Florida Insurance and Hurricanes
Florida Insurance and Hurricanes
Is anyone else having trouble finding and retaining affordable insurance in Florida? We are finding the storm intensity and frequency is both pushing up rates and pushing out insurers. Advice?
BH Consumer FAQ: |
Car? Used Toyota, Lexus or Miata. |
House? 20% down and 3x salary. |
Vacation house? No. |
Umbrella? $1 million. |
Goods? Costco.
Re: Florida Insurance and Hurricanes
Over time if the risk has increased, rates will remain high and continue to increase. It would seem the only alternatives are to pay up or move out.
Stay hydrated; don't sweat the small stuff
Re: Florida Insurance and Hurricanes
Me and practically everyone else that lives along the coast.
Bad spellers of the world untie |
Autocorrect is my worst enema
- quantAndHold
- Posts: 10141
- Joined: Thu Sep 17, 2015 10:39 pm
- Location: West Coast
Re: Florida Insurance and Hurricanes
Florida has the highest homeowners insurance rates in the country. Something to do with hurricanes and the fact that all of the insurance companies that haven’t stopped issuing policies in Florida are named something like “Palm Trees R Us Insurance Company.”
Re: Florida Insurance and Hurricanes
Just renewed my policy with People's Trust in Pinellas County. It was up a little bit (about $1400).
Been with them for over 10 years and have never had to shop around. I'm expecting that is about to change.
Been with them for over 10 years and have never had to shop around. I'm expecting that is about to change.
- Svensk Anga
- Posts: 1596
- Joined: Sun Dec 23, 2012 4:16 pm
Re: Florida Insurance and Hurricanes
I suggest starting with the FL department of insurance screening tool here:
https://choices.fldfs.com/pandc/homeown ... 1613684640
Before changing insurers, check their financial stability with Demotech here: https://www.demotech.com/
(AM Best is the usual insurance company rating agency, but they decline to rate the FL homeowners insurers.)
As to hurricane trends, I see no long term trend in number of major storms, total cyclone energy (ACE), or total storm count, though there are short term cycles up and down. Check the graphs here: https://climatlas.com/tropical/ There is a trend toward more valuable construction along the coast and thus total insurance company exposure.
I think a lot of this year's premium increases are just inflation in construction costs. My Michigan HOI is up 17%. My Florida HOI was up 10%, but I had elected a reduced coverage. Without the reduction, it would have been up about 20% IIRC. Recouping Ian's costs will make next year another matter.
https://choices.fldfs.com/pandc/homeown ... 1613684640
Before changing insurers, check their financial stability with Demotech here: https://www.demotech.com/
(AM Best is the usual insurance company rating agency, but they decline to rate the FL homeowners insurers.)
As to hurricane trends, I see no long term trend in number of major storms, total cyclone energy (ACE), or total storm count, though there are short term cycles up and down. Check the graphs here: https://climatlas.com/tropical/ There is a trend toward more valuable construction along the coast and thus total insurance company exposure.
I think a lot of this year's premium increases are just inflation in construction costs. My Michigan HOI is up 17%. My Florida HOI was up 10%, but I had elected a reduced coverage. Without the reduction, it would have been up about 20% IIRC. Recouping Ian's costs will make next year another matter.
Re: Florida Insurance and Hurricanes
What is considered affordable in Florida?
Vanguard/Fidelity | 76% US Stock | 16% Int'l Stock | 8% Cash
- Svensk Anga
- Posts: 1596
- Joined: Sun Dec 23, 2012 4:16 pm
Re: Florida Insurance and Hurricanes
one more thing...
When I last shopped insurance, I was told that the rules for covering damage due to sinkholes had changed and that my policy was grandfathered in under the old rules. I elected to stick with my old insurer. If you are in a sinkhole prone area, you will want to check into this before chasing premium savings.
When I last shopped insurance, I was told that the rules for covering damage due to sinkholes had changed and that my policy was grandfathered in under the old rules. I elected to stick with my old insurer. If you are in a sinkhole prone area, you will want to check into this before chasing premium savings.
-
- Posts: 579
- Joined: Sat Jan 04, 2014 2:18 pm
- Location: Baltimore & DC
Re: Florida Insurance and Hurricanes
In addition to high claims, there are other key factors leading to high rates and insurers leaving the state. Florida's unique laws mean the state has more lawsuits against insurance companies than the rest of the country combined.
https://www.tampabay.com/news/florida-p ... ig-issues/
Re: Florida Insurance and Hurricanes
This is useful and what I was looking for, rather explanations and speculation about the rates.
BH Consumer FAQ: |
Car? Used Toyota, Lexus or Miata. |
House? 20% down and 3x salary. |
Vacation house? No. |
Umbrella? $1 million. |
Goods? Costco.
Re: Florida Insurance and Hurricanes
That may be the kind of advice you were looking for but be aware that renewing an existing policy and shopping for a new policy are very different.
As far as I know People’s Trust Insurance stopped writing new policies earlier this year and have recently been dropping or non renewing some existing policies.
In my experience of calling around looking for a new policy you should be prepared for chuckling in the background when you ask agents about homeowners insurance.
My previous policy was with Tower Hill but they dropped me and my agent seemed a little put out when I balked at his new policy for $5600 vs $2800 for a 2100 sq ft house.
If you are seeking more practical advice perhaps share your location, details of your property and what type of coverages you are seeking.
Bad spellers of the world untie |
Autocorrect is my worst enema
Re: Florida Insurance and Hurricanes
I'll jump in. I am building a new house in Boynton Beach, completion about a year from now. Will have all the latest construction (concrete tile roof, impact windows and doors, etc.), one story, located 9 miles inland. How difficult will it be to find a homeowners carrier?MGBMartin wrote: ↑Wed Sep 28, 2022 2:36 pmThat may be the kind of advice you were looking for but be aware that renewing an existing policy and shopping for a new policy are very different.
As far as I know People’s Trust Insurance stopped writing new policies earlier this year and have recently been dropping or non renewing some existing policies.
In my experience of calling around looking for a new policy you should be prepared for chuckling in the background when you ask agents about homeowners insurance.
My previous policy was with Tower Hill but they dropped me and my agent seemed a little put out when I balked at his new policy for $5600 vs $2800 for a 2100 sq ft house.
If you are seeking more practical advice perhaps share your location, details of your property and what type of coverages you are seeking.
- Svensk Anga
- Posts: 1596
- Joined: Sun Dec 23, 2012 4:16 pm
Re: Florida Insurance and Hurricanes
The state of Florida runs an insurance company of last resort, Citizens. I understand their rates are not the best, but you can use them if all else fails.Chardo wrote: ↑Wed Sep 28, 2022 3:04 pm
I'll jump in. I am building a new house in Boynton Beach, completion about a year from now. Will have all the latest construction (concrete tile roof, impact windows and doors, etc.), one story, located 9 miles inland. How difficult will it be to find a homeowners carrier?
Re: Florida Insurance and Hurricanes
You will be in much better shape.Chardo wrote: ↑Wed Sep 28, 2022 3:04 pmI'll jump in. I am building a new house in Boynton Beach, completion about a year from now. Will have all the latest construction (concrete tile roof, impact windows and doors, etc.), one story, located 9 miles inland. How difficult will it be to find a homeowners carrier?MGBMartin wrote: ↑Wed Sep 28, 2022 2:36 pmThat may be the kind of advice you were looking for but be aware that renewing an existing policy and shopping for a new policy are very different.
As far as I know People’s Trust Insurance stopped writing new policies earlier this year and have recently been dropping or non renewing some existing policies.
In my experience of calling around looking for a new policy you should be prepared for chuckling in the background when you ask agents about homeowners insurance.
My previous policy was with Tower Hill but they dropped me and my agent seemed a little put out when I balked at his new policy for $5600 vs $2800 for a 2100 sq ft house.
If you are seeking more practical advice perhaps share your location, details of your property and what type of coverages you are seeking.
A new house that is well protected and a new roof which is what causes most trouble when looking for insurance.
Bad spellers of the world untie |
Autocorrect is my worst enema
Re: Florida Insurance and Hurricanes
Their rates are not so bad compared to some options.Svensk Anga wrote: ↑Wed Sep 28, 2022 3:09 pmThe state of Florida runs an insurance company of last resort, Citizens. I understand their rates are not the best, but you can use them if all else fails.Chardo wrote: ↑Wed Sep 28, 2022 3:04 pm
I'll jump in. I am building a new house in Boynton Beach, completion about a year from now. Will have all the latest construction (concrete tile roof, impact windows and doors, etc.), one story, located 9 miles inland. How difficult will it be to find a homeowners carrier?
One of the problems is that Citizens can force your policy to be picked up by a carrier on even more shaky ground than they themselves are on.
I can’t imagine the Florida homeowners insurance situation getting any better after the events unfolding today.
Bad spellers of the world untie |
Autocorrect is my worst enema
Re: Florida Insurance and Hurricanes
You should be in a decent shape as far as homeowner's insurance is concerned. There are other risks that may increase your premium such as being situated in a flood zone or right on the beach. You have new construction with new roof. It's the homes with old roofs that are seeing significant premium increases or outright being dropped by insurance companies.Chardo wrote: ↑Wed Sep 28, 2022 3:04 pmI'll jump in. I am building a new house in Boynton Beach, completion about a year from now. Will have all the latest construction (concrete tile roof, impact windows and doors, etc.), one story, located 9 miles inland. How difficult will it be to find a homeowners carrier?
I'll add in a data point; I own a two bedroom condo that's far inland. The beach is 30 miles away or so. It already has insurance, so I just need 'homeowner's interior insurance' or whatever it's called, to insure the interior walls, things, etc. It did have a fairly new roof installed (around 5 years ago, I think.) I was quoted $860/year by Castle Key last January 2022.
-
- Posts: 8620
- Joined: Wed Apr 08, 2015 11:31 am
- Location: West coast of Florida, near Champa Bay !
Re: Florida Insurance and Hurricanes
I'm with Farmer's, who came into the state a couple of years ago. I bought my first policy from them last August, $2,430.77/year. I could have saved a bit over $1,000 with another company but my roof is over 20 years old.
At any rate Hurricane Ian made landfall south of us. Our trees have much less deadwood in them after today.
Our RE taxes + homeowner's insurance premium is less than 1% of our home's value. I'm OK with that.
Hope my fellow Floridians around Ft. Myers are all OK. Looked pretty ugly on TV.
Broken Man 1999
At any rate Hurricane Ian made landfall south of us. Our trees have much less deadwood in them after today.
Our RE taxes + homeowner's insurance premium is less than 1% of our home's value. I'm OK with that.
Hope my fellow Floridians around Ft. Myers are all OK. Looked pretty ugly on TV.
Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
- Mel Lindauer
- Moderator
- Posts: 35757
- Joined: Mon Feb 19, 2007 7:49 pm
- Location: Daytona Beach Shores, Florida
- Contact:
Re: Florida Insurance and Hurricanes
Pretty rough couple of days here in Daytona. Still not over yet. While the hurricane has exited out over the ocean, we're still getting hit by tropical force winds and heavy precip from the outer bands.
Best Regards - Mel |
|
Semper Fi
Re: Florida Insurance and Hurricanes
We are at the Spacecoast now and it's not really that bad. We were at Legacy Harbor Marina in Ft. Meyers on Monday and they have not done so well at all, here are some pics...Mel Lindauer wrote: ↑Thu Sep 29, 2022 12:58 pm Pretty rough couple of days here in Daytona. Still not over yet. While the hurricane has exited out over the ocean, we're still getting hit by tropical force winds and heavy precip from the outer bands.
https://www.miamiherald.com/news/weathe ... 41401.html
- Blueskies123
- Posts: 736
- Joined: Sat Nov 15, 2014 6:18 pm
- Location: South Florida
Re: Florida Insurance and Hurricanes
That's because the insurance companies are offering settlements at 25% of the cost to repair. They just assume every claim is fraudulent and try not to pay the claim. If you think I am exaggerating try to file a claim if you live in Florida.Marylander1 wrote: ↑Wed Sep 28, 2022 1:29 pmIn addition to high claims, there are other key factors leading to high rates and insurers leaving the state. Florida's unique laws mean the state has more lawsuits against insurance companies than the rest of the country combined.
https://www.tampabay.com/news/florida-p ... ig-issues/
If you find yourself in a hole, stop digging
Re: Florida Insurance and Hurricanes
smitcat wrote: ↑Thu Sep 29, 2022 1:07 pmWe are at the Spacecoast now and it's not really that bad. We were at Legacy Harbor Marina in Ft. Meyers on Monday and they have not done so well at all, here are some pics...Mel Lindauer wrote: ↑Thu Sep 29, 2022 12:58 pm Pretty rough couple of days here in Daytona. Still not over yet. While the hurricane has exited out over the ocean, we're still getting hit by tropical force winds and heavy precip from the outer bands.
https://www.miamiherald.com/news/weathe ... 41401.html
The damage appears to be exclusively to a small group of boats. Are those normally covered under a homeowners rider or on a separate policy?
BH Consumer FAQ: |
Car? Used Toyota, Lexus or Miata. |
House? 20% down and 3x salary. |
Vacation house? No. |
Umbrella? $1 million. |
Goods? Costco.
Re: Florida Insurance and Hurricanes
Blueskies123 wrote: ↑Thu Sep 29, 2022 1:30 pmThat's because the insurance companies are offering settlements at 25% of the cost to repair. They just assume every claim is fraudulent and try not to pay the claim. If you think I am exaggerating try to file a claim if you live in Florida.Marylander1 wrote: ↑Wed Sep 28, 2022 1:29 pmIn addition to high claims, there are other key factors leading to high rates and insurers leaving the state. Florida's unique laws mean the state has more lawsuits against insurance companies than the rest of the country combined.
https://www.tampabay.com/news/florida-p ... ig-issues/
Why accept less than 100% if that is what is in your contact policy?
BH Consumer FAQ: |
Car? Used Toyota, Lexus or Miata. |
House? 20% down and 3x salary. |
Vacation house? No. |
Umbrella? $1 million. |
Goods? Costco.
Re: Florida Insurance and Hurricanes
In that picture the entire in water marina was wiped out - there are many other areas where homes, cars, boats, RV's etc are completely gone.snackdog wrote: ↑Thu Sep 29, 2022 2:02 pmsmitcat wrote: ↑Thu Sep 29, 2022 1:07 pmWe are at the Spacecoast now and it's not really that bad. We were at Legacy Harbor Marina in Ft. Meyers on Monday and they have not done so well at all, here are some pics...Mel Lindauer wrote: ↑Thu Sep 29, 2022 12:58 pm Pretty rough couple of days here in Daytona. Still not over yet. While the hurricane has exited out over the ocean, we're still getting hit by tropical force winds and heavy precip from the outer bands.
https://www.miamiherald.com/news/weathe ... 41401.html
The damage appears to be exclusively to a small group of boats. Are those normally covered under a homeowners rider or on a separate policy?
Homes, cars, boats, planes, and RV's are all covered by separate policies at the discretion of the owner(s).
In the case of that particular marina (not the only one affected) the folks there have also bought in for their slip and are fractional owners of the marina.
- AnnetteLouisan
- Posts: 7239
- Joined: Sat Sep 18, 2021 10:16 pm
- Location: New York, NY
Re: Florida Insurance and Hurricanes
Hope Florida Bogleheads made it through the hurricane safely. I hope Taylor, Mel and others who live in areas affected are ok.
-
- Posts: 8620
- Joined: Wed Apr 08, 2015 11:31 am
- Location: West coast of Florida, near Champa Bay !
Re: Florida Insurance and Hurricanes
We live west of Tampa.
Lost power 7:30 PM yesterday, restored today about 90 minutes ago. I slept in my wheelchair last night. Actually pretty comfy, it has tilt and recline, and independent leg controls. I wanted to be able to get to a more safe interior room if I needed to do so.
Early this morning we rolled out and fired up our generator and alternated on/off cycles every four hours.
No damage to home, but the high wind did a good job of blowing leaves and deadwood out of our many oak trees.
DW and one set of our grandchildren raked and bagged all the yard and deck debris under my watchful eyes. Someone had to keep them on task.
I saw earlier on the Weather Channel that Ian is back to hurricane strength (Catogory 1) and heading towards Charleston S.C., so it is still a threat. Hurricanes can intensify very quickly over water, and change tracks quickly as well.
Broken Man 1999
Lost power 7:30 PM yesterday, restored today about 90 minutes ago. I slept in my wheelchair last night. Actually pretty comfy, it has tilt and recline, and independent leg controls. I wanted to be able to get to a more safe interior room if I needed to do so.
Early this morning we rolled out and fired up our generator and alternated on/off cycles every four hours.
No damage to home, but the high wind did a good job of blowing leaves and deadwood out of our many oak trees.
DW and one set of our grandchildren raked and bagged all the yard and deck debris under my watchful eyes. Someone had to keep them on task.
I saw earlier on the Weather Channel that Ian is back to hurricane strength (Catogory 1) and heading towards Charleston S.C., so it is still a threat. Hurricanes can intensify very quickly over water, and change tracks quickly as well.
Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
Re: Florida Insurance and Hurricanes
This thread is now in the Personal Finance (Not Investing) forum (insurance).
-
- Posts: 1000
- Joined: Fri Oct 12, 2018 12:29 pm
Re: Florida Insurance and Hurricanes
I live in Florida and have filled multiple homeowners claims in the last 5 years. No issues whatsoever with getting the claim paid.Blueskies123 wrote: ↑Thu Sep 29, 2022 1:30 pmThat's because the insurance companies are offering settlements at 25% of the cost to repair. They just assume every claim is fraudulent and try not to pay the claim. If you think I am exaggerating try to file a claim if you live in Florida.Marylander1 wrote: ↑Wed Sep 28, 2022 1:29 pmIn addition to high claims, there are other key factors leading to high rates and insurers leaving the state. Florida's unique laws mean the state has more lawsuits against insurance companies than the rest of the country combined.
https://www.tampabay.com/news/florida-p ... ig-issues/
-
- Posts: 351
- Joined: Thu Apr 11, 2019 1:47 pm
Re: Florida Insurance and Hurricanes
I live 7 miles inland and switched from People's Trust to Citizens. People's Trust increased from $2,400 to $4,200 YoY. Citizens was $2,800 last year and I just renewed at $3,600. Florida accounts for over 80% of residential insurance lawsuits in the US. Insurance fraud is rampant.Svensk Anga wrote: ↑Wed Sep 28, 2022 3:09 pmThe state of Florida runs an insurance company of last resort, Citizens. I understand their rates are not the best, but you can use them if all else fails.Chardo wrote: ↑Wed Sep 28, 2022 3:04 pm
I'll jump in. I am building a new house in Boynton Beach, completion about a year from now. Will have all the latest construction (concrete tile roof, impact windows and doors, etc.), one story, located 9 miles inland. How difficult will it be to find a homeowners carrier?
Citizens only has the ability to pay ~$13Bn in claims but has over $350Bn in exposure. Now with the damage from Hurricane Ian, I fully expect an assessment. Hurricane Irma did $50Bn in damage, and that was before home prices took off.
- Taylor Larimore
- Posts: 32839
- Joined: Tue Feb 27, 2007 7:09 pm
- Location: Miami FL
Re: Florida Insurance and Hurricanes
Annette:AnnetteLouisan wrote: ↑Thu Sep 29, 2022 5:18 pm Hope Florida Bogleheads made it through the hurricane safely. I hope Taylor, Mel and others who live in areas affected are ok.
Fortunately for us, Hurricane Ian struck the Florida West Coast about 120 miles away from Miami where my partner, Taffy, and I live.
When the hurricane was headed our way, it was remarkable how the current bear market seemed insignificant.
Thank you for your concern.
Best wishes
Taylor
Jack Bogle's Words of Wisdom: "Presumably you are accumulating money now and putting money away for the future. Do not, under any circumstances, stop doing that. That is the first rule. Don't stop investing. The second rule is, particularly for the younger people in the world: a good solid market decline is a blessing. You'll be buying - if you invest each month - stocks at lower and lower prices. Don't be antagonized by that; use that as an opportunity of a lifetime."
"Simplicity is the master key to financial success." -- Jack Bogle
- AnnetteLouisan
- Posts: 7239
- Joined: Sat Sep 18, 2021 10:16 pm
- Location: New York, NY
Re: Florida Insurance and Hurricanes
Very glad to hear that, Taylor!
(And yes I’m keeping on investing, thanks for the subtle reminder paired with a compliment about my youth, lol).
Even facing down a hurricane, Taylor thinks to both help and compliment the rest of us. That is golden era Hollywood-level class (or whatever’s above even that).
(And yes I’m keeping on investing, thanks for the subtle reminder paired with a compliment about my youth, lol).
Even facing down a hurricane, Taylor thinks to both help and compliment the rest of us. That is golden era Hollywood-level class (or whatever’s above even that).
- abuss368
- Posts: 27850
- Joined: Mon Aug 03, 2009 2:33 pm
- Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
- Contact:
Re: Florida Insurance and Hurricanes
Hi Taylor -Taylor Larimore wrote: ↑Fri Sep 30, 2022 10:19 amAnnette:AnnetteLouisan wrote: ↑Thu Sep 29, 2022 5:18 pm Hope Florida Bogleheads made it through the hurricane safely. I hope Taylor, Mel and others who live in areas affected are ok.
Fortunately for us, Hurricane Ian struck the Florida West Coast about 120 miles away from Miami where my partner, Taffy, and I live.
When the hurricane was headed our way, it was remarkable how the current bear market seemed insignificant.
Thank you for your concern.
Best wishes
TaylorJack Bogle's Words of Wisdom: "Presumably you are accumulating money now and putting money away for the future. Do not, under any circumstances, stop doing that. That is the first rule. Don't stop investing. The second rule is, particularly for the younger people in the world: a good solid market decline is a blessing. You'll be buying - if you invest each month - stocks at lower and lower prices. Don't be antagonized by that; use that as an opportunity of a lifetime."
Glad to hear you are safe!
God bless are Floridians.
Best.
Tony
John C. Bogle: “Simplicity is the master key to financial success."
Re: Florida Insurance and Hurricanes
Is the house going to be round? Some interesting research on house shapes and hurricane survivals.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect
- Mel Lindauer
- Moderator
- Posts: 35757
- Joined: Mon Feb 19, 2007 7:49 pm
- Location: Daytona Beach Shores, Florida
- Contact:
Re: Florida Insurance and Hurricanes
Checking in to report that while our area suffered a lot of flooding and damage, my home and I escaped intact. Thanks for your concern.
Best Regards - Mel |
|
Semper Fi
Re: Florida Insurance and Hurricanes
I'm very glad to hear that.
-
- Posts: 56
- Joined: Fri Jan 18, 2019 1:41 am
Re: Florida Insurance and Hurricanes
Wall Street Journal article today; Oct 1st ... some highlights
Flood Insurance Fell in Florida Before Hurricane Ian Struck
Only a small number of residences in two of state’s hardest-hit inland counties have coverage
About 97% of residences in Seminole County and 98% in Orange County,
home to Orlando, don’t have flood insurance, according to Neptune.
Neptune Chief Executive Trevor Burgess said that based on policies his
company sells statewide, in general about a third of the residential
properties in Florida’s inland counties are identified on government
maps as at high risk of flooding. That compares with 85% for many
coastal counties.
Some of the worst storm surge damage occurred in Lee County, where about 28% of housing units are covered by floodpolicies, Neptune’s analysis shows.
In nearby Charlotte County and Collier County, home to Naples, 31% and
41% of homes, respectively, have flood insurance. Monroe County, at
the bottom of Florida, has one of the state’s highest take-up rates,
at 53%.
Across Florida over the past five years, the portion of homes covered
by flood policies has declined, to 15.4% in August from 17.8% in
2017.
Insurance agents and executives attribute some of the decline over the
past year to rising inflation generally and double-digit increases in
Florida homeowners policies. Another factor is price increases for
federal flood insurance for many homes, to more accurately reflect the
true flooding risk. Some rates will jump from hundreds of dollars
annually to thousands of dollars, though most increases are capped at
18% a year.
Another reason for declining uptake in recent years in Florida is that
a large number of people moving to the state have paid cash for their
homes. “No mortgage, no requirement,” said Neptune’s Mr.
Burgess.
“Homeowners think if they are away from the ocean or a river they
can’t flood,” which is wrong, Mr. Burgess said. In fact, about
a fifth of Neptune’s claims over the past five years have been in
supposedly lower-risk zones, he said.
https://www.wsj.com/articles/flood-insu ... 1664591058
Re: Florida Insurance and Hurricanes
Isn't that what "re-insurance" is for? Or do you mean they can pay $13 billion using their re-insurance?Kaizen Soze wrote: ↑Fri Sep 30, 2022 9:01 am ...
Citizens only has the ability to pay ~$13Bn in claims but has over $350Bn in exposure. Now with the damage from Hurricane Ian, I fully expect an assessment. Hurricane Irma did $50Bn in damage, and that was before home prices took off.
Thanks
BH Consumer FAQ: |
Car? Used Toyota, Lexus or Miata. |
House? 20% down and 3x salary. |
Vacation house? No. |
Umbrella? $1 million. |
Goods? Costco.
Re: Florida Insurance and Hurricanes
I was just watching a real estate's guy Youtube video.Kaizen Soze wrote: ↑Fri Sep 30, 2022 9:01 am Citizens only has the ability to pay ~$13Bn in claims but has over $350Bn in exposure. Now with the damage from Hurricane Ian, I fully expect an assessment. Hurricane Irma did $50Bn in damage, and that was before home prices took off.
He said that he is expecting a 40% assessment on all insurance in Florida come next year.
So if you paid $1000 for car insurance in 2022, expect $1400 in 2023.
Sounds like it is going to be ugly.
Re: Florida Insurance and Hurricanes
Are there any policy choices (e.g. reducing the hurricane deductible) that reduce the premium by a meaningful amount?
Re: Florida Insurance and Hurricanes
Depending on what the house is insured for (not that you are given a choice), eliminating interior contents and removing the non-existing external structure saved us $1000 several years ago.
Are you sure you didn't mean increasing the hurricane deductible instead of reducing the hurricane deductible?
Increasing it to 10% is meaningful - saves $1000s; eliminating it altogether is a very meaningful reduction. Basically, you end up with fire and liability.
Re: Florida Insurance and Hurricanes
Not sure if state of FL can lay this off. Among other issues, reinsurers may have pulled out of Florida as well.snackdog wrote: ↑Sat Oct 01, 2022 9:25 pmIsn't that what "re-insurance" is for? Or do you mean they can pay $13 billion using their re-insurance?Kaizen Soze wrote: ↑Fri Sep 30, 2022 9:01 am ...
Citizens only has the ability to pay ~$13Bn in claims but has over $350Bn in exposure. Now with the damage from Hurricane Ian, I fully expect an assessment. Hurricane Irma did $50Bn in damage, and that was before home prices took off.
Thanks
Stay hydrated; don't sweat the small stuff
Re: Florida Insurance and Hurricanes
I think there are choices that agents are not likely to mention.
When pushed my new agent told me of several options other than increasing deductible, dropping wind coverage, a 50/50 policy of some kind.
I did increase my deductible and went with actual cost value for contents.
Bad spellers of the world untie |
Autocorrect is my worst enema
Re: Florida Insurance and Hurricanes
That's about what I pay in Minnesota. Hurricanes hardly ever hit here.
Re: Florida Insurance and Hurricanes
Re: Florida Insurance and Hurricanes
Whoops, yes, increasing the deductible.BarbK wrote: ↑Sun Oct 02, 2022 2:31 amDepending on what the house is insured for (not that you are given a choice), eliminating interior contents and removing the non-existing external structure saved us $1000 several years ago.
Are you sure you didn't mean increasing the hurricane deductible instead of reducing the hurricane deductible?
Increasing it to 10% is meaningful - saves $1000s; eliminating it altogether is a very meaningful reduction. Basically, you end up with fire and liability.
Not having ANY coverage would be tough. But increasing to 10% might be a wise choice.
Re: Florida Insurance and Hurricanes
Isn't most of the liability for flooding, which is not homeowner's insurance?jebmke wrote: ↑Sun Oct 02, 2022 6:27 amNot sure if state of FL can lay this off. Among other issues, reinsurers may have pulled out of Florida as well.snackdog wrote: ↑Sat Oct 01, 2022 9:25 pmIsn't that what "re-insurance" is for? Or do you mean they can pay $13 billion using their re-insurance?Kaizen Soze wrote: ↑Fri Sep 30, 2022 9:01 am ...
Citizens only has the ability to pay ~$13Bn in claims but has over $350Bn in exposure. Now with the damage from Hurricane Ian, I fully expect an assessment. Hurricane Irma did $50Bn in damage, and that was before home prices took off.
Thanks
BH Consumer FAQ: |
Car? Used Toyota, Lexus or Miata. |
House? 20% down and 3x salary. |
Vacation house? No. |
Umbrella? $1 million. |
Goods? Costco.
Re: Florida Insurance and Hurricanes
I would be surprised to learn that a hurricane has EVER hit Minnesota.
I was paying almost $4k when I first bought my Florida house in 2006. That was before a change in the law that allowed insurers to pick their customers and discriminate based on how hurricane proof your house is. Built to code in 1997, mine qualified for People's Trust and I think my first premium with them was less than $1k. Went up a little this year because now my house is just over 25 years old.
Almost got put to the ultimate test last week. I live 6 blocks from the top of Tampa Bay and based on what happened in Ft. Myers I doubt there would have been much left if it had stayed on track to Tampa where it was supposed to go right through my front door. Turns out there was no damage at all except for 5 trash bags of small debris from the oak trees.
Re: Florida Insurance and Hurricanes
Re: Florida Insurance and Hurricanes
Re: Florida Insurance and Hurricanes
Re: Florida Insurance and Hurricanes
Just a reminder - you cannot compare insurance across an entire state, or from home to home, or from one policy to another.Nyc10036 wrote: ↑Sun Oct 02, 2022 2:15 pmOh, in that case, better phrasing is It was up a little bit to about $1400.
In Florida and NY home insurance can vary by 300% on very similar homes with the same policy dependent upon their exact location.
In Florida two homes next door to one another with the exact same coverage can have variable rates of up to 250% dependent upon their construction.
With that said a home in NY and a home in Florida with very similar coverage and value can have very similar costs.
YMMV.... because of exact location, specifics of the policy, and exact construction of the home.