[jkpender]

I recently read that insurance companies in Florida are going to readjust rates on homes inland to be comparable to the rates that they charge to coastal properties. It's based on the assumption that the risk from hurricane damage is higher inland than they previously thought. As someone who is considering moving to central Florida (The Villages) in the future I was wondering what the approximate yearly rate for homeowners insurance is for a $200,000 home in TV.

[jojo]

Originally Posted by jkpender

I recently read that insurance companies in Florida are going to readjust rates on homes inland to be comparable to the rates that they charge to coastal properties. It's based on the assumption that the risk from hurricane damage is higher inland than they previously thought. As someone who is considering moving to central Florida (The Villages) in the future I was wondering what the approximate yearly rate for homeowners insurance is for a $200,000 home in TV.

I can't answer for a $200,000 home but we have a home down here that was similarly priced to our home in Columbus Ohio and our homeowners insurance which I just paid today was less than in Columbus.

[The Shadow]

Storms could topple Citizens insurance

The Atlantic hurricane season officially began on June 1, and once again the weather experts are forecasting a very active season, with more major storms than in a typical year. What the experts cannot precisely forecast is whether Florida will be in the path of any of these storms.

On the other hand, experts who have studied Florida's property insurance market are fully able to forecast precisely what could happen if one big storm or a series of lesser storms were to strike this vulnerable peninsula: It would cause a financial disaster. SNIP

http://www.news-journalonline.com/op...insurance.html

[The Shadow]

State Farm's rates headed up -- way up for some

State Farm customers in South Florida and the Orlando area can expect hefty rate hikes starting in July, some as high as 64 percent. SNIP

http://www.orlandosentinel.com/busin...,7309055.story

[The Shadow]

State Farm wants to raise rates 28 percent, in large part because of sinkhole losses.

The state-owned Citizens Property Insurance takes in more than 200 sinkhole claims a month, paying out about four times as much as in claims as it takes in from premiums. We all know what happens when Citizens runs out of money and can't pay. We pay.

Florida is renowned for its insurance scams, and this one is a doozy.SNIP

http://www.orlandosentinel.com/news/...5822172.column

[wendyquat]

Don't know what will happen next month but we just got a quote on a $200,000 villa today for $742 a year. Much lower than we were paying in NC! That's from The Villages Ins.

[starflyte1]

Our insurance is the same as mentioned above: $200,000 around $775. Our previous home was within one mile of the gulf in North Naples, Fl, and with the three insurances (home, wind and flood), our premiumn was $3600.00, for a $225,000 home. We did not insure the land, just the house. Sure hope that we do not have to pay coastal rate in TV!

[Russ_Boston]

Originally Posted by jkpender

I recently read that insurance companies in Florida are going to readjust rates on homes inland to be comparable to the rates that they charge to coastal properties. It's based on the assumption that the risk from hurricane damage is higher inland than they previously thought. As someone who is considering moving to central Florida (The Villages) in the future I was wondering what the approximate yearly rate for homeowners insurance is for a $200,000 home in TV.

I read the article and this isn't a proposal to raise rates. It's a study and it's data will be used to calculate rates. The new rates would still need to be established and then pass muster with the state insurance commission. My take on it is that, yes, rates will rise for inland locations but will still not be near coastal rates. They just said that the risk is underestimated inland. It was the writer of the article who used the phrase "same premium pain". And remember this was a commentary piece in the Orlando paper.

http://www.orlandosentinel.com/news/...6936289.column

[Carla B]

Insurance premium woes have been much on my mind, because we just got the bill for our annual renewal and were dismayed to find it had gone up $249! The part of the premium charged for hurricane protection did not increase. The biggest increase was for sinkhole coverage, which went from $179 to $349. We also got a $81. decrease in the credit for PC/Construction factor, whatever that is. Does that mean our 3-yr-old CBS house is becoming obsolete?

Apparently a Republican senator from SW FL convinced the legislature that sinkholes were the "new hurricanes" in Florida. Insurance companies can even deny sinkhole coverage in Pasco and Hernando counties, where many of the claims originate, forcing homeowners into the Citizens state pool.

For many years for us, insurance has started out at a reasonable rate when we've first insured a piece of property, then crept up year by year, even though there've been no claims.

[Russ_Boston]

Carla - Is it possible to put a larger deductible on sinkhole coverage? I don't have my policy with me up here in MA. thanks.

[The Shadow]

Originally Posted by Carla B

Insurance premium woes have been much on my mind, because we just got the bill for our annual renewal and were dismayed to find it had gone up $249! The part of the premium charged for hurricane protection did not increase. The biggest increase was for sinkhole coverage, which went from $179 to $349. We also got a $81. decrease in the credit for PC/Construction factor, whatever that is. Does that mean our 3-yr-old CBS house is becoming obsolete?

Apparently a Republican senator from SW FL convinced the legislature that sinkholes were the "new hurricanes" in Florida. Insurance companies can even deny sinkhole coverage in Pasco and Hernando counties, where many of the claims originate, forcing homeowners into the Citizens state pool.

For many years for us, insurance has started out at a reasonable rate when we've first insured a piece of property, then crept up year by year, even though there've been no claims.

"forcing homeowners into the Citizens state pool."

Gov. Charlie Crist made this bad situation much worse with his populist crusade to suppress insurance rates. He and Republican legislators froze rates charged by Citizens for three years.

Thereafter, they limited premium increases to 10 percent a year.

The result is that Citizens is woefully underfunded. To raise enough money to be fully solvent, Citizens would have to increase rates a whopping 56 percent. This means its customers are paying 44 cents on the dollar for their policies.

Consider this: Between 2004 and 2010, sinkhole claims have cost Citizens $867 million. Yet it has only collected $272 million in sinkhole premiums.

http://www.orlandosentinel.com/news/...,614988.column

[Carla B]

Russ, I've got a call in to the agent and will let you know what I find out.

[Russ_Boston]

Hey Shawdow - Have you EVER had a positive comment to make on TOTV? I guess you bring up some good points from time to time but even you must need some joy in your life

[The Shadow]

Originally Posted by Russ_Boston

Hey Shawdow - Have you EVER had a positive comment to make on TOTV? I guess you bring up some good points from time to time but even you must need some joy in your life

Facts and information can be a bummer.

Joy, my latest joy was seeing this picture of Gabby Gifford with this simile on her face.

[Russ_Boston]

There you go. Feels good to be nice huh?