Just got my renewal and it jumped another 20%. We were paying about $8,500.00 about 3 years ago then it jumped to $11,000.00 and now it is $13,444.00. If this keeps up we will see people needing to leave Florida. I am moving in about 1.5 years as soon as the new house is done so I may just have one more renewal but I sure will be glad to be done with this.
That's outrageous! Of course, you have hurricanes to deal with. But, my homeowners is 1/7 th of yours.
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
Mine just went from mid 800's to just over a grand this renewal but that was to be expected as I lost my auto bundle with them. That is crazy high what you guys are paying!
IMO this is all by design to "encourage" people to become lifetime renters. Why do you think all of these big corporations have been investing so heavily into the single family housing market?
Ours went up 1800 this month.... people are leaving the state, I believe 500k have left after 1M moved here since the start of c19
There are a couple of people my wife talks to that are moving now that their kids are out of the house. We are heading to upstate South Carolina and one couple in or neighborhood is moving to Augusta South Carolina. I don't know how younger people starting a family or the retirees are able to take these premium hits.Originally Posted by blade1970
We just fired Safeco and Hired Allstate. Saved 2k a year. But I know the cycle will just start again! What do you do? Legalized Theft
2020 Caymas CX21 Pro
Mercury 250 Pro XS
Serial# 2B686100
Lowrance Ghost
Lowrance HDS Lives
So much for a low tax state
No way I’d pay 13K a year for house insurance, I’d cancel it & chance it or move out of that state.
Mine went up 75%. Needless to say I went shopping and found a reputable company for way cheaper.
Chad St. Pierre
Paulina LA 70763
Be careful with Allstate. My sister bought a successful Allstate agency several years ago. There was an outbreak of bad weather within about a year, resulting in a lot of homeowner claims. She told us that she was ashamed of how badly Allstate treated her customers. She ended up loosing so many customers that she had no choice but to close the agency.
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
There are a lot of people that are doing that. I figured I will have this house for about one more year so I know for sure if I cancel it now after paying for 20 years that this would be the year something would happen.
We have been exploring options to move as well but have to wait like you.... both girls are graduating from FGCU this year and one leaves in August for a fellowship with the Cleveland Clinic for med school and the other might stay in state for her next level as well for medical... they have been able to live at home and work part time, but there is no way they could live on their own with that much schooling.
I told my daughter the same thing. She is in law school down here and I told her that she should take the bar in another state as she wouldn't be able to afford to live in South Florida.
Don't worry plenty will be posting in no time about how good we have it now and they lived through the Carter days and it was so much worse then. We have let corrupt politicians and corporations destroy the housing industry and everything to do with it.
We just went through something similar. I shopped around and went through an independent agent and ended up with better coverage for a substantial savings with a reputable company.
Mine is 4K this year which is less then 1% of the accessed value of the property. Not happy about it but I’ve shopped around the last few years and every company want’s about the same.
John the Garage Doorman
You mean insurance companies shouldn’t raise their rates in areas with high probability of claims due to natural disasters? Everyone in Ft. Meyers should pay the same as before etc etc…. You do realize these are businesses designed for profit?
Thus is why I love being in insurance. My commissions have always kept up with inflation.
I am sick over the family Florida condo getting sold. Stuff is still selling down there despite costs. The Condo sold to the first person who looked at it, closed in about 3 weeks cash offer by a couple for their 19 year old son. They told us they now own 8 houses in that community. The normal insurance was paid through a HOA and was $94,000 (a 17,000 increase this year) for 30 units which I did not consider crazy bad. We had to carry contents insurance separately.
I tried to buy it out from the rest of the family, but the banks have really changed how they look at condo's the past few years. I was looking at a "commercial loan" because over half are rentals (we've never rented, but they go buy how many are owner occupied) with a minimum of 25% down and 8.5% interest rates. I laughed as I cussed and let it go. Maybe some day we will look again?
P.S. The unit brought real good money considering the initial price and it was totally rebuilt after Hurricane Michael. There is just an insane amount of building in the panhandle.
It is great until people start self insuring and the premiums stop coming in. I know three people in my neighborhood and at work that have decided to go this route and since a ton of properties in South Florida are being sold for cash they really are not required to carry insurance. If I planned on living in this house for a long period of time I would have cancelled it with the last increase. Most of the very high end homes down here just self insure. They can put the money in the market or in fixed income and if a claim happens after a few years they will have made as much in returns to cover it (which is basically what insurance companies do).
Reply With Quote