[TVTVTV]

Originally Posted by tophcfa

Those of us living in the middle of the state are definitely subsidizing those who choose to live in the much higher risk costal regions. On top of that, we are suffering the consequences of several large and well known insurers leaving the state entirely because they are not allowed to cherry pick only the safest regions within the state to write policies.

So why wouldn't The Villages create a homeowners insurance company for only Village homeowners?? Given the few homes damaged or destroyed annually it would certainly be profitable to develop an insurance company like all the banks they own. Why won't they? Win/win$$

[rsmurano]

I got a quote from these guys. Less coverage and it was $1000 more than what I currently have. I kept what I had

[kkimball]

Originally Posted by TVTVTV

So why wouldn't The Villages create a homeowners insurance company for only Village homeowners?? Given the few homes damaged or destroyed annually it would certainly be profitable to develop an insurance company like all the banks they own. Why won't they? Win/win$$

There are not nearly enough homes in TV for a dedicated insurance company. Also, a dedicated TV insurance company would need to complete with everyone else, so they would not get all the business -- likely only a fraction.

Regarding claims, just because a major storm hasn't hit TV, doesn't mean that it won't.

In reference to the original posters question, I've been with Kin since 2022. They were by far the least expensive when I signed up. My rates have gone up at both renewals, but the higher amounts were still less than the competitive quotes.

[OhioBuckeye]

Redchariot, I never heard of KIN.

[msilagy]

Kin is an ins co based out of the merchandise mart in Chicago. They insure Fl and LA and may have added another state. I have had them for 2 They did raise my rate and I raised deductibles to get it down.

[tophcfa]

Originally Posted by TVTVTV

So why wouldn't The Villages create a homeowners insurance company for only Village homeowners?? Given the few homes damaged or destroyed annually it would certainly be profitable to develop an insurance company like all the banks they own. Why won't they? Win/win$$

Insurance Companies very carefully manage the diversification of risk within their portfolio of business. Their business model would never work with their entire book of business being in one relatively small geographic region. One catastrophic event in such a small geographic region could easily wipe out their surplus. Insurance companies now look at the amount of policies they have in force within three blocks of each other, and refuse to write another policy once a predetermined level of exposure has been reached. That’s because a single quick hitting tornado could wipe out that tiny area. Once your neighbor signs up for a policy with company XYZ, that could be the last policy that company will write on your street until someone else cancels their policy with that company.

[bobmarc]

I'm paying more with USAA but they are dependable and (so far) not pulling out of Florida. No questions asked when I got a new roof.

[PurePeach]

Originally Posted by RedChariot

Has anyone had experience with the KIN Insurance company? It is a Reciprocal insurance company. Owned by the customers? Enlighten me if you can.

We have KIN insurance and have had to file a claim. I discovered a leak under my shower pan. My shower had been updated several years ago from the fiberglass tub to a ceramic tile shower. The floor had to be ripped up as did the wall. Our wall tile was no longer made. We had to replace the entire shower. KIN only paid for the demo of the shower floor and 24” up the wall and the replacement same area; the rest of the demo/replacement came out of out pocket, along with our deductible, which is $1000. They were easy to work with and I submitted many pictures of the damage and the water that was discovered under the floor when the floor was removed. Everything was done electronically. Is this common for all insurance companies? I don’t know. My husband and I have never had a homeowners claim before, so we just went with the flow. We’re just waiting to see what the rate goes up to when renewal comes along in December. If it escalates, I’ll shop, but when you have a claim it shows up in the database that all insurance companies use. Time will tell.

[RUCdaze]

I etraswitch from a company provided by The Villages when they raised may to a ridiculous number. Found KIN for $2,000.00 less. So far so good. Ask again in another year.

[OhioBuckeye]

We went with another Ins. Co. too, it was cheaper then the 2’d yr. It went up drastically, we have car & house Ins. With them, we checked with 7 others & they were all more, 3 to $500. more each. Are In’s. Co. going broke!

[OhioBuckeye]

Originally Posted by msilagy

Kin is an ins co based out of the merchandise mart in Chicago. They insure Fl and LA and may have added another state. I have had them for 2 They did raise my rate and I raised deductibles to get it down.

Thanks I don’t need my rates to go up now. LOL, that’s OK we live in Texas & Ins. Premium’s are terrible here too!

[kkingston57]

Originally Posted by RedChariot

Where is one to go? Progressive is dumping us saying they are leaving Florida. The insurance companies don't want roofs over 10 years. Ours is about 12.5. AAA our car insurance company won't give us home owners insurance. Offered one of these Reciprocal companies called True. Their website tells you nothing. It seems there are many of these type of insurance companies. Besides Kinn, True, there is Tower Hill that is very, very expensive. So am I not being forced to put a new roof on??? We have paid for a roof inspection and wind mitigation inspection. Both good. But still our options only seem to be these "new kind " of insurance companies. Some of them only in business for less than 4 years. Feels like Florida homeowners are being ripped off.

We have Tower Hill and our premium was $1800 for a 300K home. In Florida that is reasonable.

[kkingston57]

Originally Posted by JRcorvette

I worked in the insurance claims business for 36 years and the worse thing that insurance companies ever did with the HO policy is make roofs replacement cost. Roofs wear out over time and you really should be paid a “fair value” based on the age of your roof. This would eliminate all the problems with roofers going around and telling you that you need a new roof and trying to get insurance to pay 100%. In some States where they get a lot of big Hail it will destroy a roof and people are getting new roofs every couple of years in some cases. Costs are always passed on to the consumer just like any other business.

Was in the biz a little longer than you. Replacement cost coverage was around before I started in 1979 and has always been for all items including the roof. Roofs are easily damaged and the unscrupulous roofers and public adjusters caused most of the problems in Florida with their AOB(assignemnt of benefits) contracts Bet the insurance companies paid at least 25% more on these claims. Hopefully the new laws wil cut down on these cases

[kkingston57]

Originally Posted by TVTVTV

So why wouldn't The Villages create a homeowners insurance company for only Village homeowners?? Given the few homes damaged or destroyed annually it would certainly be profitable to develop an insurance company like all the banks they own. Why won't they? Win/win$$

People in TV and other areas in Central Florida have contributed towards higher premiums. How many in TV got a "free roof? If possible would be lower but probably not allowed due to insurance regulations