Catching up on Insurance news around the country

[CoachKandSportsguy]

State Farm is stopping the sale of new home-insurance policies in California effective Saturday, because of wildfire risk and rapid inflation in construction costs
State Farm Halts Home-Insurance Sales in California - WSJ (https://www.wsj.com/articles/state-farm-halts-home-insurance-sales-in-california-5748c771)

[justjim]

Just got our homeowners premium notice. It’s not good news! Eight years ago we moved into our new home in The Villages. Insurance premium was $700.00 today’s premium $1,700. (Numbers rounded of course). Never had a claim. As a matter of fact, don’t know of a claim within blocks of our house. “Something” just does not seem right about this.

[Bogie Shooter]

Folks in Tallahassee are asleep at the wheel……

[justjim]

Folks in Tallahassee are asleep at the wheel……

Bogie, you got that right. Insurance lobby?

[Stu from NYC]

Just got our homeowners premium notice. It’s not good news! Eight years ago we moved into our new home in The Villages. Insurance premium was $700.00 today’s premium $1,700. (Numbers rounded of course). Never had a claim. As a matter of fact, don’t know of a claim within blocks of our house. “Something” just does not seem right about this.

Blame it mostly on the roof scam.

[JoMar]

Just got our homeowners premium notice. It’s not good news! Eight years ago we moved into our new home in The Villages. Insurance premium was $700.00 today’s premium $1,700. (Numbers rounded of course). Never had a claim. As a matter of fact, don’t know of a claim within blocks of our house. “Something” just does not seem right about this.

Insurance is not about your individual history, it's all "pool" based.....and we are in the Florida (hurricane, flood) pool. Plus as more companies leave the burdens fall on the few remaining providers. Lets hope the latest legislation helps keep competition alive but if it doesn't, it will continue to get expensive.

[kkingston57]

Just got our homeowners premium notice. It’s not good news! Eight years ago we moved into our new home in The Villages. Insurance premium was $700.00 today’s premium $1,700. (Numbers rounded of course). Never had a claim. As a matter of fact, don’t know of a claim within blocks of our house. “Something” just does not seem right about this.

We all pay for the claim of others, specifically the claims from last years hurricanes which devastated other parts of the state.

[Michael G.]

Plus as more companies leave the burdens fall on the few remaining providers.

Which would receive more business from new customers

[CoachKandSportsguy]

In hurricane alley, it’s profitable with only onezy twoozy claims per 100,000, until the 50,000 per 100,000 with a hurricane

[Rzepecki]

Blame it mostly on the roof scam.

that the insurance companies started.

[Southwest737]

Just got our homeowners premium notice. It’s not good news! Eight years ago we moved into our new home in The Villages. Insurance premium was $700.00 today’s premium $1,700. (Numbers rounded of course). Never had a claim. As a matter of fact, don’t know of a claim within blocks of our house. “Something” just does not seem right about this.
With Progressive ours jumped from $1700 to $2500. A neighbor also with Progressive was set to renew for $5000. They switched to State Farm which came in under 2 grand. BOHICA.

[MidWestIA]

Cost is based on payout for the area by the industry hurricanes, some flooding and you can thank all those idiots getting "free" new roofs when they don't need them. Probably can't get it by the coast

[msilagy]

You pay for all the claims in the US for fires, tornadoes, floods, hurricanes. They don't look at your home insurance and say "oh gosh this guy is good, never had a claim". That's not how it works. Your ins goes up according to market trends in your area. I replaced a roof in Il with insurance. My premium the next year hardly went up. This year it did some.

[msilagy]

A neighbor in Il is a seasonal occupant of a duplex in Ft Myers. Her home was not damaged by the hurricane but the new insurance is $2500 every 3 months or $10,000 a year! As a side note I doubt the new roofs are a major factor in TV. It's the potential weather risks everywhere.

[retiredguy123]

I find it very difficult to believe that insurance companies are losing money on the homeowners insurance policies they sell, especially in The Villages. I would like to see the math.

[Stu from NYC]

I find it very difficult to believe that insurance companies are losing money on the homeowners insurance policies they sell, especially in The Villages. I would like to see the math.

Your probably right but they are raising prices drastically in response to their payouts.

[mrf0151]

Insurance rates by state 2023. Florida is not the highest.
https://www.bing.com/ck/a?!&&p=c7e031372488f44bJmltdHM9MTY4NTMxODQwMCZpZ3VpZD0x MmRkMGUxMy02MGY5LTYzNGEtMzU0Yi0xZDBlNjE0NzYyODkmaW 5zaWQ9NTIwMg&ptn=3&hsh=3&fclid=12dd0e13-60f9-634a-354b-1d0e61476289&psq=highest+homeowners+insurance+rates+by+state&u=a1aHR0cHM6Ly93d3cuYmFua3JhdGUuY29tL2luc3VyYW5jZS 9ob21lb3duZXJzLWluc3VyYW5jZS9zdGF0ZXMv&ntb=1

[Caymus]

Insurance rates by state 2023. Florida is not the highest.
https://www.bing.com/ck/a?!&&p=c7e031372488f44bJmltdHM9MTY4NTMxODQwMCZpZ3VpZD0x MmRkMGUxMy02MGY5LTYzNGEtMzU0Yi0xZDBlNjE0NzYyODkmaW 5zaWQ9NTIwMg&ptn=3&hsh=3&fclid=12dd0e13-60f9-634a-354b-1d0e61476289&psq=highest+homeowners+insurance+rates+by+state&u=a1aHR0cHM6Ly93d3cuYmFua3JhdGUuY29tL2luc3VyYW5jZS 9ob21lb3duZXJzLWluc3VyYW5jZS9zdGF0ZXMv&ntb=1


Looks like "Tornado Alley" is much more expensive.

[CoachKandSportsguy]

Insurance rates by state 2023. Florida is not the highest.
Homeowners Insurance Rates by State for 2023 | Bankrate (https://www.bankrate.com/insurance/homeowners-insurance/states/#state)

But its in the top 10 as a percentage of income, mostly due to the retirees income, making it expensive for retirees.

Also, with the cost at $1,981/1,428 or 39% more expensive than the average home nationwide, this might offset all the savings from no state income taxes.

Also, in round numbers, at $2,000 state avg per $250K, with house prices increasing for labor and materials, one can easily see a $3,000 to $4,000 annual cost as an expected future average rate in TV homes.

Also with ALL the local labor employed by the villages constructing new homes,, there is very little left over for the reconstruction trades if you have to rebuild a complete house at the same cost as a new construction. . I would takes the insurance money, raze the remains, sell the lot, and buy a new house. .

good luck to us. .

40 days until former finance guy

[justjim]

A neighbor in Il is a seasonal occupant of a duplex in Ft Myers. Her home was not damaged by the hurricane but the new insurance is $2500 every 3 months or $10,000 a year! As a side note I doubt the new roofs are a major factor in TV. It's the potential weather risks everywhere.

The average middle class resident can no longer live on the Coast because of the cost of insurance and the HOA fees required by new FLorida HOA regulations. I believe Central Florida residents (including Villagers) are beginning to feel that increased insurance costs and higher interest rates are starting to affect real estate values here in The Villages too.