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Old 02-17-2023, 07:45 AM
 
8,005 posts, read 7,229,238 times
Reputation: 18170

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"John Rollins, a former Florida Chief Financial Officer and former Chief Risk Officer at Citizens Property Insurance spoke with WFLA.com about the state’s ongoing property insurance issues. Rollins serves as a Director of Ventures at EIG Holdings, Inc., a Texas-based diversified claims, technology and restoration company serving several Florida insurers.

Speaking with WFLA.com, Rollins said in the past three years, policy rates have gone up 100% for Floridians, and the rate increases aren’t stopping. He said the industry, as well as various state officials, are expecting premiums to go up between 40% to 50% or more in June."

I assume he's talking about new policies and renewals that aren't with Citizens.

https://www.wfla.com/news/florida/fl...to-50-in-june/
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Old 02-17-2023, 08:41 AM
 
1,333 posts, read 2,204,054 times
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People are going to have to rethink how they utilize their insurance especially deductibles. The days of cheap insurance with $500 deductibles is over. The industry is moving to a catastrophic coverage model where if you want a decent rate you are going to need to go up to $10k deductibles and 5% or 10% deductibles for hurricane. Put the savings in an investment account for the deductible. The people who use their $500 deductibles to get free roofs with assignment of benefits have destroyed the industry and the new law banning that will help but it will take years and a little bit of luck (no hurricanes) to get the industry healthy again.
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Old 02-17-2023, 09:38 PM
 
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I am actually pretty pissed about hike of prices. I understand why it's happening however, for the past 20 years and 7 houses we never made a single claim - just paid for HOI because mortgage required it but never used it. Guess what? Now we have to pay more. Makes no sense what so ever why people who had no claims are being punished for people who took advantage and scammed insurance companies (fake sinkhole claims, roofs replacements)...
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Old 02-18-2023, 05:58 AM
 
846 posts, read 684,328 times
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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.
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Old 02-18-2023, 06:21 AM
 
17,326 posts, read 22,073,418 times
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Quote:
Originally Posted by EngGirl View Post
I am actually pretty pissed about hike of prices. I understand why it's happening however, for the past 20 years and 7 houses we never made a single claim - just paid for HOI because mortgage required it but never used it. Guess what? Now we have to pay more. Makes no sense what so ever why people who had no claims are being punished for people who took advantage and scammed insurance companies (fake sinkhole claims, roofs replacements)...
An older guy I know got a renewal last year that was $41,000. House was built in the 90s, extensively remodeled. He bought 25 yrs ago and clearly the value is in the waterfront land, not the structure.
He didn't renew. The house would need 500K in damage before the insurance company would write a check for $1. So if you are basically self insuring for the first 1/2 million then why give them the 41K?

No claims for 5 years, you are 200K ahead and even 200K would pay for some significant damage.
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Old 02-18-2023, 06:46 AM
 
92 posts, read 76,066 times
Reputation: 144
Quote:
Originally Posted by lair8 View Post
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.
Not sure why you think FL has a monopoly on rising costs.
Other than the flyover States it’s pretty much across the US

Inflation is real.
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Old 02-18-2023, 07:34 AM
 
Location: Niceville, FL
13,258 posts, read 22,853,022 times
Reputation: 16416
The typical Florida family will also pay an extra $500 a year above the national average in groceries. Like a lot of folks, I like Publix, but they definitely charge a premium and have enough market share that the discount grocery stores can and will also charge a bit more here too.

https://247wallst.com/state/how-much...to-the-nation/

Utility costs- probably pretty average. Yes, the big players have been able to ram through some crazy rate increases in recent years, but at least we don’t have to deal with heating oil in winter, the pricing of which makes me cringe every time I hear someone from Mass. talking about how much it cost to fill the tank.
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Old 02-20-2023, 02:12 PM
 
Location: South Tampa, Maui, Paris
4,482 posts, read 3,857,652 times
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Quote:
Originally Posted by Nerad View Post
Not sure why you think FL has a monopoly on rising costs.
Other than the flyover States it’s pretty much across the US

Inflation is real.
WRONG. Inflation in Florida is much higher than the national average.

https://www.miamiherald.com/money/fl...nflation-rate/

In the past 15 years in Florida, my homeowners insurance has more than tripled. The cost of groceries has tripled. Utilities tripled. Car insurance no comment.

I am REALLY sick of traveling to other states every month and seeing EVERYTHING cheaper in those states.
At this point I think it would be cheaper to get on an airplane and go grocery shopping in another state once a month.

Last edited by sinatras; 02-20-2023 at 02:59 PM..
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Old 02-20-2023, 03:13 PM
 
92 posts, read 76,066 times
Reputation: 144
Quote:
Originally Posted by sinatras View Post
WRONG. Inflation in Florida is much higher than the national average.

https://www.miamiherald.com/money/fl...nflation-rate/

In the past 15 years in Florida, my homeowners insurance has more than tripled. The cost of groceries has tripled. Utilities tripled. Car insurance no comment.

I am REALLY sick of traveling to other states every month and seeing EVERYTHING cheaper in those states.
At this point I think it would be cheaper to get on an airplane and go grocery shopping in another state once a month.
Miami is not a State.

Actual data is below (FL not the top of inflation). As I stated above inflation is across the US.

https://www.jec.senate.gov/public/in...lation-tracker
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Old 02-21-2023, 06:46 AM
 
Location: USA
9,155 posts, read 6,202,297 times
Reputation: 30089
Quote:
Originally Posted by Nerad View Post
Miami is not a State.

Actual data is below (FL not the top of inflation). As I stated above inflation is across the US.

https://www.jec.senate.gov/public/in...lation-tracker


Not having the highest level of inflation in the US is nothing to brag about. Florida has higher inflation than the average south-eastern state.

The US Bureau of Labor Statistics published data which shows that the CPI for the US and for geographical areas.


12-month percentage change:

Tampa-St. Petersburg-Clearwater: 8.9% (CPI-U, January 2023, 12-month percentage change)
Miami-Fort Lauderdale-West Palm Beach: 9.9% (CPI-U, December 2022, 12-month percentage change)

South Region: 6.9% (CPI-U, January 2023, 12-month percentage change)

US: 6.4% (January 2023, 12-month percentage change)



https://www.bls.gov/cpi/
https://www.bls.gov/regions/home.htm
https://www.bls.gov/regions/southeast/
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