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Old 10-26-2007, 10:24 AM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,292 posts, read 14,840,668 times
Reputation: 6981

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My homeowner's policy renewal just came a few days ago. Premium came down by a whopping $846, leaving it at $5643 now for the year.

I am shopping around. I don't know if I want to go with Citizens and my current agent only carries my current insurer, Citizens and Royal Palm which won't write me a policy because the house is 50 yrs old.

Does anyone have any suggestions for coverage in Miami? I can't post this in the Miami forum as I self-banned from there months ago.

thanks.
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Old 10-26-2007, 12:39 PM
 
246 posts, read 930,368 times
Reputation: 67
I'm in SW FL and I got St. John's insurance. It was the cheapest. My suggestion would be to call different agents and some insurance companies themselves. I was on the phone for about a week. Good luck.
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Old 10-26-2007, 09:39 PM
 
Location: Pompano Beach, FL
36 posts, read 131,188 times
Reputation: 31
I hope your talking policies Homeowners, Wind and flood together.

That is high, I would be shopping around also.
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Old 10-29-2007, 07:19 AM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,292 posts, read 14,840,668 times
Reputation: 6981
Quote:
Originally Posted by FFZS View Post
I hope your talking policies Homeowners, Wind and flood together.

That is high, I would be shopping around also.
Nope. Just the Homeowners.
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Old 10-29-2007, 11:20 AM
 
Location: Central Florida
1,594 posts, read 4,877,439 times
Reputation: 1169
Look into Universal Property & Casualty Insurance Company. They are based in SFL and on a whole have better rates than Citizens. Let me know if I can help. Moderator deleted

Last edited by sunrico90; 10-29-2007 at 04:20 PM.. Reason: DM member
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Old 10-29-2007, 09:40 PM
 
36 posts, read 146,536 times
Reputation: 15
Do shop around. It's amazing how the rates vary. It took me a couple of weeks to settle on one company. We had First Protective for 10 yrs. and they dropped us this year because our agent was no longer an authorized agent. I called FP directly and they referred me to a local agent. I called said company many times, they never answered the phone and when I tried to leave voice mails, I would get cut off. So, I figured that this was an agent that I didn't want to deal with. I mean, how responsive would they be in the event of disaster?

I finally found an agent that seemed to have it together and offered the best rate. Our house had a wind mitigation inspection, we paid $150, which reduced the yearly policy cost by over $1k.

Contact M&L insurance in Coral Springs and ask them for a quote. They're the agent we went with.

Good luck!
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Old 10-30-2007, 07:43 AM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,292 posts, read 14,840,668 times
Reputation: 6981
Thanks guys.

I was looking through a website yesterday that gives the rankings for the different companies. I did submit a request for a quote from Universal Property and Casualty. No response yet.

My current agent gave me a quote for Citizens that reduces the annual premium by about $2400 (I don't have all my notes here now). That is based on a "cash value" clause vs. "replacement value" for personal property.

I need to get a inspector to do the mitigation paperwork for additional discounts and send in my alarm certificate for another discount. Also, if I up my "other perils" deductible to $2500 from $1000, the premium comes down another $500 or so. I could actually end up with about $2700+ for the year. Sounds like a no-brainer to me when my current renewal is for $5600+.

However, it would be Citizens so that's why I want to get other quotes from other agents. Mine handles only Citizens, Royal Palm and the one I have now (Gulfstream) which Citizens had originally sold my policy to about 3 years ago.

Why do they have to complicate life so much? :-))
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Old 10-30-2007, 12:44 PM
 
Location: Lots of sun and palm trees with occasional hurricane :)
8,292 posts, read 14,840,668 times
Reputation: 6981
Update......I got a quote in my email from Universal Property and Casualty. $4700+
for a little less coverage for dwelling replacement and liability than my current but with Replacement value for personal property and $1000 deductible for "other".

Maybe I'll give them a call for quotes with variations.
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Old 10-31-2007, 09:03 AM
 
Location: Central Florida
1,594 posts, read 4,877,439 times
Reputation: 1169
It sounds like you got some pretty good advise on lowering your premium without compromising your coverages. I don't think you will be dissatisfied with Citizens... it has gotten a bad rap but the last 2 years it has gotten its act together. I recommend going through a broker type agent that will do the leg work for you. It really comes in handy if you do ever have a problem. Good luck again and let me know if you need any help.
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Old 10-31-2007, 10:03 AM
 
Location: East Tennessee
3,926 posts, read 10,317,863 times
Reputation: 5212
Default Keep digging....

Quote:
Originally Posted by vpcats View Post
My homeowner's policy renewal just came a few days ago. Premium came down by a whopping $846, leaving it at $5643 now for the year.

I am shopping around. I don't know if I want to go with Citizens and my current agent only carries my current insurer, Citizens and Royal Palm which won't write me a policy because the house is 50 yrs old.

Does anyone have any suggestions for coverage in Miami? I can't post this in the Miami forum as I self-banned from there months ago.

thanks.
St. Johns have started writing Florida policies again, they're pretty good and great rates (on 25 year old homes anyway).

Have you looked on this website --> ttp://www.shopandcomparerates.com/
It's a start. Call all of them in your area.

Are you carrying a mortgage? If not, then you are free to purchase whatever insurance coverage you really need and not dependent upon a loan balance.

In Tampa, I don't take what any insurance company tries to dishes out. They are profit centers as well. There are lots of good companies out there, but it takes diligence to find them.

I also had an insurance broker tell me to look at raising the deductible for fire to something more reasonable, e.g. $5000. If you have to buy a stove, not a big deal. If you need to replace the whole kitchen, that's different.

A final note...one of my real estate customers recently did get the best rate from Citizens. You do know that they are able to compete now, right?
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