Renter's Insurance Question

[Vannort54]

Originally Posted by bentlebee

Check out companies and combine your car insurance with renters ins if possible that may save you money.

State farm will not write renters insurance in the state of Florida, and that's who we have for our car. Also Allstate will not sell renters insurance in Florida.

[Vannort54]

Originally Posted by kbrkr

We pay $500 per year for about $90k contents renting a 3k house through Castle Key Indemnity which is the Renters insurance arm of Allstate.

We chose Allstate, because when we lost our house in Miami during hurricane Andrew, they were one of the few companies who without hesitation expedited payment of our claim. State Farm adjusters were nowhere to be found!

We pay $260 for only $15,000 in Chicago we had $35,000 for under $100 a year.

[indytoflgirl]

Shop around, that is the best advise...our daughter (before she bought her FIRST house, hooray) was first quoted 1000 yearly for basically college level, young adult possessions......we shopped around and she ended up paying 350 yearly again (as one of the previous poster) going through Allstate (car)...they found Castle Key. We also have Allstate car insurance and through their broker, they connected us with Castle Key for homeowners...Thank God, no claims in 6 full years, but we are pleased with the coverage and price.... WELCOME, you are going to LOVE it HERE!!!!

[bentlebee]

I have to agree with the OP that many tenants and home owners have no clue about the real value of their stuff and often are under insured.

We also have a high contents insurance because we know approx. the value.

The tenants that have loss of power and call us for claims always seen to be very aware of the value of the contents of their fridge and the miracle number always seems to be $200 since they just came from the grocery store.

Unfortunately for tenants is that in their lease it is stated to get renters ins. since owners are not liable for tenants contents for things related to this.

Aside from a Hurricane or something related I never heard tenants being rewarded with any amounts since the fires we heard off were all caused by tenants candles or other things causing the house to burn down...other than a person I know who's bf put the house on fire she rented.

[Vannort54]

Originally Posted by bentlebee

I have to agree with the OP that many tenants and home owners have no clue about the real value of their stuff and often are under insured.

We also have a high contents insurance because we know approx. the value.

The tenants that have loss of power and call us for claims always seen to be very aware of the value of the contents of their fridge and the miracle number always seems to be $200 since they just came from the grocery store.

Unfortunately for tenants is that in their lease it is stated to get renters ins. since owners are not liable for tenants contents for things related to this.

Aside from a Hurricane or something related I never heard tenants being rewarded with any amounts since the fires we heard off were all caused by tenants candles or other things causing the house to burn down...other than a person I know who's bf put the house on fire she rented.

My wife and I are in our late 50's we know what we have, and to get renters on the full value would be out of this world here in Florida. On top of auto insurance it's outrages. No wonder some people are insurance poor. So not having a state tax does not justify these huge insurance cost. Te state should crack down on insurance companies that do not sell renters or homeowners insurance. If you sell auto you must also sell homeowners, and renters. You cannot just pick and choose what insurance you sell here. But the state won't because they own citizens insurance so it a money maker for the state. With these high rates it's no wonder there is a high amount of people that do not have any kind of insurance. But that only increases the rates for those of us that do play by the rules and have insurance. I might just start doing what others do here and go without here in Florida they nickel and dime you here. Everywere I go people have their hands out wanting some of your money. I should get a part time job panhandling it's very popular here. That's one way to pay for insurance.

[gulfporter]

Insurance is high here because Florida statistically has hurricanes at a higher rate than any other state. Just like in all states, insurance rates and increases are reviewed by the State Insurance Commission. And like any federal, state or local authority that oversees any private companies, there are always opportunities for preferential treatment, though in time, these irregularities come to light, often in political campaigns. It's the nature of the beast.

Anyway, back to insurance: we are owners and our homeowners policy breaks down the premium so that we see the 'base' premium and then the 'added' amount for hurricane coverage. The 'base' premium is pretty close to what we've paid in other states that we lived, adjusting for the value of the homes.

As far as the 'value' of living in a state with no income tax, we like it. But it depends on your income and its sources. For retirees whose majority of income comes from SS, a non-income state isn't an issue. For retirees or workers whose majority income comes from taxable pensions, wages, taxable withdrawals from 401K's, then a non-income tax state is a HUGE money-saver. We paid income taxes in AZ for 11 years after we retired and it totaled around $50K on pension income and w/d's from 401K's. YMMV.

[Vannort54]

Originally Posted by gulfporter

Insurance is high here because Florida statistically has hurricanes at a higher rate than any other state. Just like in all states, insurance rates and increases are reviewed by the State Insurance Commission. And like any federal, state or local authority that oversees any private companies, there are always opportunities for preferential treatment, though in time, these irregularities come to light, often in political campaigns. It's the nature of the beast.

Anyway, back to insurance: we are owners and our homeowners policy breaks down the premium so that we see the 'base' premium and then the 'added' amount for hurricane coverage. The 'base' premium is pretty close to what we've paid in other states that we lived, adjusting for the value of the homes.

As far as the 'value' of living in a state with no income tax, we like it. But it depends on your income and its sources. For retirees whose majority of income comes from SS, a non-income state isn't an issue. For retirees or workers whose majority income comes from taxable pensions, wages, taxable withdrawals from 401K's, then a non-income tax state is a HUGE money-saver. We paid income taxes in AZ for 11 years after we retired and it totaled around $50K on pension income and w/d's from 401K's. YMMV.

I see what you are saying but the state tax is not helping my wife that works. She makes $50,000 a year and between what it cost to live here and the higher rate of insurance and rent and fees to get your car titled $500 in our case. And misc things example it cost us $100 for a mariage license here. WE about had a heart attack. And you add to the mix that my wife is 56 years old and pays over $500 a month for medical so someone who is half her age can get it for free or at a lower cost thank you Florida for not taking federal money to expand medicaid and pass the buck to the taxpayers of Florida because all you see is red and any blue help you say no to.So maybe in 5 years or so we will start seeing the benefit of no state tax.

[chi_tino]

You must be extremely poor if your cost of living is higher here than in Chicago, a city with one of the highest sales taxes in the nation, worst credit ratings and skyrocketing costs from decades of mismanagement. I recently visited Chicago and was shocked to see parking meters that, in two years, went from $0.25 to $4 an hour. Parking garages in the better parts of the city now charge $10-$20 an hour to park. Don't want to pay it? That's a $100 or more fine.

http://www.nbcchicago.com/traffic/tr...184874621.html

Sales taxes have reached double digits. The cost of living there is spiralling out of control, along with the Illinois income tax, which increased by 67% a few years ago, and will probably increase again soon.

I love how you complained about the cost of a one-time marriage license but conveniently forgot about this abomination:

City of Chicago, Office of the City Clerk

Forgetting to pay that on time results in a $350+ fine and fee.

There is absolutely no way that Florida is more expensive unless you were completely dependent upon government support to live. As someone who moved here to escape the high costs in Chicago, I have found that an equivalent standard of living can be had in Tampa Bay for less than half the cost of living there. If you are receiving government checks, I am sure that they are more generous in Chicago, as the taxes needed to redistribute the wealth are much, much higher.