[st468]

Originally Posted by Billythepokerkid

Something seems wrong with your insurance. $1175 is less than just the flood insurance on the house I bought in the Cape a couple months ago and your area is more prone to floods and storm surge. A 2% deductible for hurricanes doesn't sound right either. You could have a total loss of $200,000 and your deductible would only be $4000? Or even just a content loss of $35,000 and your deductible is only $750? If you are not massively under insured, do you mind giving me the name of your insurance company, I'd like to get a quote.

The $1175 was the best rate we were quoted, United P&C. The next cheapest was $1500 from Citizens. The one for $1500 also has 2% hurricane deductible and $1000 deductible for everything else. Replacement value for the house is $205,000, $300,000 liability, sinkhole coverage, etc. Pretty much standard coverages.

The flood insurance, should we decide to get it, is less than $500.

Still $100+ per month is higher that we are used to for homeowner's insurance. Our primary home in MN is far less than that and we have a 2650 sqft 4/2 with a 20x40 inground pool with that evil diving board that insurance companies hate... The lake place up north is $56/month and there's not a fire department within 20 miles and no hydrants.

[Billythepokerkid]

Originally Posted by st468

The $1175 was the best rate we were quoted, United P&C. The next cheapest was $1500 from Citizens. The one for $1500 also has 2% hurricane deductible and $1000 deductible for everything else. Replacement value for the house is $205,000, $300,000 liability, sinkhole coverage, etc. Pretty much standard coverages.

The flood insurance, should we decide to get it, is less than $500.

Still $100+ per month is higher that we are used to for homeowner's insurance. Our primary home in MN is far less than that and we have a 2650 sqft 4/2 with a 20x40 inground pool with that evil diving board that insurance companies hate... The lake place up north is $56/month and there's not a fire department within 20 miles and no hydrants.

I am definitely going to give them a call.

[hiknapster]

Originally Posted by Billythepokerkid

Maybe places like Michigan, Ohio, Oregon, etc where a decent portion of the population lives in poverty. A lot of people that move to Southwest Florida are coming from places like New York, Rhode Island, New Jersey, and Connecticut where the cost of living is 50% higher.

That's what I just said.

He's from New York.

But insurance is cheaper on other parts of the country because there are less claims and better regulation. It has nothing to do with poverty.

He said:

Really what we are paying for are all the disasters that happen throughout the country. If the insurance companies don't pass on the costs they will close their doors. Even places that never have natural disasters are paying high rates.

That's not true.

Then you turned this into something to do with poverty.

It has to do with Florida. Yes, there are hurricanes but it is also because the insurance industry gets carte blanche in that state. And I assure you that insurance is so much cheaper in other parts of the country.

[Billythepokerkid]

Originally Posted by hiknapster

That's what I just said.

He's from New York.

But insurance is cheaper on other parts of the country because there are less claims and better regulation. It has nothing to do with poverty.

He said:



That's not true.

Then you turned this into something to do with poverty.

It has to do with Florida. Yes, there are hurricanes but it is also because the insurance industry gets carte blanche in that state. And I assure you that insurance is so much cheaper in other parts of the country.

I didn't turn it into anything to do with poverty, I simply stated that although there are places in the US that have lower costs of living than in Florida, the majority of the country has a cost of living quite a bit higher. But since you pointed it out it kind of does have to do with poverty. If a home has a value of $10,000 an insurance company can hardly charge you $2000 a year for home owners insurance. Look at the homes located in parts of Ft. Myers and Lehigh with very low values, the insurance premiums are miniscule, yet they are still in Florida. Also, the chances of a home being completely wiped out in the state of Florida is infinitely higher than in a place like Tennessee, Minnesota, Illinois, etc. The insurance should be higher here. I think people are just peeved that their rates keep increasing.

[vtallison]

I thought I would chime in about auto. I live in VT now and I checked with progressive about how much higher my auto would be as we are considering moving to the space coast and it was 3x higher.

[rikoshaprl]

Originally Posted by hiknapster

That's not true. You lived in two very expensive places. I assure you that it is not the same everywhere. I think you'd be astounded at the COL in other areas. Florida businesses rely on people that are use to paying through the nose, unfortunately. Don't get me wrong, you probably save on some things by living in Florida but it is far more inexpensive to live elsewhere.

Allstate homeowners rates: Allstate to boost Illinois homeowners rates by 4% to 10% - chicagotribune.com

"Many insurers have been increasing homeowners rates amid higher catastrophe losses...

Allstate has made no secret of its intentions to generally boost homeowners rates nationwide. The company raised homeowners rates for its namesake brand in 37 states in the first nine months of 2011, up an average of 10.5 percent, according to a Securities and Exchange Commission filing. At the same point in 2010, publicly traded Allstate had increased rates in 26 states an average of 9.4 percent.
Several of Allstate's rivals are also increasing their homeowners rates...

Travelers is raising rates after evaluating the risks of U.S. storms. And Bloomington-based State Farm has also been increasing rates."

[Billythepokerkid]

Originally Posted by vtallison

I thought I would chime in about auto. I live in VT now and I checked with progressive about how much higher my auto would be as we are considering moving to the space coast and it was 3x higher.

This is due to the obscene amount of accidents, DUIs, drivers over the age of 65, and uninsured/underinsured motorists.

[st468]

Originally Posted by Billythepokerkid

This is due to the obscene amount of accidents, DUIs, drivers over the age of 65, and uninsured/underinsured motorists.

That and Progressive tends to charge about double that of other auto insurers. If one does not have several tickets, accidents, DWIs, on their record there are much better options out there than the "risk pool" carrier.

My current auto insurance company would charge around 25% more if I choose to homestead the place down there and switch everything over, at least according to my agent's verbal estimate. In MN I pay about $650 per year (100/300 liab, comp/coll- $500 ded, full glass, $36,000 late model SUV).

[CCRESI]

My question is, who is regulating these fools?

[hiknapster]

I can guarantee you that I pay far less for home insurance in Tennessee as opposed to Florida, for a home with the same value. And forget auto insurance. When I moved to Tenn. from Florida my auto insurance was cut in half.

I'm sorry but if you are going to make statements like

Really what we are paying for are all the disasters that happen throughout the country. If the insurance companies don't pass on the costs they will close their doors. Even places that never have natural disasters are paying high rates.

I'm going to say something.