House Insurance 2012
 

I have an Amarillo ranch built in 2006, 1540 sq ft, and just received my insurance bill. 1,120.00 for coverage . Seems like it went up about 250 bucks. I have ASI thru Sumter-Marion Ins. Hurricane prem-448.54, Non-hurricane prem-671.46. Hurricane deductable is 500. Dwelling coverage 212,000.00. Sinkhole coverage also. Has anyone experienced the increase of insurance this year? When first purchased in 2006, it was just under 600.00. I mean WOW!!!!:shocked:

We experienced the same increase with the same company , but I wasn't surprised. Insurance is a totally necessary expense, and not negotiable. We have huge deductibles which helps a bit with the rates.

I could be wrong, but $212,000 for dwelling coverage may be high. If you assume your land is worth around $35,000, that means your ranch is worth around $250,000. I am not sure that ranches are selling at that price, nor would the replacement cost be that much. You should recheck with your insurance agency and ask them what the replacement cost is for around 1,500 square feet.

We have friends who own a custom Lantana and have been insured with ASI for 6 years. Their dwelling coverage was $500,000. When I explained this same thing to her, she went back to ASI and they agreed her dwelling was over-insured by $150,000. While they agreed to give her a rebate for the current year, they would not go back any further, even though they over-estimated the value.

Interesting!!! Thanks. Ranch is on a cul-de-sac, with huge back yard. Also has 12x15 Florida room and 12x15 lanoi. Added 9x12 walk in closet. Just was assessed for 220,000. I will check with insurance company. Appreciate the info. Its just ashamed, that we keep seeing things go up so fast today:)

Compare rates
 

The state government hosts a website where you can compare insurance rates on a hypothetical home by the county you live in. I see ASI is near the top of the two dozen offering insurance in Sumter County. You should also get a Wind Mitigation inspection done (depending on when your house was built). Without it your rates will be much much higher.

Then call each company you're interested in and ask if they sell through agents in our area. Make appointments to discuss the coverages.

Here's the LINK.

In Florida you MUST shop around. The rates vary widely (and so does the service on claims).

Skip

Homeowners Insurance
 

Just received my 2012 house insurance policy and it has increased $198. from last year. It is now $827.00. Seems that there was a big increase in premiums due to sinkhole coverage. I have a Designer Wisteria built in 2010 and also have ASI but thru AAA agency but my dwelling is only insured for $173,000. You might want to check with your agent on reducing your dwelling coverage amount and also increase your deductibles to see if that would bring your bill down. But it's all what you're comfortable with!

This article may explain the sudden increases.

Proposed sinkhole insurance rates likely will force people to drop coverage - Tampa Bay Times

...WOW.....a REAL EYE-OPENER.....
........ THANK YOU "SKIP".:bigbow:,for posting this..

I guess I don't get the big differences in policy cost. We have ASI and my dwelling is insured for $180K. Our bill was $600 which was an increase of $6 from last year. Did all the increase related things happen recently so next year we should expect a large increase in our premium.

Wind mitigation
 

Adb inspection services did our wind mitigation and brought our insurance down over 200.00 per year. Best $60.00 we ever spent.