Home Owners Insurance Rates
 

I recently read that insurance companies in Florida are going to readjust rates on homes inland to be comparable to the rates that they charge to coastal properties. It's based on the assumption that the risk from hurricane damage is higher inland than they previously thought. As someone who is considering moving to central Florida (The Villages) in the future I was wondering what the approximate yearly rate for homeowners insurance is for a $200,000 home in TV.

I can't answer for a $200,000 home but we have a home down here that was similarly priced to our home in Columbus Ohio and our homeowners insurance which I just paid today was less than in Columbus.

Storms could topple Citizens insurance
 

Storms could topple Citizens insurance
http://www.news-journalonline.com/op...insurance.html

State Farm's rates headed up
 

State Farm's rates headed up -- way up for some
http://www.orlandosentinel.com/busin...,7309055.story

Florida's sinkhole shakedown
 

Rates
 

Don't know what will happen next month but we just got a quote on a $200,000 villa today for $742 a year. Much lower than we were paying in NC! That's from The Villages Ins.

Our insurance is the same as mentioned above: $200,000 around $775. Our previous home was within one mile of the gulf in North Naples, Fl, and with the three insurances (home, wind and flood), our premiumn was $3600.00, for a $225,000 home. We did not insure the land, just the house. Sure hope that we do not have to pay coastal rate in TV!

I read the article and this isn't a proposal to raise rates. It's a study and it's data will be used to calculate rates. The new rates would still need to be established and then pass muster with the state insurance commission. My take on it is that, yes, rates will rise for inland locations but will still not be near coastal rates. They just said that the risk is underestimated inland. It was the writer of the article who used the phrase "same premium pain". And remember this was a commentary piece in the Orlando paper.

http://www.orlandosentinel.com/news/...6936289.column

Insurance premium woes have been much on my mind, because we just got the bill for our annual renewal and were dismayed to find it had gone up $249! The part of the premium charged for hurricane protection did not increase. The biggest increase was for sinkhole coverage, which went from $179 to $349. We also got a $81. decrease in the credit for PC/Construction factor, whatever that is. Does that mean our 3-yr-old CBS house is becoming obsolete?

Apparently a Republican senator from SW FL convinced the legislature that sinkholes were the "new hurricanes" in Florida. Insurance companies can even deny sinkhole coverage in Pasco and Hernando counties, where many of the claims originate, forcing homeowners into the Citizens state pool.

For many years for us, insurance has started out at a reasonable rate when we've first insured a piece of property, then crept up year by year, even though there've been no claims.

Carla - Is it possible to put a larger deductible on sinkhole coverage? I don't have my policy with me up here in MA. thanks.

Citizens is a sinkhole insurance
 

"forcing homeowners into the Citizens state pool."
http://www.orlandosentinel.com/news/...,614988.column

Russ, I've got a call in to the agent and will let you know what I find out.

Hey Shawdow - Have you EVER had a positive comment to make on TOTV? I guess you bring up some good points from time to time but even you must need some joy in your life:)

Gabby
 

Facts and information can be a bummer.

Joy, my latest joy was seeing this picture of Gabby Gifford with this simile on her face.
http://t0.gstatic.com/images?q=tbn:A...wB2Tg3yhhvBDJA

There you go. Feels good to be nice huh? :)

In a text response you have no inflection so either it is not present or it is applied by the viewer. I do not recall not being nice, I recall being a provider of information that was as accurate as the net and the press typically provides.

As for joy in my life, joy is not something I normally solicit form my computer. I will Google “computer foreplay.”

Now back on topic “Home Owners Insurance Rates” before Mother has a fit.

Good show Shadow!!

Simple facts are not always well received in The Villages

:Screen_of_Death:

I will second that emotion.... GOOD SHOW SHADOW. I might be considered the dullest knife in the drawer.....BUT I saw Shadows' posts as informational and helpful. Keep up the good work Shadow. I appreciate the no B.S. info.

Posts worth reading
 

Let me be the third to say that I like Shadow's posts!!!
I can't stand the know it alls who post over and over (with the support of their little group of friends) and its all fluff. (or as mrfixit called B.S.) If you are really living the Villages lifestyle, you aren't on a computer. ( So what the hell am I doing here!!!) :shrug:

I don't know why some on this forum find information so threatening and scarey that they have to shoot the messenger with insults. Have seen it happen many times, and yes Larry, its often with the support of their same little group of computer friends. If you've been on this site for awhile, you know who the culprits are. We've learned to ignore them. Larry, what are you doing on TOTV at 1:11AM, lol?? Get some sleep man!

Mr. Know it all here.

Go read my post. I didn't say I don't like his posts. In fact I said and I quote "I guess you bring up some good points from time to time". I don't see where I shot the messenger with insults. I just like it when we, I mean all of us, post good info but also post some good natured material. And yes, you had to be talking about me because I'm the only one who wrote directly mentioning the Shadow.

Boy, you guys need to read better.

.

I agree with this post. I do, I did, and I always will. Somethings are left unsaid but I kinda know what you are thinking.

Fun will be had in The Villages by the wise, the young in heart and the positive.

I am glad I know you so well Russ Boston, even if I have yet to hug you.

Mee too Gracie! I haven't given Russ a hug yet either! :shocked:

Remember I'm from Boston. So let's start with Gracie and see where it goes:)

200K home in Villages. $463.00 premium. St. Johns Insurance Co.

Sorry Russ but I found your post to Shadow to be judgmental and a little condescending. You assume he needs joy in his life based on what? Based on what he writes here?

Yes, but maybe I'll change 'joy in your life' to 'joy in your blogging' :)


Every single person that I've met in person whom I first met on this website had almost the exact personality that I pictured through their words. If I ever meet Shadow in person and I find that I'm incorrect I'll be the first to post that fact here. Until then I have a pretty good picture of what he/she would be like based on the posts. Judgmental? I'm OK with that.

Another question on home owners insurance.For those of you who rent your property in TV, how much more is your insurance premium?I'm sure you have to disclose the fact that you will be renting your property when you applied for insurance. Also,how much of a problem have sinkholes been in the past in TV's? Finally, Shadow i'm glad your around , just for a little balance and some informative post.

I have ASI coverage for my Designer model through the Villages Insurance. July '09 - $1300. July '11 $1800.00. Same coverage, no claims. Hardly in keeping with the inflation rate.

Even the $1300 seems high. Any idea what that was out of line to start with?

Do you rent the house out?

That does seem really high, our Designer through Village Insurance is under $1000.00, and we have the deluxe package with house insuranced for over$300,000.I know the insurance companies use lots of statistics to figure out individual premium rates, plus renting your property has to increase premium.

I do not think people are considering that two identical polices with the same insurance company with the only difference being the “Deductable” will result in a big difference in annual rate.

When comparing premiums on a $300,000 home one must consider, do both have or not have sinkhole coverage, flood coverage, and deductable amount. Any one of the three can make the premium vary hundreds of dollars.

Sinkhole coverage and flood coverage do cost extra.

Forget about rationalizing as the greedy Insurers are at it again
 

I am furious. Last year my rates went up an additional $800. so I dropped dwelling coverages and did a hefty increase for my hurricane and general deductible . It brought down the rates to just about what I had previously paid. Now my annual renewal shows up and the rate went up an additional $750. i called State Farm and they claim that the hurrican exposure is equal to that of the coast. i explained that we had a weather guy visit our state club a few years back and he made it clear that a hurricane coming inland was negiligble. He stated if you weather was a big factor when considering a move central florida was a good choice.

So it means that in one year State Farm increased my premuim some $1,500. I carry all my insurance with them and have high liability limits and high deductibles on all of my policies, including my golf cart insurance. This is just outrageous I have a designer approx 3200sf. There is just no justification for these hikes.

I suspect State Farm threatened the Insurance Department that they would pull out if they did not get their way.

State Farm is forcing inlanders to pick up the cost of those multi-million dollar homes being built along the coast. I suspect it is so because the people living in those homes have more power and better connections than people in TV. I beginning to believe that I can't afford to live here anymore.

I do intend to writ the Insurance Dept and I do expect the Insurance Dept will ignore my letter

rubicon -

If I were in your shoes, I'd be freaking out as well. However, as I was reading your post and came to the part about you stating your coverage is with State Farm, I understood why your rates are escalating. When Sandy and I were looking for homeowners insurance for our new-to-us PV late last year, we encountered the "not writing any new HO policies in Florida" dilemma. Here's some insight on the rest of the story:

http://www.msnbc.msn.com/id/35220269...thousands-fla/

http://www.miamiherald.com/2011/02/1...omeowners.html

I believe State Farm has all their existing FL business set up under a separate business entity and are working to make that business stand on its own, ie. they're not spreading their FL losses across other parts of their corporate structure. Hence the financial 'Catch-22'.....

I'd suggest you shop for another insurer. We had to - - - and we've had all our insurance (in OH) with S.F. for 35 years.

Bill :)

So I guess SF's motto for Florida homeowners should be "Like a not-so-good neighbor, State Farm will charge you $$$$$ to be there" And I've had SF for all my insurance for 27 yrs.

The $1300.00 was in line with my old policy up north, so when I moved to TV I didn't think much about it. I have $500.00 deductible on the general policy and the hurricane coverage. I have sinkhole coverage also. BTW, the house is a seven year old block and stucco. Just received the bill and am calling the agent tomorrow.

Schaumburger -

Yep, that's kinda the feeling we had too when we found out about the 'no new HO policies' dealie-do! :22yikes:

Keep in mind, though, SF is still writing new policies for everything else they've traditionally insured in the past. We got our golf cart insured with them - no problem-o.

Bill :)

I am familar with the fact that State Farm operation here in Florida is its own profit and loss center. However, what they may lose in profit for property theygain hefty in all other lines.

thank you insurance
 

We are happy to have insurance whatever the cost....our house had a direct hit with lightning last Weds. evening. As a result we have many new items and still finding more things that are not working, still have a 4 foot square hole in the roof over garage that the firemen had to make to take care of smoke and smoldering wood. Insurance guy was here, took info, will put in request for financial assistance. If initial check does not cover we submit to get further financial asistance, minus the deductible of course. Roof will be biggest expense, but all the electronic small stuff adds up fast as does all the food that had to be thrown out. It has all been a hassle, but no one was injured and we were only out of our house for one day. The amount the insurance company will be giving us is way more than several years premiums. So, I guess the moral of this story is just pay the insurance you never know when you'll really need it!