Florida Insurance and Hurricanes

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
MGBMartin
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Joined: Thu Nov 04, 2021 11:09 am

Re: Florida Insurance and Hurricanes

Post by MGBMartin »

smitcat wrote: Sun Oct 02, 2022 2:23 pm
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.
That’s spot on.
A couple of years ago I was talking to my neighbor across the street.
This was when my insurance was with one of the better known companies in FL and about $2800.
He told me his insurance was $1160 and I said surely you don’t have hurricane insurance then but he said he did.
He sent me a copy of his declarations page and sure enough he did. His insurance company has since dropped him and is no longer writing new policies.
Another friend a few blocks away pays about $1600.
When the company I was with dropped me my then agent couldn’t find anything less than $5600 so once again I’m with Citizens.
Bad spellers of the world untie | Autocorrect is my worst enema
smitcat
Posts: 13227
Joined: Mon Nov 07, 2016 9:51 am

Re: Florida Insurance and Hurricanes

Post by smitcat »

MGBMartin wrote: Sun Oct 02, 2022 2:36 pm
smitcat wrote: Sun Oct 02, 2022 2:23 pm
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
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.
That’s spot on.
A couple of years ago I was talking to my neighbor across the street.
This was when my insurance was with one of the better known companies in FL and about $2800.
He told me his insurance was $1160 and I said surely you don’t have hurricane insurance then but he said he did.
He sent me a copy of his declarations page and sure enough he did. His insurance company has since dropped him and is no longer writing new policies.
Another friend a few blocks away pays about $1600.
When the company I was with dropped me my then agent couldn’t find anything less than $5600 so once again I’m with Citizens.
In Florida if your wind mitigation report ticks off all the favorable building specs the same sized home with the same policy will vary by 2.5X to the least favorable specs.
People do not believe this until/unless they do the research.
And then there is the location within the state.
MGBMartin
Posts: 1136
Joined: Thu Nov 04, 2021 11:09 am

Re: Florida Insurance and Hurricanes

Post by MGBMartin »

smitcat wrote: Sun Oct 02, 2022 2:42 pm
MGBMartin wrote: Sun Oct 02, 2022 2:36 pm
smitcat wrote: Sun Oct 02, 2022 2:23 pm
Nyc10036 wrote: Sun Oct 02, 2022 2:15 pm
BarbK wrote: Sun Oct 02, 2022 1:15 pm

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.
That’s spot on.
A couple of years ago I was talking to my neighbor across the street.
This was when my insurance was with one of the better known companies in FL and about $2800.
He told me his insurance was $1160 and I said surely you don’t have hurricane insurance then but he said he did.
He sent me a copy of his declarations page and sure enough he did. His insurance company has since dropped him and is no longer writing new policies.
Another friend a few blocks away pays about $1600.
When the company I was with dropped me my then agent couldn’t find anything less than $5600 so once again I’m with Citizens.
In Florida if your wind mitigation report ticks off all the favorable building specs the same sized home with the same policy will vary by 2.5X to the least favorable specs.
People do not believe this until/unless they do the research.
And then there is the location within the state.
After 26 years in Florida I believe it.
The big thing is the age of the roof despite the 4 points inspection deemed my roof to be in excellent condition.
The wind mitigation report did not find any deficiencies and is to code for the period built.
Nowadays the problem is not so much the cost but just finding a carrier that will even quote.
Bad spellers of the world untie | Autocorrect is my worst enema
BarbK
Posts: 414
Joined: Sun Nov 22, 2009 10:27 am

Re: Florida Insurance and Hurricanes

Post by BarbK »

howard71 wrote: Sun Oct 02, 2022 2:12 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.
No, I meant the entire premium.
Wow - That is an excellent rate.
Kaizen Soze
Posts: 351
Joined: Thu Apr 11, 2019 1:47 pm

Re: Florida Insurance and Hurricanes

Post by Kaizen Soze »

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
That's WITH their re-insurance.
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Taylor Larimore
Posts: 32839
Joined: Tue Feb 27, 2007 7:09 pm
Location: Miami FL

Re: Florida Insurance and Hurricanes

Post by Taylor Larimore »

Mel Lindauer wrote: Sat Oct 01, 2022 6:29 pm 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.
Mel:

That is very good news. Down in Miami, we were little affected.

Best wishes.
Taylor
Jack Bogle's Words of Wisdom: "Yes, investing is simple. But it is not easy, for it requires discipline, patience, steadfastness, and that most uncommon of all gifts, common sense."
"Simplicity is the master key to financial success." -- Jack Bogle
Parkinglotracer
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Joined: Fri Dec 20, 2019 2:49 am
Location: Upstate NY

Re: Florida Insurance and Hurricanes

Post by Parkinglotracer »

BarbK wrote: Sun Oct 02, 2022 3:34 pm
howard71 wrote: Sun Oct 02, 2022 2:12 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.
No, I meant the entire premium.
Wow - That is an excellent rate.
Pinellas county 350K home was 2000 a year last year with citizens. Expecting a 20% or more increase this Dec.
MGBMartin
Posts: 1136
Joined: Thu Nov 04, 2021 11:09 am

Re: Florida Insurance and Hurricanes

Post by MGBMartin »

Parkinglotracer wrote: Sun Oct 02, 2022 8:03 pm
BarbK wrote: Sun Oct 02, 2022 3:34 pm
howard71 wrote: Sun Oct 02, 2022 2:12 pm
BarbK wrote: Sun Oct 02, 2022 1:15 pm
bberris wrote: Sun Oct 02, 2022 7:42 am
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.
Wow - That is an excellent rate.
Pinellas county 350K home was 2000 a year last year with citizens. Expecting a 20% or more increase this Dec.
And don’t forget that Citizens can impose an emergency assessment of up to 30%.
I’m not sure how that works whether they can impose that during the current policy period or if it is at renewal; I think it could the former.
Bad spellers of the world untie | Autocorrect is my worst enema
Parkinglotracer
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Joined: Fri Dec 20, 2019 2:49 am
Location: Upstate NY

Re: Florida Insurance and Hurricanes

Post by Parkinglotracer »

We are ready - we dodged a bullet with the storm so an assessment will be a small price to pay compared to what we were thinking was going to happen before the storm turned east. Wind forecast went from 110 knots to 60 knots. Phew! Thoughts go out to those affected by the storm.
smitcat
Posts: 13227
Joined: Mon Nov 07, 2016 9:51 am

Re: Florida Insurance and Hurricanes

Post by smitcat »

Parkinglotracer wrote: Sun Oct 02, 2022 8:03 pm
BarbK wrote: Sun Oct 02, 2022 3:34 pm
howard71 wrote: Sun Oct 02, 2022 2:12 pm
BarbK wrote: Sun Oct 02, 2022 1:15 pm
bberris wrote: Sun Oct 02, 2022 7:42 am
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.
Wow - That is an excellent rate.
Pinellas county 350K home was 2000 a year last year with citizens. Expecting a 20% or more increase this Dec.
Pinellas would be a county that has a location which will have higher insurance rates due to many things including Hurricanes, sink holes and flooding. Here are a few links which you can use to compare....

Sink Holes, picture attached but you can get more detailed info from the link
https://sinkholemaps.com/resources/esse ... /#checkmap

SLOSH map 3 – flooding surge map simulator.
To use: click on map “Texas to Maine” , then zoom in on area of interest, then vary hurricane intensity with buttons on top.
https://www.nhc.noaa.gov/nationalsurge/?text

Historical stats on Hurricane hits by category (2 maps, enlarge each)
To use: click on map of all Hurricanes or major Hurricanes, enlarge and zoom but this map is limited in details.
https://www.noaa.gov/stories/what-are-c ... it-my-home
Kaizen Soze
Posts: 351
Joined: Thu Apr 11, 2019 1:47 pm

Re: Florida Insurance and Hurricanes

Post by Kaizen Soze »

Parkinglotracer wrote: Mon Oct 03, 2022 5:29 am We are ready - we dodged a bullet with the storm so an assessment will be a small price to pay compared to what we were thinking was going to happen before the storm turned east. Wind forecast went from 110 knots to 60 knots. Phew! Thoughts go out to those affected by the storm.
I'm expecting that assessment, but am more concerned with future premium increases (including car insurance).

I'm thinking about getting flood insurance even though I'm not in a flood zone. It would have been pretty catastrophic if we got 3' of rain. I don't think my house is 3' above the wetlands in my backyard.
sk2101
Posts: 589
Joined: Sun Jun 02, 2013 4:54 pm

Re: Florida Insurance and Hurricanes

Post by sk2101 »

I have switched to Kin Insurance early in the year with a significant drop in premium. They are a new company and do not use brokers, you get a quote online. However I have suggested a few friends to get quotes from them and the results have been mixed - some lower and some higher than what they currently pay. Anyway it's worth a shot.
HDM1004
Posts: 52
Joined: Thu Sep 30, 2021 9:33 am

Re: Florida Insurance and Hurricanes

Post by HDM1004 »

I have Frontline insurance in South Florida. Currently $5956/year. Out home has a full wind mitigation discount with hurricane doors and windows throughout. My agent said to expect annual increases for foreseeable future. Also the home value has gone up substantially and that adds to the insured amount. I am expecting 10-20% annual increases. :annoyed
smitcat
Posts: 13227
Joined: Mon Nov 07, 2016 9:51 am

Re: Florida Insurance and Hurricanes

Post by smitcat »

HDM1004 wrote: Mon Oct 03, 2022 8:25 am I have Frontline insurance in South Florida. Currently $5956/year. Out home has a full wind mitigation discount with hurricane doors and windows throughout. My agent said to expect annual increases for foreseeable future. Also the home value has gone up substantially and that adds to the insured amount. I am expecting 10-20% annual increases. :annoyed
Home value should not affect the insurance rates going up - but home replacement costs could reflect insurance costs going up.
Dependent upon your exact location and the specifics of your policy you may be able to reasonably reduce costs with adjusted terms for deductibles and coverages.
Is the home block construction? Are you well above the 100 year flood lines? Does the roof reflect all of the wind mitigations? (type/clips/connectors/sub-layment/etc)
johnnyc321
Posts: 161
Joined: Wed Jan 04, 2017 8:24 pm

Re: Florida Insurance and Hurricanes

Post by johnnyc321 »

The flood of lawsuits (many fraudulent) after Irma have nearly put the nail in the coffin of the Florida home insurance industry. Tens of thousands of cases were filed even as late as September 10, 2022, which was the statute of limitations deadline. The insurance industry isn't without blame though because as someone said above, they low-ball damage repair costs, auto-deny claims and force litigation. For example, our insurance company's adjuster said it would only cost a little more than $100 to paint our ceiling after Irma (we live in SWFL). We had roof leaks and he also said it was about $200 to fix each of them. I eventually got a little less than $20k but I am convinced it was only because I am a lawyer.
jebmke
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Joined: Thu Apr 05, 2007 2:44 pm
Location: Delmarva Peninsula

Re: Florida Insurance and Hurricanes

Post by jebmke »

smitcat wrote: Mon Oct 03, 2022 8:32 am
HDM1004 wrote: Mon Oct 03, 2022 8:25 am I have Frontline insurance in South Florida. Currently $5956/year. Out home has a full wind mitigation discount with hurricane doors and windows throughout. My agent said to expect annual increases for foreseeable future. Also the home value has gone up substantially and that adds to the insured amount. I am expecting 10-20% annual increases. :annoyed
Home value should not affect the insurance rates going up - but home replacement costs could reflect insurance costs going up.
Dependent upon your exact location and the specifics of your policy you may be able to reasonably reduce costs with adjusted terms for deductibles and coverages.
Is the home block construction? Are you well above the 100 year flood lines? Does the roof reflect all of the wind mitigations? (type/clips/connectors/sub-layment/etc)
Curious. Are insurance replacement costs based on replacing the existing construction or do they take into account new code requirements? For example, along the waterfront in my area (not Florida, Maryland) in order to get a permit for a major renovation or scrape and build, the new structure generally has to be elevated (typically 6-8 feet) and the construction requirements are more rigorous than the grandfathered structure. Some things are simply not replaceable. I have an outbuilding close to the water on our lot that, if I were to want to replace it the county would refuse to permit. As a result, I sometimes need to do repairs that, in retrospect would not be my first choice if I had the option to replace.
Stay hydrated; don't sweat the small stuff
smitcat
Posts: 13227
Joined: Mon Nov 07, 2016 9:51 am

Re: Florida Insurance and Hurricanes

Post by smitcat »

jebmke wrote: Mon Oct 03, 2022 8:51 am
smitcat wrote: Mon Oct 03, 2022 8:32 am
HDM1004 wrote: Mon Oct 03, 2022 8:25 am I have Frontline insurance in South Florida. Currently $5956/year. Out home has a full wind mitigation discount with hurricane doors and windows throughout. My agent said to expect annual increases for foreseeable future. Also the home value has gone up substantially and that adds to the insured amount. I am expecting 10-20% annual increases. :annoyed
Home value should not affect the insurance rates going up - but home replacement costs could reflect insurance costs going up.
Dependent upon your exact location and the specifics of your policy you may be able to reasonably reduce costs with adjusted terms for deductibles and coverages.
Is the home block construction? Are you well above the 100 year flood lines? Does the roof reflect all of the wind mitigations? (type/clips/connectors/sub-layment/etc)
Curious. Are insurance replacement costs based on replacing the existing construction or do they take into account new code requirements? For example, along the waterfront in my area (not Florida, Maryland) in order to get a permit for a major renovation or scrape and build, the new structure generally has to be elevated (typically 6-8 feet) and the construction requirements are more rigorous than the grandfathered structure. Some things are simply not replaceable. I have an outbuilding close to the water on our lot that, if I were to want to replace it the county would refuse to permit. As a result, I sometimes need to do repairs that, in retrospect would not be my first choice if I had the option to replace.
From what I have experienced there are countless types of insurance policies which may or may not cover any or all of what you have described.
As you pointed out there are also 'grandfathered' structures which may have very specific zoning and construction rules.
My thoughts are that many/most folks do not read their policies cover to cover.

FWIW - they 'lifted' many structures (100's) on the south shore of Long Island after Sandy to achieve the new regs.
Kaizen Soze
Posts: 351
Joined: Thu Apr 11, 2019 1:47 pm

Re: Florida Insurance and Hurricanes

Post by Kaizen Soze »

sk2101 wrote: Mon Oct 03, 2022 7:55 am I have switched to Kin Insurance early in the year with a significant drop in premium. They are a new company and do not use brokers, you get a quote online. However I have suggested a few friends to get quotes from them and the results have been mixed - some lower and some higher than what they currently pay. Anyway it's worth a shot.
Thanks for the suggestion. As another data point, Kin's quote was higher than Citizens.
orlandoman
Posts: 674
Joined: Tue Oct 19, 2010 7:27 am

Re: Florida Insurance and Hurricanes

Post by orlandoman »

jebmke wrote: Mon Oct 03, 2022 8:51 am
smitcat wrote: Mon Oct 03, 2022 8:32 am
HDM1004 wrote: Mon Oct 03, 2022 8:25 am I have Frontline insurance in South Florida. Currently $5956/year. Out home has a full wind mitigation discount with hurricane doors and windows throughout. My agent said to expect annual increases for foreseeable future. Also the home value has gone up substantially and that adds to the insured amount. I am expecting 10-20% annual increases. :annoyed
Home value should not affect the insurance rates going up - but home replacement costs could reflect insurance costs going up.
Dependent upon your exact location and the specifics of your policy you may be able to reasonably reduce costs with adjusted terms for deductibles and coverages.
Is the home block construction? Are you well above the 100 year flood lines? Does the roof reflect all of the wind mitigations? (type/clips/connectors/sub-layment/etc)
Curious. Are insurance replacement costs based on replacing the existing construction or do they take into account new code requirements? For example, along the waterfront in my area (not Florida, Maryland) in order to get a permit for a major renovation or scrape and build, the new structure generally has to be elevated (typically 6-8 feet) and the construction requirements are more rigorous than the grandfathered structure. Some things are simply not replaceable. I have an outbuilding close to the water on our lot that, if I were to want to replace it the county would refuse to permit. As a result, I sometimes need to do repairs that, in retrospect would not be my first choice if I had the option to replace.
I live in Florida and there is a coverage listing on my Homeowners Policy for "Ordinance or Law" 25% of Coverage "A" Dwelling ... so it would increase my dwelling coverage by up to 25% of the Dwelling coverage amount for extra expense to bring the house up to code, if needed.

Also, I believe that Florida Building Code requires if over 50% of the house needs to be replaced it must be brought up to the current conde.
"Borrow money from pessimists -- they don't expect it back"
skor99
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Joined: Mon Jun 26, 2017 5:51 pm

Re: Florida Insurance and Hurricanes

Post by skor99 »

And therefore the question comes up as to why there is a mad rush of people wanting to move to Florida and especially the coastal cities there. Why did the home prices in Tampa and Miami go up by more than 30% in a year ?

How do people forget the misery they may encounter if a hurricane hits as well as the ever present threat of global warming which will increasingly cause flooding issues in low lying areas regardless of hurricanes ? Not even mentioning sinkholes which may not be covered by insurance. What am I missing ?
smitcat
Posts: 13227
Joined: Mon Nov 07, 2016 9:51 am

Re: Florida Insurance and Hurricanes

Post by smitcat »

skor99 wrote: Mon Oct 03, 2022 9:48 am And therefore the question comes up as to why there is a mad rush of people wanting to move to Florida and especially the coastal cities there. Why did the home prices in Tampa and Miami go up by more than 30% in a year ?

How do people forget the misery they may encounter if a hurricane hits as well as the ever present threat of global warming which will increasingly cause flooding issues in low lying areas regardless of hurricanes ? Not even mentioning sinkholes which may not be covered by insurance. What am I missing ?
"What am I missing ?"
Do your research - Florida is a big State just like many others.
skor99
Posts: 523
Joined: Mon Jun 26, 2017 5:51 pm

Re: Florida Insurance and Hurricanes

Post by skor99 »

smitcat wrote: Mon Oct 03, 2022 9:57 am
skor99 wrote: Mon Oct 03, 2022 9:48 am And therefore the question comes up as to why there is a mad rush of people wanting to move to Florida and especially the coastal cities there. Why did the home prices in Tampa and Miami go up by more than 30% in a year ?

How do people forget the misery they may encounter if a hurricane hits as well as the ever present threat of global warming which will increasingly cause flooding issues in low lying areas regardless of hurricanes ? Not even mentioning sinkholes which may not be covered by insurance. What am I missing ?
"What am I missing ?"
Do your research - Florida is a big State just like many others.
I know that - read my post again - specifically asking about places like Tampa and Miami
HDM1004
Posts: 52
Joined: Thu Sep 30, 2021 9:33 am

Re: Florida Insurance and Hurricanes

Post by HDM1004 »

skor99 wrote: Mon Oct 03, 2022 10:16 am
smitcat wrote: Mon Oct 03, 2022 9:57 am
skor99 wrote: Mon Oct 03, 2022 9:48 am And therefore the question comes up as to why there is a mad rush of people wanting to move to Florida and especially the coastal cities there. Why did the home prices in Tampa and Miami go up by more than 30% in a year ?

How do people forget the misery they may encounter if a hurricane hits as well as the ever present threat of global warming which will increasingly cause flooding issues in low lying areas regardless of hurricanes ? Not even mentioning sinkholes which may not be covered by insurance. What am I missing ?
"What am I missing ?"
Do your research - Florida is a big State just like many others.
I know that - read my post again - specifically asking about places like Tampa and Miami
Puzzles me also. I have lived here for 54 years (South Florida). Been lucky to have only lost power for a week after Irma.
The winter weather is great, but summers are brutal. Every hurricane season is not fun. That coupled with rising insurance and property taxes has us moving to TN.
HDM1004
Posts: 52
Joined: Thu Sep 30, 2021 9:33 am

Re: Florida Insurance and Hurricanes

Post by HDM1004 »

smitcat wrote: Mon Oct 03, 2022 8:32 am
HDM1004 wrote: Mon Oct 03, 2022 8:25 am I have Frontline insurance in South Florida. Currently $5956/year. Out home has a full wind mitigation discount with hurricane doors and windows throughout. My agent said to expect annual increases for foreseeable future. Also the home value has gone up substantially and that adds to the insured amount. I am expecting 10-20% annual increases. :annoyed
Home value should not affect the insurance rates going up - but home replacement costs could reflect insurance costs going up.
Dependent upon your exact location and the specifics of your policy you may be able to reasonably reduce costs with adjusted terms for deductibles and coverages.
Is the home block construction? Are you well above the 100 year flood lines? Does the roof reflect all of the wind mitigations? (type/clips/connectors/sub-layment/etc)
Yes block construction, Yes above flood line (although that is subjective, see Ian damage),Yes roof has all wind mitigation.
Home replacement costs is the cause of the rising rates. I purchased in 2012 for $340,000. Now appraised at $750,000.
Broken Man 1999
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Location: West coast of Florida, near Champa Bay !

Re: Florida Insurance and Hurricanes

Post by Broken Man 1999 »

skor99 wrote: Mon Oct 03, 2022 10:16 am
smitcat wrote: Mon Oct 03, 2022 9:57 am
skor99 wrote: Mon Oct 03, 2022 9:48 am And therefore the question comes up as to why there is a mad rush of people wanting to move to Florida and especially the coastal cities there. Why did the home prices in Tampa and Miami go up by more than 30% in a year ?

How do people forget the misery they may encounter if a hurricane hits as well as the ever present threat of global warming which will increasingly cause flooding issues in low lying areas regardless of hurricanes ? Not even mentioning sinkholes which may not be covered by insurance. What am I missing ?
"What am I missing ?"
Do your research - Florida is a big State just like many others.
I know that - read my post again - specifically asking about places like Tampa and Miami
I can't speak about Miami as I haven't been there in 25-30 years. We have lived 51 years in the Tampa area.

Given the ability to research elevations easily, finding areas that aren't subject to storm surge and flooding is a piece of cake.

Our elevation is 69 feet. We live well north of Tampa Bay, so no fear of storm surge. Also, we don't live near rivers or lakes so we don't worry about flooding either. If our home floods, it will be a flood of epic proportions, and we will just wait until Noah comes along to rescue us.

Our concern with hurricanes are trees falling onto/into our home (we have several mature oak trees, any one of them could hit our home), windows being destroyed causing loss of roof (we have hurricane-rated windows on all windows except sun room, which has 3M film) and finally having our garage door blown in causing loss of roof (we have hurricane-rated garage door).

The Tampa area has plenty of parcels/homes that will not be affected by storm surge or flooding from hurricanes.

So, I would hope new arrivals to Florida do investigate their neighborhoods prior to purchasing their homes.

Alligators, they are a different story. It seems they will be present in any body of water that is at least as large as a kiddie pool! Small chance of being killed by one, about 25 fatal attacks on humans since 1973, according to the Florida Fish and Wildlife Conservation Commission. Pets, that is a whole different case. Just don't walk Fluffy near a body of water, as pooches are a favorite snack.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
smitcat
Posts: 13227
Joined: Mon Nov 07, 2016 9:51 am

Re: Florida Insurance and Hurricanes

Post by smitcat »

HDM1004 wrote: Mon Oct 03, 2022 12:07 pm
smitcat wrote: Mon Oct 03, 2022 8:32 am
HDM1004 wrote: Mon Oct 03, 2022 8:25 am I have Frontline insurance in South Florida. Currently $5956/year. Out home has a full wind mitigation discount with hurricane doors and windows throughout. My agent said to expect annual increases for foreseeable future. Also the home value has gone up substantially and that adds to the insured amount. I am expecting 10-20% annual increases. :annoyed
Home value should not affect the insurance rates going up - but home replacement costs could reflect insurance costs going up.
Dependent upon your exact location and the specifics of your policy you may be able to reasonably reduce costs with adjusted terms for deductibles and coverages.
Is the home block construction? Are you well above the 100 year flood lines? Does the roof reflect all of the wind mitigations? (type/clips/connectors/sub-layment/etc)
Yes block construction, Yes above flood line (although that is subjective, see Ian damage),Yes roof has all wind mitigation.
Home replacement costs is the cause of the rising rates. I purchased in 2012 for $340,000. Now appraised at $750,000.
Home value should not affect the insurance rates going up - but home replacement costs could reflect insurance costs going up.
Many appraisals go up due to location and not replacement costs, perhaps something to check out.
Parkinglotracer
Posts: 3915
Joined: Fri Dec 20, 2019 2:49 am
Location: Upstate NY

Re: Florida Insurance and Hurricanes

Post by Parkinglotracer »

skor99 wrote: Mon Oct 03, 2022 9:48 am And therefore the question comes up as to why there is a mad rush of people wanting to move to Florida and especially the coastal cities there. Why did the home prices in Tampa and Miami go up by more than 30% in a year ?

How do people forget the misery they may encounter if a hurricane hits as well as the ever present threat of global warming which will increasingly cause flooding issues in low lying areas regardless of hurricanes ? Not even mentioning sinkholes which may not be covered by insurance. What am I missing ?
People like warm weather in the winter vs 160 inches of snow east of the Great Lakes in my case.
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