Home Insurance Rates
 

I'm just curious if anyone has experience a dramatic increase in home insurance rates due to the inordinate amount of claims due to hurricane Irma.

I was quoted a $1913 rate, up from $1173, That is a 63.4% increase. :eek:

I was also informed some insurance companies have gotten out of the home insurance market!

I was wondering if anyone is willing to share their insurance rates and with whom they have their insurance with.

Thank you in advance for your replies. :smiley:

10% increase from State Farm this year. I called and was told that they had to increase the amount to rebuild our house, since houses are more expensive, these days, to build.

My rate with Progressive/ASI through The Villages Insurance is $755. Only minor annual increases over 5 years. I wouldn't believe anyone who tells you why your rate increased. I think rates are determined using many different factors, none of which are shared with agents or customers.

OK, I won't believe your reason either. ;-) The insurance company did increase the covered amount by $20,000 this year, which seems about right.

LOL. I hear these reasons that insurance agents give customers as to why their rate increased. It just starts a rumor. But, in my opinion, I think it is just a sales pitch. Why would an insurance company reveal confidential information about how they calculate their rates? Here is the rate, take it or leave it. It's like a car salesperson telling you that they aren't making any profit.

It’s simple - inflation. The price of lumber alone is up 288% since April 2020. It costs A LOT more to rebuild. I can’t imagine what the price of shingles are - given the high cost of oil.
It’s economics.

Lumber prices 2021 chart: Why is price of lumber up 288% even with U.S. wood production at its highest levels since 2007? | Fortune

Progressive ASI, went up 34 dollars from last year.

Property and huricane insurance. No separate sinkhole. $700. From AAA.
You might mention the value of your home.

Our insurance went from 1600 to 2400. Needless to say we are changing to different insurance company. Our neighbor was dropped; her company does not insure in FL any more.

25% increase from American Integrity , am now with Farmers at a better rate and same coverage. Farmers rate is lower than Americans before the increase.

House insurance
 

I just received my house insurance renewal with Cabrillo coastal thru the Villages which is due in July. The price went up $775.00! I never made a claim or got a new roof my house is 11 years old and the original roof was an upgrade. This seems to be going on throughout the villages. . I beg everyone in the Villages to call, e mail or write to Governor DeSantis office to complain and ask for an explanation. A small price increase is acceptable but this is beyond outrageous to do to seniors where most of us are on fixed incomes. If enough of us contact the Governor maybe something will be done. The governor might not be aware of the excessive amount of increases the insurance companies are charging us.

Some insight can be found here

Too Little, Too Late? Breaking Down Florida’s Latest Property Insurance Reforms

Old news. This has been happening for awhile now. You are just noticing

House insurance
 

We have kin insurance, house $230,000, personal prop. $69,000, liability $500,000 loss of use $46,000, deductible is $1000 . Premium is $731. This company is on line only, no brick and mortar store so some are not comfortable with this. They do NOT insure everyone, house must be in decent shape, including roof.

Insurance companies have to file and get approval from the state for rate increases. They have to show that the rates warranted in order to cover past and projected future claims.

We have a begonia 3/2, built in 09.
Were insured w AI thru VI; were paying 1600, they raised to 3200. Went to Farm Bureau now 1100.

A kickback? The adjuster that visited me was an employee of the insurance company (I asked). How does he work a deal with contractors and get a kickback? He didn't even know which contractor I was going to use - didn't care either. I was actually surprised when he said it was a "covered claim". If anything, he wants to de-flate and limit the estimate for repairs, not inflate them. Even if a smaller insurance company hired a third party adjuster, don't you think they would notice more covered claims and higher costs if the adjuster wasn't honest? Then drop them...

Skip

I regularly wonder why people ask here. First of all we do not know the age or the value of your home.

Insurance. The cheapest is not always the best. You can and should compare your policy to others. But, also pay attention to the quality of the company.

Reducing your cost of insurance. You can increase your deductible and thus you are self insuring a larger part of the loss.

Companies do not use the same actuarial table. One company may say your home, your address has a higher loss potential than another company does.

My logo is DAVE. Saying to an insurance company DAVE says I am paying too much or too little will surely get a laugh.

Fair? What is that? Insurance, unless you have a mortgage you do not need to have home insurance for fire, storm damage etc. You can choose to self insure. It there is a loss you will pay for it. Choice and responsibility.

Far as insurance, it is a numbers game. I've been with the company for ????? years and never had a claim. You probably should shop for comparative quotes. Again it is a numbers game. Loyalty is valueless in fact it likely costs you. Asking for a quote from a different company, they know you are shopping for some reason. Usually PRICE.
You will likely get a better price because they want a new customer to replace other customers who may have gone to the company you now have.

Check out any company you consider. They are all great at taking your premium. Paying on a loss-you can and should research that. After all that is what you are buying-paying for,

Farmers insurance
 

I just recently got my bill which was for $2100. My neighbor advised me to call Farmers Insurance in Ocala. I talked to Lieah at Brian Knight agency 352-502-4568 and after getting a wind mitigation report and a four point inspection from Eddie Barnes 352-255-7147 ($150.00) my new policy is $418.32. Tell them that I referred you to them.

Villages Ins always pads the bill that same policy for my designer home is $455- a year from progressive ASI

Go direct

$418 annual or 6 month quote?

It has been public knowledge about insurance increases for years even folks in the villages in the past have gotten roofs replaced under HO Ins

People who get their HO Ins from Villages deserve to pay more !

The rate increase is do to all of you who are getting a free roof from your insurance company, because your roofer says you have storm damage on your 15 + year old roof.

Not sure… my approach was what can you get for me for under $1000? Fortunately TVinsurance worked with me. Eventually I got the policy for the price I wanted.

Rates are kind of hard to share not from a standpoint of privacy but of the differences of homes that are being insured. I was advised last week from my mortgage holder that I didn't have insurance because it was canceled. In my investigation I found out that my insurance company last year changed their rulings on what roofs they were willing to ensure and and if in excess of 10 years the policy was canceled no notice no nothing. Rough is approximately 16 years old and so far my insurance will have gone from about 775 to 1400 That's a 100% increase. I guess it's welcome to Florida

I was told from my insurance agent last week that this combination of contractors and attorneys are rampants in Florida causing an increase on almost every job of 1 to 3rd of the cost of the roof right around $10,000 a roof for the attorney

Insurance companies come and go in Florida. They expect to make money and when they lose money they either pull out or are absorbed by another firm. Living here over 50 years has taught us to only consider highly rated and financially backed companies that could survive and make good on serious hurricane damage. It isn’t surprising that the very large number of roofing replacements in certain Villages areas has caught their attention. After all sooner or later it may affect their bottom line.

$418.32 annual premium.

Big raise
 

I'm still taking with progressive about my renewal which is up from 966 to 1358 this year. The agent told me it was due to the number of roof replacements recently, which is possible but irrelevant because I replaced my roof in 2015 at no cost to progressive, because it was an Owens Corning warranty covered replacement.

I tend to believe the lumber cost increase explanation... The actuaries crunch the numbers... We just pay the result.

It is not just Florida. Our previous home, they cancelled our home insurance due to other homes and hurricane damage. What they did was to draw a line on a map and dropped all homes below a certain street. The hurricane damaged homes were roughly a 1/4 mile closer to the water. The best thing to do is when your policy is close to expiring shop for a replacement with different companies. I don't recall but the new policy was about what we were paying before. As we were getting ready to list our home and sell it, I would not consider self insuring with brokers, and buyers coming and going.

Just moved into our retirement home in TV and State Farm covered the home with sink hole coverage in addition to all the normal coverage for $1,100.00 with much lower deductible than we had with villages and their premium was $366.00 higher.

We have Cabrillo Coastal purchased through Allstate. Bought the house almost 2 yrs ago, put on a new roof right after closing. House is about 2650 sq ft.

Premium in July 2019 was 1308. July 2020 went up a bit to 1448. Just got the invoice for this year = 2220. Explanation on the invoice is "approved rate increase". Replacement coverage for home and personal property were also increased (about 6%).

We went with them for the sinkhole coverage. Any other companies offering that?

kathy

That seems extremely low to me. I wonder what they left out?

As others have said, it depends on what you are insuring, and on what coverage you are getting, and on how much of that coverage you're getting.

I haven't seen annual homeowner's insurance rates that low in 40+ years, but again, the devil is in the details. You might want to read your policy real carefully to see just what coverage you're getting and what the exclusions and deductibles are. Better to find out now than after you have a claim.

Check with AAA for insurance.

What?
 

I never mentioned fair, self insure ridiculous, never mentioned years with company, house insurance claims as well as your credit score will effect what you pay, every few years as a general intelligent consumer I shop around regarding all my insurance costs keeping in mind same adequate coverage and rating and stability of the insurance company I am considering. Everyone likes to complain too bad they don’t do it where it might matter . Start complaining to politicians and Florida attorney general maybe nothing will happen but sometimes there is power in numbers and it’s actually doing something constructive.

I contacted Brian Knight (Farmers in Ocala) for quotes on homeowners, auto, and umbrella coverage. Auto and umbrella policies would each be about $100 more with them but homeowners would be $1500 cheaper than with our current Allstate/Cabrillo Coastal (after we pay for a wind mitigation and 4-pt inspection). However, they won't give us sinkhole coverage.

I just did some research to refresh my memory about the difference between catastrophic ground cover collapse and the broader (optional, if offered at all) sinkhole coverage. I'm really uncomfortable at the thought of going with the former rather than paying for the latter.

sigh.

k.

New insurance law was signed two weeks ago. We shall see if it actually reduces rates.

We have Progressive/ASI. Rate increased 30% on Jasmine model 1600 Sq Ft. Breakdown was
Home $620 Hurricane coverage $493 Sinkhole coverage $253 Total$1366

oh come on, you want government price control on insurance rates because you are a senior on a fixed income? If you can afford to live in TV then you should be able to pay the freight to insure your property. If you can’t, might I suggest senior housing where your rental rate is based on your annual income.