2023-2024 Home Insurance Cost in Tampa Area? (mortgages, new house)

[Travelassie]

Originally Posted by City Guy997S

They have law firms that will reach out to homeowners and then sue insurance companies for new roofs at no cost to the homeowner! You "assign" your claim to them (essentially a blank check) and they get you the roof (obviously with the cheapest contractor they can find) then bill the insurance company for all sorts of non-sense (driving up the bill dramatically).

My neighbor got a free roof (about a 28K job if you paid a local roofer) but her claim was for over $75,000!
Now here comes the oof, when the company goes to renew her policy they will notice the 75K claim and charge accordingly because she is now a high risk insured. She could easily pay over 28K in increased premiums over the next few years!

NOTHING IN THIS WORLD IS FREE!

Wow, I wasn't aware of the law firms soliciting homeowners to get their insurance information so they can initiate those lawsuits against the insurance companies for ( probably unnecessary) new roofs for the homeowners. My guess is there is a precipitating event, like a bad storm with middlin' to high winds in an area that starts the law firms, roofing contractors, and maybe some public adjusters contacting homeowners about their roofs- as in the storms that occurred in December 2021 as I heard it. Even if a homeowner isn't contacted by one or more of the above entities they advertise ad nauseum on TV, billboards so a homeowner inclined to get in on the scam has plenty of contact information to contact them.

We've never been contacted by a roofer or attorney ( except maybe after Ian here, and we sent them packing, informing them WE would choose our roofer from local vetted tradesmen, not some flybynight from who knows where and most certainly NOT a law firm) but we wouldn't do business with these people. We had a local roofer with vetted credentials and a good reputation replace our roof- not for $28,000 but for $19,500- more like pre-Ian going prices, and we paid them out of pocket, and were reimbursed by our insurance company. We did the same thing with repairs for all of the other damage, with no problems at all over reimbursement by our insurance company. I have to guess many of the fights people have with their insurance companies ( not all, I know) have to do with greatly inflated claims amounts. Add attorney fees to that, you have a convoluted mess.

[MortonR]

I got a $20k roof replaced for $900 out of pocket on a house about five years ago. I asked my insurance agent about having the roof inspected for damage after all the storms in the mid-teens and they told us to go ahead and get it done.

I had two different (reputable) roofing companies come out and inspect the roof, which was approaching 20 years old. I also asked my insurance company to send someone out to inspect it, too.

The first roofer said nothing, just went over it, gave us a quote and that was it.

The second roofer, who also showed up at the same time the insurance inspector came, spent a good 45 minutes going over the roof, marking things with chalk, and taking pictures. The insurance company inspector was following the roofer around most of the time.

The insurance company inspector thanked us and promised a report in a few days. The roofer spent about 30 minutes with me going over all the damage they found as well as wear from age and the climate.

Two days later the insurance company calls and says that they're replacing the roof and out out of pocket will be $900. Nice. Guess which roofer got the job?

Now here's something I bet you didn't know...

There are subscription services for roofing and contracting businesses that use very detailed, pay-to-play datasets from the National Weather Service to identify areas where there have been weather events. Even something as minor as a heavy thunderstorm will show up. This is so granular that it can get down to the individual addresses that were affected.

As a subscriber, you sign up, pay your money, and get reports based on the type of event (wind, rain, hail, lightning, etc.) in specific ZIP codes.

When something happens, you'll get a report based on that data within hours of it happening, with lists of addresses and property owners as well as other identifying information. Now you do a mailing or send your people out door-to-door to get business.

RM

[Travelassie]

Originally Posted by MortonR

I got a $20k roof replaced for $900 out of pocket on a house about five years ago. I asked my insurance agent about having the roof inspected for damage after all the storms in the mid-teens and they told us to go ahead and get it done.

I had two different (reputable) roofing companies come out and inspect the roof, which was approaching 20 years old. I also asked my insurance company to send someone out to inspect it, too.

The first roofer said nothing, just went over it, gave us a quote and that was it.

The second roofer, who also showed up at the same time the insurance inspector came, spent a good 45 minutes going over the roof, marking things with chalk, and taking pictures. The insurance company inspector was following the roofer around most of the time.

The insurance company inspector thanked us and promised a report in a few days. The roofer spent about 30 minutes with me going over all the damage they found as well as wear from age and the climate.

Two days later the insurance company calls and says that they're replacing the roof and out out of pocket will be $900. Nice. Guess which roofer got the job?

Now here's something I bet you didn't know...

There are subscription services for roofing and contracting businesses that use very detailed, pay-to-play datasets from the National Weather Service to identify areas where there have been weather events. Even something as minor as a heavy thunderstorm will show up. This is so granular that it can get down to the individual addresses that were affected.

As a subscriber, you sign up, pay your money, and get reports based on the type of event (wind, rain, hail, lightning, etc.) in specific ZIP codes.

When something happens, you'll get a report based on that data within hours of it happening, with lists of addresses and property owners as well as other identifying information. Now you do a mailing or send your people out door-to-door to get business.

RM

Makes me wonder how long, or how often the insurance company will sit still for replacing policyholders' roofs every time there is a weather event in their zipcode.

[MortonR]

I think they're getting far keener about depreciating roof values, so as time goes on their exposure becomes less and less. My insurer said nothing about it at the time, despite knowing that it was the original roof on a house that was about 20 years old. I know my current policy, which is with a different insurer, does refer to the depreciation of exterior surfaces and roof.

I'm just saying that there are tools out there for savvy contractors to target affected areas, it's not a random thing.

RM

[hokiepoke]

Last year my insurance sent a note requiring roof replacement as a pre-requisite before renewal. This was on a still perfectly fine 11 years old roof. This was due to us having a new inspection report submitted and the inspector flagged the roof as having 3 or less years of life left. We got several quotes in the range of $18-25k just to replace. Interesting when talking with the roof estimate who told us don't bother getting the 25 yrs roof since insurance likely will make us replace within 15 yrs timeframe. That all seems kind of messed up. Thankfully within 3 months of renewal the requirement was rescinded and let us kick the can down the road another year or whenever at the whim of the insurance company. Nevertheless there was a sizeable increase in annual premium that basically have bumped our monthly mortgage payment up $150/mo to cover the escrow increase needed. The price of sun and sand.

[MortonR]

I have had substantial increases in homeowners insurance premiums the last two years.

I own a 20 year old home with a roof replaced in 2018. In 2021 my insurance was around $2100/year. In 2022, that amount increased $900, making the new premium $3000/year. When it renewed this year, it increased $500 to $3500/year.

This is unacceptable and shows no indication that it will stop.

RM

[FL_Expert]

Originally Posted by MortonR

I have had substantial increases in homeowners insurance premiums the last two years.

I own a 20 year old home with a roof replaced in 2018. In 2021 my insurance was around $2100/year. In 2022, that amount increased $900, making the new premium $3000/year. When it renewed this year, it increased $500 to $3500/year.

This is unacceptable and shows no indication that it will stop.

RM

I agree, but I don’t see another option if you want a mortgage. As someone who owns a lot of property, it’s scary. It make me want to sell everything and start over in North Carolina or somewhere else with lower property taxes and insurance.

[MortonR]

Originally Posted by FL_Expert

I agree, but I don’t see another option if you want a mortgage. As someone who owns a lot of property, it’s scary. It make me want to sell everything and start over in North Carolina or somewhere else with lower property taxes and insurance.

I don’t have mortgages, so that’s not an issue. However, I saw this coming 3-4 years ago, and as a result, began divesting everything I had in FL. I’ve done so successfully and will complete the task in the spring when I unload the last property and leave the state.

RM

[LKJ1988]

Originally Posted by MortonR

I have had substantial increases in homeowners insurance premiums the last two years.

I own a 20 year old home with a roof replaced in 2018. In 2021 my insurance was around $2100/year. In 2022, that amount increased $900, making the new premium $3000/year. When it renewed this year, it increased $500 to $3500/year.

This is unacceptable and shows no indication that it will stop.

RM

Same for Auto Ins.

[MortonR]

Originally Posted by LKJ1988

Same for Auto Ins.

I can't speak for others, but in all honesty, while our car insurance rates are outrageous as well, mine have been pretty stable over the past 6-8 years, I would say.

RM