Quote:
Originally Posted by mrf0151
No, Travelers is NOT writing new policies in Florida. Our agent told us to never let this policy go, as we will never ever find one as good for the money.
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It is the best for now. Insurance companies have no obligation to provide you with the exact same coverage once your policy expires. And, they do not have to renew you. Your policy is solid only until the expiration date. Once expired, you will have to sign a new policy with new variables. This is what the post is about, insurance companies doubling and tripling the cost with less coverage. Traveler's is no exception.
We now live in a place where home prices have increased significantly and the cost for a complete rebuild is high. The population has exploded that if a hurricane were to hit the Villages there would be billions of dollars in damage. (a sizeable amount of homes would be affected) Lightening strikes are common, some resulting in homes burning down. Claims for roofs are rampant. Homes are being built by dangerous, enormous electric towers. Plenty of sinkholes. All of this, and more, means higher insurance rates. Or, closing the doors and walking away.
It is only going to get worse. More homes being built means more expense for the insurance companies. Especially, with each home built only 5-8 feet apart. If you were an insurance company, would you be interested in offering protection?