Home Owner Insurance

[Boffin]

The Insurance Information Institute projects that property insurance rates in Florida will increase by at least 40% in 2023. Mark Friedlander, the Institute's Director of Communications, said these increases come as Floridians are already paying more than homeowners in other states.

[villagetinker]

I suspect these increases will be highly dependent on the age of the house, the age of the roof, and the proximity to the coast or another water source that may cause flooding. Our increase this year was way below 40%, Progressive, 2013 vintage house and roof.

[Michael G.]

The Insurance Information Institute projects that property insurance rates in Florida will increase by at least 40% in 2023. Mark Friedlander, the Institute's Director of Communications, said these increases come as Floridians are already paying more than homeowners in other states.

Next will be the cost of what helps us to tolerate the summers in Florida, the increase of electricity.

If what they predict that our summers will get warmer, in 5 years, the cost of cooling
your house will double from todays cost.

Florida living will be only for the wealthy. :sad:

[margaretmattson]

The Insurance Information Institute projects that property insurance rates in Florida will increase by at least 40% in 2023. Mark Friedlander, the Institute's Director of Communications, said these increases come as Floridians are already paying more than homeowners in other states. My niece who lives in Springhill(about an hour from here) received an interesting letter from her insurance company. It stated that starting in 2024 all homes must now carry flood insurance. Her home is no where near water not even a puddle. She said her in-laws received the same letter. IDK!
New rules coming for Florida? I did not get a letter.

[Rainger99]

The Insurance Information Institute projects that property insurance rates in Florida will increase by at least 40% in 2023. Mark Friedlander, the Institute's Director of Communications, said these increases come as Floridians are already paying more than homeowners in other states.

That is a projection which may or may not happen.

Since the start of the last year, double-digit rate increases have been approved in 31 states.

The biggest increases were in Arizona, Texas, North Carolina, Oregon, Illinois and Utah.

[Rainger99]

My niece who lives in Springhill(about an hour from here) received an interesting letter from her insurance company. It stated that starting in 2024 all homes must now carry flood insurance. Her home is no where near water not even a puddle. She said her in-laws received the same letter. IDK!
New rules coming for Florida? I did not get a letter.

I think the requirement only applies to property owners who have coverage through Citizens Property Insurance.

Ask your niece who her insurance company is.

You said that you didn’t get a letter. Are you insured with Citizens Property??

[Michael 61]

I’ve been hearing “the sky is falling” in regards to homeowners rates, even before I moved here in December of 2022. South of 44, I haven’t heard of anyone who’s rates skyrocketed at renewal time. So far, there seems to be increases in the 10% to 25% range, and if there is anything higher than that, they were able to switch companies and secure a better rate. The horror stories seem to occur in other areas of Florida.

[HIgolfers]

I’ve been hearing “the sky is falling” in regards to homeowners rates, even before I moved here in December of 2022. South of 44, I haven’t heard of anyone who’s rates skyrocketed at renewal time. So far, there seems to be increases in the 10% to 25% range, and if there is anything higher than that, they were able to switch companies and secure a better rate. The horror stories seem to occur in other areas of Florida.

I live between 466a and 44 in a 6 year old house. My homeowners increased 60% this year. We’ve made no claims. I shopped around and no one quoted me less, even with bundling.

[Carla B]

2008 house, 9 year-old roof, above 466a. Progressive Insurance, premium went from $1676 to $3539. Then they sent a note asking why we left them.

[margaretmattson]

I think the requirement only applies to property owners who have coverage through Citizens Property Insurance.

Ask your niece who her insurance company is.

You said that you didn’t get a letter. Are you insured with Citizens Property?? That must be it. She does have Citizens.

[Rainger99]

This is a link to Citizens Property Insurance Corporation website. It explains in great detail how they will pay for claims if their reserves are not sufficient to pay claims.

Bottom line is that we all will pay for it but if you are insured with Citizens you will pay significantly more than if you are insured with a private company.

Brochures - Public - Citizens Property Insurance Corporation (https://www.citizensfla.com/brochures)

[margaretmattson]

This is a link to Citizens Property Insurance Corporation website. It explains in great detail how they will pay for claims if their reserves are not sufficient to pay claims.

Bottom line is that we all will pay for it but if you are insured with Citizens you will pay significantly more than if you are insured with a private company.

Brochures - Public - Citizens Property Insurance Corporation (https://www.citizensfla.com/brochures) Yes. My niece has to pay the price for Citizens because no private insurer will insure the home because it is in a sink hole area. (Yes, insurance companies check maps for everything)

She is staying in the home because she bought it when mortgage rates were at their lowest. Her payments are dirt cheap. But, now with insurance changes that is gonna change. Can"t win for losing! Thanks for the info.

[Nucky]

Somehow, Someway, I'll bet you everything will work out just fine. Maybe not perfect but we'll figure out a way to stay in paradise no matter what it takes.

I try not to expose my wifey to the B.S. about these big issues. I'm sure she could handle it better than most of us but come on give up the dark cloud over our heads already. Live this beautiful life we've been granted. She had a lifetime of worrying about our kids and now the grandchildren. I think I'll let her take the responsibility for worrying about the flowers being planted year-round, you know the way it's been since forever in The Villages. Who knows how much time we all have left on this earth, I'm not going through the fourth quarter of life worrying about NUTTIN HONEY!

P.S. I see we have a new dark cloud posting since I've been online last. Welcome, get all the negativity out. It is a great place to live once you get past the initial crying period you seem to be going through. No names cause it's against the rules. :1rotfl::1rotfl::1rotfl:

[davefin]

My 2023 rate for my, Progressive insured, nine year old home in TV, increased 48%.

[Michael 61]

Somehow, Someway, I'll bet you everything will work out just fine. Maybe not perfect but we'll figure out a way to stay in paradise no matter what it takes.

I try not to expose my wifey to the B.S. about these big issues. I'm sure she could handle it better than most of us but come on give up the dark cloud over our heads already. Live this beautiful life we've been granted. She had a lifetime of worrying about our kids and now the grandchildren. I think I'll let her take the responsibility for worrying about the flowers being planted year-round, you know the way it's been since forever in The Villages. Who knows how much time we all have left on this earth, I'm not going through the fourth quarter of life worrying about NUTTIN HONEY!

P.S. I see we have a new dark cloud posting since I've been online last. Welcome, get all the negativity out. It is a great place to live once you get past the initial crying period you seem to be going through. No names cause it's against the rules. :1rotfl::1rotfl::1rotfl:

Nucky -

Well said my friend. Spending time on useless speculation, filled with anxiety and trepidation is not how I’m going to spend my retirement years. It comes down to making a conscious choice of what type of “mind-set’ you want to embrace.

[John Mayes]

Somehow, Someway, I'll bet you everything will work out just fine. Maybe not perfect but we'll figure out a way to stay in paradise no matter what it takes.

I try not to expose my wifey to the B.S. about these big issues. I'm sure she could handle it better than most of us but come on give up the dark cloud over our heads already. Live this beautiful life we've been granted. She had a lifetime of worrying about our kids and now the grandchildren. I think I'll let her take the responsibility for worrying about the flowers being planted year-round, you know the way it's been since forever in The Villages. Who knows how much time we all have left on this earth, I'm not going through the fourth quarter of life worrying about NUTTIN HONEY!

P.S. I see we have a new dark cloud posting since I've been online last. Welcome, get all the negativity out. It is a great place to live once you get past the initial crying period you seem to be going through. No names cause it's against the rules. :1rotfl::1rotfl::1rotfl:

LOL!!!! I love your perspective!

[CoachKandSportsguy]

just update your future annual spending budgets and see what changes you have to make.

could be 2 less dinners out each month, which is doable, unless you don't go out for dinner at all. .

oh well, you can always move to other similar retirement locations. .

[margaretmattson]

Agreed. Just try to keep a good attitude. We can't fix things we have no control over.

[margaretmattson]

I just hope there are no major hurricanes this year. We tend to talk about how they affect our budget. Can you imagine what it's like to lose everything and have your entire community flattened?

[CoachKandSportsguy]

I just hope there are no major hurricanes this year. We tend to talk about how they affect our budget. Can you imagine what it's like to lose everything and have your entire community flattened?

Unimaginable, for sure. My daughter's pictures of Hurricane Michael in the FL panhandle several years ago were jaw dropping as there was nothing left. . literally. .

There should be a major hurricane this year given the water temperatures, lets just hope that it doesn't hit FL, or if it does not around TV. . .

We bought our house in 2019, furnished it in July, and then over Labor day weekend, there was a hurricane with a path right over TV for like 3 days while we are up here in NE/MA working. . . On Friday before, the electricity went out and I was freaking out that the hurricane isn't even at the Bahamas yet, and we have lost our electricity! And there were no steering currents visible for those days which would push the hurricane away. . . welcome to FL!

I expect the house walls to be fine, its the roof shingles about which I worry, shingles disappearing sucks. .