Homeowners Insurance Renewal - Premium Increase

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  #16  
Old 07-09-2007, 07:33 PM
bamafan bamafan is offline
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Default 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?
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  #17  
Old 07-11-2007, 05:18 AM
Lil Dancer Lil Dancer is offline
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Default 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!!
  #18  
Old 07-11-2007, 09:27 AM
robinsdw robinsdw is offline
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Default 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.
  #19  
Old 07-11-2007, 08:16 PM
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Default 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.
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  #20  
Old 07-12-2007, 07:13 PM
scottke scottke is offline
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Default 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.
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  #21  
Old 07-12-2007, 08:11 PM
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Default 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.
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  #22  
Old 07-12-2007, 08:48 PM
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Default 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.
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  #23  
Old 07-13-2007, 07:22 AM
needleptdoc needleptdoc is offline
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Default 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 !!!
  #24  
Old 07-13-2007, 07:49 AM
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Default 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.
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  #25  
Old 07-13-2007, 09:10 PM
bamafan bamafan is offline
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Default 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
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  #26  
Old 07-14-2007, 04:51 PM
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Default 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.
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  #27  
Old 07-17-2007, 02:35 PM
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Default 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.
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  #28  
Old 07-17-2007, 04:39 PM
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Default 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...
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  #29  
Old 07-20-2007, 09:32 PM
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Default 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.
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  #30  
Old 07-21-2007, 10:24 AM
conn8757 conn8757 is offline
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Default 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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