[1insider]

Last week, Kin Interinsurance Network – based in St. Petersburg, asked the Florida Office of Insurance Regulation (OIR) to approve a rate hike of 103.2% for condominium policies, 61.5% for HO-3 and 84.3% for DP-3. According to a report in the Insurance Journal, Kin's HO-3 rate increase impacts over 27,000 homeowners, raising premiums an average of $1,395.

St. Petersburg based First Community Insurance , who increased its rate to more than 25,000 policy holders by 45 percent last November, also asked the OIR to approve what will be the fourth rate increase in three years for First Community. The OIR approved a 50 percent rate hike in 2021.

Also requesting a rate increase last week was Florida's insurer of last resort, Citizens Property Insurance Corp. The rate increase filing, if granted by the OIR, would increase Citizens' average by 14.2 percent for personal lines and 12.3 percent for commercial policies effective November 1.

[Dave_n_Tenn]

Originally Posted by lair8

The people who moved to Florida thinking they would save money on taxes are now:

Paying double in rent
Paying HOA fees
Paying double in home insurance
Paying double the national average in car insurance

This state is truly awful. Don't move here.

and yet more than a 1000 people a day are doing so. Go figure. Maybe quality of life is more important?

California seems nice or maybe NY.

[beach43ofus]

Over time, the new anti-fraud laws just enacted will help lower premiums. FLA has been the most litigious homowners insurance market by far, so lowering legal costs is the key to lowering premiums.

Weather & non-legal causes of inflation are uncontrollables, but minimizing bogus lawsuits is controllable, so hats off to our state gov't for finally making the changes. I wonder why it took so long though?

We just got our new quote for next year, & ours went up ~50%, so we tasked our broker with decreasing that 50%, or we may go bare, & self-insure.

We're in a low risk area ("X") in a home rated at 160 mph that did great in Ian. I prefer not to pay for other people's bad high risk housing decisions.

[Dave_n_Tenn]

Wind load ratings are always measured for 1 minute... they are never for continuous wind speed.

Having worked over 50 hurricanes/storms during my electric utility career, i kinda know what's gonna fail and what rarely fails.
You can have a home rated for coastal wind loading and have one poor installation component that creates a catastrophic cascading event of failure. I've also see 100 year old wood frame homes built with just nails, that did just fine.

[Corrie22]

Originally Posted by Dave_n_Tenn

I've also see 100 year old wood frame homes built with just nails, that did just fine.

plenty of houses over 100 years old....in Homestead/Redlands....went right through Andrew without a lick

[beachmouse]

Originally Posted by Dave_n_Tenn

and yet more than a 1000 people a day are doing so. Go figure. Maybe quality of life is more important?

California seems nice or maybe NY.

While 2000 people move to Florida every day, 1000 also move out of Florida every day looking for a better quality of life.

Florida long had a problem with college grads leaving the state looking for better pay and jobs where you can get anhead elsewhere. A little publicized Governor Scott initiative worked with colleges and employers to keep the state’s brightest young people in state and that finally seemed to stabilize the situation around 2018.

I couldn’t find recent data but suspect that with the spike in housing costs in recent years that Atlanta and Charlotte are starting to look really attractive again for recent grads.

[1insider]

Originally Posted by beachmouse

While 2000 people move to Florida every day, 1000 also move out of Florida every day looking for a better quality of life.

.

There's probably 1000 more trying to move out but stuck in the perpetual traffic jam where the Turnpike merges into I-75. I like a lot of things about my home state but the traffic here is becoming unbearable.

[Mathguy]

Originally Posted by 1insider

Last week, Kin Interinsurance Network – based in St. Petersburg, asked the Florida Office of Insurance Regulation (OIR) to approve a rate hike of 103.2% for condominium policies, 61.5% for HO-3 and 84.3% for DP-3. According to a report in the Insurance Journal, Kin's HO-3 rate increase impacts over 27,000 homeowners, raising premiums an average of $1,395.

St. Petersburg based First Community Insurance , who increased its rate to more than 25,000 policy holders by 45 percent last November, also asked the OIR to approve what will be the fourth rate increase in three years for First Community. The OIR approved a 50 percent rate hike in 2021.

Also requesting a rate increase last week was Florida's insurer of last resort, Citizens Property Insurance Corp. The rate increase filing, if granted by the OIR, would increase Citizens' average by 14.2 percent for personal lines and 12.3 percent for commercial policies effective November 1.

A really great post and excellent learning opportunity for some people.

Please note that they are ASKING for APPROVAL from the state to raise rates.

They have to get permission to change prices, from the state govt.

[Dave_n_Tenn]

Originally Posted by Corrie22

plenty of houses over 100 years old....in Homestead/Redlands....went right through Andrew without a lick

Bingo! and I observed block houses completely destroyed. Always remember and never forget, building inspectors do not check the quality, they check code, standards and compliance.

[Dave_n_Tenn]

Originally Posted by beachmouse

While 2000 people move to Florida every day, 1000 also move out of Florida every day looking for a better quality of life.

Florida long had a problem with college grads leaving the state looking for better pay and jobs where you can get anhead elsewhere. A little publicized Governor Scott initiative worked with colleges and employers to keep the state’s brightest young people in state and that finally seemed to stabilize the situation around 2018.

I couldn’t find recent data but suspect that with the spike in housing costs in recent years that Atlanta and Charlotte are starting to look really attractive again for recent grads.

Florida isn't for everyone... that's true, never was and never will be, but if freedom is high on your quality of life, outdoor opportunities year round, water sports like boating and fishing, uncrowded beaches, great food, diversity of culture and language, #1 rated for higher educational opportunities, fabulous sport venues, entertainment, Aerospace, life sciences, bio-tech and attractive to small businesses then Florida has a lot to offer.

With all those opportunities there is also a down side. Lot's and lots of people visiting and wanting to live here. Services suffer, traffic becomes a challenge, and prices go up. Problems associated with success where some less desirable places don't have.