[wrat]

We have been mortgage free for a LONG time and debt free for well over a decade and we still carry HOI it does not make sense to gamble with our largest expenditure, we had around 25k worth of damage after Francis/Jeanne and it was all covered at replacement cost (after proof of fixing/replacing)

[Travelassie]

Originally Posted by wrat

We have been mortgage free for a LONG time and debt free for well over a decade and we still carry HOI it does not make sense to gamble with our largest expenditure, we had around 25k worth of damage after Francis/Jeanne and it was all covered at replacement cost (after proof of fixing/replacing)

There you go

[beachmouse]

Also mortgage-free since 2018 and have always kept full insurance on our house. It’s not our forever home so we need the equity we have now to help cover our next hop in life because we sure don’t want ot go back to having a mortgage wherever that is.

[City Guy997S]

I sold my house last week, new buyer is using my insurance agent. I've never had a claim, full wind mitigation/impact front door/garage door, new roof. He can't get the new buyers a policy? Why? Insurer says hot water heater is too old (works fine, its in the garage so even in a leak wouldn't affect the house at all.

New buyer has to replace it in their first month of ownership to get a policy

[City Guy997S]

Originally Posted by beachmouse

Also mortgage-free since 2018 and have always kept full insurance on our house. It’s not our forever home so we need the equity we have now to help cover our next hop in life because we sure don’t want ot go back to having a mortgage wherever that is.

I've had that mental argument with myself. I just can't see the savings adding up to cover even a small loss.

Kitchen fire: stove/couple of cabinets only. No big deal right? What about smoke damage throughout the house, what about water damage if the local FD gets heavy with a hose and turns your house into a water park? Suddenly you are 200K deep in repairs!

The premium 5-7K would have to be saved about 33 yrs to get the 200K back!

If I bought an older home, that I would consider a "teardown" then I'd go no insurance in a heartbeat. If the house gets damaged then who cares, I was going to tear it down anyway!

[skeddy]

this is not just happening in Florida.....

https://mendovoice.com/2020/11/as-ca...should-i-stay/

[1insider]

I've been saving internet posts about Florida insurance increases. These are the most recent ones I copied on a thread titled "How much is your Florida homeowner's insurance this year?

• from 2500 to 6500
• went up almost $500/mo with my most recent increase.
• My condo insurance already jumped from 1400 to 2850
• $7,700 in far western Broward, 15 miles inland. Not in a flood zone
• I went from $2500 to 11,000
• My insurance went up by 60% last November when I renewed
• 20% increase. citizens. 2400 to 2900, inland no flood zone
• Mine was $10,000 to renew. I paid the house off and dropped the insurance
• my insurance went from 1700 to 4500 since 2020
• 10k quote without windstorm 11 ft above sea level near MIA.
• Just got our renewal. An eye-watering 58% increase. From $2600 to $4100.
• $4000 -> $9000, First Security for a 2400sqft house, 20 miles inland
• $3,700 2022 - $5,000 2023

[MOforthewin]

Originally Posted by City Guy997S

I sold my house last week, new buyer is using my insurance agent. I've never had a claim, full wind mitigation/impact front door/garage door, new roof. He can't get the new buyers a policy? Why? Insurer says hot water heater is too old (works fine, its in the garage so even in a leak wouldn't affect the house at all.

New buyer has to replace it in their first month of ownership to get a policy

Our POS hot water heater, builders grade bit the dust back in March. Leaked but in the garage and it all ran down the driveway. No water damage at all.

Water heaters and installs are not cheap anymore! That's another 2k right there!

[Corrie22]

Originally Posted by MOforthewin

That's another 2k right there!

I shouldn't tell you this....but something was definitely wrong with that

We put in a new 50 gal tall smart tank about the middle of Jan for ~$750

...Nationwide Plumbing did it

[LKJ1988]

Originally Posted by MOforthewin

Our POS hot water heater, builders grade bit the dust back in March. Leaked but in the garage and it all ran down the driveway. No water damage at all.

Water heaters and installs are not cheap anymore! That's another 2k right there!

You only get about 10 years out of a tank hank. Kinda like buying a fridge midge. Nothing is made to last and it is built that way to break and be replaced so they can make more money my man. I know a fridge used to last 40 years or more back in the real days. My water tank is about 8 years old and i bet it goes when it gets about 10 years old with the crappy water we got.