25% Homeowner's Increase - No Claims

[Amethyst]

Just thought I'd mention it.

My homeowner's insurance actually went down last year, due to 3 years with no claims. So I guess a 25% increase may be "less" than what it could have been?

The usual advice to shop around is not so easy to follow, as I live on the Florida coast.

 

[freedomatlast]

Care to mention who the Insurance Company is?

Mine has decreased over the last several years.

 

[wdwwildbill]

The same in Louisiana if you can find an insurance company. Not many left here ...

 

[aaronc879]

Mine went down 10% but I don't live on the Florida coast. If insurance competition is low then I guess you may not have a choice but to pay whatever they charge. Just one of the negatives to living in coastal Florida. Have to take the bad with the good.

 

[ncbill]

Had to increase my homeowner's deductible to the maximum allowed ($2,500) to get my premium back to where it was last year.

 

[Amethyst]

Frontline.

Care to mention who the Insurance Company is?

Mine has decreased over the last several years.

 

[Amethyst]

You're quite right. We feel that we should be grateful anyone will insure us at all.

Mine went down 10% but I don't live on the Florida coast. If insurance competition is low then I guess you may not have a choice but to pay whatever they charge. Just one of the negatives to living in coastal Florida. Have to take the bad with the good.

 

[MichaelB]

Just thought I'd mention it.

My homeowner's insurance actually went down last year, due to 3 years with no claims. So I guess a 25% increase may be "less" than what it could have been?

The usual advice to shop around is not so easy to follow, as I live on the Florida coast.

Mine took a big jump 2 years ago, then another double digit increase last year. This year it’s flat, but the increase over 3 years is still,over 20%, and it already was very expensive. The 2 big drivers were (are) building & construction inflation and an illiquid reinsurance market in Florida.

 

[tulak]

Home insurance went up 37% for me. Auto insurance 22%. But the total is still lower than what I was paying in 2020, same house and cars.

I looked around a bit and didn’t find anything cheaper. I still have youngish kids and they will drop off my insurance in the next 1-2 years, so I’m accepting what I have for now and will reevaluate later.

 

[GenXguy]

Mine was up about 25% over the last couple bills, and I have another one coming in a few months.

 

[oiseux]

Mine went up by 25% as well, after 25 years. We had one claim maybe 25 years ago. The replacement was cheaper than the prior but then they dropped us after the inspection (unable to prove 100% of any knob and tube was gone, flat roof on an extension). The final one came in between the two costs, but their package offered no savings, oddly (perhaps next year).

 

[Montecfo]

My auto went down. Homeowner's went up sharply initially but I was able to tweak the coverages and get to flat overall.

 

[Sunset]

My auto insurance is going up with this renewal. It will be 55.5% higher than 1 year ago.
No reason, other than the increase in price of new cars and used cars the agent claimed

 

[Dtail]

Frontline.

I have Frontline too and my premiums increased 33%, but the total premium is 3k which is still reasonable in FLA.

 

[Amethyst]

That is quite reasonable, for the coast.

P.S. Everybody else, stay away from Florida. We are full, and home insurance is outrageous.

I have Frontline too and my premiums increased 33%, but the total premium is 3k which is still reasonable in FLA.

 

[Dtail]

That is quite reasonable, for the coast.

P.S. Everybody else, stay away from Florida. We are full, and home insurance is outrageous.

Haha, agree with the P.S.
Actually I am 40 miles from the coast, but have some friends here who pay more for comparable coverage. At least no flood insurance needed.
For Homeowners, I use a broker and am open to switching every year if necessary.

 

[Mr._Graybeard]

P.S. Everybody else, stay away from Florida. We are full, and home insurance is outrageous.

No problem. I've been there, you can keep it.

 

[Amethyst]

Sir, I congratulate you on your wise choice!

No problem. I've been there, you can keep it.

 

[Aerides]

Florida coast sounds about right. We had to go with citizens a bit south of you

 

[MarieIG]

The cost of our homeowner's remained the same, but the deductible for hurricane damage jumped from $7,500 for $25,000.

Also, there were changes the language of the policy broadening what the carrier could consider to be hurricane damage. I don't have the policy in front of me, but it was something to the effect that if there was a hurricane in any portion of the state w/n 24 hours, the damage would be presumed to be hurricane damage.

 

[FLSUnFIRE]

For those of us in FL, hopefully some of the reforms passed last year will filter into more competition and lower losses by insurers. I know they got watered down but it is a step in the right direction.



To digress, I'd also limit catastrophic claims to once in erosion zones (ie, on the beach/barrier islands/above waterline sandbars) and not allow rebuilding and allow them to return them to natural states open for recreation once mother nature does as mother nature does. The ultrawealthy can self-insure if they wish. There is a reason beach properties used to be cheap shacks.

 

[11522914]

My auto went down. Homeowner's went up sharply initially but I was able to tweak the coverages and get to flat overall.

Exactly what I did. H/O went up 24.5% so I tweaked the coverage and got it down to a 5.5% increase.

 

[Fermion]

If I built in Florida it would be a steel/concrete structure. Just say no to termites and hurricanes.

 

[Montecfo]

Those folks experiencing double digit increases may want to take the opportunity to switch to an independent agent, if you do not already have one, and get some competitive quotes.

 

[kgtest]

Just thought I'd mention it.

My homeowner's insurance actually went down last year, due to 3 years with no claims. So I guess a 25% increase may be "less" than what it could have been?

The usual advice to shop around is not so easy to follow, as I live on the Florida coast.

I shopped around this year and between auto and home, was able to save a few hundred dollars with better coverage.