Florida homeowner's insurance

[MovingtotheCove]

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.

 

[73ss454]

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.

 

[Dancer373]

You might try Florida Farm Bureau Insurance. I've been with them for years. They also have good auto rates.

 

[Dancer373]

I forgot to add that you need to be a member which costs $30 a year.

 

[Moemg]

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 ?

 

[jimnjana]

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.

 

[MichaelB]

Very difficult to get a new policy written in Florida. Citizens is the insurer of last resort, State sponsored.

 

[73ss454]

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..

 

[unallowable]

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.

 

[Fantasm]

I'm paying $600/year~ for houses valued at around $115K
How's that sound?

 

[Nords]

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...gibility_main&wa_ref=wcu_main_is_usaa_for_you

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

 

[73ss454]

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.

 

[MovingtotheCove]

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.

 

[jimnjana]

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...gibility_main&wa_ref=wcu_main_is_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...

 

[Silver]

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.

 

[check6]

"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.

 

[REWahoo]

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...

 

[Nords]

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.

 

[Fantasm]

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

 

[Kroeran]

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!

 

[pedorrero]

I'll make the case for no property insurance at all. (If you have no mortgage?) I was with State Farm for years and the rate roughly tripled after the 2004 hurricanes. Last year I said "No thanks." I refuse to pay 1-2% of FAIR market value to insure against (in my mind) very small risks. Ah, now to worry about the reported sinkholes in my subdivision (welcome to Hernando County).

 

[teejayevans]

I'll make the case for no property insurance at all. (If you have no mortgage?) I was with State Farm for years and the rate roughly tripled after the 2004 hurricanes. Last year I said "No thanks." I refuse to pay 1-2% of FAIR market value to insure against (in my mind) very small risks. Ah, now to worry about the reported sinkholes in my subdivision (welcome to Hernando County).

For boats it's even worst: 2-3%, of course the risks are probably greater.
TJ

 

[Fantasm]

How does the risk for a boat go up 2-3% every year?
What are you doing every single year that raises the risk of something happening to it?
Do they expect us to incrementally build up inappropriate usage and storage of the boats until we get to the point where we just burn the boat down every single year and buy a new one?

 

[teejayevans]

How does the risk for a boat go up 2-3% every year?
What are you doing every single year that raises the risk of something happening to it?
Do they expect us to incrementally build up inappropriate usage and storage of the boats until we get to the point where we just burn the boat down every single year and buy a new one?

I said that boat insurance runs 2-3% fair market value, referring to the other post where home insurance runs 1-2%
TJ