[Tvflguy]

Just received our annual premium for our homeowners insurance. Hated to open the envelope. But did and nice pleasant surprise. Only went up $13.00 for our annual policy. Yikes - happy, actually shocked. Expected the usual 20%+ increase.

Our insurance is Cabrillo Coastal General Insurance Agency, Safe Harbor Insurance Co.

Of course hope we (or anyone here in TV) don't need the insurance. And hope this year's storm season is an easy one for all of Florida....

[dewilson58]

According to the Florida "Insurance Commisioner".............this is the current trend.

[jrref]

Originally Posted by Tvflguy

Just received our annual premium for our homeowners insurance. Hated to open the envelope. But did and nice pleasant surprise. Only went up $13.00 for our annual policy. Yikes - happy, actually shocked. Expected the usual 20%+ increase.

Our insurance is Cabrillo Coastal General Insurance Agency, Safe Harbor Insurance Co.

Of course hope we (or anyone here in TV) don't need the insurance. And hope this year's storm season is an easy one for all of Florida....

I'm glad for you but the only way for the rest of us to tell is this is a "good thing" or not is if you can answer the following questions:
1) Sq footage of your home
2) Dwelling coverage
3) Liability levels
4) Flood insurance?
5) Sinkhole Insurance?
How much are you paying?

So for example, I have a neighbor who is paying about $1,500 more than I am for a similar home and coverage and he only got a 10% increase because he's already paying too much. I'm not saying that's your case but it will put things in perspective.

[Rainger99]

My auto went down about $50 and my home went up about $30.

Auto was $1256 this year. Last year was $1308.

Home was $1519 this year - last year it was $1490.

I can live with these prices!!!

[RICH1]

some people think the Insurance company's don't know what they are doing..Safe Harbor has plans for all customers after a claim is filed.. Be ready to play hard ball with the big boys ..

[Tvflguy]

Originally Posted by jrref

I'm glad for you but the only way for the rest of us to tell is this is a "good thing" or not is if you can answer the following questions:
1) Sq footage of your home
2) Dwelling coverage
3) Liability levels
4) Flood insurance?
5) Sinkhole Insurance?
How much are you paying?

So for example, I have a neighbor who is paying about $1,500 more than I am for a similar home and coverage and he only got a 10% increase because he's already paying too much. I'm not saying that's your case but it will put things in perspective.

I'm the OP. Purpose of my post was that OUR Home insurance $$$ was flat year<>year. NOT compare cost to yours...("rest of us to tell is this is a "good thing") Every year our agency does research of all insur cos re cost. Ours is one of the lowest and rated well. So we are sticking with them. Just happy that the year<>year was stable, considering....

[jrref]

Originally Posted by Tvflguy

I'm the OP. Purpose of my post was that OUR Home insurance $$$ was flat year<>year. NOT compare cost to yours...("rest of us to tell is this is a "good thing") Every year our agency does research of all insur cos re cost. Ours is one of the lowest and rated well. So we are sticking with them. Just happy that the year<>year was stable, considering....

I understand that but my point was, depending on your coverage and what you are currently paying, your insurance may have been flat because you were already paying an inflated rate. From your information, you are not so that's good.

When my renewal with Progressive went up 35% I shopped around and got a rate with the same coverage for the same price I was paying, $1,450.

[Nordhagen]

Originally Posted by jrref

I understand that but my point was, depending on your coverage and what you are currently paying, your insurance may have been flat because you were already paying an inflated rate. From your information, you are not so that's good.

When my renewal with Progressive went up 35% I shopped around and got a rate with the same coverage for the same price I was paying, $1,450.

Check Kin Insurance. My annual, after shopping it around with numerous companies, went down $700 for the same coverage.

[RickyLee]

Originally Posted by Nordhagen

Check Kin Insurance. My annual, after shopping it around with numerous companies, went down $700 for the same coverage.

I did the same thing with KIN, until the following year it went way back up. I dropped them like a rock

[goneil2024]

Making informed comparisons using insurance cost is very limiting. At best, without all the details in my opinion only make cursory comparisons can be achieved. For example in TV “all homes are not the same” there is a range variables and characteristics that impact premium cost for most insurers:

1. Construction - modular/manufactured, frame/stick built, Hollow Cinder Block/HCB and Precast Concrete.
2. Age - 1970’s - 2025
3. Protection - Alarms, Security, Fire monitoring (pricing credits)
4. Packaging of products - (home, auto, etc) resulting in possible discounts
5. Loss history - frequency, vs. severity for a given insured
6. Building Value - Insurance Replacement Cost (is it current? Last updated?)
7. Perils insured - all risks/perils or are some excluded, such as Named Storm, Flood, Sink Hole
8. Deductible(s) all risk perils vs. catastrophic perils e.g., listed in #7 above
9. Insurance Company Rating - is the company rated by A.M. Bests? Standard & Poor’s? Demotech? All of these?
10. Financial Size of the company and ability to sustain loss - - (A.M. Bests has two elements in their rating a qualitative rating A-F, N/R as well as a quantitative financial size rating (I - XV) reflecting policy holders surplus.
11. Insurance financial analysis reflect multiple approaches to include GAAP as well as Statutory Reporting (driven by actuarial analysis) resulting in industry specific financial metrics that are comparable to financial ratios for performance, solvency, and other measures Insurance Regulatory Information System (IRIS Tests) developed and managed by the National Association of Insurance Commissioners (NAIC).

Bottom line, for most of us, insurance is an undifferentiated product where cost and coverage is the primary determinant and the product is the same. Many insureds depend on their independent insurance agent/broker for informed guidance as to product, price, coverage, claims ability while others obtain coverage directly from the insurance company and do their own research as to suitability of coverage and other factors.

I obtained multiple quotes for my home in TV using both local independent insurance agents and from my direct insurer. At the end of the day the pricing difference between the local market and my current insurer was less than 10% between companies using all the factors listed above. We market our insurance program every 4-5 years just to be sure we receive value for our premiums. Our existing insurer provided comprehensive coverage for our home in FL due to our longterm relationship of over 40-years. During the underwriting process we learned that had we not been a longterm client the new second home would not have been eligible for coverage.

[kellyjam]

Originally Posted by RickyLee

I did the same thing with KIN, until the following year it went way back up. I dropped them like a rock

1st year with Kin $880
2nd year $1400
3rd year $3300 (dropped them went to Tower $1200)

NO Claims

[Nordhagen]

Originally Posted by kellyjam

1st year with Kin $880
2nd year $1400
3rd year $3300 (dropped them went to Tower $1200)

NO Claims

Good to know. I’m in my first year so we’ll see.

[Rainger99]

Originally Posted by Nordhagen

Check Kin Insurance. My annual, after shopping it around with numerous companies, went down $700 for the same coverage.

I just checked with Kin. They quoted me about $500 more than my current insurance!

[Salty Dog]

Originally Posted by Rainger99

I just checked with Kin. They quoted me about $500 more than my current insurance!

I checked with Kin and they wanted over $4k for a manufactured home.

[goneil2024]

Originally Posted by goneil2024

Making informed comparisons using insurance cost is very limiting. At best, without all the details in my opinion only make cursory comparisons can be achieved. For example in TV “all homes are not the same” there is a range variables and characteristics that impact premium cost for most insurers:

1. Construction - modular/manufactured, frame/stick built, Hollow Cinder Block/HCB and Precast Concrete.
2. Age - 1970’s - 2025
3. Protection - Alarms, Security, Fire monitoring (pricing credits)
4. Packaging of products - (home, auto, etc) resulting in possible discounts
5. Loss history - frequency, vs. severity for a given insured
6. Building Value - Insurance Replacement Cost (is it current? Last updated?)
7. Perils insured - all risks/perils or are some excluded, such as Named Storm, Flood, Sink Hole
8. Deductible(s) all risk perils vs. catastrophic perils e.g., listed in #7 above
9. Insurance Company Rating - is the company rated by A.M. Bests? Standard & Poor’s? Demotech? All of these?
10. Financial Size of the company and ability to sustain loss - - (A.M. Bests has two elements in their rating a qualitative rating A-F, N/R as well as a quantitative financial size rating (I - XV) reflecting policy holders surplus.
11. Insurance financial analysis reflect multiple approaches to include GAAP as well as Statutory Reporting (driven by actuarial analysis) resulting in industry specific financial metrics that are comparable to financial ratios for performance, solvency, and other measures Insurance Regulatory Information System (IRIS Tests) developed and managed by the National Association of Insurance Commissioners (NAIC).

Bottom line, for most of us, insurance is an undifferentiated product where cost and coverage is the primary determinant and the product is the same. Many insureds depend on their independent insurance agent/broker for informed guidance as to product, price, coverage, claims ability while others obtain coverage directly from the insurance company and do their own research as to suitability of coverage and other factors.

I obtained multiple quotes for my home in TV using both local independent insurance agents and from my direct insurer. At the end of the day the pricing difference between the local market and my current insurer was less than 10% between companies using all the factors listed above. We market our insurance program every 4-5 years just to be sure we receive value for our premiums. Our existing insurer provided comprehensive coverage for our home in FL due to our longterm relationship of over 40-years. During the underwriting process we learned that had we not been a longterm client the new second home would not have been eligible for coverage.

For price comparison across a number of lines of coverage (Home, Auto, Health) consider checking CHOICES The Office of Insurance Regulation (OIR) developed CHOICES to provide consumers with rate information for various types of insurance.

CHOICES Rate Comparison Search