[Buckeye Bob]

My homeowners insurance was up for renewal and the premium went up over 25%; I've had no claims. When I asked the agent why, I was given the standard response that the state had approved a rate increase.
I called the insurance commissioners office and learned that insurance companies can apply for a rate increase but don't have to say how much; they just have to justify they need a rate increase. After they get the approval, (which sounds like a rubber stamp to me) they are free to increase their rates by whatever they want-in my case over 25%.
When I shopped around, I found premiums higher for all the insurance companies; I certainly wouldn't want to suggest "price-fixing".

[HIgolfers]

Yup- ours went up 10% this year.

[villagetinker]

Saw this last year, made a big mistake of shopping around for the 'lowest cost', which I got, from a VERY LOW RATED insurance company. I shopped again this year, i questioned the agent on the proposed insurance companies, then contacted my financial advisor who informed my that one of the suggested companies was better than last year but still fairly low. Went back to the agent and said find another company. Finally found a good rated company, and yes there was an increase over last year, around 15 percent I think.
My word of caution is be careful if you go for lowest cost, they are predicting as higher number of hurricanes this year.

[thomp679]

Originally Posted by Buckeye Bob

I certainly wouldn't want to suggest "price-fixing".

No price-fixing. I am not a fan of paying higher premiums either, but insurance companies have taken large hits in the past few years with multiple catastrophic weather-related losses.

If price shopping shows the trend that all companies have increased premiums, look at what is happening outside the bubble. Rates are not set at a micro level of your house or even your community. We share the loss across the risk pool.

The concerning thing is that these large weather-related losses will not be ending soon.

[justjim]

Insurance industry did take a big hit last year with Casualty/property insurance claims. Lots of disasters (tornadoes, hurricanes, floods and fires). Rates have gone up everywhere and not just in Florida. We actually still pay less for comparable coverage in Florida than we do for our place in Illinois.

[GoPacers]

We bought in 2017 and have insurance through The Villages Insurance. Our rates have gone up 50% in two years. I did call and they said that's the going rate. I checked other carriers to get additional quotes and all are similar. We've found rates in Florida to be about 2-3x what we pay in the midwest. The Villages is a great place but is very expensive for most things. I'm not complaining as we thoroughly enjoy it here, just making an observation.

[l2ridehd]

I just changed our carrier as USAA started writing policies here. I already had all the cars with them so moved the homeowners to them and mine actually went down a couple hundred.

[jcvdd1]

That's funny!!!


I was paying in excess of $ 6200 a year for homeowners insurance in Miami and for a similar home here in The Villages, I'm paying under $ 2000....

It's all relative...

[kpd3062]

Originally Posted by l2ridehd

I just changed our carrier as USAA started writing policies here. I already had all the cars with them so moved the homeowners to them and mine actually went down a couple hundred.

That's good to hear about USAA. I had heard when I first started looking down there that USAA didn't cover homes. I will probably moving to TV next year so works out great for me. Thanks

[perrjojo]

One of my cousins lives in California near the fires of last year. Her ins went up 100%.

[tophcfa]

Originally Posted by thomp679

No price-fixing. I am not a fan of paying higher premiums either, but insurance companies have taken large hits in the past few years with multiple catastrophic weather-related losses.

If price shopping shows the trend that all companies have increased premiums, look at what is happening outside the bubble. Rates are not set at a micro level of your house or even your community. We share the loss across the risk pool.

The concerning thing is that these large weather-related losses will not be ending soon.

I understand your point in the above post, but don't necessairly feel that it is right. Shouldn't the people that choose to live in the high risk areas have to pay for their decisions rather than have their risky decisions be subsidized by those who chose to live in safer areas? Why should people that live on the coasts or on fault lines be subsidies by people that live inland in safer areas. And why of why do they keep rebuilding areas like New Orleans and Houston time and time again. If one chooses to live below sea level and on the coast in a hurricane belt, guess what is going to eventually happen? So they will rebuild the area again and again, increase our premiums, and wait until the next storm takes out the area. Not right!

[graciegirl]

Originally Posted by HIgolfers

Yup- ours went up 10% this year.

How much did the value of your home go up, this year?

[rjm1cc]

Originally Posted by graciegirl

How much did the value of your home go up, this year?

I think the question is how much did the cost of services to repair your home go up, not the sales price of the home. Remember damage has to be removed before you can repair.

[retiredguy123]

If the State insurance regulators control insurance prices, I wonder how they factor in profit. Between car and homeowners insurance, they must be making huge profits, especially in The Villages.

[John_W]

In 2011 before buying a new CYV in TV I searched this website for this very topic, who had good insurance for the lowest price. ASI Insurance, a sub of Progressive Ins had the best rates. I contacted Villages Insurance and inquired but they said ASI was not taking any new homes at this time. They selected American Integrity, which I found was a one of the bigger insurers in TV.

My original policy was for $505 in July 2011. Since then my premiums have gone up 5 times in 8 years. It went from $797 to $905 just this past year. I called AAA my car insurer and he priced AAA and they were only $20 cheaper, he then gave me a price for ASI that was $650. He said however, they required a sink hole inspection. I found out this is normally about $150, since my aim was to save money, not to spend money, I said no thanks.

I contacted Villages Insurance who had my current policy with American Integrity. She said I can get you ASI for $650 a year, I thought we had a deal and then she called back and said, they won't include sink hole insurance. She said, let me try another company we've been using a lot.

She called and said US Coastal will insure your home for $575, that's $330 cheaper than American Integrity, and it includes sink hole with only a 10% deductible where AI was 15% deductible. I said, let's do it. They sent me a policy, they had a photographer come out and take pictures outside of the home only, and I've been with them since July 5th.