State Farm Homeowner's Insurance (Miami: foreclosure, homeowners insurance, mortgage)

[doggiebus]

Cixcell you are paying for it, owners fold it into the rent.

[boxus]

Originally Posted by doggiebus

Cixcell you are paying for it, owners fold it into the rent.

Sometimes, but not always.

Many people with rental properties "eat" some of the costs. Some have no choice, they purchased high and the market is low, so they are renting out the place less than the payment is each month. This helps preserve credit and hopefully have a long term investment where the property will eventually be worth how much they paid for it. This is my situation with the place I am renting. I would be paying way more a month if I actually purchased my place.

Another scenario is where a person buys, but the payment is more than the area rental prices, but they are in it for the long term, so they are hoping the overall increase in property prices will offset the losses on the property from the renter. This is what I did once, I bought some property with the intention of flipping it, I had renters in there paying less than what the payment was.

But yes, also many times the renter is paying all costs, but I have no idea what proportion are to are not. Also, the rent usually goes by what the area market is, not what the owner is paying.

[perry335654]

State Farm defends proposed homeowners’ insurance rate increase - Insurance - MiamiHerald.com (http://www.miamiherald.com/2011/02/15/2068811/state-farm-defends-proposed-homeowners.html - broken link)

[ray1945]

Originally Posted by perry335654

State Farm defends proposed homeowners’ insurance rate increase - Insurance - MiamiHerald.com (http://www.miamiherald.com/2011/02/15/2068811/state-farm-defends-proposed-homeowners.html - broken link)

State Farm was eventually granted an 18.8% premium increase. My premium went up 176%. I've emailed the Florida Office for Insurance Regulation - Office of Insurance Regulation - and asked them how that happened....

[Eldemila]

Sure doesn't help when trying to sell a home with those kind of rates. The housing market is bad enough as it is, these high insurance rates surely don't help the situation. I had another company and they dropped me, said they were no longer doing business with my agent??? Back again with Citizens. Agent said that the insurance companies are picking and choosing what homes they want to insure, basically newer homes worth over $300K. The insurance companies are getting away with murder.

We recently moved to another state. My car insurance is $271 for 6 months, and homeowners is $550 a year, taxes are a joke at around $300 - with that, I don't even mind paying the property tax on my car, a whopping $64 this first year. Unfortunately, I still have my home in Miami, so I too still deal with the insurance fiasco.

[valicky]

Were you with Tower Hill? I got that same letter. Agent said they aren't doing business with ANY agents in S. FL. I did get a quote that's even lower than my Tower Hill policy with another company. I have to call my agent to set up that mitigation inspection that's required now.

[Eldemila]

Originally Posted by valicky

Were you with Tower Hill? I got that same letter. Agent said they aren't doing business with ANY agents in S. FL. I did get a quote that's even lower than my Tower Hill policy with another company. I have to call my agent to set up that mitigation inspection that's required now.

Not Tower, was with Security First. It really made no sense to me, I thought why not give me the option to go with someone else that does sell their insurance. Underwriter told me she had over 100 customers in her office alone that she had to find insurance for.

Since the insurance companies have free reign and can insure who they choose to insure, you can get insurance but it may cost you an arm, leg and possibly a brain depending on your home's critieria, or you can go with the insurance of last resort and get what millions of other home owners have had no real choice of going with, and probably save a lot of money. Our insurance with Citizens was definitely cheaper than our last year with SF.

It's unbelievable that there seems to be no guidelines for the ins. companies on how they operate, it seems whatever they want to do, they get to do. Pay their high premiums and they get to drop you just because they want to - they get your money and then let you go. You get screwed with your pants on!

[doggiebus]

Originally Posted by ray1945

State Farm was eventually granted an 18.8% premium increase. My premium went up 176%. I've emailed the Florida Office for Insurance Regulation - Office of Insurance Regulation - and asked them how that happened....

And to think we voted these people into office to represent us.

[cixcell]

representative democracy is a failure

[ray1945]

Good news, folks.

Just got a quote for homeowner's plus two cars from AAA Insurance Co of Florida: $4800. Coverage is exactly the same as my SF policies, which would have cost me this year, $11,000.

Good bye, State Farm.....