Homeowners insurance renewal
 

Recieved the renewal of my homeowners insurance today. Premium went down $100 annually from last year which surprised me. Upon review, the reason for the reduction is that there is now a deductible for roof materials equal to 2% of the home insuranced value. The deductible does not apply if there is a total loss to the property, if the roof has been punctured (example: falling tree), if damage is the result of a hurricane, or if less than 50% of the roof is repaired. Has anyone seen this type of deductible before? They give you the option of rejecting the deductible by signing a statement rejecting it.

Article on the change of law.

New rules for Florida Homeowner's insurance on roofs - Honor Services

Please share the insurance company name

Progressive

I recently renewed with Progressive, but my roof deductible experience was different from your's. They automatically reduced my premium by applying the roof deductible, and I had the option to pay a higher premium to eliminate the special the roof deductible. It was not very much, but I opted to keep the deductible and the lower premium. Are you sure that rejecting the deductible would not increase your premium? Why would they give you something for nothing? It doesn't sound correct.

Earlier poster provided a review of the law which applies to this case. Now homeowners are going to need an attorney to understand how the law applies,

Thank you for the link to explain the latest state law updates.

It would be nice if the Villages Insurance would hold a seminar explaining these changes in the law.

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Maybe it is not clear. I got the $100 less premium because they added the roof deductible. I have no idea what it would cost us to sign the statement rejecting the deductible. I am sure the premium would go up!

I expect that will happen when cell phones, computers, and other expensive items will again include a book of directions....LOL !

Call your insurance agent.

Why do people think that The Villages FIRM is responsible for doing everything FOR us? They are a private business. Yes, they have responsibilities, but this isn’t one of them. Legal advice, insurance questions, financial advice, price of a job……contact an authority. Not just another citizen. Every situation is different.

Look at your deductibles and maximum coverage per item. Some number probably changed.

What is the home value and is the 2% minor in regard to a roof replacement?

If you look on the policy, it shows you next to each item the cost. In my case it was a savings of $14.90 to have the deductible on my 2019 built house. The deductible was $10,400 in a loss. That’s a no brainer. I signed the form and paid the $15 to remove the deductible. Villages Insurance did it all by email.

You can see the savings right on the policy. It’s minor

The decrease in premium for my Gardenia house with Progessive insurance was only $19.00. I opted to keep the lower deductible.

We had exactly same thing with ours. Agent told us that we could drop that clause and have same deductible as the regular coverage (in our policy, the deductible is $500). Our premium went up less than $20. Well worth it!

2% Hurricane Deductible
 

We had a similar renewal with Progressive and also noted the 2% Hurricane deductible applied. The cost to remove that deductible and replace it with your standard wind deductible is different for each homeowner depending on the specifics, value and location of the house. The 2% deductible should only apply to a named storm. If you have a local thunderstorm or tornado, not associated with a hurricane, the standard wind deductible should apply. For us, the difference to go back to the $1,000 wind deductible was an additional $50. Your agent can provide the available options and costs.

It is far more efficient to have a lecture to hundreds of people at one the rec centers than to take hundreds of individual phone calls.

So if your house is vauled at $500,000 and you have major roof damage you would have to pay a $10,000 deductible to have it repaired? Insurance company scams like this are just one of the reasons I can't bring myself to pull the trigger to seriously start looking to buy. Lots of information to process for sure.

An enterprising, local insurance agent should pitch that idea, at no cost, to Villages Mgmt. If he or she is knowledgeable and well-spoken, they may garner some new clients from doing so.

Why pitch it to Villages Mgmt? They have nothing to do with insurance.