From what I see going on daily drop your insurance coverage and just get a go fund me when it burns to the ground.

I have heard of lots of people in FL who own their homes outright deciding to self-insure, which is a fancy way of saying they don't have home insurance. Unfortunately, if you have a mortgage, you have no choice but to either buy from a home insurer, or self-insure according to the requirements of the mortgage holder. Many mortgage companies won't allow you to self-insure at all.

We just got a notice today that our auto insurance is going up 300.00 a year...

In addition to my 26% increase, I had to pay an additional $688 to add my 16 year old to the policy. 😬

Ouch! No Flo discount Mike?

I get the same discounts anyone else would get for various things like AAA membership, good student discount, etc. The only employee discount I can get is either $50/year if I have home or auto, or $100/year if I have both.

Wow! Bunch of tight azz people you work for!

I have the same insurance company i had 30 years ago before all these "new" companies came out of the wood work. Back then there was no Flo, Emu or Jake. If it's regulated they have a awful lot of cash to throw at advertising instead to the people who need it. They should restrict the insurance companies from advertising like they did with Cigarettes!

I’ve had Erie car insurance since I was 16 ( now 68)
I bought my house in 1984 and added Erie home insurance
I built my shop in 1991 and added an Erie insurance policy to it.

Which of those companies do you think are "new?"

Companies that are trying to grow, or even tread water, have to spend money on trying to bring in new clients. Usually that involves advertising and building their agent network. Apparently, some insurance companies find that TV advertising pays off, or they wouldn't do it. The self-insured organization that I am involved with writes premiums at an overall anticipated loss ratio of 50%. That means if everything plays out in accordance with the actuaries projections, 50% of premiums will be paid in claims expense. Approximately 30% goes to administrative expenses, marketing, and commissions, the rest goes to accumulating state required financial reserves, and surplus (profit ). Insurance companies operate on a very similar basis.

Stop making sense.

A portion from the article:
Those who lose their insurance may have to join the California FAIR Plan, the state's insurer of last resort. Besides being expensive, Susman said that program has become so overwhelmed with applicants that it can now take weeks just to get a quote. And plan operators say one big wildfire could throw the whole thing into insolvency. There simply aren't many good options for homeowners in high-risk areas.

"When I say they have few choices, I'm being kind! Some may literally have no choices. If they're too large for the California FAIR Plan, then they're going to have to talk with a broker to try to get a policy that could be through Lloyds of London," said Susman. "And we could be looking at premiums -- without exaggerating -- of 30, 40, 50 thousand dollars a year! Outrageous! But that's exactly what you expect to see when there's no competition, right?"

But he said there could be hope for the future. The state is looking to change regulations that would allow insurers to price policies on a home-by-home basis, something that's not currently allowed. Susman says that should attract insurers back to the market, allowing them to assess risk on more factors than just a zip code.

Nothing FAIR about what's going on out there and I chose the colored text for a reason

I will also comment in my experience, Ca. is a "TEST Bed" for new scams by the big boys

^ This is what's also happening in Florida. For anyone who thinks government run insurance is a good idea, listen to these horror stories.



This is also not a good idea for most consumers, but it's very likely the way things will end up, at least in FL and CA.

Why not? Living in FL, it’s not fair for me, living way inland, to subsidize wealthy people living in million dollar homes on the beach.
My hurricane odds/damage would be a fraction of someone who lives on the beach, or within 7 miles of it.

They're not referring to rating one house differently from another. They already do that. What they mean is that insurers are going to be allowed to choose which houses to insure and which ones to not insure. That's bad for consumers. Currently, if an insurer writes home insurance, they have to at least provide a quote for any property that meets their policy definitions.

In many states, if an insurer writes auto business and also writes home business, the state requires that they offer both. That's an example of good government regulation, because without that, no one in FL would be able to buy home insurance because no insurer wants to sell it there. The auto market in FL is so big that they reluctantly will sell home to get access to auto. But FL home has become so bad that carriers are starting to walk away from FL altogether, giving up their share of auto.

i have been with erie since 1972. had nationwide in 1968 until the switch.
we bought our house in 1983, and added it to erie, and have been happy ever since.
we now have a "guaranteed rate" on the auto until we move or buy a new car, because we have been with them so long. i'm stuck here until i cash in, and unless the "bus" gets run over by a big truck it's not getting replaced, so no worries there.........
the house insurance went up a little this year, maybe $20.00 [?] but the replacement value went up as well. at least it didn't jump 100 or more !

The last two yrs my total insurance costs have decreased, not significantly but they have still gone down. In the past 10 yrs my homeowners insurance has increased by $300 a yr. Again over a ten yr period this is not significant. The insured value like your's has also gone up. Its more than tripled. Since 2007 I've had one claim. This yr they paid to replace my roof. The cost was 20k. When I retired in 2020 the cost would have been $7900. The cost of materials and labor has increased at a ridiculous rate. I'm sure my rates will go up in June. I'll know in about two weeks when I get my renewal. If you doubt the roof cost figures just stop. I traveled nationwide handling catastrophe claims for a long time (30 yr rep). I wrote my own roof estimate before I left and compared it to what was written. Everything was correct only the cost has changed.
The insurance companies actuarial scales can no longer keep up. Depending on where you live it isn't going to get better anytime soon.