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View Full Version : Double digit increases in home owners insurance


Paperboy
10-07-2013, 04:35 PM
Over the past 3-4 yrs. has your home owners, hurricane & sinkhole (all on 1 policy) have HEFTY increases?
We have American Integrity of Fl. thru The Villages Ins. Agency on Wedgewood Ln..
Cottage home was bought new 11/11.
NEVER CHANGED ANY COVERAGE.
For 2011-2012 the premium was $***.00
For 2012-2012 " " " $515.00 a 19% increase
For 2013-2014 " " is $604.00 a 17% increase.
Granted that the home dwelling liability has increased every year & is now $171 K.
Has anyone else faced these rates of increase?

billethkid
10-07-2013, 06:22 PM
yes....the ultimate solution is to shop until one finds the cheapest price for the coverage being sought.

Loyalty to any insurance company buys nothing....60 years with State Farm and then the FL annual price increases/screwing....no thanx.

Go shop there are very many independents that do as well as major national brands.

Get one that has a real live English speaking agent....eliminate the biggies with two and three levels of representaives and especially the ones who have farmed out their customer support to non US locations.

btk

Paperboy
10-10-2013, 05:17 PM
Over the past 3-4 yrs. has your home owners, hurricane & sinkhole (all on 1 policy) have HEFTY increases?
We have American Integrity of Fl. thru The Villages Ins. Agency on Wedgewood Ln..
Cottage home was bought new 11/11.
NEVER CHANGED ANY COVERAGE.
For 2011-2012 the premium was $***.00
For 2012-2012 " " " $515.00 a 19% increase
For 2013-2014 " " is $604.00 a 17% increase.
Granted that the home dwelling liability has increased every year & is now $171 K.
Has anyone else faced these rates of increase?

Bump

TrudyM
10-10-2013, 05:36 PM
For sure shop around. I don't know about Florida but I had Allstate for over 30 years in 4 different states, boy was I dumb. Bills went up and up. Finally they went up 15% and 20% in 2010 and 2011 I dumped them and got higher coverage at a 35% reduction in cost from Gieco. Same with car insurance. It's like when a company has you signed up they increase the premium every year as they think they have you hooked.

GatorFan
10-10-2013, 06:35 PM
I kept my Allstate and still have sinkhole with $500.00 Ded

smcgirl
10-10-2013, 07:14 PM
Sinkhole? Just bought our home and the insurance company all but laughed at me when I asked about sinkhole insurance. What the heck is going on? they said no way.

villagerjack
10-10-2013, 07:25 PM
Some company's "offer" what they call " inflation protection" which means your coverage goes up each year along with your premium. You will NEVER likely get the amount you are insured for even if your house blows away because the "protection increase" usually exceeds any increase in the homes value. Ihave ASI here with sinkhole and I am very satisfied.

TrudyM
10-12-2013, 02:57 AM
Some company's "offer" what they call " inflation protection" which means your coverage goes up each year along with your premium. You will NEVER likely get the amount you are insured for even if your house blows away because the "protection increase" usually exceeds any increase in the homes value. Ihave ASI here with sinkhole and I am very satisfied.

Yes that is what was happening to me. I reminded them the lot doesn't burn and the real value of my place was the view lot. So I switched companies. I mean Allstate insisted on insuring us for $400 a square foot get a grip. Maybe it has to do with the region but here they were just nuts. That was in 2010 maybe they have changed.

GatorFan
10-12-2013, 07:58 AM
My Allstate agent adjusted my coverage. I also get a discount on my auto and golf cart. My auto rates just went down. My agent told me Allstate had a rate decrease this year. I also bought a motor club from Allstate and it includes my golf cart too.

twinklesweep
10-12-2013, 09:21 PM
I kept my Allstate and still have sinkhole with $500.00 Ded

Similarly, I kept my ASI with its $500 deductible on sinkhole coverage. The total premium has remained pretty much the same on renewal. On the other hand, I hear way too many horror stories out there in Insurance Land....

tommy steam
10-13-2013, 10:36 AM
My sink hole ins was 500.00 and I would have to pay the first 24k if I had sink hole damage. Got it thru the villages ins in brownwood. I'm not saying its good or bad.just putting it out there. My total policy for homeowners and sink hole is around 875.00 a year.

justjim
10-14-2013, 08:41 AM
Although the insurance company rep will tell you something different, with the big companies you are paying for all those wild fire disasters out West. Like the oil companies the insurance industry will use any excuse to raise your rates.

The scary part and high risk in Florida is not hurricanes (especially in TV) but the sink holes that happen everyday in Florida and it is getting more and more difficult to get sink hole insurance. My guess it will soon be like flood insurance----only available through government. "Relax", those living on the coast are paying up to 10 times what we are paying for our insurance----if they take flood insurance. It seems many are "greedy" these days. It is what it is.

Barefoot
10-14-2013, 08:54 AM
My sink hole ins was 500.00 and I would have to pay the first 24k if I had sink hole damage. Got it thru the villages ins in brownwood. I'm not saying its good or bad.just putting it out there. My total policy for homeowners and sink hole is around 875.00 a year.

I don't have our exact info handy, but it sounds similar to ours.

billethkid
10-14-2013, 08:57 AM
Although the insurance company rep will tell you something different, with the big companies you are paying for all those wild fire disasters out West. Like the oil companies the insurance industry will use any excuse to raise your rates.

The scary part and high risk in Florida is not hurricanes (especially in TV) but the sink holes that happen everyday in Florida and it is getting more and more difficult to get sink hole insurance. My guess it will soon be like flood insurance----only available through government. "Relax", those living on the coast are paying up to 10 times what we are paying for our insurance----if they take flood insurance. It seems many are "greedy" these days. It is what it is.

Those who do choose to have dwellings in harms way like beach front or any water property should be paying 10 times more than the rest of us. Or even more if what they pay does not cover the insurers or re-insures for losses in those particular areas.

Just like I firmly believe those who live in those areas should be paying an assessment to replenish sand and recover water damage to their property......now the state/your taxes pays for it.

Hurricanes just happen to be off the screen (pun intended) right now and have been for a couple of years....they'll be back.

The first 5+ years here in TV one never heard much about sink holes....now they are the insurance companies new event to exploit.

Sink hole insurance is in the same category as deciding whether to have lightning rods put on your home. Either one is nothing more than a roll of the dice.....regardless what one hears, especially from an insurance agent.

Insurance agents have made used car salesmen an honorable group by comparison.....in my humble opinion.

btk

Russ_Boston
10-14-2013, 09:15 AM
My insurance price or the sinkhole coverage hasn't really changed in the 3 years so far. Maybe a few % each year? Nothing that I've noticed as being significant.

Band1t
12-08-2013, 12:07 PM
My sink hole ins was 500.00 and I would have to pay the first 24k if I had sink hole damage. Got it thru the villages ins in brownwood. I'm not saying its good or bad.just putting it out there. My total policy for homeowners and sink hole is around 875.00 a year.

Hopefully we will be moving to TV the first of the year and have seen some post on TV Insurance agency. How are they comparied to others? We have had State Farm for years and it has been going up w/o any claims on our part.

PJOHNS2654
01-08-2014, 10:46 AM
Over the past 3-4 yrs. has your home owners, hurricane & sinkhole (all on 1 policy) have HEFTY increases?
We have American Integrity of Fl. thru The Villages Ins. Agency on Wedgewood Ln..
Cottage home was bought new 11/11.
NEVER CHANGED ANY COVERAGE.
For 2011-2012 the premium was $***.00
For 2012-2012 " " " $515.00 a 19% increase
For 2013-2014 " " is $604.00 a 17% increase.
Granted that the home dwelling liability has increased every year & is now $171 K.
Has anyone else faced these rates of increase?

I just got my renewal. It went frfom $970 to $1,134.00 and this is for a Condo (inside the wall coverage only). I did have a water damage claim three and half years ago.:ohdear:

hema54
01-08-2014, 11:25 AM
Compared to other counties in Fl house insurance here is very cheap. When we start paying 2,500 a year without sinkhole then we can complain. I was paying 2,500 in Pinellas county. I'm very happy to pay $700 here.

rn1tv
01-08-2014, 08:28 PM
billethkid, The first 5+ years I lived here, I heard very little about sinkholes too. It wasn't until a huge hole appeared in my front yard and, after totaling the expenses involved to repair, I was very happy to have sinkhole insurance. I certainly did not expect it to happen but very happy we took the insurance out...it could happen to anyone!

e-flyer
01-09-2014, 09:05 AM
billethkid, The first 5+ years I lived here, I heard very little about sinkholes too. It wasn't until a huge hole appeared in my front yard and, after totaling the expenses involved to repair, I was very happy to have sinkhole insurance. I certainly did not expect it to happen but very happy we took the insurance out...it could happen to anyone!

Interesting, when we signed up for our new house, our insurance company told us that sink hole insurance only covered the house structure, not the surrounding property (that would be our responsibility in full unless there was damage to the structure). The deductible (%) was quite high also, not $500 as some have posted.

PJOHNS2654
01-22-2014, 09:14 AM
I just got my renewal. It went frfom $970 to $1,134.00 and this is for a Condo (inside the wall coverage only). I did have a water damage claim three and half years ago.:ohdear:

My original policy was renewing for $1134.00. After much research and shopping I have found a new agent and a new Insurer.

I have been quoted $584.00 with a wind mitigation discount of $139.34. the coverage is basically the same (see below) as I had with the $1134 quote.


Coverage and premium discounts
Coverage's
Dwelling Coverage $107,000
Personal Property $50,000
Loss of Use $20,000
Personal Liability - Each Occurrence $300,000
Medical Payments to Others - Each Person $1,000
Hurricane:
All Other Perils:
$1,000
$1,000
Deductibles:
Discounts
Fire Protection (Sprinklers)
Secured Community
Senior/Retired Discount
Roof Deck Attachment
Roof Wall Connection
E-Policy (Paperless)
Additional Coverages Included
Replacement Cost on Contents
Fungi,Mold,Wet/Dry Rot Included $10,000
Loss Assessment $2,000:BigApplause:

2BNTV
01-22-2014, 10:09 AM
I think one needs to know the specifics of their policy coverage, and then go shopping for a better rate.

I just moved here and one company wanted over $900 and then I found another agency, that had the same coverage for $670, saving $230.

You need to compare apples to apples, when inquiring about rates.

perrjojo
01-22-2014, 01:45 PM
Our premium with Ark actually went down this year. We have 500 deductible but sink hole deductible went from 500 to 10%.