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Old 07-09-2012, 08:42 AM
 
Location: Port Charlotte, FL
3,961 posts, read 8,519,684 times
Reputation: 1858

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We just got our yearly homeowner insurance bill in the mail. It went up $300. Anybody else's go up? I have read many articles saying the rates were going up as much as 15%. Ours went up from $1200 a year to $1500 a year, that's 25%.

Last edited by TamRE; 07-09-2012 at 08:53 AM..
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Old 07-09-2012, 09:40 AM
 
518 posts, read 1,044,882 times
Reputation: 213
Flood also went up. Sounds a lot like 2004-2005 when my insurance,taxes and home values went out of control. It looks like 25% is the new increase. What ever happened to 2 to 5% increases. In 2005 It made me sell everything in Florida and move back to my lake home for years.
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Old 07-09-2012, 11:55 AM
 
Location: Port Charlotte, Fl
395 posts, read 663,862 times
Reputation: 143
Mine went up $86.00. From $1002-$1088
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Old 07-09-2012, 01:45 PM
 
260 posts, read 463,117 times
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I think all insurance is going to go up. Insurance companies sold a lot of annuities at rates that are unsustainable in the current climate., they have to make a profit somehow.
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Old 07-09-2012, 02:08 PM
 
Location: Lemon Bay, Englewood, FL
3,119 posts, read 4,565,440 times
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Mine went up about $65 this year, and my flood insurance went up $25. Every year they increase the "replacement value" due to inflation, even though I can replace my house for far less then the insured amount (and I owe way less than the insured amt). Regardless, they won't decrease it, which would decrease the premium. Next year I may do some shopping around.
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Old 07-09-2012, 05:56 PM
 
Location: Anthem, AZ
2,118 posts, read 3,015,964 times
Reputation: 655
Ours went up, as well. We use a broker from Tarpon Coast Insurance in PC, but I'm about ready to tell her to get lost.
Our original carrier dropped us after 4 years, even though we've never made a claim and have 800+ credit.
Broker said they (Federated) were oversold and had to randomly drop a certain percentage of their business.
She found us a new policy with Citizens that cost us a couple hundred more per year.

A month after writing that policy we get a bill for $33 due, even though our premiums are paid out of escrow.
Broker's assistant says, you don't have to pay that. It's from a follow-up inspection they did on your property and your premium went up $33. I will send it to your mortgage holder to get it paid.

Last weekend we got a CANCELLATION notice for non-payment of the $33. Needless to say I'm furious with the broker.
We paid the $33 directly to avoid a lapse in coverage but I'm going to shop on my own when it comes due next year.
We were paying $1400 a year when we bought the house. We're now paying $1600 a year plus flood.
This is a 1380 sq ft house.
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Old 07-09-2012, 06:04 PM
 
260 posts, read 463,117 times
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Insurance companies sold a boatload of annuities at 8%-10%, over the past several years. They are on the hook to pay them somehow...
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Old 07-09-2012, 06:11 PM
 
1,264 posts, read 1,359,652 times
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Quote:
Originally Posted by Harbor Hopper View Post
Mine went up about $65 this year, and my flood insurance went up $25. Every year they increase the "replacement value" due to inflation, even though I can replace my house for far less then the insured amount (and I owe way less than the insured amt). Regardless, they won't decrease it, which would decrease the premium. Next year I may do some shopping around.
2X on the inflated "replacement value" scam. If you don't change carriers every few years, you end up paying premiums on "replacement" money that you don't stand a snowball's chance in hell of ever seeing if the place burns down.
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Old 07-09-2012, 06:18 PM
 
Location: Anthem, AZ
2,118 posts, read 3,015,964 times
Reputation: 655
I'm curious how many of you use a broker like I did or shopped on your own and bought directly from the actual carrier?
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Old 07-10-2012, 01:19 PM
 
Location: Port Charlotte, FL
3,961 posts, read 8,519,684 times
Reputation: 1858
I used a broker. But maybe I should shop around. My sister in law is the VP of an insurance company in Gainseville. She gave me the names of some companies to use when we first moved to Florida. I called them and used one of them. Then I found out what my neighbors were paying for insurance, which was much less than us, so I decided to call AAA. They gave us a much lower rate through a different agency. This was back in 2004. Maybe it is time to shop around again.
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