25% Homeowner's Increase - No Claims

[Tom52]

Last year homeowner's insurance bill was $1,260.00. Just paid the bill today, jump to $2,293.00, that is like an 82% increase. No change in coverage or insurance company. No claims for many years. Florida, yikes. We are paying for all the coastal hurricane damage and all the free roofs that people are getting. Insurance company is ASI/Progressive. Automobile insurance with Progressive also had big increases to auto insurance the last couple years.

 

[Luvdogs]

Central FL here. Ours went up about $1000 last year. Every single year we get cancelled and have not had a claim in 30+ years (or maybe ever).

Our agent says anything less than 5K is a win. Next bill (or cancellation) should be coming in a couple of months.

 

[MichaelB]

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.

This usually is good advice, but currently in Fl it doesn’t help. About half the insurers that provide homeowners policies have gone under in the past 5 years, and new policies are being written by insurers that are only a couple of years old, got their start with seed money provided by the state, have no track record, and have not been rated by a nationally accredited rating firm. The large national insurers haven’t written new policies for over a decade.

If the home or condo was built before the current ‘02 code, it’s much worse.

 

[Montecfo]

This usually is good advice, but currently in Fl it doesn’t help. About half the insurers that provide homeowners policies have gone under in the past 5 years, and new policies are being written by insurers that are only a couple of years old, got their start with seed money provided by the state, have no track record, and have not been rated by a nationally accredited rating firm. The large national insurers haven’t written new policies for over a decade.



If the home or condo was built before the current ‘02 code, it’s much worse.

Well, the advantage is you have options easily accessible. Whether any represent a value is in the eye of the beholder of course.

 

[HF63]

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.

Yes, I do agree. I went w/ broker this time.

 

[Time2]

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 also went up 25%, I live within a mile of the Fl coast. Hurricane Michael did $90k of damage to my house, insurance company paid off well, but went out of business and another took over their customers.

 

[Dtail]

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

Actually I misquoted. The total premium is 2k not 3k.
Nevertheless, we all seem to be paying for all this coastal hurricane damage - charge the increases to them.

 

[JP.mpls]

That is quite reasonable, for the coast.

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

My Florida townhome jumped 50% . No claims. Low $3k, but not a fancy place.
I was expecting something like this.
JP

 

[Aerides]

Well, the advantage is you have options easily accessible. Whether any represent a value is in the eye of the beholder of course.

We don't have options. We have one choice - Citizens. Any other insurance is thousands more. We had one claim in 2006 for a roof, about $25k. Nothing else before or since. We're far from unusual, Citizens is the last-chance insurer for a lot of homeowners here.

 

[Dash man]

We don't have options. We have one choice - Citizens. Any other insurance is thousands more. We had one claim in 2006 for a roof, about $25k. Nothing else before or since. We're far from unusual, Citizens is the last-chance insurer for a lot of homeowners here.

My basic homeowners coverage for my condo is with USAA, but windstorm coverage is with Citizens.

 

[Dash man]

I just received notice of my USAA Senior Bonus…$1,683.42! Nice!!

 

[NXR7]

For some of us, it would help if you could mention the value of the home when stating your homeowner's insurance premium. We'd like to move from OH to FL but insurance costs are a concern for those of us on "fixed incomes".

Northern Ohio, $250,000 value 50 year-old home, two cars, umbrella, and a gas motorhome worth $115K gives us a total insurance premium of a touch under $3,000 a year, so far.

Our property taxes on a 1/4 acre subdivision lot in a city and the home are just over $3,500 a year, though.

Our housing values are great (4 bedroom, 2 bath, 1,800 sq. ft., 500 sq ft Trex deck, 256 sq ft 3-season sunroom) but even if we sold the house for the going value of $250K, well, that's just a down payment most other places in the country.

Thanks.

 

[COcheesehead]

For some of us, it would help if you could mention the value of the home when stating your homeowner's insurance premium. We'd like to move from OH to FL but insurance costs are a concern for those of us on "fixed incomes".

Northern Ohio, $250,000 value 50 year-old home, two cars, umbrella, and a gas motorhome worth $115K gives us a total insurance premium of a touch under $3,000 a year, so far.

Our property taxes on a 1/4 acre subdivision lot in a city and the home are just over $3,500 a year, though.

Our housing values are great (4 bedroom, 2 bath, 1,800 sq. ft., 500 sq ft Trex deck, 256 sq ft 3-season sunroom) but even if we sold the house for the going value of $250K, well, that's just a down payment most other places in the country.

Thanks.

I pay less in property taxes on a $1m house and less in total insurance for two SUVs, umbrella and home in western Colorado.

 

[NXR7]

I pay less in property taxes on a $1m house and less in total insurance for two SUVs, umbrella and home in western Colorado.

Another way Ohio beats us up is we allow cities and counties to levy income taxes on earned income, both in the city where you live and the city where you work. Colorado allows the same thing but I have no idea of the percentages.

In addition to the 5% Ohio state income tax I got to pay 2.5% of gross to Akron and another 1% to the city where I live, for a total of 8.5% + federal income tax.

The local income taxes were on gross earned income, so no deduction for 401(k)'s, etc. The biggest number on the W-2 was what got taxed.

No personal property taxes, though. And northern Ohio has 300 cloudy days a year due to the proximity to Lake Erie and most of those are full cloud cover. So we do not need to buy sunglasses here!

Ray

 

[COcheesehead]

Another way Ohio beats us up is we allow cities and counties to levy income taxes on earned income, both in the city where you live and the city where you work. Colorado allows the same thing but I have no idea of the percentages.

In addition to the 5% Ohio state income tax I got to pay 2.5% of gross to Akron and another 1% to the city where I live, for a total of 8.5% + federal income tax.

The local income taxes were on gross earned income, so no deduction for 401(k)'s, etc. The biggest number on the W-2 was what got taxed.

No personal property taxes, though. And northern Ohio has 300 cloudy days a year due to the proximity to Lake Erie and most of those are full cloud cover. So we do not need to buy sunglasses here!

Ray

Come visit me in western Colorado - we have 300 days of sunshine.