We live in the state with rapidly increasing rates – partly due to the hurricanes and a decision made by the state for every homeowner to “share the tab” for certain previous losses and to encourage insurance companies to stay in the state.
We’ve recently received our homeowner insurance quote for the coming year, a rate increase of 40%. Of course, we contacted our agent to discuss the situation. Now, we did adjust our insurance amount for replacement value of the home (minus the cost of the land) so that accounted for a small amount of the increase. We are going to be shopping around for a better rate, but I don’t hold much confidence that we are going to find anything better.Â
The topic of Florida homeowner insurance is hot right now, and many citizens are demanding some solutions. A quick overview of some recent news articles on this topic show the extent of the problem:
The Bradenten Herald recently featured “Increase coverage, cut the cost of home insurance“, which outlines some ways to cut costs on insurance. Basically, insuring your home for the replacement value of the house and not the mortage amount (which includes the valuation for the land).Â
The Palm Beach Post has an article about an 86-year-old widow who has no mortage on her home and canceled her homeowners insurance because it was too costly. Â
And the insurance crisis is hitting the condo owners as well, with some owners thinking of selling and getting out of the state due to the rising rates.
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I’m in South Florida–recently had a Wind Mitigation Inspection done by a professional inspector (not one of the state-funded guys with an hour of training) and saved over $2,400 on my insurance premium. If anyone wants info I’d be more than happy to share. Also know a good insurance agent in the area that I’ve used for my last two homes.
Fast forward to today and the Florida homeowners insurance crisis is alive and well with State Farm Florida now trying to move forward with a massive rate increase on Florida homeowners insurance.
I wanted to pass along information that helped me find affordable Florida homeowners insurance after I lost my homeowners insurance Florida with State Farm:
http://www.homeinsurancebuyers.org
There is also some excellent information here about the mess still brewing at Citizens Insurance:
http://www.homeinsurancebuyers.org/FindingPrivateInsurance
Thanks for the great work on your blog and for sharing this information to help other Floridians.