Huge increase in homeowner’s insurance premiums - Page 2

Carmie · ‎10-25-2010

Wow! Ours went up a lot too. I almost lost it when it exceeded $1100 this year. It used to be a couple of hundred of dollars.

I guess I better quit complaining and be thankful it iis not $6500.

We have lived here for 31 years and never had a claim, thank goodness.

chrystaltree · ‎05-10-2010

It's due to the risk factors of tropical storms and hurricanes because storms are going to become much more severe and much more frequent as the years go by. Anyone who has been listening to predictions of global warming for the past 20 years knows that. We just didn't expect it to happen this quickly. You should definitely speak to your broker, perhaps he or she can find something that is not quite that expensive. $9000 is mind boggling but it's the price people pay to live where they want to live.

Mindy D · ‎05-23-2010

@wishmoon wrote:
@kaydee50 wrote:
Holy moly! $6,500 premium??? Just another reason not to live in Florida--LOL!!!

I wouldn't think that somebody getting a big insurance bill is funny but that's me. I think a lot of places are going to get huge insurance bills since FEMA must have surely taken a hit with the recent flooding. I know PA is raising their flooding rates unless you have your land surveyed. I had it done last year.

GUESS WHAT. The figures I posted don’t include my flood insurance bill. Flood insurance is a federal program and the maximum coverage available everywhere is only $250,000. That’s around $500 a year. A bargain compared to my homeowners.

software · ‎06-08-2016

The Gulf Coast has been gradually paying higher & higher premiums, starting with Katrina. Some insurance companies did go bankrupt, some nearly.

It's awful but there's really no alternative for the area.

deepwaterdotter · ‎03-09-2010

@hckynut wrote:

Much cheaper here in our Midwest state. Home owners and our 2 motor vehicles is an annual $2300. We have $500 deductible on it all.

hckynut

Ours is similar to what you pay. I guess there are advantages to living in the 'fly-over' part of the country.

SilleeMee · ‎05-22-2016

I had a discussion with my agent about rising homeowners insurance premiums. I learned that whenever there is a disaster, anywhere in the US, then everyone in all areas of the country is affected...some more than others. But the cost goes up for everyone and not just those affected by the disasters.

SahmIam · ‎04-16-2010

*Nods* This is why my in-laws and DH decided to sell a vacation home/beach house in NC. It was a property that was going to be ours but we've watched over the years as they've had to be upgrade so much due to the storms and the cost of insurance/flood insurance climbs at a huge rate. Honestly? DH and I don't want that financial burden. So, they're going to sell it and we'll invest the money.

We have place on the Eastern Shore and so far, the costs haven't been huge in any way. It's a condo, however, not a house. We rent it out all summer and go for a week as the boys are now older and don't care about going there any more. For us and family members, going down during the winter is far more relaxing. I'll tell you though, if the costs climb for that condo the way the house did in NC for my in-laws, we'll sell that place asap as well.

scatcat · ‎03-15-2010

FL has no state income tax and the sales tax is 6%. Drastically different than Chicago. Factor in the weather too.

And yes your deductible is $9000, but that’s only if something catastrophic happens to your property.

It it all evens out.

Harvard99 · ‎06-18-2018

@Mindy D We couldn't believe our State Farm premium notice about 2006 for the windstorm portion after the 3 hurricane in 2004. It went from $1500 to $6700!

Unfortunately it means they don't want to insure you anymore and it has nothing to do with you claim history or excellent credit. They all do this, look at the number of properties they insure in a specific area and raise premiums to an unaffordable amount to limit their exposure in that area.

Look at other insurers. I wish you good luck.