Insurance Hike astonomical.

[crashg71]

What is the name of your state? Fla.

My homeowners ins. is USF&G. During the deluge of hurricanes in our state over the past three years we had one claim and our deductable was more than the claim. Our ins for a 12 mos term beginning 9/12/05 cost. 1,546.00$. Our renewal notice just came in for next 9/12/06. The new amt is 5,919.95 . I just simply can't afford this. What do I do?1?!?

Kind Regards,
Gary
$5,919.95
-$1,546.02
---------------------
$4,373.93 = "NO WAY".. They tell me in their office this amt. is right.

 

[moburkes]

Shop around with other companies. However, you will find the rates are based on losses. Insurance carriers in Fl have paid billions in losses. Now they are collecting their money. I understand that you've only filed one cliaim, and that it wasn't covered, but our rates are based on more than just the claims that we file. They are based on the loss experience of the insurance company as well. You will have a difficult time getting a quote, but good luck.

 

[Betty]

Shop around for ins. with other companies as suggested by moburkes. The ins. co. does not single you out & not raise your rates even though you haven't submitted a claim. They group everyone together that lives in a hurricane area - they consider that maybe the next time you will submit a claim.

 

[Country Living]

No good answer for the coastal states

The changes many companies are making to coverage in the coastal areas include , but are not limited to:
1. Eliminating wind & hail coverage and making the policy holder go to the state pool for it.
2. Pulling out of the coastal states completely.
3. Increasing premiums to more adequately cover their risks.
4. Refusing to write new business in the coastal areas.

You don't say what town you're in - make sure you're mapped right if in the Miami area. There used to be some quirks about being on one side or the other of the Dixie Hwy. You can always go to a higher deductible - risky unless you can afford it.

I'm assuming you have flood insurance. Ask your servicing agent for your flood policy (assuming they're not USF&G) to see if they're in a position to quote you homeowner's insurance. As Betty said, you'll need to shop around for quotes. Make sure you're dealing with reputable companies as there are a few fly-by-nights out there. You could call the Florida Consumer Hotline http://www.fldfs.com/ and ask if they can assist you by providing a list of insurance companies offering homeowner's insurance in your area.

Now for my philosophical meandering (for which I'll apologize if you find it boring.)
The insurance companies should be able to command a premium commiserate with the risk; but, at what cost? If rates are held artificially low by the state insurance commissioners, then companies will no longer offer insurance in that state. If rates are too high, consumers cannot afford the expense.

Looking into my crystal ball (which was a discount model at K-Mart) - I expect the coastal states to eventually create state pools for homeowner's insurance for the majority of the consumers. Insurance companies will be expected to fund the pool; however, the deductibles will be high and the coverage will not be all risk.

As you can see, there is no good answer for this situation. With your September renewal, you're simply the first of hundreds of thousands of people who will get their renewal notices over the next twelve months and get the shock of their lives.

I wish you the best of luck.

 

[crashg71]

Thank You Guys

Unfortunately I live in Jensen Beach Fl. Which has seen 3 eyewalls in 2 years. I'm also 35ft above sea level. Yes, there is one hill along the coast of fla. So no flood coverage needed. I have been thinking about rolling the dice and raising the deductable. Anyway!!!
Thanks again.

 

[xylene]

ask if they can assist you by providing a list of insurance companies offering homeowner's insurance in your area..

You can print that list on a a 3 by 5 card with plenty of room to spare...

 

[Country Living]

I wish I had words of wisdom for you.

Unfortunately I live in Jensen Beach Fl. Which has seen 3 eyewalls in 2 years. I'm also 35ft above sea level. Yes, there is one hill along the coast of fla. So no flood coverage needed. I have been thinking about rolling the dice and raising the deductable. Anyway!!!
Thanks again.

Be sure you get quotes for several different deductibles so you can balance the cost of the policy with your out-of-pocket expenses. If your auto is insured with another company, you may find it beneficial to call that company and get a quote from them.

There are no good answers right now. Unfortunately, I think it's going to get worse. If the courts rule water surges that occur during a hurricane are not under the definition of flood, then expect for every large insurer to pull out of all the Gulf and East Coast States. I don't think it's going to go that way; but, it will take years to sort this out. In the meantime, people like you are caught in the middle.

 

[moburkes]

You can print that list on a a 3 by 5 card with plenty of room to spare...

You're NOT kidding!

 

[alligatorob]

Wish I could get insurance for just $6000. Its just the price of Paradise.

Alligator Point, Florida

 

[Betty]

With the cost of insurance & gas - what's a person to do!!

 

[JGJ2010]

best coverage of all may be to max out your coverage from the National Flood Insurance Program.

I live on the water and maxed it out $250,000 + $100,000 content for around $585.00.
My homeowners is around $2900 from State Farm for $350,000 & $250,000 content.

I figure if a hurricane hits here, our neighborhood would be 15ft underwater anyways and the insurance company would probably defer to Flood insur. to pay damages like in Miss.

In reality, I expect If a hurricane destroy our house, we would mostly likely get paid out max. by Flood Insurance & be suing State Farm for the rest.

 

[gawm]

What is the name of your state? Fla.

My homeowners ins. is USF&G. During the deluge of hurricanes in our state over the past three years we had one claim and our deductable was more than the claim. Our ins for a 12 mos term beginning 9/12/05 cost. 1,546.00$. Our renewal notice just came in for next 9/12/06. The new amt is 5,919.95 . I just simply can't afford this. What do I do?1?!?

Kind Regards,
Gary
$5,919.95
-$1,546.02
---------------------
$4,373.93 = "NO WAY".. They tell me in their office this amt. is right.

My homeowners insurance came in the mail today. I also never filed a claim but it still went up by about $130. I was pretty upset about it until I just read your post. Sorry about your misfortune but thank you for making me feel better.