Homeowners insurance rates - WOW! (Perry: appointed, home, school)

[sware2cod]

State politicians don't want to raise taxes....but it seems one of their main goals every year is to pass another new bill forcing Citizens Insurance to increase their rates every year.

Citizens has $6 billion in reserves and is rated tops of all insurance companies based in Fl as far as financial soundness.

We'll likely see Citizens rates raise every year as long as the same party is in control at the state level.

The private insurance lobby wants to force Citizens rates higher and higher and higher ...to chase customers to private carriers. The state politicians are lock step with the plan. they say it's because Citizen's can't handle a big storm. But Citizens is stronger in reserver financially than the private carriers.

[loves2read]

People don't like to face uncomfortable truths--
Republicans are doing the same thing with public education in FL and other states like TX in that many decisions made about state education is done with the desire/intention to force people into private schooling...
various reasons include more exposure to religious precepts, restricted world view, and enriching Republican supporters

[FLL_Bound]

I'm considering a mobile home as an option in Venice. Can anyone tell me what the premium might be for insurance if it's inland and not in a flood zone? Value at approx 75K.

Thanks

[ILoveLidoBeach]

Originally Posted by loves2read

People don't like to face uncomfortable truths--
Republicans are doing the same thing with public education in FL and other states like TX in that many decisions made about state education is done with the desire/intention to force people into private schooling...
various reasons include more exposure to religious precepts, restricted world view, and enriching Republican supporters

The thread is about insurance rates, not politics.

[Californianz]

To follow up FWIW - here are some comparative rates I found while shopping around - with wind mitigation report - the property was built in 1994 and just over 3900 square feet.

To me - every single one of these insurance companies are "no name" generics (with the exception of Citizens which I never heard of before until I got to FL), so no real feel for what's solid and what's shady.

Millennium was great because they quoted it 10 different ways at once...great way to do business IMHO.
If you would like to get quotes from any of these sellers, just google the seller name along with "FL insurance".


Insurance Companies Deductible Hurricane Ded. = all 2%
12 mo. Seller Actual insurer

3153 Jeff Polivchak Sunshine 1000
3284 Millennium UPC 2500
3496 Millennium FL Peninsula 2500
3537 FFBIC Arc Royal 2500
3694 Millennium UPC 1000
3707 Millennium FL Peninsula 1000
4101 Cari Fallen Citizens 2500
4687 Millennium Security 1st 1000
4752 Millennium Federated 2500
5772 Millennium Olympus
5797 Millennium Citizens
6071 Millennium ASI
6208 AAA ASI Preferred 1000
8628 Millennium Universal

[joeyddog]

We only have a condo but switched out of Citizens after getting several letters from them trying to dump us on a no name company and hearing that their rates were going up significantly this year. We went to AAA and got their premium AAA plan which entitled us to a home insurance plan (bundled with auto) with better coverage than Citizens. We were told we could downgrade our AAAplan after 1 yr without affecting our insurance rates.

[Californianz]

Originally Posted by joeyddog

We only have a condo but switched out of Citizens after getting several letters from them trying to dump us on a no name company and hearing that their rates were going up significantly this year. We went to AAA and got their premium AAA plan which entitled us to a home insurance plan (bundled with auto) with better coverage than Citizens. We were told we could downgrade our AAAplan after 1 yr without affecting our insurance rates.

Everyone kept saying "check AAA" so we did - the only insurance company they offered us was ASI at nearly double the lowest competitor. Because the HO rates were so high we didn't even look at their bundled auto quote which they said was required to get the "best" price. If that's the best they can do - no thanks.

We are leaning towards just getting the lowest cost/lowest deductible one in the group "Sunshine Insurance Company" . They have an A+ BBB rating. It's required for the close of escrow and a necessary evil, so - whatever.

But there is an insurance company survival guide online here - http://cf.htcreative.com/insurance2/...eriskhome.html - which might make us think twice. the only thing is - I don't know what year that was created.

[sware2cod]

Originally Posted by Californianz

To follow up FWIW - here are some comparative rates I found while shopping around - with wind mitigation report - the property was built in 1994 and just over 3900 square feet.

To me - every single one of these insurance companies are "no name" generics (with the exception of Citizens which I never heard of before until I got to FL), so no real feel for what's solid and what's shady.

Millennium was great because they quoted it 10 different ways at once...great way to do business IMHO.
If you would like to get quotes from any of these sellers, just google the seller name along with "FL insurance".


Insurance Companies Deductible Hurricane Ded. = all 2%
12 mo. Seller Actual insurer

3153 Jeff Polivchak Sunshine 1000
3284 Millennium UPC 2500
3496 Millennium FL Peninsula 2500
3537 FFBIC Arc Royal 2500
3694 Millennium UPC 1000
3707 Millennium FL Peninsula 1000
4101 Cari Fallen Citizens 2500
4687 Millennium Security 1st 1000
4752 Millennium Federated 2500
5772 Millennium Olympus
5797 Millennium Citizens
6071 Millennium ASI
6208 AAA ASI Preferred 1000
8628 Millennium Universal

I bet the rates go down a lot if you increase the hurricane deductible to 5%.

Did you try 5%?

[StepHome941]

Several issues....
1. The home is 3,800 square feet. The insurance companies don't really care what you paid for the home, what they care about is replacement value. So to replace or reconstruct a home of that size they look at what it would cost in today's construction prices to rebuild a home of that size.
2. Age of home. In 2002 the 1996 Miami Dade hurricane code became standard state-wide so 2002 or newer will save you big $$$ on insurance. Prior to 2002 will cost you much more.

I wrote an article about this on my blog called "The Price of Paradise" which discusses the homeowner's insurance problem in Florida, and our own experience. We were originally going to move to South Venice. This was a 1972 home and was going to cost us $1700 per year in homeowner's insurance PLUS an additional $1100 in flood insurance. Then we looked in North Port and bought a 2005 built home, same square footage, cost $517 per year in homeowner's insurance and since it was not in a flood zone, no flood insurance. That is a big difference and it's a year after year expense not a one time expense.

[gypsychic]

Originally Posted by StepHome941

Several issues....
1. The home is 3,800 square feet. The insurance companies don't really care what you paid for the home, what they care about is replacement value. So to replace or reconstruct a home of that size they look at what it would cost in today's construction prices to rebuild a home of that size.
2. Age of home. In 2002 the 1996 Miami Dade hurricane code became standard state-wide so 2002 or newer will save you big $$$ on insurance. Prior to 2002 will cost you much more.

I wrote an article about this on my blog called "The Price of Paradise" which discusses the homeowner's insurance problem in Florida, and our own experience. We were originally going to move to South Venice. This was a 1972 home and was going to cost us $1700 per year in homeowner's insurance PLUS an additional $1100 in flood insurance. Then we looked in North Port and bought a 2005 built home, same square footage, cost $517 per year in homeowner's insurance and since it was not in a flood zone, no flood insurance. That is a big difference and it's a year after year expense not a one time expense.

Yup, we pay even more than that for a 1400 sq ft. rancher in Flood Zone A. It goes up every year, and we have HUGE deductibles to boot. And no choice whatsoever of companies, we almost feel lucky we could get any insurance at all. I don't know what is going to happen here in the future. It used to be you could just insure for the amount of the mortgage, now every company wants full replacement coverage at today's costs. It's a budget-buster for sure.