[Peachie]

Originally Posted by JRW8219

If you are in the business then you know that they can't just raise the premiums based on their broad book of business. Each state has insurance regulators who must allow the increase to happen. Yes catastrophes can hurt the companies bottom line but they are not allowed to just pass this on without regulation.

At least that was the case in the states that we did business with (not sure about FLA).

Most of the increased cost people pay for anything these days is about the "something for nothing" stock market. I personally believe Allstate used to be much more interested in the consumer and a big bang for the buck. Now everything is about profit for stockholders and it's not just Allstate, it's almost everything we touch being inflated for profits or payback for doing nothing. The agents are squeezed with staff reductions at corporate levels that then push the additional work load on the agents requiring them to hire additional staff and then they have quotas to meet. If the insurance companies go private again, you may see a sensible price for insurance coverage, IMHO.

[rdhdleo]

We had State Farm all our lives and while service was good the rates skyrocketed so a few years ago we switched to AAA and never looked back, very same coverage we had with StateFarm at half the price for both our cars, golf cart and home.! Great service also.

[Cajulian]

Originally Posted by CFrance

We have never once, in 40 years, seen a decrease in home owner's insurance. I'd sure like to know where that is happening at Allstate. Can you be more specific?

Cfrance, periodically the major insurance companies (Allstate, State Farm, Geico, Progressive, etc.) when they are incurring significant problems or losses in a specific product line, will a open up a new sub-company under the umbrella of the overall company and offer new home owner or auto products with new underwriting guidelines. These new sub-companies are not yet diluted with major claim losses and this allows the prices to again be more affordable. Some Agents have the opportunity to save their customers that have good claim records and long loyalty and move them from their old policies to new ones in the newly opened sub-company. That's one way you can see your prices go down. The trick is trying to maintain low claim ratios in the new company.

[Cajulian]

Originally Posted by JRW8219

If you are in the business then you know that they can't just raise the premiums based on their broad book of business. Each state has insurance regulators who must allow the increase to happen. Yes catastrophes can hurt the companies bottom line but they are not allowed to just pass this on without regulation.

At least that was the case in the states that we did business with (not sure about FLA).

JR, you are absolutely correct that prices can not be just passed on to the customers without any oversight and regulation. Every State has an Insurance Commission run by our government.

All price increases by every insurance company are mandated to submit increases to their State Commission and have to justify why they are needed and this is a very long process (months). Many times they are denied or reduced. It has to be based on a justifiable need, not just more profits for the companies.

[Cajulian]

One last comment (maybe) and I will be quiet.

It does make sense to shop around, if you have a good agent and you have asked questions on your opportunity to optimize your coverages or switch within their product offerings (new sub-company). If price improvements can't be found then go out and get quotes. MAKE SURE when you get quotes, you compare Exactly what your existing policy covers versus what the new policy will cover. Also, check if they significantly increased your Deductibles as this will lower your price, but you will pay more out of pocket when a claim is incurred.

However, remember, even the other companies will face claim losses from time to time and their Book of Business will be diluted with claim losses and the rate increase cycle starts with them. ALL insurance companies incur this situation.

Remember, it never hurts to move away and come back to a good company when their product pricing is in better shape. If your Agent is any good, He or She will try to win you back when they have a better pricing structure to help you.

[BettyCrocked]

We have our home and 4 vehicles in Alabama insured with USAA and just got our annual "rebate" check. This year it was $397!
This is the largest one I've seen in quite a few years. They send one out every year based on how the company is doing financially. They call it a dividend or premium rebate.
Does anyone in FL get these?

[Bill-n-Brillo]

Our recent H.O. renewal premium was actually lower than it was a year ago - went down around 4%. However, the increase from 2012 to 2013 was a bit over 16%.

All deductibles have remained the same except for sinkhole - went from a $1k deductible for 2012 to 10% of dwelling value beginning in 2013. Value of the dwelling increased by only $1k from one year to the next. Might need to have that reevaluated for insurance purposes!

Bill

[2BNTV]

I went to "Great Florida Insurance" in Leesburg and spoke to a Brad.

I was quoted a first time price of $900, from "The Villages Insurance Company", in SS. I then talk to Brad, and he got the same policy, for $670 thru American Integrity Insurance Company Of Florida. Saved $230!!!

1326 W. North Blvd #1
Leesburg, Florida
352.365.1222

He also insured my golf cart, as it needs to be kept separate, from the homeowners policy.

The Villages Insurance Company, gave me a great rate for auto insurance, so as always, one needs to shop for acceptable rates, that comare apples to apples.

Good luck, in finding a great rate.

[bimmertl]

There is a lot more involved in buying insurance than just obtaining "great rates". Obtaining the proper coverage should be a priority and then selecting a reputable company is also extremely important.

No doubt some of the wonderful agents place many residents with carriers such as Universal Property, the #2 writer in the state. This company was founded in 1997 and has a less than stellar reputation. For all of you with that company one good only wish you good luck!

Regulators fine Universal Property, state?s largest private insurer, $1.3M - South Florida Business Journal

[Ron1Z]

Your paying for Hurricane Sandy.

[CFrance]

Originally Posted by 2BNTV

I went to "Great Florida Insurance" in Leesburg and spoke to a Brad.

I was quoted a first time price of $900, from "The Villages Insurance Company", in SS. I then talk to Brad, and he got the same policy, for $670 thru American Integrity Insurance Company Of Florida. Saved $230!!!

1326 W. North Blvd #1
Leesburg, Florida
352.365.1222

He also insured my golf cart, as it needs to be kept separate, from the homeowners policy.

The Villages Insurance Company, gave me a great rate for auto insurance, so as always, one needs to shop for acceptable rates, that comare apples to apples.

Good luck, in finding a great rate.

2B, did that include sinkhole coverage? Sounds like a good deal. Is it a AAA company?

[JourneyOfLife]

Probably several reasons for the increases.

Some might be:

1. Their Claims Experience (more claims than the actuaries modeled in the products)
2. Their profitability
3. New Weather Pattern Studies (increased risk)
4. Bonds! Insurance Companies hold huge amounts of high grade bonds. Yields have been low for several years. As rates rise their current holdings will be worth less (lose value... mark to market)
5. Perhaps the sinkhole risk
   

[GatorFan]

Apple for apples your coverage premium with American Integrity has to be the same. If you were given a lower premium they did not include some coverages or applied credits you may not be eligible for and the company will charge you for after underwriting your policy.

Also there are a couple companies that their first name is Universal. Universal of North America is an A rated AM Best company. There is another company called Universal Property & Casualty. They are not the same.

[Cedwards38]

Never fall in love with your homeowners or auto insurance policies. Always be shopping and always be ready to switch.

[TNLAKEPANDA]

Get a quote from the Villages Insurance Agency. They represent many different companies. I am paying $536 for $275K now that is cheap. State Farm is one of the most expensive and USAA is up there also. Florida is always going to be a tough market because of losses companies take when there are hurricane's. Most carriers are splitting off their Florida book of business so they don't go bankrupt due to a major loss season.