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Old 09-20-2011, 09:13 AM
 
Location: Cooper City, FL transplanted from MD
66 posts, read 155,430 times
Reputation: 42

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Ok, so we bought a house in Broward County last Nov. our insurance premiums were around $3000 for last year. I just got my new notice and it went up $1000! Is that normal? We have had no claims? Any ideas?

There hasn't even been a hurricane this year! I was so excited to get my homestead credit this year and now that has been eaten up in insurance premiums

Thanks for your advice!

Michelle
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Old 09-20-2011, 11:10 AM
 
Location: Miami, Florida
613 posts, read 682,301 times
Reputation: 261
Quote:
Originally Posted by ruhighlander View Post
Ok, so we bought a house in Broward County last Nov. our insurance premiums were around $3000 for last year. I just got my new notice and it went up $1000! Is that normal? We have had no claims? Any ideas?

There hasn't even been a hurricane this year! I was so excited to get my homestead credit this year and now that has been eaten up in insurance premiums

Thanks for your advice!

Michelle
Michelle,


Your premium increase percentage seems to be in line with what I would consider a normal increase for this year for most companies, although it is on the high end for people who have not had a change in status.

You are aware that internal factors influence your premium but external factors influence your premium as well. Perhaps you did not file a claim last year, but maybe most of your neighbors did and they expect this trend to continue into the future so the risk is increasing. There was not a hurricane this year, but there will be one in the future. Ect………………………………..

To minimize the increase you should ask your insurance agent if it is possible to alter coverage levels or if you might be or what you can do to become eligible for additional discounts.

If I was you, I’d sell the house and rent an apartment, so you don’t have to deal with the nightmare of being a homeowner any longer. Renting = Freedom!
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Old 09-20-2011, 12:16 PM
 
Location: Vero Beach, Fl
2,952 posts, read 12,489,735 times
Reputation: 2094
The increase is not unusual; however, let me give you some pointers. First I have lived in Broward County for over 20 years. Some years ago when we were hit my numerous hurricanes, our premium went from just over $3,000 to almost $9,000. That was a sobering experience.

Do yourself a favor. Pay to have your home inspected by an approved state inspector (this is not the home inspector that came to your house when you purchased your home). This is what we did and it shaved many thousands off of our premium. What affects the rates? The type of roof you have, whether you have hurricane impact windows, and other factors that would reduce risk. The best place to start is by calling your insurance agent.

Good luck to you!
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Old 09-20-2011, 02:23 PM
 
Location: Cooper City, FL transplanted from MD
66 posts, read 155,430 times
Reputation: 42
Thanks! I have our insurance agent is shopping around. We did have a wind mitigation test last year but I think that was tied into the home inspection I will have to check out the possibility of another inspection. Thanks for all the advice...being from MD I was totally shocked by the insurance costs here but didn't realize it could increase so quickly . It's a high price to pay for all the sunshine! I'll keep you posted.
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Old 09-21-2011, 05:44 AM
 
188 posts, read 537,559 times
Reputation: 58
Our insurance just went up from $2,700.00 to $5,600.00 this year. In July, 2010 the state of Florida changed the inspection forms in several ways. My roof which was considered a hip roof is now a hip and gable roof. This is the bulk of my price increase. From what I have been told the form used to state that 10% of your roof needed to be hip to receive hip discounts. Now it is 50%. Another reason ours went up is because our hurricane shutters are not up to code?! They have no stamp stating they are "Dade County approved" My insurance company, Universal had my home reinspected just a few months ago (we had an inspection when we moved here in 2008) and this is the outcome.
Should you choose another insurance company be prepared that they might want a new inspection and depending on your roof and other factors your premium might go up even more. No matter what we will be leaving Universal!
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Old 09-22-2011, 06:03 PM
 
Location: Cooper City, FL transplanted from MD
66 posts, read 155,430 times
Reputation: 42
We have Universal too. Thanks for the info.
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Old 09-24-2011, 02:32 PM
 
1,468 posts, read 4,319,291 times
Reputation: 1080
Quote:
Originally Posted by ruhighlander View Post
Ok, so we bought a house in Broward County last Nov. our insurance premiums were around $3000 for last year. I just got my new notice and it went up $1000! Is that normal? We have had no claims? Any ideas?

There hasn't even been a hurricane this year! I was so excited to get my homestead credit this year and now that has been eaten up in insurance premiums

Thanks for your advice!

Michelle
Your screwed, welcome to Florida. Mine went up from $2500.00 to over $8000.00 with not a single claim. I have since dropped my wind storm and it went down to $1400.00 but in three years has cheeped up to $2300.00. Get used to it it will only get worse.

With this Rep piece of trash as Governor we are all screwed.

http://www.miamiherald.com/2011/05/17/2221677/scott-signs-property-insurance.html (broken link)
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Old 09-25-2011, 12:43 PM
 
Location: Seattle, WA
2,975 posts, read 4,306,989 times
Reputation: 1214
Quote:
Originally Posted by mango23 View Post
Your screwed, welcome to Florida. Mine went up from $2500.00 to over $8000.00 with not a single claim. I have since dropped my wind storm and it went down to $1400.00 but in three years has cheeped up to $2300.00. Get used to it it will only get worse.

With this Rep piece of trash as Governor we are all screwed.

Scott signs property insurance bill into law - Legislature - MiamiHerald.com (http://www.miamiherald.com/2011/05/17/2221677/scott-signs-property-insurance.html - broken link)

The idea is that once insurers are able to charge what they "think" they need to charge, competitors will move back into Florida, which will bring the rates down somewhat, and more importantly, stabilize rates long-term. Which would allow people like me to consider buying a home. Under the system we have now, even if I buy something I can afford now, I have no idea what my payments will be 5 years from now.

Meanwhile, I think there should be some kind of short term private-public low-interest loan program for those who truly cannot afford the initial abrupt increase.
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Old 09-25-2011, 02:12 PM
 
1,468 posts, read 4,319,291 times
Reputation: 1080
Quote:
Originally Posted by hurricaneMan1992 View Post
The idea is that once insurers are able to charge what they "think" they need to charge, competitors will move back into Florida, which will bring the rates down somewhat, and more importantly, stabilize rates long-term. Which would allow people like me to consider buying a home. Under the system we have now, even if I buy something I can afford now, I have no idea what my payments will be 5 years from now.

Meanwhile, I think there should be some kind of short term private-public low-interest loan program for those who truly cannot afford the initial abrupt increase.
You mean competitors will move back in because it is easy pickings, charge what ever they want; in other words, a license to steal.
If you actually do the numbers, Florida home windstorm insurance is the worst bet you will ever make in your life.

Say $5000.00 a year for Wind storm on a $200,000 house.
$200,000 divided by $5000 = 40 to 1 on the money your home will be hit and a total lost. With the deduct or $4000.00 (2%) and it is worse, more like 22 to 1

Actual odds, more then 1 in millions your home will be destroyed by a hurricane. How many homes in Florida were destroyed by a hurricane last year? Then year before that and before that and before that and so on and so on. Yet they keep rasing rates. Then after years and years of making record profits if they do ever have to pay something they begin crying poor mouth and claim they need to raise the rates more. You don't see the joke in this? It is like a casino game and they make the rules. The difference is, you don't have to play in a Vegas casino, but you do have to play in the casino of the insurance companies. Unless you are like me and don't have any mortgages. I self insure and take my chances, the odds are "HUGELY" in my favor. Of course I do carry fire and liability.

Last edited by mango23; 09-25-2011 at 02:24 PM..
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Old 09-25-2011, 05:05 PM
 
Location: Ft Lauderdale
351 posts, read 1,015,683 times
Reputation: 108
Quote:
Originally Posted by mango23 View Post
Your screwed, welcome to Florida. Mine went up from $2500.00 to over $8000.00 with not a single claim. I have since dropped my wind storm and it went down to $1400.00 but in three years has cheeped up to $2300.00. Get used to it it will only get worse.

With this Rep piece of trash as Governor we are all screwed.

Scott signs property insurance bill into law - Legislature - MiamiHerald.com (http://www.miamiherald.com/2011/05/17/2221677/scott-signs-property-insurance.html - broken link)
Do you own your home outright? That must be the only way to not have windstorm coverage.
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