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Old 04-30-2007, 04:57 PM
 
93 posts, read 355,401 times
Reputation: 42

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Quote:
Originally Posted by Donna-50 View Post
Mine went up 100% (71% increase and 29% because house prices going up) in 2006 from 2005 and this year I got a non-renewal.
Here's a thought. What would it cost to replace your house?? Ask a local builder for an approximate cost per SF. As an example lets use $100. per SF. This would not be for a fancy house, granite countertops etc etc but a regular home

If you have a 2000 SF house then the replacement cost would be 200K What is your house currently worth? Lets use 350K
How much do you owe on your house?? for this example we will use 200K
How much is your house insured for??? Obviously it has to be insured enough to cover the mortgage, but how much more?
What is the land your house sits on worth? For that price house, probably 75K or even more.

Hurricanes cannot take away the land ( waterfront excluded) they can only destroy the house. Using the example from above the house is worth 350K now subtract the land 350K - 75K = 275K replacement cost = 200K mortgage balance is the same, you should be insured for no more than 200K plus contents.

If the hurricane comes and destroys your house, you will receive a check for 200K minus the deductable. The proceeds of which will be used to pay off the existing mortgage. You now have no house but a building lot worth 75K with replacement cost of 200k you build a new house where the other one was and you are right where you started except with a new house.

The point of all this is to insure to the proper amount for building and contents not overinsure. Unless you are playing hurricane lotto. Extract the value of the land from the FMV of the house, if this number is larger than what you owe the bank then you are probably overinsured. This does not apply in all cases but in most.

If you have questions or do not fully understand this then post questions and I will try to answer them for all.
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Old 04-30-2007, 05:14 PM
 
1,080 posts, read 4,424,526 times
Reputation: 609
Default Citizens

My homeowner's for 2007 went from $1,700 to $4,500, nearly passed out when I saw that one......BUT, my agent here in Spring Hill told me to have house reappraised and guess what, appraisal came in real low, sent it to Citizen's and got down to $2,200 with a 2,500 deductible and no garanteed replacement cost because with a high deductible I wouldn't collect anything anyway.........just today got a new bill for $1,700.

BTW they have my home 2,000 sq. ft. at $300,000 to replace and had personal property at $198,000...........no way in hell I have personal property
worth that much. And the reappraisal came back at $197,000 a far cry from $300,000.
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Old 04-30-2007, 06:41 PM
 
1 posts, read 2,246 times
Reputation: 10
We are looking for a new Insurance Co. For our mobile home. We live in Sarasota County 8 months and Ma. 4 months needless to say both states Insurance Co. decided to drop us. We have Ins. now in Ma. but none in Florida. Any suggestions or help will be appreciated.
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Old 04-30-2007, 10:11 PM
 
Location: Central FL
1,683 posts, read 7,953,416 times
Reputation: 849
I want to know where that insurance DECREASE is that the Florida legislature promised us!?!?!
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Old 05-02-2007, 12:39 PM
 
7 posts, read 20,313 times
Reputation: 11
Default Just got our HOI renewal letter!

Well, I wasn't holding my breath opening the envelope, BUT, our insurance went down from $2220 to $1724. Our renewal date is July 1. We have a 20 year old SF 4/2 with 2300 SF. When we bought it in 2002 our first HOI premium was $800. This is in the New Tampa area.
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Old 05-02-2007, 05:59 PM
 
432 posts, read 1,820,516 times
Reputation: 145
What are the rates people are paying in Navarre, Milton, Ft Walton Beach, MaryEsther?

I'm thinking 3 br 2 bath brick ranch built 2002-2006 not on the water, no pool.
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Old 05-02-2007, 06:16 PM
 
1,080 posts, read 4,424,526 times
Reputation: 609
Default Citizens

Golfer2......if you can't get insurance on your own, the insurer of last resort is Citizens.........their rates are always higher than regular insurers but if you want or need insurance, their the one's you have to go with.

They have restrictions on their policy......won't cover dog bites, no flood
insurance and their sinkhole coverage is iffy.
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Old 05-03-2007, 08:27 PM
 
Location: Pompano Beach, FL
36 posts, read 137,833 times
Reputation: 31
Ours went down, some type of rollback to the pre 2006 rates (or something like that). The insurance companies increase rates without state/fed approval, they had to reduce rates and refund the differences.

Windstorm went down from 3500 to 2400+/-. (got back $1100 adjustment refund) Drop the Flood Insurance (got 100% refund of $600) and the mortgage payments have reflected the difference--which is good.
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