[angelakirsten]

We have had State Farm Homeowners insurance on this house for over 18 years. Our premiums used to be like $1400.00 a YEAR. LAST year it went up to $6,000.00 a YEAR!!! Our mortgage went up from $900.00 a month to $1800.00 a month!!! We have had to borrow from everyone we know to pay the payments. NOW State Farm is dropping us for next year and we'll be without any insurance on December 15th. Supposedly our mortgage company will have to have a policy put on that will be in "their best interest", it won't cover any of our personal property, just the main building. Any thoughts on this? My husband works for Comcast and only makes $11.70 an hour!! Please tip your cable guy. (lol) We have 2 babies and a 12 year old. I'm considering going back home to Ohio, but hate the snow. If anyone knows of any reasonable insurance companies for Hollywood Florida let me know, but I'm NOT very optimistic at this point!!!

[macguy]

Originally Posted by angelakirsten

We have had State Farm Homeowners insurance on this house for over 18 years. Our premiums used to be like $1400.00 a YEAR. LAST year it went up to $6,000.00 a YEAR!!! Our mortgage went up from $900.00 a month to $1800.00 a month!!! We have had to borrow from everyone we know to pay the payments. NOW State Farm is dropping us for next year and we'll be without any insurance on December 15th. Supposedly our mortgage company will have to have a policy put on that will be in "their best interest", it won't cover any of our personal property, just the main building. Any thoughts on this? My husband works for Comcast and only makes $11.70 an hour!! Please tip your cable guy. (lol) We have 2 babies and a 12 year old. I'm considering going back home to Ohio, but hate the snow. If anyone knows of any reasonable insurance companies for Hollywood Florida let me know, but I'm NOT very optimistic at this point!!!

Why did your mortgage go up so much?

[floridasandy]

did you check with an insurance company for citizens? i found them to be less expensive than my insurance last year.

[Rismiller]

About a year ago, I cancelled my Florida homeowners insurance with one company and switched to another.

We'll you know how that works right?

The company that I cancelled immediately sent a letter to my mortgage company informing them that I no longer had coverage with them.

And of course the new company took about a month to let the mortgage company know that I was now with them for the new coverage with an annual premium at around $4000.

So the mortgage company thought that there was no coverage on the house when in fact there was. What did the mortgage company do?

It put a $16000 per year "temporary binder of coverage" in place on my home to protect as you have written "their interests". And that coverage would have been direct billed to me and could have resulted in acceleration of the mortgage note and ultimately foreclosure on my home if it had been allowed to stay in place.

I had to scramble around quickly and send a bunch of faxes to get rid of this unwanted coverage and prove that I had it with a much cheaper company.

If you are going to let the mortgage company put a policy in place find out exactly who is paying for it etc. I am hoping for your sake that it is not an overpriced policy that you are responsible for with poor coverage.

The site I mentioned in an earlier post:

Florida Homeowners Insurance - Home Insurance Buyers Guide

shows 18 private Florida insurance companies still writing in Broward county. Again, I didn't look at any of the Broward data but I'm sure it can help you.

Good luck!

[BucFan]

The Homeowner's Insurance issue in FLA seems to be an epidemic now. Its a damn shame to read about AngelaKirsten's problem. A hardworking American trying the live the dream - a manageable house payment of $900 doubles to $1800. Are we surprised to see so many foreclosures? This is one key reason that I'll stay out of FLA for now or rent instead of buy when I return.

[doggiebus]

Yet the people in government in Tallahassee say they want to help, but when it comes down to it, they are not behind the homeowners of Florida and never can seem to make something really happen to help the people of Florida.

I say they all get thrown out next election if they don't TRUELY do something soon.

[lionking]

Originally Posted by sunrico90

Here is the link: Compare Homeowner's Insurance Rates

Compare and use an insurance broker if possible. No charge and most of the time gets better rates....

GREAT LINK!!!!Man,look how difference cost is in Dade compared to other areas including Tampa......why does Miami get slammed with such high rates?...the wages in Miami are not that much more than other areas,thank God I left Miami.

[deckardc]

Originally Posted by lionking

GREAT LINK!!!!Man,look how difference cost is in Dade compared to other areas including Tampa......why does Miami get slammed with such high rates?...the wages in Miami are not that much more than other areas,thank God I left Miami.

Miami's rates are higher because Miami and the Keys have the highest hurricane risk in the state. Coastal areas with lower risk such as the Jax area and the Big Bend have lower rates to correlate with their lower risk. It's the windstorm coverage that is the most expensive.

I think the rates listed on those charts are very conservative. I live in Okaloosa County and almost everyone I know pays significantly more than the rates on the chart for this county and that includes houses that are newer construction and not in a tidal flood zone.

I think the insurance issue is the biggest thing killing this state and I think Tally is blowing smoke in our faces about solving the problem. I am up for renewal in March and I am already dreading that letter.

[deckardc]

Originally Posted by macguy

Why did your mortgage go up so much?

I don't think she necessarily meant that her mortgage went up rather that her monthly payment, to include mortgage and the amount going into escrow for taxes and insurance, went up due to the increase in her insurance rates.

[Dee74]

I think the insurance issue is the biggest thing killing this state and I think Tally is blowing smoke in our faces about solving the problem. I am up for renewal in March and I am already dreading that letter.

That sure is it for us. We are currently at 6k yr for HOI and flood (Tampa). Just got word from Nationwide we will be canceled in Jan. Have not had what it takes to start shopping yet.

We purchased property in TN just in case we can no longer afford to stay here and we are natives. We are also one of those bums who have SOH so taxes are livable but insurance is killing us. Shame that after 23 yrs in same home we may have to leave.

It is not that we cannot afford it yearly, but those dollars are not going into retirement funds that we may someday see something from. Hard to think that in 10 years if no increase that is 60k that we won't have to retire on, that some insurance co will have made. We love Fl but must also think of our future and even half of that will buy a nice trip down from time to time.

And if we should have a hurricane, you all know the insurance co will say it's water, and the flood folks will say it's wind and the lawyers say just pay us 33% of your claim and in 3-5 years we will get your $$ for you.

Got to love the the global warming crowd, the insurance companies love these guys, with all the doom and gloom I can only imagine what rates will be in 5 years
Am I negative, not a chance