Homeowners insurance rate hike (FL)
- Thread starter gregk24
- Start date
Ours went up 48% from 2021 to 2022 and we are not anywhere near Florida. I’m dreading another increase this July. I’ve shopped about 10 companies recently but couldn’t get the same coverages for the same price.
Casualty insurance is all about understanding risk. The insurance companies try to figure out the risk for where you live and price accordingly.
But weather (hurricanes, tornado) and fire can effect the risk. Even being far away from a fire hydrant is a risk
There is also risk by having a pool or trampoline or dog breed known for biting or wood stove.
In some cases the insurance companies pay out the same in claims that they take in premiums. Their profit comes from holding onto and investing the money for awhile between taking in the premium and paying out the claim.
In some states the state insurance regulators will not allow the rates to rise enough to cover the risk so they stop writing policies in the state.
But weather (hurricanes, tornado) and fire can effect the risk. Even being far away from a fire hydrant is a risk
There is also risk by having a pool or trampoline or dog breed known for biting or wood stove.
In some cases the insurance companies pay out the same in claims that they take in premiums. Their profit comes from holding onto and investing the money for awhile between taking in the premium and paying out the claim.
In some states the state insurance regulators will not allow the rates to rise enough to cover the risk so they stop writing policies in the state.
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Just got my new renewal. A 48% increase last year and a 35% increase this year. I’m not paying $7,750 for homeowners, time to shop!
What is the value of your home ?
$1.25M is the coverage A amount on the policy.
Mind sharing who you are insured with?
My parents just cut theirs in half somehow...coverage through Progressive that supposedly they are extremely choosy with based on credit worthiness, age, etc. They will now have a $700 annual premium on around $500K of coverage...I didn't believe my dad when he told me.
State Farm.
I could handle that, and if push came to shove I would drop covering the house and it's contents. My biggest concern is liability coverage. I would not go w/o liability coverage on my house, especially in this day and age.
Zee09
$200 Site Donor 2023
My insurance went up in Maryland this year just over 60 % and it's still reasonable compared to several quotes from other companies.
I told my company the house wasn't worth what it was insured for and the lady gave me a good reaming...lol
She said with a nasty attitude that they will not insure the property for any less than the replacement value.
I had to renew with them because they still had the cheapest rate and best coverage by far.
I told my company the house wasn't worth what it was insured for and the lady gave me a good reaming...lol
She said with a nasty attitude that they will not insure the property for any less than the replacement value.
I had to renew with them because they still had the cheapest rate and best coverage by far.
JHZR2
Staff member
I wonder if you can get an umbrella policy without homeowners? Gut would say yes as long as auto coverage is right, so renters could buy it. But they do ask what properties you own…. So tbd. But that may be a good bet if one could swing it, and save sufficiently to self-insure.
Zee09
$200 Site Donor 2023
I hate to see a grown man suffer.... This quote was from Amica and I said nope...lol
Totally nuts.... I hope you feel better now..
Sounds like a good idea. My HO is due in September. I dropped the bundle I had with State Farm and went with the Hartford, so my premium is going to rise, probably a lot. But the money I saved moving the cars and umbrella to The Hartford was substantial, and I got better coverage in the process. I hate insurance companies, and anything to do with insurance, so if need be I'll make another change. I found in over 40 years of owning houses, cars and a business that familiarity breeds contempt with insurance companies and you have to shop to keep them honest. Oh and your friendly local broker is not your friend.
Zee09
$200 Site Donor 2023
Sounds like a good idea. My HO is due in September. I dropped the bundle I had with State Farm and went with the Hartford, so my premium is going to rise, probably a lot. But the money I saved moving the cars and umbrella to The Hartford was substantial, and I got better coverage in the process. I hate insurance companies, and anything to do with insurance, so if need be I'll make another change. I found in over 40 years of owning houses, cars and a business that familiarity breeds contempt with insurance companies and you have to shop to keep them honest. Oh and your friendly local broker is not your friend.
Yup
I have a Progressive policy attained through our home builder, it was substantially less than anyone, paying roughly $1300 others 2000 to 2500 near the coast
Credit goes to your parents, no one company is good for everyone, its super easy to shop around online, honestly for most people its easy stuff except in high risk areas like coastal and Florida/CA
Ive never bundled anything with any company except a long time ago with a local State Farm agent decades ago. Now I dont hold more than one policy with any one company, low price always wins. Most bundles are BS
That's insane... do you scour the internet for better prices? I know some people are not comfortable with that.
Ill dig to every corner of the net for a lower price
Some online suggestions =
Travelers
Geico
Progressive
Homestead (related to one of the above)
Lemonade (if in your area)
Allstate
Really the list is endless, Spend a few hours one day, contacting everyone on the internet, it has to pay off. What kind of natural disasters do you have in that area?
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I’ve spent more than a few hours looking elsewhere. The problem is that many won’t go over ~ $800k for Coverage A or the lowest deductible for wind/storm was 1% (which was $12,500-19,000). That 1% deductible isn’t a huge issue if the rates were more competitive but they aren’t. Now with this next increase coming in August I’m going to start looking again.
We get hail and tornadoes in the Midwest.
