Fla home insurance cost about to go up?

How is that even possible? The average policy is $2400 and that's before the recent rate hike approvals. Keep flying under the radar

 

For this year.

https://thehill.com/changing-americ...7-2023-hurricane-season-predictions-released/

 

What are your deductables? What insurance company?

 

That’s what I was told when I started looking. My mortgage guy had me check them out first.

 

Give me till tomorrow and I’ll pull my policy with the numbers.

 

Tower Hill Insurance Exchange


COVERAGE A - Dwelling

$500,000. (May increase to 550K)

COVERAGE B - Other Structures

$10,000

COVERAGE C - Personal Property

$200,000

COVERAGE D - Loss of Use

$50,000

COVERAGE E - Personal Liability (Each Occurrence)

$300,000

COVERAGE F - Medical Payments

to Others (Each Person)

$5,000


Hurricane Deductible

2% of Coverage A

All Other Perils Deductible

$1,000

Annual Premium

$1,587.16

 

Same here.
My Mother in laws entire neighborhood flooded. Mind you they never have even come close in almost 50 years. 40 inches of rain in 36 hours and a city that shut down some pumping stations will do that. Mind you she is 4 miles from the river.
Meanwhile my house on the barrier island didn’t have water within 300 feet of it and we are about 500 feet from the marsh which fills with overflow from the river. Flood zone X also.

 

Look at getting Ordinance and law coverage if you don’t have it. 25% of Coverage A can save your butt and it’s normally very cheap. Covers upgrades due to code changes that may not be covered in a loss..

 

G8trGr8t directed me through the process of having the flood insurance requirement removed a while back. Survey to get a LOMR. Just haven't done it yet but I can't imagine our house isn't above flood levels given how much rain we had during the first hurricane last year. Of course if there is a drainage blockage downstream of us due to development or some anomolous malfunction of drainage systems I guess we could still flood. We are A few miles west of 95. I don't know.

 

Truth. People moving into Florida are not prepared for insurance costs

https://moneywise.com/insurance/home/americans-moving-to-florida-face-hidden-cost

 

We moved out of state recently. Our last homeowner's insurance bill was for $5000/yr. Our new bill is for $900/yr. We thought it was a typo when we first saw it.

 

Wow. We are thinking of selling and renting, just to save the equity before the market prices in climate change and insurance

 

I like Tower Hill. When we moved to Gainesville we dropped State Farm and went with them. I couldn’t believe how much our insurance rates dropped.

 

I just got my renewal notice. Not on the coast, not in a flood zone, zero claims, 15 years same company FMV home $500,000.

2021-2022: $2500.
2022-2023: $3700.
Next period: $6700.

I am so tempted to drop it completely. It would be difficult for me to switch as my roof is 20 years old (but still in good shape.)

A good friend of mine is buying a policy without wind/hurricane coverage for $1100. With wind and hurricane $4400.

 

Hope this doesn't impact you.:

Due to the volatile Florida homeowners insurance market, Tower Hill has announced that it is pulling its personal lines out of the Sunshine State and instead replacing it with a reciprocal insurance model — the Tower Hill Insurance Exchange. Most existing Florida Tower Hill policies will be transferred to the Exchange at renewal.
Tower Hill Insurance Review 2023 | Bankrate

 

Tower Hill dropped me last year after the Hurricanes in St Aug

 

It does but nothing has changed really. It just means the policy holders are partners in the company.

 

I looked at a Citizens policy and would do it to save the money. But they dont offer $300K personal liability. I would not really care minus we have a PUP policy that requires the $300K in personal liability. Too much of a headache to save a few dollars at that point. I almost want to consider just not insuring. Rates get too much higher that is where I will end up...

 

That is fantastic! The flood zone is not that big of a deal for Tower Hill as they are not going to be concerned with that. But I wish I had that rate. I have Tower hill for our Ocala house. We are at $1835 for the year.

 

That’s who has my insurance. I said Tower Hill insurance Exchange. Either way it’s not that expensive imo.

See post #26.