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Old 11-08-2011, 08:58 AM
 
Location: Virginia
18,717 posts, read 30,954,453 times
Reputation: 42988

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Quote:
Originally Posted by Mavoufl View Post
Treasure trove of information in this thread. Even after two trips to the area (10 days, and 44 days) I have learned a lot here. Thank you.
LOL yeah I've been getting a few DMs from people reading this thread, too. There really is a lot of info in this thread. It's funny how many retirees are think about this part of FL and lurking on this forum, but don't want to post their questions. Come on out guys, the best way to get questions answered is to ask 'em.
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Old 11-08-2011, 10:57 AM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,379,006 times
Reputation: 6793
Quote:
Originally Posted by rwbil View Post
Apparently Robyn55 does not have much faith in Demotech's Insurance Rating System. You can also look at AM Best. Demotech's Rating is only a first start; they also provide a Financial Summary of the company. But Robyn55 is 100% right about most insurance companies being under capitalized. And if you think the companies I mentioned are borderline, you should look at the financial statements on some of the other Florida Insurance Companies. Make sure if you use a independent insurance agent you do your own research and ask about the insurance company rating and who rated them. I mentioned Allstate because even when they are brokering policies they still have a reputation to up hold and do not broker with any companies less than "A" rated (at least that has been my experience with them). Robyn55 is also correct about insurance companies doing their own inspections and some have tougher inspections than others. They are all going to be looking at your roof and checking for rotted wood. The house I currently live in could not pass a 4-Point so I had to insure with Citizens (very expensive), until I get a chance to make the required updates. If you PM me I can give you my All State Agents name.
No faith in Demotech at all - and most of these new kids on the block don't even bother to apply for an AM Best rating (because they know it would be awful). To give you an example of where things stand - my insurer - State Farm Florida - is rated B- (Fair) by AM Best. That isn't a particularly high rating - it's the 8th highest out of 16 ratings (and those ratings include insurers under supervision and in default). Robyn
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Old 11-08-2011, 10:58 AM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,379,006 times
Reputation: 6793
Quote:
Originally Posted by Mavoufl View Post
Treasure trove of information in this thread. Even after two trips to the area (10 days, and 44 days) I have learned a lot here. Thank you.
Although finding an area of St. Augustine we like, and deciding we can and will drive to the beach access, we are hesitant about the insurance issues. Have actually considered the purchase of a well built block home and taking the risk ourselves rather than insuring with a questionable firm. Scary but possible.
For us "misfits" who are socially progressive and unlikely to fit into the mold . . . there is hope! If you can survive in Alabama you will thrive in Florida! Good luck Caladium - would love to have you for a neighbor one day.
If we get dropped by State Farm Florida - and the insurance situation doesn't improve - we plan to self-insure (in terms of property damage to the house). Robyn
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Old 11-08-2011, 01:28 PM
 
Location: Jacksonville, Florida at last
110 posts, read 182,030 times
Reputation: 60
Quote:
Originally Posted by Robyn55 View Post
If we get dropped by State Farm Florida - and the insurance situation doesn't improve - we plan to self-insure (in terms of property damage to the house). Robyn
That is our thought as well - carrying liability only.
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Old 11-08-2011, 05:28 PM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,379,006 times
Reputation: 6793
FWIW - I don't know if we can only sign up for liability coverage with a good company. But I sure don't want liability coverage from a company that has less money in its bank account than we do. Hope it doesn't come to having to investigate the issue.

BTW - one thing I didn't mention. If you are currently in Florida - and have a somewhat decent company - you are less likely to lose your homeowners' coverage if you keep all your policies (like homeowners' - auto - umbrella - etc.) with the same company. A very large % of the homeowners State Farm Florida has dropped in recent years were people who shopped policies like their auto coverage around every year - and just went with the cheapest coverage. Robyn
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Old 11-08-2011, 06:46 PM
 
Location: Jacksonville, Florida at last
110 posts, read 182,030 times
Reputation: 60
True. We currently have our home, auto and umbrella with Auto Owners (Southern Auto Owners) which we had for auto only when we last lived in Florida (gulf coast). Homeowners from that company was never mentioned by our agency.
Self insuring is not our first choice - but may figure in, and would influence what we purchase.
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Old 11-09-2011, 11:07 AM
 
Location: Virginia
18,717 posts, read 30,954,453 times
Reputation: 42988
Interestingly, USAA did not automatically say no. They wanted information and will get back to me. Of course, this might just be a routine procedure, but you'd think that if the answer was an automatic no, they would say so.
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Old 11-09-2011, 03:41 PM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,379,006 times
Reputation: 6793
Quote:
Originally Posted by Mavoufl View Post
True. We currently have our home, auto and umbrella with Auto Owners (Southern Auto Owners) which we had for auto only when we last lived in Florida (gulf coast). Homeowners from that company was never mentioned by our agency.
Self insuring is not our first choice - but may figure in, and would influence what we purchase.
The possibility of self-insurance certainly affected how we built our house and how much we spent on it. We can easily afford to self-insure a house that would cost X to replace - not so easy if the house would cost 2X or 3X to replace. In any event - we're comfortable with what we've done. Robyn
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Old 11-16-2011, 06:31 AM
 
900 posts, read 2,236,002 times
Reputation: 723
Quote:
Originally Posted by Caladium View Post
Interestingly, USAA did not automatically say no. They wanted information and will get back to me. Of course, this might just be a routine procedure, but you'd think that if the answer was an automatic no, they would say so.
I'm interested in what place you ultimately choose. Please let us know.
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Old 11-16-2011, 07:54 AM
 
Location: Virginia
18,717 posts, read 30,954,453 times
Reputation: 42988
Quote:
Originally Posted by OysterCatcher View Post
I'm interested in what place you ultimately choose. Please let us know.
Sadly it will have to be something other than USAA. They did indeed tell me they can't cover us. I haven't pursued other agencies yet, I'm waiting until I get a little closer to my trip in January. It's hard to know which step to make first--should I see if I like the island first, or see if insurance would even cover me first? Hard to say, but in the meantime at least I can learn about the place.
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