Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Florida homeowner's insurance
Old 11-18-2010, 12:04 PM   #1
Recycles dryer sheets
MovingtotheCove's Avatar
 
Join Date: Nov 2008
Posts: 153
Florida homeowner's insurance

As a new buyer closing on a house in Florida in Polk county in the next 6 weeks we are shopping for homeowner's insurance. What can anyone share something to be aware of or watch out for as this process begins? I've read all the "official" reports....in the quote stage so far we have them from Safe Harbor, Sawgrass Mutual, Tower, and Universal? Does anyone have any practical experience with any of these carriers? Any red flags? Thanks for input.
__________________

__________________
MovingtotheCove is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-18-2010, 12:20 PM   #2
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
For the last 8 years I've had about 4 different insurance companies. The first raised the rates to almost double and my broker put me with another company. The second went bankrupt. The third dropped me for no reason. The last one is about 1500 a year and we will see what happens in April when it renews.

Yesterday I received info from Geico that they are offering Florida Home Owners Ins. I called and they were over 1800 a year.

I don't think there is any good answer, at least that's been my experience.

Be carefull with deductibles, I use 2 % on hurricane but you can go to 5% with most.

While reading one of my policies there was one page that said I wasn't covered for Wind or Rain damage. Well, what's a hurricane? Even the Broker had to laugh about that one. Lots of scams down here, be careful.
__________________

__________________
73ss454 is offline   Reply With Quote
Old 11-18-2010, 12:38 PM   #3
Recycles dryer sheets
 
Join Date: Jul 2005
Posts: 199
You might try Florida Farm Bureau Insurance. I've been with them for years. They also have good auto rates.
__________________
Dancer373 is offline   Reply With Quote
Old 11-18-2010, 12:39 PM   #4
Recycles dryer sheets
 
Join Date: Jul 2005
Posts: 199
I forgot to add that you need to be a member which costs $30 a year.
__________________
Dancer373 is offline   Reply With Quote
Old 11-18-2010, 12:54 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,031
Homeowner Insurance in Florida is a free for all . I've had so many different insurers I can't even remember . My last company just cancelled me because they did not realize I'm near the water . What did they think that giant body of water in my backyard was an infinity pool ?
__________________
Moemg is offline   Reply With Quote
Old 11-18-2010, 02:41 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Feb 2008
Location: Indialantic FL
Posts: 1,196
You may want to check this out.

Compare Homeowner's Insurance Rates

Also, may want to ask your real estate agent as well. Good luck.
__________________
JimnJana
"The four most dangerous words in investing are 'This time it's different.'" - Sir John Templeton
jimnjana is offline   Reply With Quote
Old 11-19-2010, 10:36 AM   #7
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,416
Very difficult to get a new policy written in Florida. Citizens is the insurer of last resort, State sponsored.
__________________
MichaelB is online now   Reply With Quote
Old 11-19-2010, 11:28 AM   #8
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
I was thinking of using Citizens for the low rates. The first thing I do when considering a new Ins Company is call the cliams dept.. I tried getting through to Citizens Claims Dept, "Good Luck". You have a better chance of learning to fly Jet Fighter Planes than get anyone on the phone at Citizens Claims Dept..
__________________
73ss454 is offline   Reply With Quote
Old 11-19-2010, 11:53 AM   #9
Dryer sheet aficionado
 
Join Date: Jul 2008
Posts: 39
As Dancer373 posted, I also suggest you check with Florida Farm Bureau. I have been with them for about 20 years. Have 3 houses, 2 cars and Umbrella policy with them.
__________________
unallowable is offline   Reply With Quote
Old 11-19-2010, 12:25 PM   #10
Recycles dryer sheets
 
Join Date: Oct 2009
Location: Los Angeles
Posts: 50
I'm paying $600/year~ for houses valued at around $115K
How's that sound?
__________________
Fantasm is offline   Reply With Quote
Old 11-19-2010, 12:29 PM   #11
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by MovingtotheCove View Post
As a new buyer closing on a house in Florida in Polk county in the next 6 weeks we are shopping for homeowner's insurance. What can anyone share something to be aware of or watch out for as this process begins?
You could see if you're eligible for USAA membership. They blow hot & cold on insuring homes in Florida & Hawaii but as a first-time home buyer they might offer you a quote:
https://www.usaa.com/inet/ent_utils/...s_usaa_for_you

Another option is Armed Forces Insurance, although they're much smaller and more restrictive about membership:
Armed Forces Insurance - Eligibility Information
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 11-19-2010, 12:41 PM   #12
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by Fantasm View Post
I'm paying $600/year~ for houses valued at around $115K
How's that sound?

Sounds great, I hope you don't have to call the Claims Dept.
__________________
73ss454 is offline   Reply With Quote
Old 11-20-2010, 08:07 AM   #13
Recycles dryer sheets
MovingtotheCove's Avatar
 
Join Date: Nov 2008
Posts: 153
Thanks for all the input. All valuable. We have about 7 quotes now and the first place pick right now while a bit more due diligence goes on is with a local independent agent and the carrier is Tower Hill. Not the lowest price but seem to have good coverage and have withstood a number of hurricane claim situations, etc. The second place carrier is Safe Harbor but the won't offer comprehensive sink hole protection...only catastrophic. Not knowing much about FL geology but reading up a bit on sink holes seems as if one can get comprehensive sink hole protection it should be strongly considered. The other issue at hand is a bit of confusion about "wind" damage that isn't from a hurricane....Tower Hill seems to better define non hurricane wind under the all perils deductible vs. under the 2% hurricane deductible.

Any input on the sink hole issue is appreciated. Thanks!

PS: cost quote is about $800 / year for a $200K home.
__________________
MovingtotheCove is offline   Reply With Quote
Old 11-20-2010, 09:32 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Feb 2008
Location: Indialantic FL
Posts: 1,196
Quote:
Originally Posted by Nords View Post
You could see if you're eligible for USAA membership. They blow hot & cold on insuring homes in Florida & Hawaii but as a first-time home buyer they might offer you a quote:
https://www.usaa.com/inet/ent_utils/...s_usaa_for_you

Another option is Armed Forces Insurance, although they're much smaller and more restrictive about membership:
Armed Forces Insurance - Eligibility Information

Don't bother with USAA, they stopped writing new Florida policies...Existing Florida policy holders who decide to sell and buy a new home in Florida are not even guaranteed that USAA will insure their new home...
__________________
JimnJana
"The four most dangerous words in investing are 'This time it's different.'" - Sir John Templeton
jimnjana is offline   Reply With Quote
Old 11-20-2010, 10:32 AM   #15
Full time employment: Posting here.
Silver's Avatar
 
Join Date: Sep 2010
Location: Orlando, Fl
Posts: 580
I've lived in Polk County Florida for the past 12 years. I had State Farm for 11 of those years but changed to Tower Hill last year because State Farm almost doubled their rates and clearly wants to get out of the home owner insurance biz in Florida. I felt an obligation, after all those years, to help them.
__________________
You're only crazy if you're poor. If you have money, you're eccentric.
Silver is offline   Reply With Quote
Old 11-21-2010, 12:26 AM   #16
Recycles dryer sheets
check6's Avatar
 
Join Date: Jan 2009
Posts: 383
Quote:
Originally Posted by 73ss454 View Post
"Good Luck". You have a better chance of learning to fly Jet Fighter Planes than get anyone on the phone at Citizens Claims Dept..
I had to chuckle at that one. Not to steal this thread but it was easier than I thought it would be. While in college I looked into the cockpit of a Phantom and thought, no "freaking" way I could ever do that. Two years later I was flying it.
__________________
check6 is offline   Reply With Quote
Old 11-21-2010, 06:39 AM   #17
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,074
Quote:
Originally Posted by check6 View Post
I had to chuckle at that one. Not to steal this thread but it was easier than I thought it would be. While in college I looked into the cockpit of a Phantom and thought, no "freaking" way I could ever do that. Two years later I was flying it.
And I had to chuckle at this one, wondering how many reading it know a Phantom is the old The McDonnell Douglas F-4, not the guy wearing the mask in an Andrew Lloyd Weber musical...
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 11-21-2010, 02:55 PM   #18
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by REWahoo View Post
And I had to chuckle at this one, wondering how many reading it know a Phantom is the old The McDonnell Douglas F-4, not the guy wearing the mask in an Andrew Lloyd Weber musical...
One of my shipmates named his dog "Spookie" in memory of his old backseater days...

Gumby and I had a lot of hands-on experiences with a Phantom on display at the Naval Academy, but I'm not sure the statute of limitations has expired on that story yet.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 11-27-2010, 07:25 PM   #19
Recycles dryer sheets
 
Join Date: Oct 2009
Location: Los Angeles
Posts: 50
I looked up the insurance I have on my 5 rental houses in South FL.
I'm paying $400/year for each house valued at $125K.

This is thru Cypress Insurance Group
__________________
Fantasm is offline   Reply With Quote
Old 12-01-2010, 07:44 PM   #20
Recycles dryer sheets
 
Join Date: May 2009
Location: Ottawa and Fort Myers
Posts: 488
I was not going to jump in as my place is not a SFH, but I have a condo (Townhouse $180k) policy with Cypress in SWF, cost $500, low risk zone. They permit short term rentals on vacation homes. Never needed to make a claim, so don't know how they are on that side. They are efficient at taking my money!
__________________

__________________
Kroeran is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Speaking of Insurance Rate in Florida.. F-One Other topics 7 08-09-2009 10:19 AM
Florida Homeowners Insurance dlhanson Life after FIRE 25 02-14-2009 04:28 PM
Florida homeowners insurance fiasco farmerEd Other topics 11 08-19-2006 05:25 PM
democratic response to florida insurance crisis lazygood4nothinbum Other topics 24 07-11-2006 03:50 PM
Empty house invalidates homeowner's ins?? Cb Other topics 16 02-25-2006 08:46 AM

 

 
All times are GMT -6. The time now is 08:21 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.