Florida Insurance and Hurricanes

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snackdog
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Florida Insurance and Hurricanes

Post by snackdog »

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?
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Re: Florida Insurance and Hurricanes

Post by jebmke »

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.
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Re: Florida Insurance and Hurricanes

Post by MGBMartin »

snackdog wrote: Wed Sep 28, 2022 11:31 am 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?
Me and practically everyone else that lives along the coast.
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quantAndHold
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Re: Florida Insurance and Hurricanes

Post by quantAndHold »

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.”
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Re: Florida Insurance and Hurricanes

Post by howard71 »

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.
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Svensk Anga
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Re: Florida Insurance and Hurricanes

Post by Svensk Anga »

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.
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Re: Florida Insurance and Hurricanes

Post by pizzy »

snackdog wrote: Wed Sep 28, 2022 11:31 am 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?
What is considered affordable in Florida?
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Re: Florida Insurance and Hurricanes

Post by Svensk Anga »

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.
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Re: Florida Insurance and Hurricanes

Post by Marylander1 »

jebmke wrote: Wed Sep 28, 2022 11:33 am 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.
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/
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Re: Florida Insurance and Hurricanes

Post by snackdog »

howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
This is useful and what I was looking for, rather explanations and speculation about the rates.
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Re: Florida Insurance and Hurricanes

Post by MGBMartin »

snackdog wrote: Wed Sep 28, 2022 2:15 pm
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
This is useful and what I was looking for, rather explanations and speculation about the rates.
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.
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Re: Florida Insurance and Hurricanes

Post by Chardo »

MGBMartin wrote: Wed Sep 28, 2022 2:36 pm
snackdog wrote: Wed Sep 28, 2022 2:15 pm
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
This is useful and what I was looking for, rather explanations and speculation about the rates.
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.
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?
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Re: Florida Insurance and Hurricanes

Post by Svensk Anga »

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?
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.
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Re: Florida Insurance and Hurricanes

Post by MGBMartin »

Chardo wrote: Wed Sep 28, 2022 3:04 pm
MGBMartin wrote: Wed Sep 28, 2022 2:36 pm
snackdog wrote: Wed Sep 28, 2022 2:15 pm
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
This is useful and what I was looking for, rather explanations and speculation about the rates.
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.
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?
You will be in much better shape.
A new house that is well protected and a new roof which is what causes most trouble when looking for insurance.
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Re: Florida Insurance and Hurricanes

Post by MGBMartin »

Svensk Anga wrote: Wed Sep 28, 2022 3:09 pm
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?
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.
Their rates are not so bad compared to some options.
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.
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Re: Florida Insurance and Hurricanes

Post by Raraculus »

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?
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.

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.
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Re: Florida Insurance and Hurricanes

Post by Broken Man 1999 »

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.

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Re: Florida Insurance and Hurricanes

Post by Mel Lindauer »

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.
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Re: Florida Insurance and Hurricanes

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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.
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...
https://www.miamiherald.com/news/weathe ... 41401.html
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Re: Florida Insurance and Hurricanes

Post by Blueskies123 »

Marylander1 wrote: Wed Sep 28, 2022 1:29 pm
jebmke wrote: Wed Sep 28, 2022 11:33 am 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.
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/
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.
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Re: Florida Insurance and Hurricanes

Post by snackdog »

smitcat wrote: Thu Sep 29, 2022 1:07 pm
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.
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...
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?
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Re: Florida Insurance and Hurricanes

Post by snackdog »

Blueskies123 wrote: Thu Sep 29, 2022 1:30 pm
Marylander1 wrote: Wed Sep 28, 2022 1:29 pm
jebmke wrote: Wed Sep 28, 2022 11:33 am 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.
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/
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.

Why accept less than 100% if that is what is in your contact policy?
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Re: Florida Insurance and Hurricanes

Post by smitcat »

snackdog wrote: Thu Sep 29, 2022 2:02 pm
smitcat wrote: Thu Sep 29, 2022 1:07 pm
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.
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...
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?
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.
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.
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Re: Florida Insurance and Hurricanes

Post by AnnetteLouisan »

Hope Florida Bogleheads made it through the hurricane safely. I hope Taylor, Mel and others who live in areas affected are ok.

🙏🏻
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Re: Florida Insurance and Hurricanes

Post by Broken Man 1999 »

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. :D

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.

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Re: Florida Insurance and Hurricanes

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (insurance).
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Re: Florida Insurance and Hurricanes

Post by PowderDay9 »

Blueskies123 wrote: Thu Sep 29, 2022 1:30 pm
Marylander1 wrote: Wed Sep 28, 2022 1:29 pm
jebmke wrote: Wed Sep 28, 2022 11:33 am 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.
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/
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.
I live in Florida and have filled multiple homeowners claims in the last 5 years. No issues whatsoever with getting the claim paid.
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Re: Florida Insurance and Hurricanes

Post by Kaizen Soze »

Svensk Anga wrote: Wed Sep 28, 2022 3:09 pm
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?
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.
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.

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.
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Re: Florida Insurance and Hurricanes

Post by Taylor Larimore »

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.

🙏🏻
Annette:

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
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Re: Florida Insurance and Hurricanes

Post by AnnetteLouisan »

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).
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Re: Florida Insurance and Hurricanes

Post by abuss368 »

Taylor Larimore wrote: Fri Sep 30, 2022 10:19 am
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.

🙏🏻
Annette:

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."

Hi Taylor -

Glad to hear you are safe!

God bless are Floridians.

Best.
Tony
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Re: Florida Insurance and Hurricanes

Post by BolderBoy »

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.
Is the house going to be round? Some interesting research on house shapes and hurricane survivals.
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Re: Florida Insurance and Hurricanes

Post by Mel Lindauer »

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.
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Re: Florida Insurance and Hurricanes

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I'm very glad to hear that.
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Re: Florida Insurance and Hurricanes

Post by KeepItSimpleSomehow »

snackdog wrote: Wed Sep 28, 2022 11:31 am 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?
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
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Re: Florida Insurance and Hurricanes

Post by snackdog »

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.
Isn't that what "re-insurance" is for? Or do you mean they can pay $13 billion using their re-insurance?

Thanks
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Nyc10036
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Re: Florida Insurance and Hurricanes

Post by Nyc10036 »

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.
I was just watching a real estate's guy Youtube video.
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.
NewishBog
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Re: Florida Insurance and Hurricanes

Post by NewishBog »

Are there any policy choices (e.g. reducing the hurricane deductible) that reduce the premium by a meaningful amount?
BarbK
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Re: Florida Insurance and Hurricanes

Post by BarbK »

NewishBog wrote: Sat Oct 01, 2022 9:52 pm Are there any policy choices (e.g. reducing the hurricane deductible) that reduce the premium by a meaningful amount?
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.
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Re: Florida Insurance and Hurricanes

Post by jebmke »

snackdog wrote: Sat Oct 01, 2022 9:25 pm
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.
Isn't that what "re-insurance" is for? Or do you mean they can pay $13 billion using their re-insurance?

Thanks
Not sure if state of FL can lay this off. Among other issues, reinsurers may have pulled out of Florida as well.
Stay hydrated; don't sweat the small stuff
MGBMartin
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Re: Florida Insurance and Hurricanes

Post by MGBMartin »

NewishBog wrote: Sat Oct 01, 2022 9:52 pm Are there any policy choices (e.g. reducing the hurricane deductible) that reduce the premium by a meaningful amount?
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.
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bberris
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Re: Florida Insurance and Hurricanes

Post by bberris »

howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
That's about what I pay in Minnesota. Hurricanes hardly ever hit here.
smitcat
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Re: Florida Insurance and Hurricanes

Post by smitcat »

bberris wrote: Sun Oct 02, 2022 7:42 am
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
That's about what I pay in Minnesota. Hurricanes hardly ever hit here.
Not knowing anything about the insured homes size, type of construction, and/or the details of the insurance coverage on that property ....the comparison of prices is not likely valuable.
NewishBog
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Re: Florida Insurance and Hurricanes

Post by NewishBog »

BarbK wrote: Sun Oct 02, 2022 2:31 am
NewishBog wrote: Sat Oct 01, 2022 9:52 pm Are there any policy choices (e.g. reducing the hurricane deductible) that reduce the premium by a meaningful amount?
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.
Whoops, yes, increasing the deductible.

Not having ANY coverage would be tough. But increasing to 10% might be a wise choice.
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snackdog
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Re: Florida Insurance and Hurricanes

Post by snackdog »

jebmke wrote: Sun Oct 02, 2022 6:27 am
snackdog wrote: Sat Oct 01, 2022 9:25 pm
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.
Isn't that what "re-insurance" is for? Or do you mean they can pay $13 billion using their re-insurance?

Thanks
Not sure if state of FL can lay this off. Among other issues, reinsurers may have pulled out of Florida as well.
Isn't most of the liability for flooding, which is not homeowner's insurance?
BH Consumer FAQ: | Car? Used Toyota, Lexus or Miata. | House? 20% down and 3x salary. | Vacation house? No. | Umbrella? $1 million. | Goods? Costco.
howard71
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Re: Florida Insurance and Hurricanes

Post by howard71 »

bberris wrote: Sun Oct 02, 2022 7:42 am
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
That's about what I pay in Minnesota. Hurricanes hardly ever hit here.
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.
BarbK
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Re: Florida Insurance and Hurricanes

Post by BarbK »

bberris wrote: Sun Oct 02, 2022 7:42 am
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
That's about what I pay in Minnesota. Hurricanes hardly ever hit here.
I think he/she meant her increase was $1400, not her entire premium.
howard71
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Re: Florida Insurance and Hurricanes

Post by howard71 »

BarbK wrote: Sun Oct 02, 2022 1:15 pm
bberris wrote: Sun Oct 02, 2022 7:42 am
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
That's about what I pay in Minnesota. Hurricanes hardly ever hit here.
I think he/she meant her increase was $1400, not her entire premium.
No, I meant the entire premium.
Nyc10036
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Re: Florida Insurance and Hurricanes

Post by Nyc10036 »

BarbK wrote: Sun Oct 02, 2022 1:15 pm
bberris wrote: Sun Oct 02, 2022 7:42 am
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
That's about what I pay in Minnesota. Hurricanes hardly ever hit here.
I think he/she meant her increase was $1400, not her entire premium.
Oh, in that case, better phrasing is It was up a little bit to about $1400.
smitcat
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Re: Florida Insurance and Hurricanes

Post by smitcat »

Nyc10036 wrote: Sun Oct 02, 2022 2:15 pm
BarbK wrote: Sun Oct 02, 2022 1:15 pm
bberris wrote: Sun Oct 02, 2022 7:42 am
howard71 wrote: Wed Sep 28, 2022 12:39 pm 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.
That's about what I pay in Minnesota. Hurricanes hardly ever hit here.
I think he/she meant her increase was $1400, not her entire premium.
Oh, in that case, better phrasing is It was up a little bit to about $1400.
Just a reminder - you cannot compare insurance across an entire state, or from home to home, or from one policy to another.
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.
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