Help - Homeowners Insurance.. (Brandon, Apollo Beach: new home, transfer, buying)

[wiltznucs]

I just took a contract out on a home in Apollo Beach. I've been looking for insurance and have run into a wide range of estimates. I've seen everything from $800 to $3,000 a year for my 2000 sq/ft home. I've contacted an insurer in Brandon and have quotes from a couple of companies. I've got one from St. John's which is pretty cheap. However, the Better Business Bureau has several complaints about the company. I got another from an upstart company called Olympus. Not much feedback on them as apparently they just started insuring FL sometime last month. Who are you guys using and could you give me some leads on reputable, trustworthy insurers who wont break me? Any contacts would certainly be appreciated!

[Team_Roberts]

I have a list on insurance companies that we give to our clients that are purchasing a home so they can shop around and find the best price. Send me a PM if you would like for me to email this to you.

[wiltznucs]

PM sent..Thanks!

[Keeper]

The reason you may not have gotten many responses is these are fairly new insurers in FL

[debidibly]

I'd sure like to know who is writing polcies this time of the year. We got stuck in Citizens last year when we bought our new home due to location and the fact that it had been months since we had a homeowner's insurance with another company (we lived with family while our home was being built). No one else would take us.

I just got this year's bill from Citizens, over $3900 and on top of that I have a separate flood policy for $317. And of course with the timing of my policy coming due during hurricane season no one reputable wants to write new policies. I'm ready for a march on Tallahasee!

[alphonso23]

When buying insurance consider your insurance purchase based on risk, not cost. Many times people buy insurance based on the cheapest price. In Florida, this approach can be a big mistake, when you consider possible mishaps that can happen due to hurricanes and flooding.

My recommendation is to get quality insurance from a respected company that covers your investment and will pay the claim, if a mishap occurs. Of course the cheapest insurance is just gambling without any insurance and betting on no mishap will happen in the future.

[Mathguy]

Originally Posted by debidibly

I'd sure like to know who is writing polcies this time of the year. We got stuck in Citizens last year when we bought our new home due to location and the fact that it had been months since we had a homeowner's insurance with another company (we lived with family while our home was being built). No one else would take us.

I just got this year's bill from Citizens, over $3900 and on top of that I have a separate flood policy for $317. And of course with the timing of my policy coming due during hurricane season no one reputable wants to write new policies. I'm ready for a march on Tallahasee!

A couple comments:

1) Citizens is over-all underpriced. They are basically just charging enough to cover the basic stuff with no *extra* for when there is a bad storm year. Now that doesn't mean they are pricing your specific home correctly, I'm just talking generalities. (The legislature basically said that taking the needed rate increases for citizens was politically unworkable.)

2. Citizens is now the largest property insurer in the state of FL having passed State Farm. If you factor in total risk, because citizens writes the high-risk stuff near the coasts and in the south end of the state....they have by far the largest storm exposure.

3. When the next bad storm year occurs, Citizens will be short 30-40billion. There will be tack-on assessments of 10% on almost every type of insurance you purchase in the state until that's paid down....so figure on it taking many years.

So let me re-cap. People and businesses etc. that can afford to live closer to the beach are getting cheaper insurance which will eventually be paid for by everyone in the state via assessments. If you live further north and in-land, your politicians that painted Citizens as helping the "little guy" is really forcing you to subsidize wealthier Floridians and non-FL people that have beach front property etc etc.

[Mathguy]

Originally Posted by Keeper

The reason you may not have gotten many responses is these are fairly new insurers in FL

I found this older thread which had some good advice about how to check out some of the newer companies.

Personally, they are cheaper for a reason. I'd generally try to stick with one of the bigger brand names like State Farm etc.

//www.city-data.com/forum/orlan...e-company.html

[MortonR]

I don't think State Farm is writing homeowner's policies here any more.

When we bought our current home last year, SF would insure us, but only because we had an existing policy. They implied that once a year was up and renewal time came, it was unlikely the policy would be renewed.

It was a moot point, as we shopped around and found coverage through Allstate for about a third of what SF wanted.

RM

[Mathguy]

Originally Posted by MortonR

I don't think State Farm is writing homeowner's policies here any more.

When we bought our current home last year, SF would insure us, but only because we had an existing policy. They implied that once a year was up and renewal time came, it was unlikely the policy would be renewed.

It was a moot point, as we shopped around and found coverage through Allstate for about a third of what SF wanted.

RM

SF is still the 2nd largest property insurer in the state, citizens just passed them in like the last year or so. They still write A LOT there, just not in certain areas. (The state DOI has all this info on their website)

When SF had their giant pi$$ing contest with the state the final deal gave SF a modest rate increase but allowed them to transfer the crap they didn't want to Citizens. (about 15% of their business).

So, that's politics. The state didn't want to give SF a large (defensible) rate increase in the high risk areas so they just took over that portion at inadequate rate levels and is having the rest of the state subsidize them via eventual assessments.