Homeowners insurance rate hike (FL)

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

www.orlandosentinel.com

Farmers Insurance drops 100,000 policies in Florida

TALLAHASSEE — Farmers Insurance Group announced Tuesday that it would no longer write new policies or renew existing homeowner, auto and umbrella policies, affecting about 100,000 customers, a day …
www.orlandosentinel.com www.orlandosentinel.com

Seems like a perfectly healthy market, right? Eek!
 
gregk24 said:
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.
Click to expand...
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.
 
y_p_w said:
www.wesh.com

Insurance woes: AAA set to drop some Florida insurance policyholders

AAA said the company has decided to issue some non-renewals, stating the decision comes as Florida's insurance market has "become challenging in recent years."
www.wesh.com www.wesh.com
winknews.com

Senator calls for insurance fix after AAA will not renew some Florida customers

AAA announced Thursday that they are dropping customers in the middle of hurricane season, sending some customers non-renewal notices.
winknews.com winknews.com
Click to expand...
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.
 
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.
 
doitmyself said:
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.
Click to expand...
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.
 
doitmyself said:
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.
Click to expand...

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.
 
So I found this:

www.wfla.com

Progressive won’t renew some homeowners insurance policies in Florida

TAMPA, Fla. (WFLA) — Progressive will not be renewing some homeowners insurance policies in Florida, the company confirmed Friday to WFLA. A Progressive spokesperson said the company has begu…
www.wfla.com www.wfla.com

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.
 
y_p_w said:
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.
Click to expand...
The insurance companies who aren't renewing in Florida, are making the homeowners wish they didn't.

money.com

Here's How Much Your Home Insurance Will Rise This Year, According to a New Forecast

In one state, the average homeowner policy costs are up 66% over last year.
money.com money.com

"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".
 
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.
 
Zee09 said:
I saw a house in Ocala listed at $479k and the estimated property tax was $6k.
Not the old Ocala 😭
Click to expand...
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
 
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