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Old 09-29-2007, 02:52 PM
 
Location: Tampa
3,981 posts, read 9,684,397 times
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Allstate seeks 41% rate hike - 09/29/2007 - MiamiHerald.com (broken link)


Allstate seeks 41% rate hike
Allstate put in a request for rate hikes topping 40%, despite state-sponsored discount reinsurance.


The way I understand it, heres what the insurance companies want

if they preidct that your house has a chance of 50k damage over a 10 yr period, they want to charge you 5k a yr, plus some profit.

using a formula like that, based on what may happen, i dont think many people in florida near the coasts will be able to afford the insurance much longer
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Old 09-30-2007, 12:23 PM
 
Location: Heartland Florida
9,324 posts, read 24,563,309 times
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This may be a good thing, no insurance = no mortgages. No mortgages means people have to pay cash. This will drive prices down. Lower prices = lower property taxes. The only downside is not having coverage in the remote possibility your home gets destroyed. Actually fire is a much greater risk than hurricanes. The hurricane risk is vastly over-exagerated.
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Old 10-02-2007, 05:51 AM
 
3 posts, read 6,659 times
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I would drop my hurricane coverage and only keep fire and liability coverage if I could. The last time I checked I couldnt do that even without a mortgage.
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Old 10-02-2007, 06:10 AM
 
602 posts, read 1,165,349 times
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Quote:
Originally Posted by Idmason60 View Post
I would drop my hurricane coverage and only keep fire and liability coverage if I could. The last time I checked I couldnt do that even without a mortgage.
Why cant you drop your windstorm coverage if you have no mortgage.Who told you that you cant? I'm thinking about doing the same or selling my house. Insurance premiums are ridiculous. I built my house in 1992 and total premium was $400. I live 300 ft from the ocean, stayed in my house for both Francis and Jeanne and had zero damage and never a claim-now they want $5000 for insurance! Insurance and taxes will ruin Floridas housing market very soon if something isnt done. I thought I'd never leave my little slice of paradise but we have been looking for property in NC and SC for the last few months.
John
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Old 10-02-2007, 09:56 AM
 
Location: Tampa
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I think Insurance is going to be a bigger problem for people than the high costs.

Be interesting to see what happens.
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Old 10-02-2007, 01:23 PM
 
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as i understand it, if you can save at least 25% off your insurance rate you can get into the citizen insurance pool. do you try them?
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Old 10-03-2007, 02:04 PM
 
Location: Heartland Florida
9,324 posts, read 24,563,309 times
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Insurance rates will decrease if the hurricanes stay away. Insurance is a LOT cheaper than property tax, which is largely money flushed down the toilet.
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Old 10-09-2007, 06:37 PM
 
Location: Punta Gorda
2 posts, read 5,348 times
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Insurance rates will decrease when people update their houses to meet new codes. The state is helping people with matching grants to do this. If you get their free wind inspection, and it passes or you do what needs to be done , you are qualified for better insurance rates. See my post under hurricanes.
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Old 10-09-2007, 07:37 PM
 
Location: Tampa
3,981 posts, read 9,684,397 times
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Originally Posted by llolson View Post
Insurance rates will decrease when people update their houses to meet new codes. The state is helping people with matching grants to do this. If you get their free wind inspection, and it passes or you do what needs to be done , you are qualified for better insurance rates. See my post under hurricanes.
they MIGHT decrease

if the actuaries decide that global warming is real and the seas are going to rise, they will pull back from the coasts completely.
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Old 10-19-2007, 08:22 AM
 
3 posts, read 7,691 times
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Default State Grant Program

I agree homeowners should be more proactive to harden their own homes against storm threats. Very little of this is happening. Surprisingly few people seem aware of the state sponsored "My Safe Florida Home" inspection and grant program. Participation in this FREE program is supposed to mandate private insurers to provide wind mitigation discounts. Insurance industry doesn't seem too happy with that. During my renewal process, I am met with reluctance and outright hostility from respected insurance agencies, by only trying to help manage risk for all concerned. Sure, corporate profit reigns supreme, no question - I just want my measly state required discount. How do others fare?
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