Hurricane Isaac is on it's way.....

[POSTON WIDEHEAD]

STEAMSAWYER.......have you tied down that steam saw yet?

[Raider Bill]

Speaking of Isaac, I just got my homeowners renewal. the hurricane part [wind] went up $4700 a year. I repeat went up $4700 a year.  Just over $13k now. I hate those people. We can only buy it from one place which is State run. So called citizens insurance co.
Maybe if we could get the RNC and the DNC in Tampa then have a hurricane wipe them both out then replace them with honest people.........

I know restricted topics.... but
I hate those people

Sorry to hijack your thread >:(

went up $4700 a year I'm in shock

[POSTON WIDEHEAD]

Wow Bill.....How much did your insurance go up this year?  :D

Insurance companies are a rip off......but what do you do? :

[beenthere]

Bill
But at the moment, you are not being "forced" to pay it, or pay a fine.
Still a rip-off.

However, who should pay it?

No good when there is no competition.

[Mooseherder]

Bill, call St. John's Insurance.
Their customer service number is 800-748-2039
My agent may also be able to help you.
He is an Allstate agent that helped us when Allstate good rid of me.
Dave Heiny in Lake Worth 561-433-2880
Always have been great people to deal with.
I've kept my car insurance with him because every time some insurance company raises their rates like that he finds me another company.

[WDH]

Raider,

That sucks.

[isawlogs]

  Wow!!!  ....  That really sucks  :-\

[Papa1stuff]

www.securityfirstflorida.com

[Dodgy Loner]

We can only buy it from one place which is State run. So called citizens insurance co.

Why can you only buy insurance from one company?

The interesting thing about insurance companies is that most of them don't usually earn money off of your insurance premiums. They turn around and invest the money that you give them for premiums, and they only turn a profit if their investments earn more money than they eventually lose through their claims. Often, a big rate increase is a result of the realization that the company has been overlooking or underpricing a certain risk in the past, so they must adjust for it in the future. Most insurance markets are highly competitive, so I'm curious why there is only one source for you to get your insurance.

[Shotgun]

I'm in the same boat as Bill.  Reason is that all the others have left the state.  Think about it, Florida. Not much we can do about it.

Norm

[Dodgy Loner]

I'm in the same boat as Bill.  Reason is that all the others have left the state. 

Are you saying there is only one option because other insurance companies have decided it's not worth the risk to insure the homes in Florida? That would seem like a reasonable decision for a company to make. Not much point in making an investment if the risk of a huge loss is too big.

[Mooseherder]

A lot of companies left Florida to reduce their exposure.
Some smaller companies have come into the State but you probably never heard of them before.
I think we are on our third company since the fall of 2004.
We literally got hit by tree storms in 2004 and one in 2005.
It was a bad time for a lot of people.
Allstate dropped me and the agent put us into what Bill has until he could find something else.
They'll bring you in at a good rate then try to slam you by year tree.
That's when we move to the next vulture and the cycle continues.
Bill must live closer to the coast and they are the only choice you have.

[WDH]

Insurance companies only like for you to pay them.  They don't like or plan to pay you.

[Raider Bill]

I'm in the same boat as Bill.  Reason is that all the others have left the state. 

Are you saying there is only one option because other insurance companies have decided it's not worth the risk to insure the homes in Florida? That would seem like a reasonable decision for a company to make. Not much point in making an investment if the risk of a huge loss is too big.

Pretty much, some Co's will sell you a policy but make you jump through some pretty big hoops to qualify., But they will still sell auto insurance and make billions each year.  great deal for them. politicians just look the other way

www.securityfirstflorida.com

Thank you for your interest in Security First Insurance Company. Unfortunately, we are not accepting new business with these requirements in this area at this time. Please check back. This system is updated weekly to reflect any changes in our new business availability

Within 3 miles of the gulf Crap out of luck.

A lot of companies left Florida to reduce their exposure.
Some smaller companies have come into the State but you probably never heard of them before.
I think we are on our third company since the fall of 2004.
We literally got hit by tree storms in 2004 and one in 2005.
It was a bad time for a lot of people.
Allstate dropped me and the agent put us into what Bill has until he could find something else.
They'll bring you in at a good rate then try to slam you by year tree.
That's when we move to the next vulture and the cycle continues.
Bill must live closer to the coast and they are the only choice you have.

That pretty much sums it up right there. 

In 2004 and 5 when the storms hit even after paying out all the claims Allstate posted a multi billion $$ profit just in Florida alone.

[Dodgy Loner]

Think about what's happening here - the large, well-established companies know that the true cost to insure your homes is larger than the market will bear. They don't play the games that these small-timers play. They are set up to assess risk properly, and most of them do a good job at it. The companies that you call "vultures" are offering insurance at an initial cost that is well below the true long-term cost to insure your home. They are holding their breath and praying to avoid a disaster. Well-known companies can't play these games, which is why your options are limited.

I would have to partially agree with Danny. They don't like to pay you. But guess what - you don't like to pay them, either. You will drop them at the drop of a hat for a cheaper rate. It's a cutthroat market, and there is tremendous pressure on them to offer the lowest possible rate. That necessarily means making stingy payouts when claims are made. If you want an insurer that provides excellent service, you simply have to pay for it. There are still companies that offer good service, but they are not the cheapest ones out there.

If you think that insurance companies make too much money, then buy stock in insurance companies. You can laugh all the way to the bank :D

[florida]

Bill,
I've danced with Citizens more than once over the past few years and made some interesting discoveries. All the agents I talked to said there was no point in pricing the policy since they were all quoting from the same book.
I got prices from 4 agents for the same exact policy, all with Citizens. Prices ranged from $4,200 all the way to $8700. Naturally I bought the $4200 version. The next year my agent was able to get me off Citizens with another company for $1800.00.
On a rental house I had we had to go with Citizens but the premium wasn't out of line. The next year we got an outrageous unsolicited bid from another company at which point Citizens dropped us since we could buy a policy from another company. We just let the policy expire and that house has no insurance coverage at all now.
FYI for everyone else. Citizens is a state run and backed insurer of last resort for home owners who can't get a policy any other way.

[Dodgy Loner]

Citizens is a state run and backed insurer of last resort for home owners who can't get a policy any other way.

That answers my first question, thanks.

[Mooseherder]

The vulture comparison is because home insurance coverage is up 12 times the original cost.  I'm okay with a company making a profit to stay strong and viable.  There hasn't been a storm for seven years so there has been plenty of profit made.  These same vultures operate trucks on the interstate with their logo and stop to help when someone breaks down yet they don't cover homes anymore.  I guess it is an attempt to suck up and get their name out there for car insurance.  I'm surprised the Gulf states aren't experiencing the same in regards to insurance coverage.

[Dodgy Loner]

When a disaster occurs, the insurance companies will pay out far more than they take in in any given year. But increasing home insurance by 12 times in one year is clearly a bait-and-switch tactic. Insurance on the coast is incredibly high anywhere you go, but fortunately I live far enough inland that any hurricane damage here is minimal compared to the devastation along the coast. I pay about $600 per year for $200,000 of insurance.

[Ianab]

Insurance companies generally re-insure themselves on the international market in case of large natural disasters, where the claims could exceed their reserves. What that costs them depends on perceived risk for a certain area. With some large natural disasters in recent years, hurricanes, earthquakes, tsunami etc these re-insurances have taken some big hits.

After the big quake in Christchurch which demolished or at least damaged most of the city the risks and re-insurance rates for the whole country have gone up. No one want's to bet against the odds, so if the odds are high, so are the rates. The Govt had to actually bankroll one of the major local insurance companies as they hadn't taken out enough re-insurance to meet the number of claims they had. Politically they couldn't let the company fold and leave 1/4 of the city uninsured.

But end result is that all house insurances have gone up  :(

Ian

[Mooseherder]

That's a great rate Dodgy.
You'd pay around 4 times that amount here.

[Okrafarmer]

And yet-- people keep on building rebuilding houses by the ocean. Not sure if it's because of the view, or the salt air, or the breeze coming in off the water, or what it is, but people keep on doing it. . . .

When I went down for Ike, I spent most of my time in Baytown, TX. Baytown had a lot of roofs peeled off, fences down, and trees all over, but most of the structures were repairable, except for ones right along the very coastline, where storm surge soaked them through. But I went down to the Bolivar peninsula (actually an island) and checked out the damage there. Practically all the houses were swept right over, EXCEPT for the ones built up on the 15-25 ' high stilts. These houses were built to withstand the storm surges. They were usually held up on top of two substantial walls with a flimsy garage built between the two walls. The two flimsy walls of the garage (including the car door) are designed to blast out easily when the storm surge hits them, meanwhile, the living quarters up above are high and dry (well, at least dry on the inside). These houses are built specifically to withstand anything short of a direct hit by a tornado or a tsunami. Now see, if I had the money to build or buy on the coast, that is the sort of house I would get, and then, assuming I had that kind of money, I wouldn't even bother getting insurance on it. Just have some cash reserves for repairing the roof, yard, etc. as necessary.

However, I don't have that kind of money. If I did, I would have 100 acres or more inland somewhere and just go to visit at the ocean!

[florida]

If you built on the coast today you wouldn't have any choice except to build on pilings. All news homes in the coastal flood zone have to be elevated. That's why, even miles inland, you see new ranch style houses built up on big berms 3 or 4 feet high.

[Raider Bill]

One of the reasons my premiums in this area are so high is we are surrounded by water having the Gulf on one side and Tampa Bay on the other meeting at the bottom. I am about 3 miles from the gulf on the highest point in the county, concrete house with roof ties etc. I am also in a non evacuation zone.
There has never been a hurricane come ashore here since 1928 or so.
One of my biggest gripes is that insurance Co's are allowed to sell the big money maker policies like auto here but do not have to sell homeowners. Must be nice to pick and choose.
I cannot point to the article but I read a few years ago that even after paying out storm claims they still make a profit for the year.

Personally I think the Insurance Commission should say if you want to sell the money maker's you also have to sell homeowners at a reasonable rate but we know that's not going to happen.

We are not in good hands, they are not on our side and the blanket is moth eaten. >:(

Citizens is constantly in the paper for being mismanaged, spending too much $$ on executive perks etc. but our leaders turn a blind eye.

[Okrafarmer]

Just glad I live on a ridge around 1,000 ft. elevation. Which doesn't exist in FL or LA.