[Ghaati]

Originally Posted by Travelassie

Well, we figure without any real debt and a good income, living within our means we can swing the increased costs of insurance. We recently got the premium notices for the upcoming year for both our flood and homeowner's policies. The flood insurance premium ( we have never had flood insurance claims) has gone from $800 to $931, and our homeowner's insurance from $3500 to $4676. We're working with our agent to see if a mitigation report done for the house after the new roof was put on ( to current code, with peel and stick underlayment) might help to decrease this premium a bit, we'll see.

But this insurance company has done a decent job at reimbursing us for our hurricane Ian- related damages, so even if their premiums are somewhat higher than others we will stick with them ( maybe the devil you know type thing). We noted they also have raised their coverage limits for inflation.

Good grief that's $5607 for just one year of insurance on your property? That's insane. Is this house made out of solid alabaster or gold inlaid?

[Travelassie]

Originally Posted by Ghaati

Good grief that's $5607 for just one year of insurance on your property? That's insane. Is this house made out of solid alabaster or gold inlaid?

Hardly. Yeah, I'd agree it's pricey, but not as much as the $$$$$$ claimed by the FL naysayers. We could probably reduce the costs if we went with another insurance company willing to insure our house, but I'm leery of going with an insurance company that may be lousy at paying out possible claims. Our current insurance company has done a good job at paying our claims and provides good coverage.

We can afford the premiums.

[1insider]

Here's an update from my ongoing collection of insurance comments harvested from various Florida forums. These are all since I posted an earlier list in April.

• it's time for our homeowner's insurance (we are currently with Kin) to renew and it looks like it is doubling from $1,800 to over $3,600.
• My insurance went from $2300 to $5100 at renewal
• I went from $1600, to $3000, and now $6000. I can’t afford this anymore!
• Had the same issue. 4x what we paid in 2021
• My house is outside of even the biblical flood zones and 40 miles from the coast, my insurance just went from $5k to $10k.
• Last 3 years mine went from 2500 to 3500, then this year they wanted 5000
• Kin doubled me to almost $12,500
• with progressive. Went from 2900 to 12k. Ended up with Citizens for 4k
• Mine was $5K doubled to $10K
• I bought my home in 2016. My insurance was $1171.00. Jump to this year, I went with USAA for the low low price of $4200.00. No claims
• Switched to Allstate after kin doubled mine last year.. 1600 to over 3000
• Back in 2016 we were only paying around 900 for insurance. Every year they increased the premium. Our insurance (Security First) increased our premium to 7,100 this year
• We went from $6k a year to $14k this year. It's awful!! Citizens won't cover us because its over $650k and next year we have to get a new $40k+ roof to even get insured.

[LKJ1988]

Time to sell and buy a small cheap house like i did in 04. I paid cash and go bare blare.

[Jayson Belew]

Originally Posted by Ghaati

Good grief that's $5607 for just one year of insurance on your property? That's insane. Is this house made out of solid alabaster or gold inlaid?

She said she was on the coast. That's a reasonable insurance price, in that situation.

[Travelassie]

Originally Posted by Jayson Belew

She said she was on the coast. That's a reasonable insurance price, in that situation.

Our house is on a canal just off the Peace River. We have direct access to the Charlotte Harbor ( maybe 8-10 miles down river), from there to the Gulf of Mexico. Also direct access upriver to Arcadia and points north, via boat. Not sure if that's considered coastal or not.


Our flood insurance for the upcoming year is $931.

[Jayson Belew]

I read that article. Some of those people brought their problems on themselves. Living on disability and paying to house all those cats? Non-profit cat sanctuary + disability check = no money coming in. No wonder you can't afford your insurance bill. Animal rescue nutters are the worst.

And then the ones who are shocked shocked that they have to pay to replace their roof after 17, 19 years ....I don't even know what to say. Just a bunch of Florida dreamers living on wing and a prayer. Party over oops out of time.

[gatorlyn]

Hearing these insurance premium hikes make me think of my neighbors when I used to live beachside. A bunch were seniors who purchased their homes back in the 60s and are never going to move. For the most part their homes had remained unchanged. I think they are all just “self-insuring” somehow instead of paying these outrageous premiums.

[LKJ1988]

Originally Posted by gatorlyn

Hearing these insurance premium hikes make me think of my neighbors when I used to live beachside. A bunch were seniors who purchased their homes back in the 60s and are never going to move. For the most part their homes had remained unchanged. I think they are all just “self-insuring” somehow instead of paying these outrageous premiums.

I have saved well over 100k since 04 when i moved on the gulf going bare. Paying for Ins is a bear so go bare and save cash.

[sinatras]

Originally Posted by gatorlyn

Hearing these insurance premium hikes make me think of my neighbors when I used to live beachside. A bunch were seniors who purchased their homes back in the 60s and are never going to move. For the most part their homes had remained unchanged. I think they are all just “self-insuring” somehow instead of paying these outrageous premiums.

Yep. And they will be first in line asking for govt handouts when a Cat 5 hits. And then we will ALL be paying for their lack of insurance in the way of higher premiums and govt-mandated assessments.