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Egads! Homeowners Insurance
Old 04-12-2006, 11:37 AM   #1
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Egads! Homeowners Insurance

Anyone else in Florida or the coastal states get hit with high Homeowners Insurance Premium on renewal?

My son just got his renewal policy for HO insurance. He has a $245,000. home and is in the Tampa, FL area about 10 miles inland from the coast. One year renewal- $2300. with State Farm Insurance- up 40% over last year. His company transferred him there about a year ago so he has to live there.

But I am thinking about all those seniors on fixed incomes who relocated to FL because of no state income taxes. These HO premiums are sure gonna make up for that.

Katrina hitting the US sure upped the premiums!
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Re: Egads! Homeowners Insurance
Old 04-12-2006, 11:41 AM   #2
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Re: Egads! Homeowners Insurance

Owie. I'm paying $750 while living in a flood plain just a couple of miles from a dormant volcano...
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Re: Egads! Homeowners Insurance
Old 04-12-2006, 12:40 PM   #3
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Re: Egads! Homeowners Insurance

I'm still living in NY but have a house on east coast of Fla. I just paid my Fla. premium and it went from $980 to close to$1500. <ouch>
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Re: Egads! Homeowners Insurance
Old 04-12-2006, 01:58 PM   #4
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Re: Egads! Homeowners Insurance

the price of paradise
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Re: Egads! Homeowners Insurance
Old 04-12-2006, 02:43 PM   #5
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Re: Egads! Homeowners Insurance

I'm in Tampa, and yes, we took a hit on homeowners. Most folks also raised their deductible to keep the rates down. It's a hurricane thing, of course. I think some carriers are also piling on to take advantage of the situation.

Fla has a quasi-state-run carrier for those who cannot get private homeowners insurance. Lots of unhappy campers, but in the end it's usually a hit of $500 a year or usually less. Considerable, but generally not a showstopper.

Compare that to a $1200 sidewalk assessment, winter heating bills, astounding property taxes, etc., etc. and it gives you some balance.

We remind ourselves that a) there is no state income tax, and b) at least for us, this is a great place to live (notwithstanding all the jokes to the contrary ). Near-perfect weather mostly, 30 minutes to world class beaches, beautiful tropical environment, and so on.

People need perspective in situations like this. Sometimes you catch a break, sometimes you take a hit.
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Re: Egads! Homeowners Insurance
Old 04-12-2006, 02:50 PM   #6
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Re: Egads! Homeowners Insurance

I think my homeowner's policy is about $795. It was a shock to me, because for years when I had a condo, the association paid for insurance on the building, so I only had to have a policy that was similar to a renter's policy, which was only about $100 per year.

Before I moved into the house, Grandma had a policy on it that was $450 for three years. Almost sounded too good to be true, until I found the details. It only covered the house in case of a fire, and since it had been a rental property, there was no contents coverage. The real kicker? They only had a $40,000 value on the house!

I'd have to double-check, but I think right now the insurance company places a value of $200K on the house, and $50K for outbuildings. I forget what the contents are valued at, but it's way more than what I have in the house. Since I just built a 24x40 garage, I wonder if I should up the outbuildings coverage?
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Re: Egads! Homeowners Insurance
Old 04-12-2006, 02:58 PM   #7
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Re: Egads! Homeowners Insurance

We in Texas got hit a number of years ago because of the mold issue... seems that everybody had 'toxic mold' growing all over their house and it cost many thousands of dollars to fix...

Farmers sent me a notice they were leaving the state... but then let me 'renew' just before that date with a 50% increase... now every insurance company will not issue a "B" insurance policy, but only an "A" with minimul mold covereage, but the rates did not go down!!!

I got a $160,000 policy that cost about $1800 or $1900... for a house that I can only sell for about $125,000... they say the replacement cost is higher than the value of the house and if I drop it from what they say then I am 'self insuring'...
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Re: Egads! Homeowners Insurance
Old 04-12-2006, 04:21 PM   #8
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Re: Egads! Homeowners Insurance

Quote:
Originally Posted by Texas Proud
We in Texas got hit a number of years ago because of the mold issue... seems that everybody had 'toxic mold' growing all over their house and it cost many thousands of dollars to fix...

Farmers sent me a notice they were leaving the state... but then let me 'renew' just before that date with a 50% increase... now every insurance company will not issue a "B" insurance policy, but only an "A" with minimul mold covereage, but the rates did not go down!!!

I got a $160,000 policy that cost about $1800 or $1900... for a house that I can only sell for about $125,000... they say the replacement cost is higher than the value of the house and if I drop it from what they say then I am 'self insuring'...
Farmers actually cancelled our policy a few years ago, after we filed a claim for a break-in. This turned out to be a good thing because it forced us to change to a new insurance company right before the mold scare. After that, new policies were reportedly difficult to find.

You might want to look at Germania, they're a Texas company and are charging us something like $1100 for insurance on a $145,000 house. Of course, there's no mold coverage at all, but I gather that's not unusual...

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