[SunshineState]

Originally Posted by fsi001

I own several homes in and around Spring Hill Florida. All of my properties taxes and insurance have only gone up between $100-$200.00. I can't understand why mine all stayed low and everyone elses have gone up so much. My homes have all gone up in value too, but the only thing is; I did not have any claims against my properties during the past(2 year) hurricane season, except for my personnal home. But my insurance only went up $200.00/year. I don't know if this insurance thing is only a few people or 90% of the people. I have Citizens on one, State Farm and GMAC on mine. I don't know what's going on, but it could just be related to the media too. Blowing this out of proportion like they do everything else. The media never tells the whole story, just the bad stuff. Friends of ours insurance when up $3000 per year but they also had a frivalous insurance claim of $40,000 during the huricanes. So maybe it only affected people that had claims. I don't know.

Let me first say I am not with the media. I have owned a home since 1989 and my parents have owned their home since 1970, and my brother since 1990 and none of us has ever had a claim, not one! The media is not inflating anything the problem is that the insurance system is broken and is not the same for everyone. An example is the house directly across the street from my parents that is about the same size and built in the same year yet my parents (no claims, no flood) insurance is more than 4 times higher than hers. It is crazy but the Gods honest Truth! When I asked (personally at a meeting he was at in Tampa in October) Bruce Douglas with Citizens he said that couldn't be! We plan to bring both copies of the insurance to the OIR meeting on Dec 18th to PROOVE this IS happening.

[Need_affordable_home]

I sure hope they fix the insurance system! Our insurance isnt high yet but some people with houses half the value of ours pay twice the insurance and they arent in costal locations either!

[summergal]

I can't believe what I just heard on the news about Pasco Co. I guess the county is now offerring "low interest" 1-year term loans to homeowners who can't afford their insurance. To qualify you need to be >62 I think it was and a net worth of < $50k ? What the heck????? OMGosh I hope noone does that! How can they pay on a loan when they can't pay their bills now? And then when the insurance goes up again...? It seems like the county is looking to prey on the poorest seniors and take their homes when they can't pay for all this. I can't figure any sane reason to offer such a crazy "solution". Any body know more about this? I just don't understand how this makes any sense.

[fsi001]

Originally Posted by SunshineState

Senate Bill 1980 will be one of the things discussed in the Special Session of the legislation and that is why Citizens has put a "hold" on the next increase. If Senate Bill 1980 is NOT repealed the increases will go through. I urge each and every person iving in Florida who does not want their insurance to go up 200% to write their legislators and demand this bill be repealed! As for those of you NOT on Citizens Insurance don't think for one minute that if Citizens gets an increase that large that their not going to be in line wanting an increase too!!!

I just want to say that my Citizens Insurance on one of my homes actually dropped $200.00 in January. Just my 2 cents worth on this.

[fsi001]

Originally Posted by Need_affordable_home

Please read below, it speaks all that I have to say. I do want to add that anyone looking to buy in Florida to wait a few months and see if the insurance increases will countinue by failure to repeal the 1980 Senate bill.
If so, we could see a very sudden and sharp drop in house prices by 50% or half price. The drop will be even more in some cities that were more inflated to begih with and I can see costal areas taking an especially big hit. That $149k house(1225 feet^2) in Ocala could drop to $75k because insurance could be over $10,000 a year! No one could afford that or would pay for that. Therefore they would buy with 100% down. I would try and get a loan from my parents with the condition I honor the loan even if the house gets flattened by a hurricane. No one would honor the bank's loan, they would just walk away and let the bank forclose whats left of the destroyed house. For this reason, banks wont loan you if you arent insured. You might be able to get private financing but they will require/charge like 33-50% downpay and like 15% interest to "protect" themselves because they know people will walk away. Their strict requirements will ensure they make more profit than loss. Does anyone know what day we will find out if the Senate bill got repealed or not(if not, big problem!) How far do you think prices will then drop? I already said 50% or more!

http://homepics.realtor.com/image9/http/ocala/listings/large/004/242660a.jpg (broken link)

Imagine paying over $10k a year hurricane insurance on that $149k house!





Actually, a 200% increase is triple! That would make his insurance cost $17,400 a year! This would cause a very, very, very big crisis! I can see thousands upon thousands of houses getting forclosed as people just walk away. Those who are almost done with the morgage will try to borrow from family and friends to own the house free and clear(paying them back of course) and cancel the rip-off insurance! Others will be happy to sell their house for half the price instead of lose it all by walking away. There will be willing buyers at half price, those who can afford to pay 100% down. $95k for a $190k house would be a pretty good price even at the risk of being uninsured. My parents would cancel their own home insurance(they own free and clear) but they will lose all their equity they had in the house as it halves in value. If this happens, theres no point ever selling it, they can keep the house for the rest of their lives or till a hurricane demolishes it away then sell the land for what little value it has and they are welcome to move to Oil city and be near me. Very bad insurance crisis in Florida, I feel so bad for my parents, I told them to sell the house last year when it was still worth alot.

Why would you pay 10k for insurance when I have a brand new home similar to this one and I only pay $1,182.00/yr. I think you're jerking our chains. Just trying to scare the public into believing this stuff. That's why prices of homes are dropping because of people like you who exagerate. You scare the buyers away and the then other people have to have to drop their prices to get out of their homes. Buyers are drying up because of people like you and the media that exagerate costs. I'd like to see your bill on line. Post that to show us, not the picture of your house. I'll be happy to show anyone my insurance bill. My insured amount is 200k replacement value with State Farm Ins., not 149k.

[daniellefort]

Maybe take a look at where these people live. I live in Citrus County and have not been affected by any insurance issues yet anyways. It seems like most people i've read complaining of the insurance and those moving away are coming from down in the southern state around Miami, Ft. Lauderdale and those areas. Believe it or not, there still are places you can afford to live in FL. i live right across the street from a lake even. Just might take a little more researching to find them.

[mystree]

Why would you pay 10k for insurance when I have a brand new home similar to this one and I only pay $1,182.00/yr. I think you're jerking our chains. Just trying to scare the public into believing this stuff. That's why prices of homes are dropping because of people like you who exagerate. You scare the buyers away and the then other people have to have to drop their prices to get out of their homes. Buyers are drying up because of people like you and the media that exagerate costs. I'd like to see your bill on line. Post that to show us, not the picture of your house. I'll be happy to show anyone my insurance bill. My insured amount is 200k replacement value with State Farm Ins., not 149k.

We were going to buy in florida,we got an insurance quote for $1400.00 and at that time the woman at the insurance company said it was going to go up in july,this was may and it could possibly double or more...at that point we said no to florida.The home was $109,000 at that time. so no it's not an exaggeration.

[SunshineState]

Originally Posted by daniellefort

Maybe take a look at where these people live. I live in Citrus County and have not been affected by any insurance issues yet anyways. It seems like most people i've read complaining of the insurance and those moving away are coming from down in the southern state around Miami, Ft. Lauderdale and those areas. Believe it or not, there still are places you can afford to live in FL. i live right across the street from a lake even. Just might take a little more researching to find them.

I live in Pasco County which has the second highest rates in the state second only to Monroe County (The Key's) and yet Pasco County according to the meteorologist and state agencies is the "least" likely area to be hit by a hurricane. (and hasn't had a direct hit ever!) We are not in the southern portion of the state. All I have to say is those of you un-affected by the outrageous increases...hold on to you panties...you have been fore warned!

[gypsychic]

I was told by the insurance companies that it is not the hurricanes but the SINKHOLES here. Even though I am in East Pasco, they lump they whole county together. For most of us in Pasco, there is no insurance at all except Citizen's. I have a little Florida cracker shack (old) and if I went with Citizens would have to pay close to $3,000! I told my lender I couldn't get any ins. and they placed me with their blanket lender, which doesn't provide much, but I don't care. The house I sold (next door) last year went from about $1,200 ins. when I had it to about $3,600 this year with Citizens! So no, we are NOT exaggerating. I know people paying even more. It is extortion, plain and simple!

[Need_affordable_home]

I wont be paying more than about $75k for a house in Florida and I am self insuring as its much cheaper that way. Maybe ill find a job here and if I have to stay for a while because I cant find the same job elsewhere, ill just buy a $20k-$30k mobile home or a house for $75k or less(if prices drop this low) I will quit the job once I have enough saved up and relocate to an area without the problem of expensive insurance, hurricane and house prices.