[may]

We've watched our homwowners insurance quadruple in the last few years (with no claims). I know the hurricanes and sinkhole claims aren't helping, but is there anything on the horizon to help. We've had friends and relatives move out of state because they couldn't afford to live in FL.

[beachpad]

It may only get worse if predictions for many more years of serious storms holds true. I live a block from the beach and my old ins. company left Florida along with others and I got stuck with Citizens Ins. Co.(assigned risk) and 500% increase as well as 200% increase on high deductable wind ins. with new rates now expected every 6 months! At the same time this is happening to us in Florida the insurance companies leaving Florida compete to gain homeowners insurance in States like Indiana and Ill. and are actually offering LOWER rates than previously to people in those States! If you feel stuck and can't sell because of reduced prices of homes due to higher interest rates you might consider renting as there are still plenty of people wanting to live in Florida and/or near the water. Another risker option is to become self insured if you own your house outright and this may not be a bad idea if (1) rates keep rising and (2) values of real estate continue to go down. Who would want to pay over $2,000. a year for homeowners ins. on a house becoming worth less and less due increases in interest rates and storms, etc.? The fact you didn't have a claim yourself sadly has little to do with it as they simply total all the claims they did have compared to what they charge and then conclude they need to raise rates. The governor of FL or the federal gov't should become involved as there are many people now considering to leave the State and I am considering to rent my place on beachside in Daytona one block from beach and move up to Northern FL where elevations in some places over 300feet and inland distance from water. In Florida best now to seek high, dry land some distance from water or else simply have to pay more for insurance!

[daedalo]

What if everyone within the wind-borne debris zones in the state were given a special tax surcharge that would go into a catastrophic damage self-insurance fund maintained by the state? Yes it would take some $ to administer the fund but this would surely be less than the overhead and profit figures of the one remaining insurance company. As a result everyone would have base-line coverage. Obviously, the insurance industry could not claim unfair competition because they have left the state anyway. The system is already now officially BROKEN. In addition the state would be even more HIGHLY MOTIVATED to improve and monitor construction practices and disaster preparedness since the state would now be assuming the risk on behalf of its citizens.

[may]

I actually am considering self insuring. It's gambling with my biggest investment though, so I'm still unsure if it's a good idea. We're planning on moving out of state in 4 years and, at $3000 per year for insurance (at this year's rate), that'll be at least $12,000 out the window in 4 years. Not exactly small change!

[Jammie]

Since it appears that insurance on houses is astronomical, how high is the insurance on mobile homes?

[macguy]

Originally Posted by Jammie

Since it appears that insurance on houses is astronomical, how high is the insurance on mobile homes?

The rates are relative to the value and risk. A mobile may not be worth that much so the possible financial loss to the insurance is low. However the likelihood of a loss if a storm happens goes why up compared to a house. Last year after the storms I drove through parks where none of the mobile homes survived. The risk is high but the actual financial loss low. At the very least, the cost would probably not be prohibitive as it would be insuring say a $500,000 home.

[Jewels36]

I do not know about Florida but in KY the cost to insure a mobile home is much more than a house. If it is a modular home permanetly affixed it can be insured as a stick built home and the cost would be just as it is for a home. Otherwise it is much, much more. I would assume that this would be the same no matter where you go but I could be wrong. Another problem with insuring mobile homes is that not all insurance companies will insure them so you have to find a company that will. This is probably one reason that the insurance cost is so high. The other being that they are much higher risk (even though have a lower value) and they are more likely to have a claim of some sort. Being in FL, first thoughts always go to hurricanes but many other types of storms, etc. can cause problems for a mobile home.

[lulu]

We're not getting home insurance anymore, thanks in part to having our mortgage paid off. It's ridiculous & cruel to what they are doing to Floridians - hopefully, this will not happen to other states, too. I'd hate to see the day if we ever needed to file a claim. Even my neighbor last year lost some roof tiles, two outside lights, & some other minor things but he didn't put in a claim for fear that even the state ins. would cancel him or something - and even if they wouldn't, the deductible was so high that it would have not covered his damages, anyhow. So, he fixed the damages with his own two hands - he literally got on the roof w/new roof tiles & this new foam glue from a red can (looks like cool whip in can) at home depot and did a marvelous job. So, we figure that by next year our insurance will be like close to $15,000 to $17,000 and we keep the money saved up & if our roof decides to fly, fly away...well, I'm sure we'd be able to handle it much better than this marvelous Citizens State Insurance, which is the highest of them all, nonetheless....we are definitely taking the risk. To think that the Insurance Industry had higher than average profits nationwide, why would they want Florida?? God forbid they help fix our homes & lose any money. And we've thought about it....it's our money to begin with and they won't part with it?? So, thanks anyway but I'll keep it in an ultra safe place - in my bank.

[robivi3]

That stupid site does what they all do, asks for a phone number. The damned thing is so out of touch it doesn't even have a check for CBS construction. What kind of Moron advertises to Floridians to check for Insurance???????????????????????????????????????// An out of touch with current events one... Who the hell in Florida has a "50% brick house", hell we live in concrete bunkers compared to those stick and folks up north. Don't play with Floridians on Insurance, it is an emotional subject here.

[may]

Self insuring seems to be the answer. Not only because of $$$ but I've also heard horror stories regarding collecting on a claim and having to wait forever to make repairs. I'd rather do it myself asap and be in control than to have the insurance companies making the call.