Apparently our insurance isn’t that high.
 

According to a study by The NY Times, homeowners in Sumter County paid an average of $1,826 last year for insurance, 24 percent less than other counties with the same level of very high risk.

Broward County is $5579; Miami-Dade is $5451; Lake is $2331; and Marion is $2114.

Same level? You do realize you’re comparing coastal counties with central inland ones? Where is the same risk factors you speak of?

We are paying a lot more than that

And we are paying a lot less.

We were used to paying a LOT more in Arizona.

I just bought a CYV near Spanish Springs this past January. Our Home Owners Insurance is just under $2000.00 a year, 20 years old, 1300 sf. Much higher than our condo in Michigan. We had to scramble to get insurance for the closing. I have many months to shop around for a renewal policy. Any advice would be helpful.

Same here - I’m paying less than the Sumter County figure quoted here. I think having a newer home contributes to a lower premium.

When did Lake and Marion Counties become “coastal counties”?

The OP post clearly made mention/comparison to Broward and Miami Dade Counties....last I checked, they were still coastal counties! So again, where are the similarities in risk factors. I’ll leave the median home listing and purchase home values alone....for now

The NY Times used the phrase “24 percent less than other counties with the same level of very high risk.”

The Times did not say that Sumter was being compared to Miami and Broward. Sumter is not 24 percent less than Miami and Broward. It is about 65% less than those counties.

I put those counties in as comparison because people are complaining about the cost of insurance in Sumter County and they may have to move.

The NY Times also said that for Sumter, insurance costs are 0.4 percent of typical home values, much lower than average.

I’d like to add that this was an amazing interactive study that lets users check the insurance rates in every county in the country and compare insurance rates. I was shocked to see how low the insurance rates in Sumter County are comparatively and in fact, as they seem plenty high to me. And this doesn’t include the Homestead Allowance. It was interesting to check the insurance rates for every county where I’ve lived, around the country. No political content or bias in the article.

Tower Hill Insurance Exchange. Contact Fay at The Villages Insurance office. My 13 yr old Villa (1100 sqft) premium for 2024 is about $1250.

I pay $313 quarterly which is a slightly higher way to pay. The total premium would be less if I paid it all at once.

Your current premium doesn't sound all that bad to me. For sure T V should not be compaired to coastal counties. Apples to Oranges.

May I ask which insurance co you use? Thx!

Much factors into an insurance premium. I’m wondering if the older homes are built to a different/older construction standard. I.E.- not as robust to withstand a storms high winds.
We are closing on a new construction block house October in East Port/Shady Brook. I just tried getting a quote, but the automated system would only allow the start date 2 months out, I’m 3 months out. I’ll post back when the time comes on our insurance price.

The study was making the point that insurance has risen significantly around the country. States that have normally seen low insurance rates are seeing dramatic increases. So moving may not solve your insurance costs.

We've been with HH Insurance in St Pete for going on 3 years, recommended by another villager. They deal with over 40 "A" rated companies and shop for the best deal each year. Good customer service. Did everything over the phone and email. The gave us detailed quotes. Kind of a good, better, best.

I shopped them this year but they were still the best deal. At least worth a call.

We priced car insurance there since we're going to be Florida residents soon, and we'll be getting that from them too.

The house you have is 20 years old that's why you had a hard time. Unfortunately many insurance companies will not write homes that old even with a new roof and water heater and ac, etc. etc.

$2000 is about right, depending on your deductible and coverages.

When you insured your condo in Michigan, you weren’t insuring against the greatest areas of risk of loss – the roof and exterior. Now you are. Your condo association paid for those coverages out of your association dues.

Way less for us too in DeLuna in a new home. We have largest veranda model (Mason) and pay just slightly more than $1000 annually. We bundle with auto.

According to The NY Times study, the typical U.S. household paid $2,530 in home insurance premiums last year, which was 33 percent more than in 2020.

So Sumter County insurance premiums are considerably below the typical household.

I was talking to a friend who lives in southern Florida. Told me that his friend who lives near the water is paying more than $50,000 in home insurance!

That seems excessive!

I’m currently with Tower Hill - signed up with them when I purchased in December 2022, and renewed with them in December 2023. Found them through Villages Insurance Agent.

I just ditched AAA insurance. My two year old home and one suv bundle went up 40% to over $3,100….the SUV went up the most even though we have never had an accident or ticket. I could have saved $500 by going with KIN and Progressive. However, I decided to go with State Farm since they offer the better H05 Home policy with hurricane and sinkhole coverage at a premium less than AAA’s H03 policy. I may be shopping around every year the with the rate increases insurance is doing down here.

I wonder if other states have the same problem with insurance companies bailing on us and leaving the state.

In Minnesota I was paying about $1600-$1700 annually for homeowners insurance. Down here I'm paying about $1900 in Marion county. I was pleasantly surprised by this.

What surprised me in a negative way is that my property taxes are about the same here as they were in Minnesota. Considering that my home in Minnesota was worth about $125,000 more than my house here, that is pretty high. I wasn't expecting that.

Yes. It ain’t just Florida.

Insurers are pulling back from states that are prone to hurricanes, wildfires, and floods, such as California, Florida, Louisiana, North Carolina, Oregon, Colorado, and Arizona.

In 2023, insurers lost money on homeowners coverage in 18 states.

How much are you saving in energy here as compared to Minnesota?

The monthly cost here is a little less. I averaged about $150 a month over a year in Minnesota between gas and electricity. I am probably about $130 a month here. However, my home in Minnesota was 2200 square feet, here it is 1400 square feet. If the homes were of equivalent size I would say it would be a tad more expensive down here.

The major difference is in Minnesota, the majority of the cost was heating, where down here it's cooling.

I think the building standards up there are a little more rigid too. The exterior walls are all 2 x 6 construction and insulated better than homes down here.

Glad that you have now amended your OP. As written if gave the impression that a rural Sumter was a comp to coastal Miami Dade and Browsed. In risk and premium.

*Broward

Two factors help explain why the average cost for Sumter is lower than Lake and Marion. First, the vast majority of the homes are in the Villages Public Safety Department Dependent District and have a higher fire protection rating due to the Villages Fire Department. The second factor is that the average age of the homes is lower in Sumter, which means a higher percentage of homes are built to hurricane-resistant building codes.

Because this geographic area is nowhere near the risk of the others.

Finally...after 30 posts, somebody else picked up on that!:BigApplause:

And they can withstand 130 MPH winds? Building standards are appropriate for each area. Building technology has advanced a lot and has gotten better across the board.

I just meant they are more rigid when it comes to energy efficiency. Should've clarified that.

I pay $1500 for a $400k dwelling (3 BR designer home) thru Cabrillo Coastal.

INS SERVICES OF CENTRAL FLORIDA INC
Phone: (941) 722-6086

Ask for Sarah

We changed to Tower Hill last year. Just got renewal and it went up $800. No claims and roof was replaced at our own expense in 2021. Feeling frustrated.

Which is more to insure? Stick built (vinyl siding) or Concrete (stucco)?

Real examples would be great.

Would like to add that Marion County has higher building code standards then Sumter and Lake Counties for installing a new roof.

8 insurance companies are reducing rates in 2024

8 insurance companies are reducing rates in 2024

I just got our renewal from Florida Family Insurance. It went from $1,280 to $1,610 for a 1,938 square foot courtyard villa right outside Brownwood.

I am just going to pay it, it seems most premiums are still going up.

Quote
 

You can get a tentative quote. Call 352-245-2423. Abshier Insurance Agency