Insurance

Whether it's NASCAR or your family vacation, talk about anything here!

Moderators: Mark, Greg, JD

User avatar
Harry
Posts: 1249
Joined: Mon Feb 26, 2007 7:45 pm
Location: Citrus county Florida

Fri Apr 20, 2007 6:39 am

Hi

Just got our homeowners insurance renewal. The bill increased 25% over last years. The premium is $1,127 for $46K coverage and $20K contents.

I called the agent and the insurance company to find out why the 25% increase. They blamed our insurance commissioner. How ironic, the latest batch of politicians ran on a ticket of insurance reform.

Still we feel lucky because the only other insurance for us is the state sponsored insurance (Citizens) which is not affordable and has inferior coverage. Foremost for example does not write policies if your county is on the coast.

Lots of people around here have to go without any coverage.

Harry
Aside from the roof leak, soft floors, rats, mice and bursted plumbing ........ how do you like it?


User avatar
Yanita
Moderator
Posts: 3369
Joined: Sat Feb 17, 2007 10:16 pm
Location: Eastern N. Carolina

Fri Apr 20, 2007 6:56 am

Hi Harry,

Although I am an hour from the coast Foremost went up on our insurance as well. It was $991. yearly now it is $1001. This is 49,600 on the home, 25K contents, 15K out buildings/carport.

With the weather pattern being as it has been this spring I only wonder what the hurricane season will be bringing! Guess I should not worry about the home, it's been here since it was originally purchased and set in place...35 years ago.

You have a great day!

~Yanita~
The difference between success and failure is who gives up first!

troyster
Posts: 166
Joined: Mon Feb 26, 2007 5:42 pm
Location: terrace bc

Fri Apr 20, 2007 1:16 pm

wow! your guys insurance is high! ouch -we are lucky for sure -we pay $400.00 a year for $20,000 on home(fire,theft,vandalism) -$30,000 contents-50,000 personal liability. but not covered for natural disasters that must be the big difference. coverage was $300.00 a year 2 years ago but can't complain for that amount.

User avatar
Greg
Moderator
Posts: 5649
Joined: Wed Feb 28, 2007 8:01 pm
Location: Weedsport, NY
Contact:

Fri Apr 20, 2007 4:16 pm

I have always said to shop around and combine auto & Home policies. Greg
"If I can't fix it, I can screw it up so bad no one else can either."

User avatar
Sylvia
Posts: 189
Joined: Tue Feb 27, 2007 7:27 pm
Location: Iowa
Contact:

Sat Apr 21, 2007 8:43 am

Insurance commissioners do not set prices they only APPROVE the prices, terms and conditions and monitor the insurance companies for compliance. Insurers have to get in line to submit increases (or decreases) and it's a first come first serve.

Your agent is giving you a line. :? I hate when agents tell people things and are just afraid to tell the truth. The truth would be because of loss experience the rates for your insurer has to be higher to pay for future claims and still be profitable.

My best insurance advise is to check A.M Best at the insurers that write MH insurance in your state and check out the higest rated ones. They would have less need to increase rates because they're more financially secure.


User avatar
Harry
Posts: 1249
Joined: Mon Feb 26, 2007 7:45 pm
Location: Citrus county Florida

Sat Apr 21, 2007 11:21 am

Hi Sylvia

Thank you for the post.

We live in Citrus county which is on the west coast of Florida.

Please do a Goggle on “Florida insurance crisis” which will touch on Florida homeowners problems.

We have American Southern Home Insurance located in Cincinnati, OH. We have never filed a claim with them and for that reason we think they have not dropped us. We can find no other company writing new policies.

Because most insurance companies have pulled out of Florida there is a state-run Citizens Property Insurance Corp only if you can not find coverage elsewhere. Citizens is high dollar and lacks good coverage….everytime I inquire.

The polititians have promised insurance reform but have not delivered yet.

If you know of anyone writing new policies here please let me know.

Harry
Aside from the roof leak, soft floors, rats, mice and bursted plumbing ........ how do you like it?

User avatar
Sylvia
Posts: 189
Joined: Tue Feb 27, 2007 7:27 pm
Location: Iowa
Contact:

Sat Apr 21, 2007 11:49 am

Harry, Citizens is a privately run corporation. Although thier website does mention some changes to the Florida insurance regulations. Citizen's is the second largest homeowners insurance company in Florida.

There is a state run organization that can help you find an insurer though. www.fmap.org

User avatar
Harry
Posts: 1249
Joined: Mon Feb 26, 2007 7:45 pm
Location: Citrus county Florida

Sat Apr 21, 2007 8:06 pm

Hi Silvia

About Citizens: Here's a quote from http://www.citizensfla.com

"Citizens Property Insurance is the State's homeowners' insurance safety net. It was created by the Legislature in 2002 to offer property coverage to Floridians without private insurance options."

Yes we check with http://www.fmap.org/ often. They refer calls to Citizens.

We here in Florida are hoping for the promised insurance reform.

Harry
Aside from the roof leak, soft floors, rats, mice and bursted plumbing ........ how do you like it?

User avatar
Yanita
Moderator
Posts: 3369
Joined: Sat Feb 17, 2007 10:16 pm
Location: Eastern N. Carolina

Sat Apr 21, 2007 10:17 pm

Hi,

Mine went up as I added items to the policy...car port, pool, another deck...blah, blah, blah...

I forgot who made the comment about our rates being high, yeah they are in comparison to some, but it's the price you pay to live near the ocean. Although I am an hour from the ocean, the sound is only a few towns away.

For now at least our property tax rates are lower than most....

~Yanita~
The difference between success and failure is who gives up first!

User avatar
Maureen
Moderator
Posts: 489
Joined: Sat Feb 17, 2007 10:35 pm
Location: Sun Valley, Nevada
Contact:

Sat Apr 21, 2007 11:55 pm

Hey folks, Yanita hit the nail right on the head there!

My insurance went up $50.00 this year. We've got Foremost, and it's expected. I've also got the business on this plan and still pay half of what Yanita does. We've pretty much got the same coverage from Foremost... cause we've chatted about it.

On the other hand, my property taxes are unreal!

Sylvia knows the insurance business. That's exactly why living on or near the east or gulf coast is going to cost you more in insurance. Sure, we have wild fires, earthquakes, wind events and snow events, but they aren't as frequent and don't damage as many homes as a hurricane at one time. It's just economics.

I just went and bought 10 pounds of sugar. We don't use much, so I don't buy it often. Danged, it was almost $5.00 a bag!!! That was a shock LOL! One of the presidential candidates was asked how much a gallon of milk cost a few weeks ago, he guessed about $1.50! Obviously he hasn't bought milk in the last decade!

Then there is my very favorite gripe! Why is it, that the West coast has to pay at least 50 cents more for gas than any other area of the country? Is our gas special in some sort of way?

There's just no getting around the cost of everything rising these days, sad but true!

Maureen 8)
Never discourage anyone...who continually makes progress, no matter how slow.
'Plato'

User avatar
Yanita
Moderator
Posts: 3369
Joined: Sat Feb 17, 2007 10:16 pm
Location: Eastern N. Carolina

Sun Apr 22, 2007 1:11 am

Yeah,

When you start adding in all the natural disaster stuff your premiums start taking a direct hit...hurricane, tornadoes, wind, flooding, hail...

Thankfully Foremost is/was still writing policies here. We also have a state funded insurance program, again sorry coverage and high premiums. I prefer to know exactly how my company is going to handle the claim should I ever need to use it.

We have everything we can possibly get to cover this home and the garage and other smaller buildings etc outside. We also recently increased other areas of our policy...BUT, LOL, my Hubby says I keep us insurance poor.

My only real complaint with insurance in our area is people keep building these huge elaborate summer homes directly on the coast line. Every time there is even a tropical storm somebody looses their home, and of course the rates rocket again within a year. Then comes the re nourishment of the beaches so they can build again! I do not mind paying my own bills but I sure do have a problem with people building these homes in the same place hurricane after hurricane at what I feel is at the expense of others.

The price of gas..well last week we got up to $3.09 for premium. Not sure why but the price has dropped the last couple of days, it is now $2.89.

LOL, I can not tell you what sugar cost, we do not use alot of it here either, mainly for a cup of coffee. But I can tell you that a gallon of milk is $4.89, and we drink almost a gallon a day! LOL, I have just resolved myself to the prices of everything, if I need/want it then it has to be paid for!

Have a great night,

~Yanita~
The difference between success and failure is who gives up first!

User avatar
Harry
Posts: 1249
Joined: Mon Feb 26, 2007 7:45 pm
Location: Citrus county Florida

Sun Apr 22, 2007 5:41 am

Thank you all for all the suggestions. Tomorrow I’ll make another rounds of phone calls to get updated.

All this sunshine ain’t free!! LOL

Florida coastal insurance problems do differ from other parts of the country.

Meanwhile the insurance industry is making record profits according to several news sources.

Sugar… we use Splenda and some honey.

Take care

Harry
Aside from the roof leak, soft floors, rats, mice and bursted plumbing ........ how do you like it?

User avatar
Sylvia
Posts: 189
Joined: Tue Feb 27, 2007 7:27 pm
Location: Iowa
Contact:

Sun Apr 22, 2007 6:30 am

I think the statement that Citizens has there is on the slippery slope of misrepresentation. It's an actual company. Board of directors, meetings, the same as any other. I saw where Citizens was being investigated BY the state about two years ago. Because it is a company that still writes in Florida, it would be an option of that website. Insurance companies are having an impossible time getting reinsured to sell homeowners there. I know Geico doesn't have any agencies available that do. We write only auto but have a multitude of other companies that write home for us.

Wow! Milk is about 3.15 here a gallon. Although we're starting to switch to organic which is more expensive, but locally produced without the cows being feed with anything but grass and untreated grains grown locally as well.

User avatar
Maureen
Moderator
Posts: 489
Joined: Sat Feb 17, 2007 10:35 pm
Location: Sun Valley, Nevada
Contact:

Mon Apr 23, 2007 12:24 am

LOL!

We're paying $3.20 a gallon of gas for regular right now, and that's if you play gas tag up and down the little boulevard out here. Highest is the Chevron station at $3.45 a gallon, for regular.

I refuse to look at the price of premium right now... toooo scary!

I can still get a gallon of milk for $3.29 though! I won't be buying sugar any time soon, but when I have to again, I'm sure it will shock me again!

I think it all boils down to supply and demand.

Maureen 8)
Never discourage anyone...who continually makes progress, no matter how slow.
'Plato'

User avatar
Harry
Posts: 1249
Joined: Mon Feb 26, 2007 7:45 pm
Location: Citrus county Florida

Mon Apr 23, 2007 4:49 pm

Hi

While at the store today whole white milk was $3.65 per gallon.

Check out the following recent increases in this area:
- gasoline 50%
- property impact fee (medium home) 69%
- real estate tax on one of our properties 219%
- property insurance 25%

And here’s what you youngsters have to look forward to….Social Security checks for 2007 increased ….3.3%.

LOL

Harry
Aside from the roof leak, soft floors, rats, mice and bursted plumbing ........ how do you like it?

Locked