Insurance Rate Increases

Insurance Rate Increases

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  #11  
Old 07-10-2019, 08:43 PM
tophcfa tophcfa is offline
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Location: The Berkshires of Western Massachusetts and the Villages
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Quote:
Originally Posted by thomp679 View Post
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!
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  #12  
Old 07-10-2019, 09:45 PM
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graciegirl graciegirl is online now
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Location: From Ohio, now happily live in Laurel Valley
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Quote:
Originally Posted by HIgolfers View Post
Yup- ours went up 10% this year.
How much did the value of your home go up, this year?
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  #13  
Old 07-11-2019, 07:27 AM
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rjm1cc rjm1cc is offline
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Quote:
Originally Posted by graciegirl View Post
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.
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  #14  
Old 07-11-2019, 07:39 AM
retiredguy123 retiredguy123 is offline
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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.
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  #15  
Old 07-11-2019, 08:39 AM
John_W John_W is offline
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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.
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  #16  
Old 07-11-2019, 07:34 PM
Navy (SSBN 633) Navy (SSBN 633) is offline
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Ditto...just canned American integrity...premiums thru the roof for renewal....went with US Coastal for much less and better coverage.
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  #17  
Old 07-12-2019, 02:20 PM
bob47 bob47 is offline
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Villages Insurance is aware that older areas in The Villages, particularly Marion County, have been targeted by solicitors who offer to inspect the condition of your roof, report "storm damage", and then sometimes get the roof replaced for the policy deductible. In fact, Villages Insurance took out a full page ad recently in The Daily Sun that talks about the risks of assignment of benefits and a new Florida law that tightens this up.

Do you suppose that some folks getting a 17 or 18 year old roof replaced for very little out of pocket contributes to the increase in premiums that we are all paying?
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