Talk of The Villages Florida

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-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Homeowners Insurance Renewal - Premium Increase (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/homeowners-insurance-renewal-premium-increase-8661/)

villages07 07-05-2007 12:50 PM

Homeowners Insurance Renewal - Premium Increase
 
I've only been here just short of a year. Received my homeowners renewal today from Travelers of Florida (through Villages Insurance). Premium has increased 50% (from 1,000 a year to over 1,500). I'm close to the tornado swath but had no damage or claim history. They state they are anticipating another bad hurricane year and are jacking up premiums to pay for future claims (hmmmmm.....).

Coverage: house 295K; 2% hurricane deductible; 1,000 other deductibles; otherwise nothing special.

I expect this thread will generate some animated discussion. What kind of increases have others seen recently? Have you shopped around before renewing? Does Villages Insurance use a bait and switch...get you in the first year with "reasonable" premiums only to jack them up dramatically the second year? Any other insights?

Thanks.

darbyduff 07-05-2007 05:25 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
We also are moving to the Villages and really hope a whole bunch of you weight in on this issue!!!!!

You would help a bunch of us on the outside looking in (so to speak)

bamafan 07-05-2007 08:26 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
My wife and I are planning on buying in the villages in the next month. We were concerned about insurance so I called the Villages Insurance and spoke with a nice lady in the office. I told her we were looking at buying a Gardenia around 300k. She said insured for @250K with a 2% deduct for a named storm (hurricane) would run around $900 to 950.00 this would also cover a golf cart. If we went with a hurricane deduct of $500 instead of 2% add around $100. In talking to Citizens First Mortgage their good faith estimate for insurance on a 300K home is @ $80.00 per month. All of this is no where near the $1500 I told the lady at the insurance office that I had heard horror stories. She said not to worry. $1500 is real high, of course Travelers insurance in my book has always been high. I think I would shop around

villages07 07-06-2007 06:30 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
Bama,

Thanks for your insight.... when I first went to Villages Insurance last year, they gave me quotes from 3 companies and Travelers was right in line with the others and a more well-known name so I picked them. I think I will check with other carriers outside the Villages Insurance umbrella.

JohnZ 07-06-2007 07:37 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
I've had USAA insurance (homes and autos) for a long time and they've always been terrific and I highly recommend them :bigthumbsup:. We did not see a rate increase due to the storms in FL. However, we did receive a communication that USAA will not insure 2nd or vacation homes in FL. They will only insure your primary residence. USAA insures those on active duty in the armed services, veterans and their immediate family members. Definitely worth looking into if your a vet. An annual premium of $1500 is way high. Sounds like Travelers is intentially pricing themselves out of the Florida market. My guess is that Travelers took a big hit the last few years and they don't want a deja vu experience BUT don't want the bad publicity of terminaing policies.

jjdees 07-06-2007 10:50 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
Anyone have experience with State Farm?

bamafan 07-06-2007 10:56 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
John Z

Hello Is USAA insurance available only to Vets or military, or can anyone get it ? How do you get in contact with them. Like you I think Travelers is trying to back out of Fla. by getting you to drop them. Fla law probably prevents them from just dropping you without cause. Thanks much Bama


Here in Alabama State Farm is high. A lot of people in Mississippi and Louisana probably would not speak well of them. They balked on a lot of claims, got taken to court are now having to pay some 2 years later

JohnZ 07-06-2007 01:14 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
USAA once insured only former and active duty officers when I joined. The've since expanded to include those on the list below. If you're eligible....become a member.....you won't regret it. USAA's main number is 1-800-531-8080 for home and auto.

USAA Membership is open to:

Children of USAA members.
Active-duty officers and enlisted personnel.
National Guard and Selected Reserve officers and enlisted personnel.
Officer candidates in commissioning programs.
Recently retired or separated military personnel.
Former USAA members.

Lil Dancer 07-06-2007 04:10 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
We have a gardenia, insured for $243000, and our premium is $630. (We renewed on 4/17/07). We're with AAA Insurance Agency, and have ASI insurance. $500 hurricane deductible. We did some checking around when we originally got insurance, and AAA was the cheapest at that time. We did have some tornado damage, and we were very pleased with their coverage and service.

bamafan 07-07-2007 08:58 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
Lil Dancer

Thanks where is AAA insurance agency. Is that a local, in the villages agency?
Thanks Bamafan :)

noleguy 07-07-2007 09:29 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
Concerning insurance with USAA.... As of April, USAA is no longer taking any new homeowner policies in the state of Florida...I just moved here and was quite disappointed when USAA gave me the news when attempting to transfer my homeowners policy.

needleptdoc 07-07-2007 09:59 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
What is your deductible for AAA?? Also are you are aware you have a seperate ded for hurricane. What you are paying sounds like No hurricane coverage. I sold insurance for 12 years for Mutual of Omaha. Your premium does not sound right??? Unless you have a very high ded.
We have State Farm. $199,000 coverage for structure the same for contents. with 2% ded for hurricanes and $500 ded for anything else. We pay $1293 per year. We moved here from Boynton Beach, Fl ( So Fla) The same coverage with State Farm was $4300. That gave us a $3000 savings. We are happy.
Our car insurance dropped $400 a year.

JohnZ 07-07-2007 11:05 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
noleguy: We were able to transfer our policy with USAA a couple of months ago. We had our villa insured for several years by another carrier. USAA would not extend a second policy at the time we bought four years ago because our villa at that time was a 2nd home and/or "rental". If USAA does not know if your home here in The Villages is your primary residence, that could be the reason for their decision. I wonder how USAA is handling requests for new coverage for active duty military members assigned to bases/posts in FL.

noleguy 07-08-2007 11:02 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
JohnZ...USAA was well aware that this was to be my permanent residence and I was told that they would no longer write new homeowner policies in Fla. Not sure how they are handling policies for active military. Still have my auto insurance with them but had to go hunting for homeowners.

Lil Dancer 07-09-2007 07:05 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
Bamafan - AAA is located on Bichara Boulevard. Our total premium is $1532, but they deduct for a new home, for hip roof, for concrete block structure, for senior discount, etc.... and our premium ends up being $$630. $500 hurricane deductible, dwelling coverage $243,000, liability $300,000. Many of our neighbors also insure thru them - worth a shot getting an estimate.

bamafan 07-09-2007 07:33 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
Lil Dancer,

Thanks I will surely check them out. Coming down next week, by the end of the week we may be Villagers :) :) Do you insure your cars with them also?

Lil Dancer 07-11-2007 05:18 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
No, we have our car insurance with a different company. Good luck on your trip - hope you decide The Villages is your new hometown!! :)

robinsdw 07-11-2007 09:27 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
With regard to those of you wondering about the isssue of insurance here is my experience. I moved here 4+ years ago and my initial insurance, with Travelers, was $560 on a home with a replacement value of $200M. This past April I shopped around for a cheaper premium, same coverage, and found ASI of Miami at $960 which was $250 less that renewing with Travelers so I switched and less than 2 weeks later I received a cancellation notice stating that all coverages North of 466 were being cancelled. Since I was within 30 days of cancellation with Travelers they reinstated me but not for the $1,210 premium but $1,296. I hope this answers your questions and by the way we love The Villages but it is becoming so expensive I can't really live here and enjoy the lifestyle on my pension so we are looking elsewhere.

DickY 07-11-2007 08:16 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
Here is USAA's policy in Florida:

Posted:04/11/2007

Due to the current state of the Florida insurance market, USAA is taking the following actions in order to limit potential future losses, and to protect the association and its members.

1. USAA will only provide new homeowner or renter insurance policies for the primary residences of active military members required to move to the state pursuant to military orders.
2. If your primary residence is in Florida and insured by USAA, USAA will continue to underwrite your existing homeowner or renter policy.
3. If your primary residence is located outside of Florida and insured by USAA, USAA will continue to underwrite one existing homeowner, fire, or renter policy in Florida.
4. Property insurance policies in Florida in excess of those cited above will be non-renewed upon written notice from USAA and in accordance with Florida's laws and regulations. We expect this change to affect about 10 percent of our 270,000 Florida members.

scottke 07-12-2007 07:13 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
We are looking to move to the Villages by early 2008. We are very concerned about home insurance and have found this discussion very enlightening. We'll be down in August again - we just can't stay away but I'm still working. We love everything we see.

Villages Kahuna 07-12-2007 08:11 PM

Maybe It's Time To Consider Other Insurers/Agents
 
When we bought our home in The Villages in June, 2006 I shopped around for homeowner's insurance. None of the companies with which I had done business in the past would even consider writing a policy in Florida. I was directed to The Villages Insurance Agency. I was hesitant to use them as my agent, knowing that they were a "captive" agency. But at the time, they offered a policy with coverages/deductibles/premiums substantially better than any other quote I got for myself.

This year, when my policy renewed, I also experienced a premium increase. Mine wasn't anywhere near as dramatic as yours (a little less than half the percentage increase as you experienced), but enough to get my attention and get me thinking about "insurance shopping" again. I did shop, using the internet, and was able to identify at least two insurers who would issue policies with the same coverages as I currently have at a premium only slightly more than I paid last year, but not as high as the renewal rate offered by my current insurer.

I then called The Villages Insurance Agency to give them "last look". They spent several hours negotiating in my behalf. The bottom line is that they were able to get a policy renewal with the same insurer that I have now, including increased coverage for the birdcage attached to our home, for only about $100 more than the premium I paid last year. I couldn't be happier with The Villages Insurance Agency.

By the way, my house is insured for substantially more than yours with $500 deductibles for hurricane and other losses, and my 2007-08 premium is about $300 less than you were quoted. It might be time for some insurance shopping.

villages07 07-12-2007 08:48 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
Kahuna,

Thanks for your input....that's why I started this thread. I plan to do some negotiating too....just wanted some more facts and ammunition.

Which of The Villages Insurance agencies are you with? ASI, Travellers, or someone else?

As someone else suggested, I called AAA but they just underwrite for ASI. They gave me a quote that was substantially less than my Travellers renewal. I recently had the windstorm mitigation inspection done and that form is processing through Travellers to factor into my premiums. All things being relatively equal, I would prefer to stay with Travellers and Villages Insurance. I really don't want to have to go insurance shopping and company hopping every year.

Again, thanks for your insights.

needleptdoc 07-13-2007 07:22 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
Kahuna
You better check your hurricane deductible. Hurricane deductibles are 2% or 5% of the total coverage of your home. For you too have a $500 ded as you say, on hurricane your house must be insured for$25,000. All policys in Fla have a seperate ded for hurricanes. It is the law. Something does not sound right??? Call your agent !!!

villages07 07-13-2007 07:49 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
needlepoint.... ASI also quoted me a rate for $500 hurricane deductible as well as 2% and 5%. I don't recall Traveller's giving me a choice for anything other than a percent. So, Kahuna is right.

bamafan 07-13-2007 09:10 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
When I checked on insurance with The Villages Insurance Office they told me that standard policy for a named storm "HURRICANE" was 2% of insured value OR I could opt for a $500 deductable for around $100. more in premiums on a hurricane Lets hope the storms stay out way out to sea :)

Villages Kahuna 07-14-2007 04:51 PM

Agent, Insurer And Hurricane Coverage
 
I have ASI insurance, a policy that was written by The Villages Insurance Agency.

No, a $500 hurricane deductible is NOT the state law as a previous poster stated. The lower deductible costs more than the 2% or 5% choices, and it's not offered by very many insurers, but it is available from ASI.

When I say that the $500 deductible is "lower", that's an easy calculation and decision. The break-even point between a $500 deductible and a 2% deductible is a loss of $25,000. A loss less than that and the 2% would be cheaper; more and your out-of-pocket would be more expensive. When I rode around and saw the damage caused by the tornado earlier this year it seemed to me I saw a whole lot more damage that would cost more than $25,000 to fix than less. For me, the $500 deductible choice was an easy one.

PJ 07-17-2007 02:35 PM

Re: Homeowners Insurance Renewal - Premium Increase - I got dumped!
 
Yikes! I got a letter from The Villages Insurance Agency informing me that my homeowner's policy is being "non-renewed"! Apparently the company is reducing their "exposure", as they have an over-concentration of exposure in my area (The Villages). They stated that they will prepare some quotes for me before my policy expires. I've had this policy (and lived here) for only 1.5 yrs, and I have never made a claim, and always pay on time, so I guess it isn't personal! But still a shock! I hope it doesn't happen to you all!!!

I guess if I were in the insurance business I would want to calculate and manage risk, so I guess they are trying to do that. When I first purchased my house, I tried to get estimates from several nationwide insurance companies that I had used previously, but none of them were insuring in FL at the time, because of hurricane risk. In fact, my closing date had to be postponed because it happened to be scheduled during a named storm, and there was an insurance policy moratorium for 48 (I think) hours. I was reluctant to go with TV insurance but went ahead as I didn't see too many options. They seem pleasant most every time I've spoken with them, but I don't know how they are when you have a claim.

BTW my policy is/was with First Floridian.

villages07 07-17-2007 04:39 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
Hmmm.....First Floridian and Travellers are one and the same. This is the first I've heard that Travellers is non-renewing. I had heard ASI was dropping some clients N of 466 because of sinkholes.

It all seems so random... Could Villages Insurance explain why you were dropped and others were not? Well, at least you didn't have to face the 50% increase (at least not yet) :-)

Good luck...

RayB 07-20-2007 09:32 PM

Re: Homeowners Insurance Renewal - Premium Increase
 
I have State Farm here in the Villages just as I did in Tampa. Before I moved from Tampa, I received a notice my State Farm Homeowners Insurance with huricane coverage was going up $1700 per year for a new yearly total of $2900. One can imagine my delight when I moved up here and received my State Farm quote of a total of $900.00 per year for the same homowners insurance I had in Tampa. My car insurance also went down about $200 per year. Also my $1 million liability insurance went down as did the minor amount I pay for flood insurance. It is just wonderful living in the Villages.

conn8757 07-21-2007 10:24 AM

Re: Homeowners Insurance Renewal - Premium Increase
 
Make sure with Citzens you are getting more than just hurricane coverage. I have heard they don't cover liability losses (i.e. your dog bites someone, etc.) and other things. Make sure you are getting an actual homeowners policy that covers all types of losses as a typical homeowners policy will cover your personal effects away from home and insure you against fire, etc.


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