Re: Home insurance premium up 11.5%
[Re: second 70]
#2914269
04/24/21 11:32 AM
04/24/21 11:32 AM
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Joined: Jan 2011
Posts: 15,960 Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,960
Central Florida
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Yep. Mine went from $1600 to $2400! And I have high deductibles and limited coverage.
Facts are stubborn things.
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Re: Home insurance premium up 11.5%
[Re: second 70]
#2914298
04/24/21 12:37 PM
04/24/21 12:37 PM
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Joined: May 2003
Posts: 3,143 N.W. Florida
Fat_Mike
master
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master
Joined: May 2003
Posts: 3,143
N.W. Florida
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Yep, my increase is similar to Larry's. I'm seriously considering cancelling my homeowner's insurance and banking the money I pay them. If a "Hurricane Michael" ever happens to strike here, I'll suck it up and rebuild on my own dime...
EDIT: And for many in this area, the government just updated the flood plane maps. I have 3 friends, all neighbors to each other, that have suddenly been told they're REQUIRED to purchase flood insurance, even though they've never flooded. One of the 3 just finished building his house a year ago, and built his house 24" above what's required. Now HE has to go through the process of proving that he's above the flood plane.
Last edited by Fat_Mike; 04/24/21 12:45 PM.
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Re: Home insurance premium up 11.5%
[Re: Fat_Mike]
#2914377
04/24/21 03:51 PM
04/24/21 03:51 PM
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Joined: Jul 2008
Posts: 30,547 Florida STAYcation
dOc !
The village idiot's idiot
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The village idiot's idiot
Joined: Jul 2008
Posts: 30,547
Florida STAYcation
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Most of THEM are LIARS and THIEVES anyways... as one of THEM here can confirm Mark me down for self insurance ..... as many do in this area. MUCH of the insurance biz is a RACKET and a CON
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Re: Home insurance premium up 11.5%
[Re: dOc !]
#2914379
04/24/21 03:58 PM
04/24/21 03:58 PM
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Joined: Jan 2011
Posts: 15,960 Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,960
Central Florida
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I believe we must have insurance, or at least liability. Got to cover someone being injured on your property. But it is getting outrageous. I moved into my house in 1997. Concrete block/stucco. I added more hurricane protection. Hurricane straps to trusses. I have corrugated steel shutters for every glass. I had a wind mitigation survey and got a thumbs up. I'm not covered for flood because my area is very low risk for flood. In my 24 years I've never had a claim. But every year they have an excuse why my rates jump.
Facts are stubborn things.
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Re: Home insurance premium up 11.5%
[Re: second 70]
#2914416
04/24/21 05:19 PM
04/24/21 05:19 PM
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Joined: Nov 2003
Posts: 10,228 Colleyville
3hundred
I Live Here
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I Live Here
Joined: Nov 2003
Posts: 10,228
Colleyville
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I've been looking for places to retire, what I'm finding is most places housing is appreciating ~ 4% month, including here. The taxing authorities are collecting windfalls, on occasion they'll adjust their percentage down when this happens but it's a token. I'd started thinking I'd be able to retire here but it won't happen when my "rent" is $1,000 / month and rising rapidly.
Naturally insurance costs are following along but at least for us, it's about 1/5th of the taxes.
'68 Fury Convertible '69 300 Convertible '15 Durango 5.7 Hemi '16 300 S Hemi
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Re: Home insurance premium up 11.5%
[Re: 4406bbl]
#2914422
04/24/21 05:59 PM
04/24/21 05:59 PM
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Joined: Dec 2007
Posts: 20,066 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,066
Puttin' on the foil in Charles...
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Material cost is just the excuse....the blm summer of riots is the real reason. Yeah, except that it's not. My home insurance premium went up about 8%. Still a bargain, relative to the value of the assets I'm insuring. Car insurance is much more expensive than home insurance for most people in general, but even for those in hurricane/tornado prone areas, it's still usually cheaper than car insurance when you compare the values of the assets in question.
Earning every penny of that moderator paycheck.
DBAP
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Re: Home insurance premium up 11.5%
[Re: not_a_charger]
#2914429
04/24/21 06:06 PM
04/24/21 06:06 PM
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Joined: Jan 2011
Posts: 15,960 Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,960
Central Florida
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I just double checked my numbers. I'm up OVER 50%!
I understand 5%-10% increases, but not over 50%.
We can probably thank injury attorneys for some, just as we can for auto insurance increases
Facts are stubborn things.
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Re: Home insurance premium up 11.5%
[Re: larrymopar360]
#2914460
04/24/21 07:10 PM
04/24/21 07:10 PM
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Joined: Jul 2008
Posts: 30,547 Florida STAYcation
dOc !
The village idiot's idiot
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The village idiot's idiot
Joined: Jul 2008
Posts: 30,547
Florida STAYcation
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ANYONE REMEMBER when the primary meaning of the word PREMIUM meant ..... ...a REWARD ??!! Oh how that word has be throughly CORRUPTED by those dastardly ...
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Re: Home insurance premium up 11.5%
[Re: larrymopar360]
#2914461
04/24/21 07:17 PM
04/24/21 07:17 PM
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Joined: Dec 2007
Posts: 20,066 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 20,066
Puttin' on the foil in Charles...
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I just double checked my numbers. I'm up OVER 50%!
I understand 5%-10% increases, but not over 50%.
We can probably thank injury attorneys for some, just as we can for auto insurance increases Your HO went up 50%? Or auto?
Earning every penny of that moderator paycheck.
DBAP
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Re: Home insurance premium up 11.5%
[Re: not_a_charger]
#2914462
04/24/21 07:18 PM
04/24/21 07:18 PM
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Joined: Jan 2011
Posts: 15,960 Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,960
Central Florida
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I just double checked my numbers. I'm up OVER 50%!
I understand 5%-10% increases, but not over 50%.
We can probably thank injury attorneys for some, just as we can for auto insurance increases Your HO went up 50%? Or auto? Homeowners
Facts are stubborn things.
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Re: Home insurance premium up 11.5%
[Re: larrymopar360]
#2914463
04/24/21 07:23 PM
04/24/21 07:23 PM
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Joined: Jul 2008
Posts: 30,547 Florida STAYcation
dOc !
The village idiot's idiot
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The village idiot's idiot
Joined: Jul 2008
Posts: 30,547
Florida STAYcation
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Them dirty DIRTY birds Called Allstate on their ad campaign..... SAVE 700$ on your auto policy ... The agent pulls a Sgt Schultz on me
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Re: Home insurance premium up 11.5%
[Re: not_a_charger]
#2914466
04/24/21 07:30 PM
04/24/21 07:30 PM
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Joined: Jan 2003
Posts: 15,911 Jefferson State
srt
ESYC
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ESYC
Joined: Jan 2003
Posts: 15,911
Jefferson State
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I believe living in a high risk area can affect rates. Fire, Flood, Hurricane,Tornado or Earthquake can all cause rates to change after the event. Living in the woods/fire land has been problematic to find insurance. I have a good insurance man and have improved the land and home to be fire safe (brush and weeds removed, tempered windows, 1/8" vent screens, etc/). Didn't cut rates, but I pay far less than some nearby homes. I also found that the land value does not need to be included in coverage. Also, buying a lower value policy (entire home is seldom a loss) and adding replacement cost, and constructing cost riders lessened the premium. Last the liability (trip stumble fall is a way to save. If carrying liability on cars, homes, boats, bikes, etc why not see if an umbrella works better?
Even with all that above I noticed most sky scrapers, are owned by insurance companies, and all their offices, even in small towns have the nicest carpets, furnishings and location.
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Re: Home insurance premium up 11.5%
[Re: second 70]
#2914473
04/24/21 07:45 PM
04/24/21 07:45 PM
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Joined: Feb 2003
Posts: 1,108 Massillon, Ohio
cudatom
super stock
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super stock
Joined: Feb 2003
Posts: 1,108
Massillon, Ohio
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Just paid my condo insurance basically no change. It was actually $2 less than last yr. My home owners premium for our primary residence isn't due till June so I don't know yet but last yr it was 20% less than 2019 with no reduction in coverage or increase in deductable.
Ok
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Re: Home insurance premium up 11.5%
[Re: cudatom]
#2914477
04/24/21 07:55 PM
04/24/21 07:55 PM
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Joined: Jul 2008
Posts: 30,547 Florida STAYcation
dOc !
The village idiot's idiot
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The village idiot's idiot
Joined: Jul 2008
Posts: 30,547
Florida STAYcation
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Just paid my condo insurance basically no change. It was actually $2 less than last yr. My home owners premium for our primary residence isn't due till June so I don't know yet but last yr it was 20% less than 2019 with no reduction in coverage or increase in deductable. What coverages and limits ?
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Re: Home insurance premium up 11.5%
[Re: not_a_charger]
#2914480
04/24/21 08:00 PM
04/24/21 08:00 PM
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Joined: Jan 2011
Posts: 15,960 Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,960
Central Florida
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That's a massive increase, even for FL. Materials costs absolutely are contributing to the increases many (including me) are seeing, but 50%? Wow. That's what I thought. They sent me two links to read about why, which I ignored. I went from $1600/annually to just under $2500. I requested to drop coverage on any personal property, and was told they could not (no explanation as to why) but could drop it to the lowest which is $30k. They shopped around again, and found nothing lower. I was told the rebuild cost on my 1100sq/ft home was $169k. Again, no flood coverage, high deductibles.
Facts are stubborn things.
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Re: Home insurance premium up 11.5%
[Re: srt]
#2914485
04/24/21 08:05 PM
04/24/21 08:05 PM
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Joined: Jan 2011
Posts: 15,960 Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,960
Central Florida
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I believe living in a high risk area can affect rates. Fire, Flood, Hurricane,Tornado or Earthquake can all cause rates to change after the event. Living in the woods/fire land has been problematic to find insurance. I have a good insurance man and have improved the land and home to be fire safe (brush and weeds removed, tempered windows, 1/8" vent screens, etc/). Didn't cut rates, but I pay far less than some nearby homes. I also found that the land value does not need to be included in coverage. Also, buying a lower value policy (entire home is seldom a loss) and adding replacement cost, and constructing cost riders lessened the premium. Last the liability (trip stumble fall is a way to save. If carrying liability on cars, homes, boats, bikes, etc why not see if an umbrella works better?
Even with all that above I noticed most sky scrapers, are owned by insurance companies, and all their offices, even in small towns have the nicest carpets, furnishings and location. We've been without a big storm for quite awhile now, and I'm without a claim ever, in all my 24 years in this house. I've never had any insurance claim in all my life in fact. I reduced my personal property to the lowest they'll allow. Right now I'm with Swyft (SP?). I was always under the impression even with an umbrella policy, liability was still necessary coverage. No? Thanks for info. Larry
Facts are stubborn things.
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