FL homeowners insurance jumped up
- Thread starter gregk24
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so what reason did my premiums go up 40% in 5 years no hurricanes or claims here... maybe some sporadic hail damage... but nothing massive or widespread.
Well they did try to say my house needs 20% more in coverage.. its value went up aprox.. $0
Well they did try to say my house needs 20% more in coverage.. its value went up aprox.. $0
Originally Posted by gregk24
My homeowners insurance jumped up around 35% due to the Hurricane we had last year. Shopped around and found a lower rate, but only from a sub par company known to not pay out claims as they should. Very frustrating!
Yep. Welcome to home ownership in Florida.
I cancelled my home insurance long time ago.
Insurance companies can legally build up their pot of cash for disasters that cause $$$ billions of damage. That's why nobody in Tallahassee can stop them. After Hurricane Andrew in 1992 a few insurance companies could not pay all their claims and went bankrupt.
State allows insurance companies to stack cash for future losses. Many companies will only insure 5 - 10% of the houses per zip code to limit their risk.
My homeowners insurance jumped up around 35% due to the Hurricane we had last year. Shopped around and found a lower rate, but only from a sub par company known to not pay out claims as they should. Very frustrating!
Yep. Welcome to home ownership in Florida.
I cancelled my home insurance long time ago.
Insurance companies can legally build up their pot of cash for disasters that cause $$$ billions of damage. That's why nobody in Tallahassee can stop them. After Hurricane Andrew in 1992 a few insurance companies could not pay all their claims and went bankrupt.
State allows insurance companies to stack cash for future losses. Many companies will only insure 5 - 10% of the houses per zip code to limit their risk.
Originally Posted by Rand
so what reason did my premiums go up 40% in 5 years no hurricanes or claims here... maybe some sporadic hail damage... but nothing massive or widespread.
Well they did try to say my house needs 20% more in coverage.. its value went up aprox.. $0
In some areas the replacement cost is greater than the market value of the house and insurance is based on the replacement cost. My old hometown houses sell for 200,000 a depressed market etc but to replace that house if it burned to the ground is much higher, thus the increasing premiums.
so what reason did my premiums go up 40% in 5 years no hurricanes or claims here... maybe some sporadic hail damage... but nothing massive or widespread.
Well they did try to say my house needs 20% more in coverage.. its value went up aprox.. $0
In some areas the replacement cost is greater than the market value of the house and insurance is based on the replacement cost. My old hometown houses sell for 200,000 a depressed market etc but to replace that house if it burned to the ground is much higher, thus the increasing premiums.
Originally Posted by gregk24
Very frustrating!
Why would it be frustrating? You choose to live in an area that gets catastrophic hurricane damage on a regular basis, and it's gonna cost you if you want to live there. Do you expect other parts of the country to pick up the tab for your choice? You can either pay to play or find a less expensive area of the country to live in.
Very frustrating!
Why would it be frustrating? You choose to live in an area that gets catastrophic hurricane damage on a regular basis, and it's gonna cost you if you want to live there. Do you expect other parts of the country to pick up the tab for your choice? You can either pay to play or find a less expensive area of the country to live in.
My rate went down substantially and I'm still not moved back into my house after Michael. Of course, various upgrades (roof, windows) during the reconstruction made the difference.
Originally Posted by Mr Nice
Originally Posted by gregk24
My homeowners insurance jumped up around 35% due to the Hurricane we had last year. Shopped around and found a lower rate, but only from a sub par company known to not pay out claims as they should. Very frustrating!
Yep. Welcome to home ownership in Florida.
I cancelled my home insurance long time ago.
You really cancelled your home owners or just the part covering the structure(s) and contents? I cannot imagine having no liability and having assets/net worth.
Originally Posted by gregk24
My homeowners insurance jumped up around 35% due to the Hurricane we had last year. Shopped around and found a lower rate, but only from a sub par company known to not pay out claims as they should. Very frustrating!
Yep. Welcome to home ownership in Florida.
I cancelled my home insurance long time ago.
You really cancelled your home owners or just the part covering the structure(s) and contents? I cannot imagine having no liability and having assets/net worth.
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Most major insurance companies use reinsurance to cover huge losses.My daughter manages a few billion dollars in a reinsurance portfolio for a major US carrier.
Originally Posted by gregk24
My homeowners insurance jumped up around 35% due to the Hurricane we had last year. Shopped around and found a lower rate, but only from a sub par company known to not pay out claims as they should. Very frustrating!
And how much is your homeowners insurance now?
My homeowners insurance jumped up around 35% due to the Hurricane we had last year. Shopped around and found a lower rate, but only from a sub par company known to not pay out claims as they should. Very frustrating!
And how much is your homeowners insurance now?
Originally Posted by Kjmack
What is a alternative ?
The alternative is not having homeowners insurance. I've thought about doing that too. It's more of a want than a need.
What is a alternative ?
The alternative is not having homeowners insurance. I've thought about doing that too. It's more of a want than a need.
Do you have to have the mortgage paid off to drop insurance, or is it something you can drop after securing financing? [Not that I plan to, just curious.] I could see that if the structure was aged out and not worth fixing, kinda like on an old beater of a car. But probably when one could just give it away and still be ok financially.
My FL homeowners insurance doubled this year. I'm about done with it and ready to "self insure".
Originally Posted by gregk24
My homeowners insurance jumped up around 35% due to the Hurricane we had last year. Shopped around and found a lower rate, but only from a sub par company known to not pay out claims as they should. Very frustrating!
Im sorry, I dont buy into the "sup par" company and I dont know why people form/listen to opinions on Insurance companies, they are all the same and have to obey the same laws in the most regulated industry of this country.
If your home is covered for a hurricane and if it is damaged by a hurricane, your insurance company will pay, no matter how cheap you think they are..
Buy on price, ignore BS marketing and hearsy.
I switch insurance companies about 5 times in the last 13 years (maybe 6 times) low price always wins, I could care less who it is and my bank could care less who it is also. More so for a policy the vast majority of Americans will never use.
My homeowners insurance jumped up around 35% due to the Hurricane we had last year. Shopped around and found a lower rate, but only from a sub par company known to not pay out claims as they should. Very frustrating!
Im sorry, I dont buy into the "sup par" company and I dont know why people form/listen to opinions on Insurance companies, they are all the same and have to obey the same laws in the most regulated industry of this country.
If your home is covered for a hurricane and if it is damaged by a hurricane, your insurance company will pay, no matter how cheap you think they are..
Buy on price, ignore BS marketing and hearsy.
I switch insurance companies about 5 times in the last 13 years (maybe 6 times) low price always wins, I could care less who it is and my bank could care less who it is also. More so for a policy the vast majority of Americans will never use.
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Watch your policy documents to see how much they are ratcheting up the replacement cost of your house and the value of its contents. I realize that construction costs do rise and most people tend to continue cramming more things into their houses as time goes by, but sometimes I think they ratchet those values up too much. You can have them lowered upon request.
I'd had my HO insurance in FL with American Integrity Insurance for 8 years. Then after hurricane claims around the state, they also increased my premium this year by about 35%. I dropped them like a bad habit and went with another "A" rated company. It pays to have a good independent broker. And forget USAA, where I've been a member for 33 years. They cherry pick and write no HO policies in FL.
Originally Posted by zzyzzx
Originally Posted by Kjmack
What is a alternative ?
The alternative is not having homeowners insurance. I've thought about doing that too. It's more of a want than a need.
Once house is paid off you cancel your homeowner's policy.
Invest that $$$ in and 7 years later you will grow the money and buy a new roof.
What the probability of a catastrophic loss due to a fire or mother nature.... ?
Very slim unless you live very near the water.
Originally Posted by Kjmack
What is a alternative ?
The alternative is not having homeowners insurance. I've thought about doing that too. It's more of a want than a need.
Once house is paid off you cancel your homeowner's policy.
Invest that $$$ in and 7 years later you will grow the money and buy a new roof.
What the probability of a catastrophic loss due to a fire or mother nature.... ?
Very slim unless you live very near the water.
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