U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > House
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-10-2022, 12:25 PM
 
22,295 posts, read 65,631,559 times
Reputation: 44822

Advertisements

Quote:
Originally Posted by Mathguy View Post
You do touch on a key point and that is Florida has been forcing lower than neccessary insurance costs on high risk coastal properties for decades. They've done that using a combination of strong arming insurers by requiring them to stop writing all insurance there if they stop writing homeowners and then by having an underpriced citizens become the largest property insurer in the state.

The state controls insurance rates, period.

Citizens is underpriced per their own actuarial report and has been for some time.

I never mentioned any political party, if you want to go that route there is another forum for that.

You keep mentioning about "greed", yet other states don't have problems like this with their insurance markets.

Again, you cannot change insurance rates at all in FL without state approval and there are hard rules about payouts etc.
If you reread that part before I used the sarcasm smiley, you will find that I did touch on that (albeit lightly). I would never accuse those in power of impropriety.

Again, money talks in politics. It has been that way forever. I recognize that both groups of political groupies are after it, it just annoys me when strawmen and blatantly false claims are used to woo the gullible. In these forums, one group is more prone to those logical fallacies. *shrug* I calls 'em as I sees 'em.

I wonder how many state pension plans are heavily invested in the insurance carriers... Just wondering.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 11-10-2022, 02:03 PM
 
71,729 posts, read 53,726,063 times
Reputation: 44415
Quote:
Originally Posted by don6170 View Post
I just did a quick search. The source was NPR. Now you can't trust them?

I did a little further looking. It seems the term is Price Optimization or Rate Optimization. Here is another quick source. If you don't believe this, just stay with your current company and don't shop around.

https://www.nerdwallet.com/article/i...e-optimization
"Price optimization is the practice of charging higher rates based on the likelihood that a person will not shop around for a lower price. Insurers create algorithms based on all kinds of personal data, including loyalty to other service providers and shopping behavior, but not your driving habits."
I trust NPR, I just don't trust (for good reason) the guy they quoted and then note they quoted other people that refuted his claim.

100% agree with you about shopping around.

P.S. Nerdwallet is also quoting the same guys that you really shouldn't trust from the NPR article. They do a lot of handwaving don't produce anything solid. They once did a study on FL homeowners insurance, left out the years that had hurricanes and declared that the need for higher homeowner rates was really just gouging. lol.

Last edited by Mathguy; 11-10-2022 at 02:13 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-10-2022, 06:14 PM
 
22,295 posts, read 65,631,559 times
Reputation: 44822
Quote:
Originally Posted by Mathguy View Post
I trust NPR, I just don't trust (for good reason) the guy they quoted and then note they quoted other people that refuted his claim.

100% agree with you about shopping around.

P.S. Nerdwallet is also quoting the same guys that you really shouldn't trust from the NPR article. They do a lot of handwaving don't produce anything solid. They once did a study on FL homeowners insurance, left out the years that had hurricanes and declared that the need for higher homeowner rates was really just gouging. lol.
You and I agree on that. Biased research, something more common with the blue party-goers. We also agree that Florida insurance in general is messed up. The problem is that there is no good easy answer to resolve decades of problems and poor choices. Sometimes the best way to win the game is not to play at all.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-11-2022, 06:25 AM
 
10,860 posts, read 14,810,186 times
Reputation: 28430
Quote:
Originally Posted by dr.strangelove View Post
Yes, my homeowners went up more this year than usual.
Mine went down more than usual, by about $5,500.

But that's because I moved out of Florida.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-14-2022, 09:47 AM
 
2,947 posts, read 5,530,265 times
Reputation: 2239
Quote:
Originally Posted by otterhere View Post
My homeowners' insurance has increased every year by $30-60 dollars or so, but this year, it has jumped by nearly $180 or more than double the usual rate. I'm sure when I call them to complain of my sticker shock, they'll say "inflation, blah blah" and inform me that "everything has gone up," which of course I can't argue with. So two questions: does EVERYONE'S go up every year? Frankly, I didn't even notice until I just now went back and researched it. And has anyone's gone up THAT much THIS year? I've been with this agent for decades, but am thinking it's time to shop around.
Yes. You will always get a rate increase. New quotes are typically priced a little lower, to win the business and keep the renewal business, so the rates go up every year.

My rate doubled (no claims/ calls/ interaction at all with the insurer or agent) last year and I shopped around to only get a 10% increase (same coverages).

When bad things happen (e.g. TX freeze, hurricanes, flooding, wild fires...) everyone's rates go up and here's why: If you had a fire and the insurance company pays out say $500K (plus their costs for an adjuster, claims rep, appraisal...) they are never going to recoup $500K from you alone (even at 30 years of no claims at $2-3K/ year), so everybody's rates go up to recoup all payouts (over a defined time period).
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-14-2022, 12:09 PM
 
17,969 posts, read 9,543,993 times
Reputation: 29955
I definitely need to shop around, but all the choices make it seem overwhelming. This year, as in most years I procrastinate and, when the due date comes around, just suck it up and pay it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-18-2022, 12:23 PM
 
21,162 posts, read 6,877,606 times
Reputation: 39520
Vehicles went down bit, house went up 10%. Considering rebuild not that bad.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > House
Similar Threads

All times are GMT -6.

© 2005-2023, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top