Ins. policies
 

Tower Hill Ins. Last year-$495. Upcoming year-$1125!
I believe a lot had to do with people getting so called
"FREE" new roofs.

I'm sure some of you remember this when 16 years ago a thunderstorm spawned three tornadoes that swept through three villages. Even though The Villages got hit with 136-165 mph winds, no villager died. 20 people did die but they were in the surrounding trailer parks. Gives one pause when considering to self-insure.

The damage breakdown is here:

https://www.depts.ttu.edu/nwi/Pubs/R...AW-Florida.pdf

We got our homeowners insurance renewal today. We own a 2 and 2 in TV, built in 09 with the original roof. It went up 21%. About what they said to expect. Yearly rate is now $1545. Just thjought I'd post since there seems to be a lot of discussion about this.

Btw, our friends snowbird in Bonita Springs and have a home very similar to ours in a plus 55 community 7 miles from the beach. He told me theirs went UP $2000. I didn't ask what he's paying, but if it went up that much it must be a lot. Plus, they can't even buy flood insurance. 5 years ago they got 2 feet of water in their house from Irma. But they lucked out this time and the water didn't quite get to them.

That is what group insurance is about, spreading the cost over the whole group of people. Now as an individual, I am paying a premium each year IN ORDER THAT when I need something fixed or repaired, the insurance company will cover. All the years I have made no claims I was subsidizing everyone else’s claims. When and if I need it, they will be subsidizing my claim. That is how I understand insurance to work.

Self insure
 

How do you " self insure" ?

Re: self insure...

To self insure, it means you have sufficient funds to pay for the repair of any damage.

Fine if you have no mortgage.

If you have a mortgage, your bank will not likely let you self insure. The home belongs to the bank until you've paid it off. They want their asset to be protected.

On the other hand if you have the resources, they'd want you to pay off that mortgage, unless you can find a way to guarantee that you can pay for repairs and convince the bank.

Same goes for any asset you've financed.

Don't forget about liability, if somehow your asset causes damage to another person or someone else's assets.

I received my renewal from Progressive for the up coming year I knew it would be going up but a 80% increase whoa for a 7 yr old patio villa. I also read thru the coverage if I was understanding it correctly
the replacement value for just the home was listed about a $100,000 less than the average sale price for homes in my area.

The insured replacement value doesn't include the value of the land.

My agent in Virginia found insurance for my home here at a great price and coverage.

I have 2 statements to make, we have had Progressive for 6 years this May and our premiums went up a little less than $500 over that 6 year period. I keep a higher deductible, $2,500 to keep the rates a little lower and our home is block with a true hip roof which does in fact help with lower premiums. That being said. Over the 55 years that I have owned homes, I doubt that I have had $1,000 in claims however the year before we moved down here I had 3 huge claims, one for a 30' long concrete porch holding up a roof that collapsed, a wind storm blue shingles off of the roof and the rain came right through it, and a sump pump malfunctioned while we were down here unloading furniture from our moving truck. All in all they totaled just under $80,000 in payments the insurance company made to the contractors on 3 separate claims and it did not affect any of our future rates. Moral of the story is if our rates go up in May I'm not going to complain too much.

Who is your carrier?

The impact of the legislation will take several years to have an impact. Reducing frivolous lawsuits benefits he homeowner, not the attorneys. Not sure who predicted that insurance would double because of the legislation so if you could share that it would be appreciated. Another factor of rate impact is the reduced number of companies since many have left leaving the market and liability to a reduced pool. Also, why do people think that because they have no claims there should be a benefit?

Progressive Decreased Rates
 

We have had zero problems with Progressive. Are you in a newly designated flood plain? We are in the Villages south of 44 though. A 2200 square foot Gardenia is $930 annually.

Heritage and State Farm were the most reasonable of many quotes I received recently

My renewal for Progressive this year- premium went up 60% on a 5 1/2 year old house. No claims. Got quotes from 3 other companies- Allstate, State Farm and USAA. Even with Progressive’s increase, none of the others could match it so sticking with Progressive for now.