one hurricane with minor shingle damage, and sold two years ago... the neighborhood is still a mess from what we hear from last year's hurricane... lots of flooded homes this time...
Our insurance is now in the $8K range.
I've mentioned this many times before, but I am now running into "overdraft" prior to every paycheck. Can't keep drawing from my retirement account. It is not just "consumer prices", it's everything, all the time now.
Adjusted for inflation, my insurance should be $2,500.
My house cost $157K to build, in 2002. And it's built to Dade County specs. No hurricane has damaged it so far.
I've mentioned this many times before, but I am now running into "overdraft" prior to every paycheck. Can't keep drawing from my retirement account. It is not just "consumer prices", it's everything, all the time now.
Adjusted for inflation, my insurance should be $2,500.
My house cost $157K to build, in 2002. And it's built to Dade County specs. No hurricane has damaged it so far.
Same in California. 2012 paid less than $1k, last year went up some to about $1300, this year they tried to raise it to $2900. Shopped around and got it to around $1400. Prices vary wildly for the same coverage and have never even had a claim. Don't live in a flood, fire or beach cliff zone. Too many people do and we have to pay for them. Scam
JHZR2
Staff member
You’re 100% guaranteed to be hit by a major hurricane.
Not sure what you would expect.
I feel sorry for you, I emphasize with you. I’m not a fan of thieving insurance companies, or shady roofing contractors.
But you are in a place with a guarantee of major hurricane damage in close proximity.
My in-laws live in the Caribbean. I think they determined it woukd be cheaper to self insure based upon premiums and the payouts they’ve received after major hurricanes like Irma and Maria… and yes, they’ve lost their house (roof) once.
Thats a tough one, especially as real estate is overpriced and skilled labor becomes more and more expensive.
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Does anybody live in a desirable area that isn't prone to a disaster? Serious question-I don't know.......
Utah has Earthquake faults-hasn't been that active but does one know when they will become active? Respectfully-I fid it hard to believe you live in an area where there is ZERO risk of anything happening.
Natural gas lines, water mains, sewer mains, the list goes on.....
Lots of people consider ALL TYPES OF INSUARNCE a SCAM until they have to file a claim.
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That's my point-you don't know when a ticking time bomb is going to go off around you. Is your risk less...OK if you say so. But there are more things than you could think of when the day comes when you need to file a claim.
Mine has gone up substantially too. Of course if you are in California-your house has gone up-as well as construction costs. They all factor in.
I moved out of California 11 years ago. The house I sold then is now worth double what I sold it for.
There is no place with zero risk. There are places where the odds of making a claim for damage are much higher than other places... Given the broad area Hurricanes can cover, and the increases in the population residing there, the changes in construction costs, advances in building code (which aren't free or cheap) it shouldn't be a shock that insurance prices have had to increase.
If there really was money to be made, would multiple companies be leaving the market, as is happening in Florida? Similarly in California, State Farm and Allstate have announced they won't write new property insurance policies due to similar issues - increased construction cost, repeated catastrophic claims, etc... trends that aren't sustainable.
Sure, we can all look at insurance and grumble at what it costs, and complain about greedy companies. Yet in Florida, they are walking away in many cases - not just increasing costs, but giving up the market.
If there really was money to be made, would multiple companies be leaving the market, as is happening in Florida? Similarly in California, State Farm and Allstate have announced they won't write new property insurance policies due to similar issues - increased construction cost, repeated catastrophic claims, etc... trends that aren't sustainable.
Sure, we can all look at insurance and grumble at what it costs, and complain about greedy companies. Yet in Florida, they are walking away in many cases - not just increasing costs, but giving up the market.
My homeowners insurance has doubled since we bought our house 4 years ago...... But so has its market value. Yeah, one could argue that nothing can happen to the dirt it sits on, even if the place burns to the ground. But lots have all doubled to tripled in price as well in that same time frame.
Also, building material and labor costs have all gone through the roof. Good luck trying finding anyone worthwhile, to do any type of construction work. Roofing, remodeling, etc. Name it and you'll be in for a long wait.
I waited almost 4 months just to have a 8' X 12' storage shed built. They built and painted the entire thing in just 2 days, start to finish. But they were backed up that far.
Also, around here, 25 years ago the bulk of the new homes built were all around the 1,400 to 1,600 sq. ft. range. Today builders don't want to "waste" lots building homes that size. Now they're all 2,600 sq. ft. plus. Most of them with huge RV and boat deep garages that are 2,000 sq. ft. or larger, just by themselves.
Homeowners insurance cost simply reflect all of this.
Also, building material and labor costs have all gone through the roof. Good luck trying finding anyone worthwhile, to do any type of construction work. Roofing, remodeling, etc. Name it and you'll be in for a long wait.
I waited almost 4 months just to have a 8' X 12' storage shed built. They built and painted the entire thing in just 2 days, start to finish. But they were backed up that far.
Also, around here, 25 years ago the bulk of the new homes built were all around the 1,400 to 1,600 sq. ft. range. Today builders don't want to "waste" lots building homes that size. Now they're all 2,600 sq. ft. plus. Most of them with huge RV and boat deep garages that are 2,000 sq. ft. or larger, just by themselves.
Homeowners insurance cost simply reflect all of this.
