Future of home insurance in Florida

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Question:

Will other people (like in Md, VA, DC, KS, MT, wherever!) have higher insurance rates b/c their insurance companies have to pay out a lot of claims in FL?

Do the companies "spread" the costs to other customers who aren't affected by the hurricanes (when the companies renew the policies over the next year or two)?

We shouldn't. If you think you do shop around. Most insurers don't sell in Florida. Their state insurance program (i.e. insurer of last resort) not covers a million properties

my insurance is USAA and they do insure homes in FL. I just don't want my HO insurance to be jacked up b/c of claims in FL.

You can always not renew, state farm and all state have left florida

This is absolutely not true, State Farm and Allstate are still providing homeowner's insurance as well as other types of insurance in Florida. I can't imagine where people come up with this stuff.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Question:

Will other people (like in Md, VA, DC, KS, MT, wherever!) have higher insurance rates b/c their insurance companies have to pay out a lot of claims in FL?

Do the companies "spread" the costs to other customers who aren't affected by the hurricanes (when the companies renew the policies over the next year or two)?

We shouldn't. If you think you do shop around. Most insurers don't sell in Florida. Their state insurance program (i.e. insurer of last resort) not covers a million properties

my insurance is USAA and they do insure homes in FL. I just don't want my HO insurance to be jacked up b/c of claims in FL.

You can always not renew, state farm and all state have left florida

Not true at all! I was just at my State Farm office yesterday. I have home and auto with them.

[Anonymous]

Is windstorm really necessary if the deductible is high and it pays little? I know it’s a gamble like not having flood. I’m in a house that has a new roof and built in the 70s. It has been through many hurricanes w/o damage and is west, not in a flood zone.

[Anonymous]

Anonymous wrote:Is windstorm really necessary if the deductible is high and it pays little? I know it’s a gamble like not having flood. I’m in a house that has a new roof and built in the 70s. It has been through many hurricanes w/o damage and is west, not in a flood zone.

If you have a mortgage, your lender requires it. If you don’t have a mortgage, it’s up to you if you want to self insure or not.

[Anonymous]

We have a home in Florida and have used USAA across-the-board for everything we own. This includes our home in Florida. USAA manages risk by periodically opening the state of Florida for their members. When they open Florida, we jumped in.
Don’t shop for the cheapest insurance. You will pay in the future.

[Anonymous]

I read an article this week about insurers leaving CA. Apparently, more have left CA than have left FL.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Question:

Will other people (like in Md, VA, DC, KS, MT, wherever!) have higher insurance rates b/c their insurance companies have to pay out a lot of claims in FL?

Do the companies "spread" the costs to other customers who aren't affected by the hurricanes (when the companies renew the policies over the next year or two)?

We shouldn't. If you think you do shop around. Most insurers don't sell in Florida. Their state insurance program (i.e. insurer of last resort) not covers a million properties

my insurance is USAA and they do insure homes in FL. I just don't want my HO insurance to be jacked up b/c of claims in FL.

Then you must shop around - as with most any transaction, fate will favor those who are informed and knowledgeable.

[Anonymous]

Anonymous wrote:I read an article this week about insurers leaving CA. Apparently, more have left CA than have left FL.

You need to normalize the data - how many were in each state to begin with?

[Anonymous]

Anonymous wrote:I pay $8000 wind insurance, no flood insurance in a flood zone X (ie, no flood zone). House is insured up to $350k, which is nothing. So this explains how insurance companies still make money in Florida.

Isn’t it absolutely brilliant to not carry flood insurance on your home in the swamp because the government and bank say you don’t have to.
Do you also let the government tell your kids what they can read and who they can have sex with?
Does you bank pick the car you drive?
The world is filled with morons who outsource their life to government and large corporations.
Thanks for explaining how insurance companies make money. I’ll wave as you float by standing on your front porch. When your house finally gets beached the government will step in and give you some glossy printed brochures telling you what to do next.
This is not your Grandma’s ‘merica.

[Anonymous]

My parents have a 25k deductible. I actually think most deductibles should be a lot higher than they actually are here (here everyone has $1000).

[Anonymous]

i just read this and i cant remember where- a man whose home was not in a flood zone when he bought (FL), was reclassified as a flood zone and now he either cant get insurance or it went up dramatically.... did anyone see this?

one of many reasons id never live there

[Anonymous]

Anonymous wrote:i just read this and i cant remember where- a man whose home was not in a flood zone when he bought (FL), was reclassified as a flood zone and now he either cant get insurance or it went up dramatically.... did anyone see this?

one of many reasons id never live there

Flood insurance? Wait til you see what Trump did to FEMA. Hint: The money has to come from somewhere.

[Anonymous]

Anyone ever see the musical Spring Awakening? There's a *great* song in there that perfectly describes homeowners in Florida in the next couple decades re insurance.

[Anonymous]

Anonymous wrote:My parents have a 25k deductible. I actually think most deductibles should be a lot higher than they actually are here (here everyone has $1000).

This means nothing without knowing what the coverage is.

[Anonymous]

Anonymous wrote:Anyone ever see the musical Spring Awakening? There's a *great* song in there that perfectly describes homeowners in Florida in the next couple decades re insurance.

Please don’t just throw this out there without telling us what this song is. Life is unfair enough, and we all need a good song in our heart today. Link us!