Homeowners Insurance at TV
 

I just heard a news report that said the average cost of homeowners insurance in Florida is 3 times the national average, about $4500/year! I'm thinking of buying a place at the Villages and trying to get a handle on homeowners insurance premiums. Do you care to share how much you're paying? (and I assume it doesn't cover flooding by hurricanes?)

$4500...............fake news.

Best Homeowners Insurance in Florida (2022) - QuoteWizard.

I think you costs are high.
You are probably going to get replacement cost. Since inflation is increasing costs I would expect higher premiums in the future.
Do you want to include sink whole or flood insurance? Big cost items.
You should give an estimate of the homes costs

Troll alert

About 1/4 of that amount...

Our initial rate with State Farm is about $3,000. Then there are a bunch of deductions - auto insurance with them, no claims, wind mitigation because of construction here, high deductible of 1% home value - it works out to about $1,500.

Fake analysis
The website you linked tells you the methodology they are using, in part. They use a home insured value of 275,000 in every county. That makes their job easy and their data meaningless. They do not tell the reader if they adjusted for the number of homes in each county. Example: If the average cost in Miami is 5400/year and the average in Manatee is 1500/yr that does NOT mean the average cost for those two counties is 3450 because Miami has 1 million homes and Manatee has 200,000

This website did not apparently adjust for number of homes in doing its statewide numbers. Obviously this produces a large error in the presentation as the largest cities with the most homes have the highest insurance costs.

Also, using the same insured value is potentially a seriously misleading choice. The average cost for the same quality of home differs widely between cities. 275K goes much further in Sumterville than it does in The Villages.

That website does not answer the question of what does the average Floridian pay in home insurance. I spent a few minutes trying to find the technology used by the Insurance Information Institute when it said the average Florida homeowner paid "the highest average property insurance premium in the U.S. at $4,231, nearly three times the U.S. average of $1,544" and could not find it easily.

Darling...........................What I said was fake news was the average is $4500.

No way is the average $4500.

I'm retired (you can read that as lazy) so my figures are approximate. I have not tried to find my policy to give you exact numbers.

1. Homeowners insurance never includes flood insurance. That being said, it does cover water damage (caused by wind damage). If my roof started leaking so during a storm, or perhaps a window broke, the water damage is covered. If water backed up due to malfunctioning storm drains, that would not be covered!



2. I have full replacement cost coverage.

3. My villa ~$300,000. My premiums ~$1,000/year
4. Does include sinkhole coverage!

I am insured by Travelers.

Shop aggressively. Insurance companies rely on you being passive. Changed 3 times in last 5 years. 1 to 1.5k about right

Pay $1600 for a frame home which is insured for $325,000. No need for Flood in most parts of TV. If you own on the near the cost expect to pay 3-4X more. No doubt that costs will be going up after Ian

Less than a quarter that amount, and that is including additional flood insurance and hurricane insurance. Of course, if your house costs over a million, your insurance will be higher. One thing to note is that you should get the Risk Mitigation inspection when your house is inspected. It checks for proper nail patterns and Hurricane tie-downs in the roof. Mine cost $95 for the inspection and cut about $500 a year off my insurance.

I think you have bad information. We have a $500K+ designer home and our annual insurance is about $1400. It includes full replacement, sinkhole and termite protection. Suggest you shop around.

1022.55 USAA, Designer Home, Covered if the foundation disappears. 😳

We are not on either coast. Those are the homes with much higher premiums. No doubt our insurance will go up after Ian.

If you don't know I assume you're not living here. Get off the FN channels and live free! I paid twice as much in prior state.

Keep the fake news going. Less people moving here. Don't forget the lovebugs, the alligators and the hot humid temperature.

Florida in general has higher Insurance rates. Just the way it is in the sunshine state

Hurricane Ian could be the storm that chills entire swaths of Florida’s growth-at-any
 

Hurricane Ian could be the storm that chills entire swaths of Florida’s growth-at-any-cost real estate market. From Fort Myers Beach, where Ian leveled beachfront homes, to communities near ..
27 insurers already on state financial watchlist
Damage estimates from Hurricane Ian are projecting it to be the second costliest storm in U.S. history, and one that could do more damage to Florida’s insurance industry.
Damaged and missing homes are seen in the wake of Hurricane Ian, Thursday, Sept. 29, 2022, in Fort Myers Beach, Fla. (AP Photo/Wilfredo Lee)
WEST PALM BEACH, Fla. — The estimated cost of the damage to Hurricane Ian is expected to reach into the tens of billions of dollars, and Florida's already stressed insurance industry will bear the costs.
Insurance rates have already been going up in past years in Florida, even as six companies went insolvent and another 27 are on a state financial watch list.
Now with Ian predicted to be the second costliest storm in U.S. history, many insurance experts said a lot of companies in Florida could be pushed to the brink.
"It's anticipate rates will go up significantly next year," Mark Friedlander of the Insurance Information Institute said. "We're not making a prediction at this point, but based on the trend we have seen over the past several years where rates have gone up double-digit, we will see continued double-digit increases if not higher going forward."
Florida’s Tampa Bay, one of the country’s hottest real-estate markets, has experienced a surge in construction and property values in recent years. Now, much of that pricey real estate risks ending up under several feet of saltwater.
More than one million homes and multifamily buildings, with a replacement value of more than $258 billion, are at risk of storm damage because of Hurricane Ian, according to housing-data provider CoreLogic.
As more Americans migrate to warmer Sunbelt cities, Tampa has been one of the biggest beneficiaries. The metro area has experienced rapid job and population growth, and it now ranks among the highest in the U.S. for accelerating home prices and rising rents.

Ins. companies fork out a lot of money so the Ins. companies won’t go broke because everyone pays for everyone else that’s why your insurance rates go up. We pay for the ones that turn in claims.

Insurance costs are not high...in my opinion. I bought new 9 months ago and expanded everything I could in the house...so a more expensive home. My home insurance is $2200 (includes optional sinkhole) plus an additional $495 for flood insurance...so $2700 a year. I was paying $2100 in my former state, so higher but not by a lot.

I think if we lived near a coast it would be more, but not horrible in TV.

My insurance with Progressive is $829, including sinkhole coverage.

Wow you got a great deal

I suppose if you have a $2 million home it could be that high. Then again if you can afford a home that price what’s 4K a year for insurance?

Ours is similar, but we have a small cottage

I have Progressive too but I live in Texas now & mine runs a little over $1,000. a yr. Your rates are what mine was 3 yrs. ago! Good rates!

Insurance
 

Wait until next year. Rates will go up. Ours doubled after the hurricane in 2004 for three years. We’re all going to have to help pay for the damage it caused.

Don't forget:
Door-to-Door scammers.
Fast Golf Carts.
Dog Poop.
Drunk Drivers.
Children.
And the Horrible Developer.

:1rotfl::1rotfl:

Federal flood insurance vs insurance company flood insurance
 

I used to have federal flood insurance but I now have flood insurance with Cabrillo coastal my house insurance company. The agent assured me that the private flood insurance was equal to the government- anyone know if that’s true?

Home owners Insurance in The Villages??
 

I found a PDF on line called "Florida Homeowners Property Stability Report"
There are 67 counties in the state of Florida. This report was dated July of 2022.
This report stated the average cost of homeowners insurance in all of the counties.
Sumter County has the lowest cost of homeowners insurance in the State., follwed by Marion County and then Baker County.

Homeowners Insurance with sinkhole $829, impossible!!!!!
 

You obviously did not get your increase this year 2022. Sorry but there is no way your getting homeowners insurance with sinkhole coverage for $829.00.
More likely your sinkhole coverage alone is $829.00 for 2022.
I recently spent 3 days getting quotes with and without sinkhole coverage. First off, 85% of the insurance companies are not even offering sinkhole coverage and if you do find one then the cost is through the roof. You are most likely are talking about "Catastrophic Ground Coverage Collapse' which all insurance have to include in their homeowner policies mandated by the State of Florida. There is a big difference in coverage between the two. Google it and you will know!!

Thank you for that citation! The report shows Miami-Dade, Broward, Palm Beach, Monroe, and Martin Counties with average homeowners insurance premiums over $4,300/year. It appears the news report I heard was based only on south Florida rates. Yes, Sumter County had the lowest rates at $1,438.

Hard to believe you have termite protection. HO policies pay for "direct and accidental" damage. Termites cause damage over time. Never heard of an HO policy that covered termite damage. It's usually specifically excluded.

My State Farm policy states losses caused by "birds, vermin, rodents, insects or domestic animals" are not covered.

After seeing destruction in the Fort Myers area, it is clear as mud as to why there rates are 3X higher. Lee, Collier and Charlotte counties are probably the same as SE Florida counties. Insurance in Central Florida is getting harder to get and it appears some insurance companies are going to try and charge people more in the inland areas so that costs on the coasts are more reasonable. This has already strarted.

We are just starting to get the renewals where the insurance company has had a chance to adjust their rates from Ian. No claims here. 2021 was $2500. 2022 was $3500. 2023 renewal just came in at $7400. No changes, no claims.

Our insurance bill doubled from last year to $6400 from AAA. Switched to State Farm and it is lower than last year's bill.

Also, keep in mind the age of the house will have something to do with it. If you are buying a new property, the costs are significantly less and you don't have to have your roof inspected....

I don't pay close to $4,500 in Florida, but I will say my home insurance here is almost exactly 3X the cost of my home insurance up north. My northern home is worth at least double what my TV home is worth. Home insurance rates are much more expensive in Florida, no doubt.

Just received my 2023 bill from Progressive. Designer home in St. James. 2022 was $1545 with sinkhole, replacement cost and $500 deductible. 2023 went up to $2464. 60% increase. Will be shopping around but not great expectations.

Agent today said Progressive offering aggressive pricing on new homes in tv starting Nov 28 due to hurricane rule