Florida Insurance Rates Increasing. Discuss…

[ProAttitude]

Florida Growth Will Mean More Cat Losses; Premiums Must Rise – Summit

With good news comes bad, and vice-versa in Florida's growing but rapidly deteriorating property insurance market, industry analysts said at a two-day

www.insurancejournal.com

 

[goodknightfl]

Why should insurance inflation be any different than all the rest, going up at an quick pace.

 

[ahabmw]

My rate went from $2800 to $4200. In researching, looks like there is a company called kins that could get me close to $3100, but I don’t know anything about them. Anyone have experience with them?

 

[UCFBS]

My rate went from $2800 to $4200. In researching, looks like there is a company called kins that could get me close to $3100, but I don’t know anything about them. Anyone have experience with them?

I'm about to switch to USAA. We're still trying to match my existing policy. I'm rural with a Class 10 fire rating (worse), so ... yeah, it's difficult.

 

[UCFloridaTech]

Check Tower Hill, they are out of Gainesville

 

[THX_UCF2]

Regulators were warned years ago that insurance companies were altering Florida claims

In a lawsuit against one company, a claims adjuster testified that the company’s practices included “ignoring damages” and “removing estimates that the field adjuster wrote.”

news.yahoo.com

 

[DaShuckster]

Regulators were warned years ago that insurance companies were altering Florida claims

In a lawsuit against one company, a claims adjuster testified that the company’s practices included “ignoring damages” and “removing estimates that the field adjuster wrote.”

news.yahoo.com

I saw a similar news story on TV about how insurance companies have been screwing over Fort Myers residents who THOUGHT they had protected themselves by having comprehensive insurance coverage prior to the hurricane. Guess again.

The actions of these insurance companies is not only morally disgusting, it's downright criminal.

 

[Knight_Classes_begin_7pm]

mine are going up from $2100 to $3100 :-(

 

[Ucfmikes]

I go with nationwide and haven’t seen a big increase. I know people who literally don’t want to get insurance anymore

Thoughts?

 

[georgiaknight]

The farther I get from Florida the cheaper my insurance rates. FL for 350K house, $2000 in3006: GA 210,000 home 1 $1,300, NC 450K home $750

 

[Knight_Classes_begin_7pm]

I go with nationwide and haven’t seen a big increase. I know people who literally don’t want to get insurance anymore

Thoughts?

I wounder what it takes to self insure (insurance required by the bank)?

 

[Ucfmikes]

I wounder what it takes to self insure (insurance required by the bank)?

I think it’s absolutely required if it’s financed. Otherwise, one can just roll the dice

 

[hemightbejeremy]

I think it’s absolutely required if it’s financed. Otherwise, one can just roll the dice

Yes, but you generally only need coverage for the amount owed on the loan, not the full home value. So in that sense you can partially self insure.

 

[Ucfmikes]

Yes, but you generally only need coverage for the amount owed on the loan, not the full home value. So in that sense you can partially self insure.

I guess if you owe $100,000 on a $400,000 home that’s OK as long as your house is not destroyed by a fire. Generally, unless you are on a coast, major hurricane damage should not cost you more that $100,000-$150,000

My friend wants to save on $2000-$3000 per year on a home in Sebastian by not getting insurance. He paid cash

 

[hemightbejeremy]

I guess if you owe $100,000 on a $400,000 home that’s OK as long as your house is not destroyed by a fire. Generally, unless you are on a coast, major hurricane damage should not cost you more that $100,000-$150,000

My friend wants to save on $2000-$3000 per year on a home in Sebastian by not getting insurance. He paid cash

I think even if you owe 100% on your home, you don’t need coverage beyond the replacement cost of the structure anyway. These Florida coastal homes have a large proportion of value in land value which you aren’t insuring. Or shouldn’t be anyway.

 

[UCFStan]

Thousands of policyholders in limbo as insurance claims remain unpaid

New data shows that Florida insurance companies have rejected tens of thousands of Hurricane Ian claims.

nbc-2.com

Not good. Many people will see premium quadruple overnight.

 

[KnighttimeJoe]

Ronnie D needs to put down the woke rhetoric and actually address something of real value here.

Just like idgaf about abortion and other nonsense diversions that don’t affect my bottom line or ability to feed my family, idgaf about this woke waste of time. It’s just yet another way these political morons fire up the moron plebs so they don’t actually have to do any real work.

 

[UCFStan]

Ronnie D needs to put down the woke rhetoric and actually address something of real value here.

Just like idgaf about abortion and other nonsense diversions that don’t affect my bottom line or ability to feed my family, idgaf about this woke waste of time. It’s just yet another way these political morons fire up the moron plebs so they don’t actually have to do any real work.

There is no good answer. Massive loss combined with insane inflation and interest rates rising. It will collapse before it gets better.

 

[KnighttimeJoe]

There is no good answer. Massive loss combined with insane inflation and interest rates rising. It will collapse before it gets better.

True. But at least give the impression this is more important than some stupid infatuation with trannies and critical race theory.

 

[UCFStan]

True. But at least give the impression this is more important than some stupid infatuation with trannies and critical race theory.

Highly agree. Probably the most important question Floridians will face over the next few years.

My hope is you insure your mortgage not the asset, and also allow people to increase wind deductibles to 10-20% similar to a catastrophic health insurance plan. Why even pay for insurance when most carriers won't pay out?

 

[NinjaKnight]

Ronnie D needs to put down the woke rhetoric and actually address something of real value here.

Just like idgaf about abortion and other nonsense diversions that don’t affect my bottom line or ability to feed my family, idgaf about this woke waste of time. It’s just yet another way these political morons fire up the moron plebs so they don’t actually have to do any real work.

This x1000

It's obvious he doesn't have a platform other than hatred. Unfortunately for America he doesn't need one. Politicians realized they can get elected by pandering to our lowest common denominator voters and they are having a field day with it.

 

[beelit47]

Ronnie D needs to put down the woke rhetoric and actually address something of real value here.

Just like idgaf about abortion and other nonsense diversions that don’t affect my bottom line or ability to feed my family, idgaf about this woke waste of time. It’s just yet another way these political morons fire up the moron plebs so they don’t actually have to do any real work.

This has nothing to do with ron. Insurance cannot be over regulated. Nearly every state is facing rate hikes due to bidenflation. Florida gets hit harder because it has 10 times the catastrophe exposure of any state.

If anything blame Charlie Crist. His heavy handed approach to insurance made sure every reputable company left the state back in 2008 and never came back.

 

[KnighttimeJoe]

This has nothing to do with ron. Insurance cannot be over regulated. Nearly every state is facing rate hikes due to bidenflation. Florida gets hit harder because it has 10 times the catastrophe exposure of any state.

If anything blame Charlie Crist. His heavy handed approach to insurance made sure every reputable company left the state back in 2008 and never came back.

Never said it was his fault or that he was to blame. I believe that he was responsible for getting rid of the assignment of benefits nonsense, so that was good.

 

[KnighttimeJoe]

And Ronnie is starting to get called out to take the lead on this stuff--which is exactly what I had said...

 

[UCFBS]

Just went from under $400-something to over $600 on flood insurance from Wright, which I paid (March), which they accepted -- out of my bank account and all --. only for them to refund my payment and drop me ... after 26 years (Florida, and then Alabama, contiguous) ... 2 months later (May).

Then they called a month later and said I could renew for $2,400. I said "No," and told them if they didn't honor my payment, I was going to refer them to the state. They basically said they had a right to drop me because I didn't always pay in time in the past.

They were trying to say it was due in February, but I told them I had scanned copies of the due dates and pay by dates -- I did, since it's still all paper, nothing on-line ... so all mail. I prefer paper because it becomes mail fraud if send via USPS.

Then they tried to say that was the grace period, and they had sent 2 notices, which was BS. I had no such anything, and it's always been March, due by early April. I got the bill, paid it and then was in Europe when my cancellation came in late May, so I didn't see it until mid June.

I had an insurance agent on them for the past 2 months (June-July) and they said it's $1,300 for any FEMA backed program now, from the FEMA tables, and sent me a quote from Wright. She was dumbfounded they could drop me like that, especially after 26 years straight.

I finally reported them to the state and BBB. Apparently they have a F with the BBB for a reason, and the state of Alabama wouldn't comment, but said 'they were taking action' on them in the future. They dropped me because they could only rasie my premiums by a percentage, but as a new customer ,they can get a lot more. Still trying to figure out how they can get away with this.

I might just drag them into small claims and try to recoup some of 26 years of payments. I'd like them to explain to the judge how they can drop me, even when they sent me a bill and I paid on-time. Being within the grace period of a week or two in past years really doesn't apply.

I mean ... at one point I had to transfer the policy (end one, start another) when I moved states and bought a new home. They have been an increasing PITA to deal with for the last few years, even before this non-sense. I don't understand how the FEMA-backed programs, like flood, have skyrocketed too. I really don't.

BTW, I do not live in a 100 year flood zone. I just like the added protection as it covers many things, not just a flood in a flood zone, that regular homeowners insurance does not cover.

 

[beelit47]

This is the result of socialism of the industry thanks to former gov charlie crist who drove away dozens of insurers who have never come back (cant blame them).

Thanks to charlie theres only a handful if national carriers left and they choose the best risks and leave the rest to citizens and all these po dunk companies

 

[hemightbejeremy]

This issue was caused by Republican Charlie crist and his socialism he brought the state 15 years ago.

 

[Ucfmikes]

Just got a 25% increase

Any relief in sight? Most of my neighbors received a cancellation notification or a bigger increase than me.

This isn’t exactly helping my retirement plans along with EVERYTHING else

 

[goodknightfl]

One thing they need to do is give homeowners some freedom to buy and insurance companies flexibility on coverage. You should have to cover your Mortgage, after that it should be your choice what you buy. My house is paid off, I don't need full coverage, if it is destroyed I am moving. I can eat some of the loss when I move. If I want to cover 1/3 the replacement cost that should be my choice. or if I want a 50k deductible the same should be true.

 

[DaShuckster]

I'm hearing A LOT of excellent reasons why Mrs Shuckster and I should remain Florida Snowbirds.

 

[goodknightfl]

I'm hearing A LOT of excellent reasons why Mrs Shuckster and I should remain Florida Snowbirds.

Nah you and your mom should become full time Nebraskateers.

 

[DaShuckster]

Nah you and your mom should become full time Nebraskateers.

I have to smile when posters to the football forum deride Lincoln, Nebraska. It has everything most big cities have (great restaurants, bars, live entertainment, first-class movie theatres, traveling broadway shows, etc.) without the hurricanes, skyrocketing insurance rates, and the heavy traffic Florida has.

When Floridians counter with, 'Yeah, but where are your beaches?' I tell them I've got those sweet beaches too---over the winter.

 

[Ucfmikes]

I have to smile when posters to the football forum deride Lincoln, Nebraska. It has everything most big cities have (great restaurants, bars, live entertainment, first-class movie theatres, traveling broadway shows, etc.) without the hurricanes, skyrocketing insurance rates, and the heavy traffic Florida has.

When Floridians counter with, 'Yeah, but where are your beaches?' I tell them I've got those sweet beaches too---over the winter.

Problem is there are no beaches or big mountains. The weather is terrible all year.

It’s really a boring state. That’s why the spring football games have 80,000 + fans.

If it was a great place to live, the population would be 15-25 million and not 2 million

Additionally. I make 2-4 times in Florida what I would make in Nebraska and the COL index isn’t 2-4 times less in Nebraska

 

[Cubs79]

Problem is there are no beaches or big mountains. The weather is terrible all year.

It’s really a boring state. That’s why the spring football games have 80,000 + fans.

If it was a great place to live, the population would be 15-25 million and not 2 million

Additionally. I make 2-4 times in Florida what I would make in Nebraska and the COL index isn’t 2-4 times less in Nebraska

https://www.justice.gov/ust/eo/bapcpa/20220401/bci_data/median_income_table.htm. The average income in Nebraska is on par with the avg income in Florida, for a single person is 53k in Nebraska and about 55k in Florida. You might make 2-4 times that, but the general population in florida certainly doesn't. And unless you do something specific to Florida, I am sure you could have a similar income in plenty of areas outside of Florida.

 

[Cubs79]

I have to smile when posters to the football forum deride Lincoln, Nebraska. It has everything most big cities have (great restaurants, bars, live entertainment, first-class movie theatres, traveling broadway shows, etc.) without the hurricanes, skyrocketing insurance rates, and the heavy traffic Florida has.

When Floridians counter with, 'Yeah, but where are your beaches?' I tell them I've got those sweet beaches too---over the winter.

There are nice places to live all over the country. I like Florida but the summers suck imo, but I do like winter and fall down there. And I agree, with the exception of beaches (although we do have plenty of lakes if you want to be on the water) there is not really much of anything in Florida that I can't do where I live.

 

[AAC6800]

Just trying to find a halfway "decent" home insurance company is next to impossible. Most of these companies won't pay you if there 's a problem--and when they do, it's a fraction of what it really costs to repair.... I have a family member that just dealt with this nonsense (had to hire a lawyer) I have seen no action from anyone in the state level addressing this. Sickening

 

[DaShuckster]

Most of these companies won't pay you if there 's a problem--and when they do, it's a fraction of what it really costs to repair.... I have a family member that just dealt with this nonsense (had to hire a lawyer)

This is the new business model. Today's actuaries not only calculate insurance premiums but also the level of underpayments they can get away with before the policy holder decides to take legal action.

It's organized crime.

I have seen no action from anyone in the state level addressing this.

Gee, any ideas why that's the case?

 

[AAC6800]

Yes, that is exactly what I mentioned to my family member. This is the new business model. For every person that takes legal action, there are several who don't. The numbers are heavily in their favor--and with no one to challege them in Tallahassee.

 

[Nautiknight]

Back in 2010 we built a handicap accessible home in Cullowhee, NC. We have a shower where I can roll my son into it in a shell chair and it's large enough for two people to shower at once. We had a water penatration issue where the water proofing failed. Turns out our insurance covered it. It ended up being a $38,000 repair which included a big part of the exterior had to be repainted as the shower is on an outside corner. The water damage took out about 15 feet of each wall that had to be rebuilt .

The home costs us $450k to build in 2010. My builder who rebuilt the shower in 2019 said my house today would costs about $1.3 million to build due to rising material and labor costs .

I share this because insurance companies are operating in an environment where costs are constantly rising in both materials and labor. They are rising faster than their investments in the market. They take the premiums and invest them. Add on hurricane building code changes and upgrades and it gets expensive quick to rebuild or repair a damaged home.

Those homes wiped off the earth in Ft. Meyers from Ian last year thst have been there pre Hurricane Andrew means they likely didn't meet Florida's uniform building codes adopted post Andrew. . Those new homes will be expensive to build. All of this means rates are inevitable to go up.

I am insuring my one house in Oviedo for what I pay on 3 properties in Western North Carolina. It is what it is. I also understand why it is and it's truly inflation driven. I don't have any solutions here .

 

[KnighttimeJoe]

Back in 2010 we built a handicap accessible home in Cullowhee, NC. We have a shower where I can roll my son into it in a shell chair and it's large enough for two people to shower at once. We had a water penatration issue where the water proofing failed. Turns out our insurance covered it. It ended up being a $38,000 repair which included a big part of the exterior had to be repainted as the shower is on an outside corner. The water damage took out about 15 feet of each wall that had to be rebuilt .

The home costs us $450k to build in 2010. My builder who rebuilt the shower in 2019 said my house today would costs about $1.3 million to build due to rising material and labor costs .

I share this because insurance companies are operating in an environment where costs are constantly rising in both materials and labor. They are rising faster than their investments in the market. They take the premiums and invest them. Add on hurricane building code changes and upgrades and it gets expensive quick to rebuild or repair a damaged home.

Those homes wiped off the earth in Ft. Meyers from Ian last year thst have been there pre Hurricane Andrew means they likely didn't meet Florida's uniform building codes adopted post Andrew. . Those new homes will be expensive to build. All of this means rates are inevitable to go up.

I am insuring my one house in Oviedo for what I pay on 3 properties in Western North Carolina. It is what it is. I also understand why it is and it's truly inflation driven. I don't have any solutions here .

Nah, you shared all this to tell everyone how much your shit is worth you narcissistic goon.