I just had a substantial increase last year. 
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I just recieved my homeowners renewal policy today.
I have GEICO. It was only pennies more then last year.
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Yeah… but did your coverage remain exactly the same??
Crap is still crap when the lizard shits!
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Florida homeowners insurance is outrageous.
Many people cannot afford the costs.
The property taxes & insurance may be more than the principal & interest.
My taxes are $3125, my insurance is $6876.
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The reason many Floridians move to my area. My property tax, $850. My HOI, $1300 on a home valued @ $450k+.
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Post-fire here in Maui we’re a bit ahead of California and what I’ve seen is some modest increases in premium but mainly the companies are getting really picky about property conditions. Condos have been particularly hard hit with companies coming through and demanding upgraded plumbing, premature roof replacements and a bunch of other demands to avoid cancellation.
Had a past client call with a semi-complaint since the condo I inspected was slapped with a $50K assessment to update things. It was built in the 80s and had beautiful copper plumbing but the insurance company was demanding the building be entirely re-piped. They were also making them replace a 15 year old roof.
I’ve added some verbiage about insurability to some of my write-ups and am working on a global one for the beginning of the report. Just another in the never ending series of things we need to do to stay a step ahead of the liability in this game.
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I know it’s going to only be getting harder to get HOI, especially in Florida & California.
My property taxes are $2400.00 higher than yours, but my HOI is $5200.00 cheaper than yours, most likely because we haven’t had an exodus of insurance companies leaving the state.
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You should shop around for your insurance. Our taxes are 4 grand and our insurance is $3,100.
Then again, maybe you’ll have to downsize LOL…
Marc is probably talking about wind and hail insurance. Insurance rates vary. Florida had a lot of fly-by-night insurance companies that were liquidated a few years ago. They were the cheap insurance.
Guaranty backed by the state insurance companies are going to cost you double the premium. I only use insurance companies that are in the state guaranty association.
Insurance is expensive and sometimes you get what you pay for.
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I live in the next County up from him. His insurance requirements are the same as mine.
We have rebuild cost as our basis for insurance. And the cost to rebuild this house from ground up, is significantly less than what it’s worth.
We also got a notice last year that our insurance was going to go up to $6,000. Searched around and was able to cut that in half for the same coverage. Some of these insurance companies are real Crooks!
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Wow. Almost $7k but I’ll take it. Here in NJ homeowners insurance is relatively cheap about $2200. Property taxes not so much I’m paying over 6X what you’re paying.
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I live somewhere where insurance for a house is not a requirement. I don’t need to carry insurance on my house if I don’t want to. When I first moved here we had the cheap insurance, they went belly up. Thank God we didn’t have a claim.
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Is that because you don’t have a mortgage?
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My insurance was $2400, 3200, 5100 thru the state run Citizens Insurance.
I was forced there when no other carrier was writing at the time.
Last year I got a letter from the Citizens “depopulation unit”.
Hi Marc
We only insure you by law when no one else around. There a two carriers that will accept you now. One is $6800, the other one is $9000.
You have ten days to choose one, or we will choose for you.
Just great… … …
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I have my insurance through American Family and have been with them for years, my HOI is around $1600.00 a year for 450K for the structure and 250K for contents. I’ve had only one claim a few years back when they replaced my roof due to wind damage. I live in what I consider a modest neighborhood.
I did get a notification last year stating that my deductible will double for any storm and wind related claims in the future.
We don’t have hurricanes or wildfires, but we get the occasional tornado and storms with wind and hail, but I think because of the increasing number of billion $ disasters, we all will be paying more, but those that are in those areas that are more prone to these types of events will either be paying much more, or worse, won’t be able get insurance at all.
Unfortunately, I don’t think things will be getting better, storm wise, anytime soon.
That’s crazy, I feel for you guys who have to go throught this with these insurance companies.
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Deductibles are crazy
They may be like $2K for liability, BUT Windstorm damages are usually two percent of the insured value of the property.
So… if your home is insured foe $750K, the deductible is $15K.
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That’s beyond crazy, and IMO is a form of price gouging.
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I got the same letter. Luckily my agent was able to get me insurance that was only $200 more than citizens.
The wind storm deduction is a real pain because it’s 5%, so it doesn’t even pay to make a claim unless it’s over 50 Grand.
This is the game they play here in florida. You have insurance with one company and everything is great, then a couple storms show up, and those companies leave then you’re thrown into the pool of Citizens.
Then after a couple years all these no name insurance company show up and citizens gives them your policy.
This has happened to me four different times in the last 20 years. It’s almost as bad as going to the marketplace to get health insurance every year!
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