Double digit increases in home owners insurance
 

Over the past 3-4 yrs. has your home owners, hurricane & sinkhole (all on 1 policy) have HEFTY increases?
We have American Integrity of Fl. thru The Villages Ins. Agency on Wedgewood Ln..
Cottage home was bought new 11/11.
NEVER CHANGED ANY COVERAGE.
For 2011-2012 the premium was $***.00
For 2012-2012 " " " $515.00 a 19% increase
For 2013-2014 " " is $604.00 a 17% increase.
Granted that the home dwelling liability has increased every year & is now $171 K.
Has anyone else faced these rates of increase?

yes....the ultimate solution is to shop until one finds the cheapest price for the coverage being sought.

Loyalty to any insurance company buys nothing....60 years with State Farm and then the FL annual price increases/screwing....no thanx.

Go shop there are very many independents that do as well as major national brands.

Get one that has a real live English speaking agent....eliminate the biggies with two and three levels of representaives and especially the ones who have farmed out their customer support to non US locations.

btk

Bump

For sure shop around. I don't know about Florida but I had Allstate for over 30 years in 4 different states, boy was I dumb. Bills went up and up. Finally they went up 15% and 20% in 2010 and 2011 I dumped them and got higher coverage at a 35% reduction in cost from Gieco. Same with car insurance. It's like when a company has you signed up they increase the premium every year as they think they have you hooked.

I kept my Allstate and still have sinkhole with $500.00 Ded

Sinkhole? Just bought our home and the insurance company all but laughed at me when I asked about sinkhole insurance. What the heck is going on? they said no way.

Some company's "offer" what they call " inflation protection" which means your coverage goes up each year along with your premium. You will NEVER likely get the amount you are insured for even if your house blows away because the "protection increase" usually exceeds any increase in the homes value. Ihave ASI here with sinkhole and I am very satisfied.

Yes that is what was happening to me. I reminded them the lot doesn't burn and the real value of my place was the view lot. So I switched companies. I mean Allstate insisted on insuring us for $400 a square foot get a grip. Maybe it has to do with the region but here they were just nuts. That was in 2010 maybe they have changed.

My Allstate agent adjusted my coverage. I also get a discount on my auto and golf cart. My auto rates just went down. My agent told me Allstate had a rate decrease this year. I also bought a motor club from Allstate and it includes my golf cart too.

Similarly, I kept my ASI with its $500 deductible on sinkhole coverage. The total premium has remained pretty much the same on renewal. On the other hand, I hear way too many horror stories out there in Insurance Land....

My sink hole ins was 500.00 and I would have to pay the first 24k if I had sink hole damage. Got it thru the villages ins in brownwood. I'm not saying its good or bad.just putting it out there. My total policy for homeowners and sink hole is around 875.00 a year.

Although the insurance company rep will tell you something different, with the big companies you are paying for all those wild fire disasters out West. Like the oil companies the insurance industry will use any excuse to raise your rates.

The scary part and high risk in Florida is not hurricanes (especially in TV) but the sink holes that happen everyday in Florida and it is getting more and more difficult to get sink hole insurance. My guess it will soon be like flood insurance----only available through government. "Relax", those living on the coast are paying up to 10 times what we are paying for our insurance----if they take flood insurance. It seems many are "greedy" these days. It is what it is.

I don't have our exact info handy, but it sounds similar to ours.

Those who do choose to have dwellings in harms way like beach front or any water property should be paying 10 times more than the rest of us. Or even more if what they pay does not cover the insurers or re-insures for losses in those particular areas.

Just like I firmly believe those who live in those areas should be paying an assessment to replenish sand and recover water damage to their property......now the state/your taxes pays for it.

Hurricanes just happen to be off the screen (pun intended) right now and have been for a couple of years....they'll be back.

The first 5+ years here in TV one never heard much about sink holes....now they are the insurance companies new event to exploit.

Sink hole insurance is in the same category as deciding whether to have lightning rods put on your home. Either one is nothing more than a roll of the dice.....regardless what one hears, especially from an insurance agent.

Insurance agents have made used car salesmen an honorable group by comparison.....in my humble opinion.

btk

My insurance price or the sinkhole coverage hasn't really changed in the 3 years so far. Maybe a few % each year? Nothing that I've noticed as being significant.