Home Owners Insurance
 

Anybody else seeing a huge increase this year? I've had no claims and the only explanation I get for my 39% increase is FL storms. I've used Villages Insurance for years and always been happy. Have shopped it a few times and they are always competitive. Just wondering if others are seeing this also and to this degree.

Yes , same here I'm thinking of skipping on home insurance.

I have Progressive/ASI insurance with The Villages Insurance and my premium only increased by about 5 percent. The Villages Insurance is not an insurance company. They are a broker/agent for several different insurance companies. I don't think an insurance agent can give you accurate information about why your rate increased. The actual reason is only known by the insurance company, and they don't share that information with agents or customers.

I too have Progressive/ASI and our premiums went up only $8.00 for the year which was paid just last month. They sell Progressive at TV Insurance, ask them to get you a quote. If you have an older home with the original roof that might be the reason for the increase.

Yes, Broker Villages Insurance, I formerly was ASI but just last year they put me with Tower Hill (house 10 years old as of Feb21).

10% increase from State Farm.

Yes, they gave me the same line. Later I was told the state allowed them to increase their rates. I said that is fine as long as the state also pays for it. They did not want to even tell me what the premiums were for individual items. When I insisted I found I was paying the premium for a second structure which is actually not even allowed in our deed restrictions. The upshot was I ended up paying about the same amount in premiums as before with the modifications that I only pay for what I want.

Be sure to get an umbrella liability policy.

Yes, thanks, we have an umbrella and intend to keep that coverage.

I'm no big fan of insurance companies, but with the rapid increase in the cost of building materials, and the aggressive tactics employed by some roofing companies to get insurance companies to pay to replace 15 year old roofs, I'm not surprised that rates have increased that much.
If we have a busy and destructive hurricane season, it will get worse.

Every few years they bump things way out of line . However , to rebuild a home is now more expensive than ever . Check your homes value on policy .

Florida’s property insurance market, which collected $56.6 billion in premiums during 2019, is unique and covers complex risks including devastating hurricanes and the impact of climate change. Many insurers left the state after suffering big losses from hurricanes Katrina and Wilma in 2005, leaving about 60 small and mid-sized firms underwriting property policies there today.

Although there were no major weather events last year, some insurers are still grappling with claims from Hurricane Irma in 2017, said Logan McFaddin, an American Property Casualty Insurance Association executive who specializes in Florida.

They are also facing what McFaddin described as “out of control” litigation in Florida, partly because of a law that can require insurers to pay attorneys “excessive fees” in those cases. The practice has spurred a cottage industry of contractors and lawyers who sue insurers to replace a whole roof when only a few tiles are damaged, insurers say.

Other less dramatic problems, such as leaky pipes, happen at an “abnormally high” frequency in Florida, often causing severe damage, including mold, consistently gnawing at profits, said Charles Williamson, chief executive officer of Vault, a Florida-based insurance exchange for wealthy individuals.

We had a 25% increase and I switched to Farmers with the rate we had before their increase.

Why are you surprised? This has been in the newspapers for awhile now about rates going up with no explanation. Though you dont know the reason, you should have been prepared for it with all the press it received awhile ago

It's probably all the roof replacements that have been going on in TV. My premium went up 43%. Switched to All State and saved a few bucks but got much better sink hole coverage.