[2BNTV]

I'm just curious if anyone has experience a dramatic increase in home insurance rates due to the inordinate amount of claims due to hurricane Irma.

I was quoted a $1913 rate, up from $1173, That is a 63.4% increase.

I was also informed some insurance companies have gotten out of the home insurance market!

I was wondering if anyone is willing to share their insurance rates and with whom they have their insurance with.

Thank you in advance for your replies.

[Ben Franklin]

10% increase from State Farm this year. I called and was told that they had to increase the amount to rebuild our house, since houses are more expensive, these days, to build.

[retiredguy123]

My rate with Progressive/ASI through The Villages Insurance is $755. Only minor annual increases over 5 years. I wouldn't believe anyone who tells you why your rate increased. I think rates are determined using many different factors, none of which are shared with agents or customers.

[Ben Franklin]

Originally Posted by retiredguy123

My rate with Progressive/ASI through The Villages Insurance is $755. Only minor annual increases over 5 years. I wouldn't believe anyone who tells you why your rate increased. I think rates are determined using many different factors, none of which are shared with agents or customers.

OK, I won't believe your reason either. ;-) The insurance company did increase the covered amount by $20,000 this year, which seems about right.

[retiredguy123]

Originally Posted by Ben Franklin

OK, I won't believe your reason either. ;-) The insurance company did increase the covered amount by $20,000 this year, which seems about right.

LOL. I hear these reasons that insurance agents give customers as to why their rate increased. It just starts a rumor. But, in my opinion, I think it is just a sales pitch. Why would an insurance company reveal confidential information about how they calculate their rates? Here is the rate, take it or leave it. It's like a car salesperson telling you that they aren't making any profit.

[Papa_lecki]

It’s simple - inflation. The price of lumber alone is up 288% since April 2020. It costs A LOT more to rebuild. I can’t imagine what the price of shingles are - given the high cost of oil.
It’s economics.

Lumber prices 2021 chart: Why is price of lumber up 288% even with U.S. wood production at its highest levels since 2007? | Fortune

[Kahuna32162]

Progressive ASI, went up 34 dollars from last year.

[rjm1cc]

Property and huricane insurance. No separate sinkhole. $700. From AAA.
You might mention the value of your home.

[ladyarwen3]

Our insurance went from 1600 to 2400. Needless to say we are changing to different insurance company. Our neighbor was dropped; her company does not insure in FL any more.

[banjobob]

25% increase from American Integrity , am now with Farmers at a better rate and same coverage. Farmers rate is lower than Americans before the increase.

[Sabella]

Originally Posted by 2BNTV

I'm just curious if anyone has experience a dramatic increase in home insurance rates due to the inordinate amount of claims due to hurricane Irma.

I was quoted a $1913 rate, up from $1173, That is a 63.4% increase.

I was also informed some insurance companies have gotten out of the home insurance market!


Thank you in advance for your replies.

I just received my house insurance renewal with Cabrillo coastal thru the Villages which is due in July. The price went up $775.00! I never made a claim or got a new roof my house is 11 years old and the original roof was an upgrade. This seems to be going on throughout the villages. . I beg everyone in the Villages to call, e mail or write to Governor DeSantis office to complain and ask for an explanation. A small price increase is acceptable but this is beyond outrageous to do to seniors where most of us are on fixed incomes. If enough of us contact the Governor maybe something will be done. The governor might not be aware of the excessive amount of increases the insurance companies are charging us.

[CartColor]

Some insight can be found here

Too Little, Too Late? Breaking Down Florida’s Latest Property Insurance Reforms

[Girlcopper]

Originally Posted by 2BNTV

I'm just curious if anyone has experience a dramatic increase in home insurance rates due to the inordinate amount of claims due to hurricane Irma.

I was quoted a $1913 rate, up from $1173, That is a 63.4% increase.

I was also informed some insurance companies have gotten out of the home insurance market!

I was wondering if anyone is willing to share their insurance rates and with whom they have their insurance with.

Thank you in advance for your replies.

Old news. This has been happening for awhile now. You are just noticing

[lsauls7537]

Originally Posted by 2BNTV

I'm just curious if anyone has experience a dramatic increase in home insurance rates due to the inordinate amount of claims due to hurricane Irma.

I was quoted a $1913 rate, up from $1173, That is a 63.4% increase.

I was also informed some insurance companies have gotten out of the home insurance market!

I was wondering if anyone is willing to share their insurance rates and with whom they have their insurance with.

Thank you in advance for your replies.

We have kin insurance, house $230,000, personal prop. $69,000, liability $500,000 loss of use $46,000, deductible is $1000 . Premium is $731. This company is on line only, no brick and mortar store so some are not comfortable with this. They do NOT insure everyone, house must be in decent shape, including roof.

[DaddyG]

Insurance companies have to file and get approval from the state for rate increases. They have to show that the rates warranted in order to cover past and projected future claims.