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Homeowner insurance just got canceled...

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Homeowner insurance just got canceled...

Old 03-31-07, 08:02 PM
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Homeowner insurance just got canceled...

Like most people in Florida my homeowner insurance has been going up in cost in the last few years. With my tax increase and and home insurace increase my total payment has gone from $515 to $873.

Today I got a letter in the mail that we are getting dropped, even though I have put in no claims and made every payment. I have to go price new insurance and can't wait to find out what deductible I will have.

I am sure this will end up the same way the CC thread did. But I still think it sucks that eventually I won't be able to afford the house I live in. (the house my parents bought in 73, the house I grew up in and the house I was hoping my daughter would grow up in)

Shadow
Old 03-31-07, 09:22 PM
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That sucks to just get dropped... but that's what happens living in a high risk area. Assuming that's an annual payment (Would really suck if monthly !!) Isn't the house payed off if been in your family so long ? Are you living that close to the edge that $30 month is gonna push you over ?
Old 03-31-07, 09:31 PM
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Good luck...

You might be able to get a discount with an insurance company if you carry multiple policies with them (such as car ins., etc.)

Also, some companies give discounts if you have a home security system. You'd have to weigh the costs of the system vs the time it would take you to benefit from the lower rates.

(BTW, thank you for spelling "canceled" correctly...it's only one 'L' dammit!)
Old 03-31-07, 09:38 PM
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Originally Posted by Lee Harvey Oswald
(BTW, thank you for spelling "canceled" correctly...it's only one 'L' dammit!)
Actually, both are correct.
Old 03-31-07, 09:41 PM
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Originally Posted by Mr. Salty
Actually, both are correct.
In the US the proper spelling is one, in some other countries like England (I believe) it's two.

I think it's just because almost all other words get the Double L that its ok.

Sorry off topic....I'll shut up.
Old 03-31-07, 09:46 PM
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Sorry for the confusion the $873 is the mortgage tax and insurance. The insurance has gone from 1000$ to $2800 in four years. $30 wouldn't hurt but in four years I am paying an extra $300+ a month.

My parents owned the house outright but I bought it for $90,000, a good deal and in before the property prices went crazy.

As for living in a high risk area, it is really hit and miss. All of Florida is a "high risk area"


The company I got canceled from was the same company I have my car insurance with. However, I will be dropping them as a sign of rebelion. (small victories.)

And since I am a real bad speller it was pure luck I spelled canceled right
Old 03-31-07, 09:46 PM
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I thought the State of Florida had set up some special provisions.

Also, why are there still payments on the house if it was bought 34 years ago?
Old 03-31-07, 09:52 PM
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Originally Posted by The Bus
I thought the State of Florida had set up some special provisions.

Also, why are there still payments on the house if it was bought 34 years ago?

Posted right above you (at the same time)

Florida's "provisions" are a joke. Company's can still drop you if they agreed to lower their rates. So Companies that raised prices 300% lowered them back 20% (280% higher than the original price) and then have the right to drop anyone they want.
Old 03-31-07, 10:17 PM
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I sell Auto Insurance and was talking to a lady about her policy on her home in Florida. It went from 2400 to 9000 this year. I told her it must be tough living in her mansion. But sorry to hear you are being canceled. I live in Texas and we had a big issue with mold a few years ago. Good luck.

Last edited by Michael T Hudson; 03-31-07 at 10:20 PM.
Old 03-31-07, 10:40 PM
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Originally Posted by BigDaddy
I sell Auto Insurance and was talking to a lady about her policy on her home in Florida. It went from 2400 to 9000 this year. I told her it must be tough living in her mansion.
I don't quite see the humor in that. Regardless of owning a mansion or not, that's a huge chunk of change.
Old 03-31-07, 10:49 PM
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Ok, thanks for clarification... Yeah the Insurance was high, but even with that your total of $873/month is average to cheap around here... but sure the increase wasnt' something you were planning on..
Old 03-31-07, 10:54 PM
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Originally Posted by greg9x
Ok, thanks for clarification... Yeah the Insurance was high, but even with that your total of $873/month is average to cheap around here... but sure the increase wasnt' something you were planning on..

I knew it would go up some but ALMOST $400 in four years, can't imagine what it will be like 10 years from now. Add to that the increase in all the utilities to pay for hurrican damage and you have one HUGE increase in bills.
Old 03-31-07, 11:42 PM
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I think Florida has some weird insurance laws. For instance, with auto ins, there's the body injury coverage which isn't required but if you get in an accident, your license could be suspended. Agents often try to explain that but drivers refuse that coverage then get in an accident and act like it's their agent's fault for the license suspension. I think they did change that just this year. Maybe bigdaddy knows about that.

But it's not all about regulations, insurance companies still have to look out for themselves first, risk-wise.


Well, not to sound like the CC thread but "sucks but that's life."

Think hard about the pros and cons about staying where you are and what you can give up to make up for the price increase.
Old 04-01-07, 08:49 AM
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I'm sorry to hear about your personal situation, but I can't help but feel that either you'll be able to find a much more affordable insurance, or if no one is willing to insure you for less, it suggests you're in a high risk area. You certainly weren't planning on that, and it is lame it gets dumped in your lap, but someone has to pay. Who should it be?
Old 04-01-07, 08:55 AM
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Wow, that's really sucky. To think all that with no claims. I've heard Clark Howard (consumer affairs guru) say not to make claims on homeowners insurance for small claims or you'll get a big increase or dropped. And he was talking about a few thousands of dollars as a small claim.

Hope you can get a good price Shadow.
Old 04-01-07, 04:49 PM
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Originally Posted by Bushdog
I'm sorry to hear about your personal situation, but I can't help but feel that either you'll be able to find a much more affordable insurance, or if no one is willing to insure you for less, it suggests you're in a high risk area. You certainly weren't planning on that, and it is lame it gets dumped in your lap, but someone has to pay. Who should it be?

Well I know the company shouldn't dip into it's record profits to pay for claims. I mean, they are an insurance company... No one willing to insure me for less means this state is getting raped by these companies. Define "high risk" I am one of the few places in the area above sea level, have storm shutters and a new room (personally paid for). "Low risk" Orlando got devistated by storms and a lower percentage of them are getting dropped.
Old 04-01-07, 04:54 PM
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Originally Posted by The Bus
I thought the State of Florida had set up some special provisions.

Also, why are there still payments on the house if it was bought 34 years ago?
Entirely possible if it was refinanced at any point.
Old 04-01-07, 04:57 PM
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Originally Posted by ChiTownAbs, Inc
Entirely possible if it was refinanced at any point.

I bought it from my parents at $90,000 4 years ago...
Old 04-01-07, 05:27 PM
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Originally Posted by shadowhawk2020
Well I know the company shouldn't dip into it's record profits to pay for claims. I mean, they are an insurance company... No one willing to insure me for less means this state is getting raped by these companies. Define "high risk" I am one of the few places in the area above sea level, have storm shutters and a new room (personally paid for). "Low risk" Orlando got devistated by storms and a lower percentage of them are getting dropped.
Have you shopped around? I really believe you'll find a good deal if it is to be had. If one guy is willing to profit (for example) 1000s a year for a house like yours, someone else will do it for 500. Good luck.
Old 04-01-07, 08:01 PM
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Originally Posted by shadowhawk2020
Well I know the company shouldn't dip into it's record profits to pay for claims. I mean, they are an insurance company... No one willing to insure me for less means this state is getting raped by these companies. Define "high risk" I am one of the few places in the area above sea level, have storm shutters and a new room (personally paid for). "Low risk" Orlando got devistated by storms and a lower percentage of them are getting dropped.
Well if companies are making record profits in Florida why aren't there more insurance companies coming there to do business and make some of those record profits?

Of course I know the answer. Florida is not making record profits. You know that, I know that, everyone knows that. Proof? Look at your state run insurance company. They are now the largest seller of insurance in the state. That in unbelievable to me. They went from the insurance company of last resort to the largest.

And you simply cannot ask someone in Ohio to help pay for claims in Florida. Just like you would not want to help pay for fires in California, or the 10 times a year it hails here in N. Texas.

I do feel for you. And if I lived in Florida, I would probably consider moving. It is the cost of living there now. In 1989 I bought a house in Plano Texas where my insurance premium was about $1,000 per year (about $100,000). I moved to Phx like in 2000 where I paid less then $400 per year for more coverage and a lower deductible (about $175,000). I have moved back to Texas about three years ago where my premium is about $2,500 per year with a very large deductible (about $300,000).

And remember, current premiums go to pay FUTURE claims, not past. So many areas that were considered "safe" in Florida are now no based on past experience and new models. Your Orlando example is typical. Most people and forecasters didn't think Orlando could get hit hard, well it did. Which means it can again.

And I apologize is I sound cold. I totally hear you and understand and sympathize with you.

Last edited by Sdallnct; 04-01-07 at 08:06 PM.
Old 04-01-07, 08:47 PM
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Your solution - forget about insurance and just set aside in savings what you would need to rebuild your house in a worst-case scenario. Sucks to do, and most can't do it, but thems the breaks for living in hurricane alley. Otherwise, I'm sure some company would take you as a client for a much higher than usual rate.

What do folks do that live right on the beach in FL?
Old 04-01-07, 11:07 PM
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Originally Posted by Numanoid
Your solution - forget about insurance and just set aside in savings what you would need to rebuild your house in a worst-case scenario. Sucks to do, and most can't do it, but thems the breaks for living in hurricane alley. Otherwise, I'm sure some company would take you as a client for a much higher than usual rate.

What do folks do that live right on the beach in FL?
Going without insurance is never a good idea for most folks. Remember, insurance covers more then just the catastrophic losses. Covers the pipe breaks, thefts, fires, etc.

Most individuals cannot "self insure". 1 because of cost and 2 most mortgages require the coverage.

Plus to be honest, I'm not sure I like the idea of folks going without insurance. Why? I'm afraid they will ask the government for handouts, grants and low interest lows after major event. Meaning it comes out of my taxes.
Old 04-01-07, 11:39 PM
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Originally Posted by Numanoid
Your solution - forget about insurance and just set aside in savings what you would need to rebuild your house in a worst-case scenario. Sucks to do, and most can't do it, but thems the breaks for living in hurricane alley. Otherwise, I'm sure some company would take you as a client for a much higher than usual rate.

What do folks do that live right on the beach in FL?
Sounds like he has a mortgage, and they require that you carry insurance at least in the amount of the loan. So the least he could do is just carry enough to cover the loan.

I use to always wonder (10 years back) how people in high risk areas had the same rates as I did, and always figured that companies just spread the risk across everyone. It seems that in the past decade some companies decided they could boost profits by keeping the low risk at the premiums they were paying, drop the high risk, and they would make a killing. Seems they have. From a business side, it is hard to argue with that, but I'm sorry for your situation.

It is very nice to live in a place where the worst weather is the occasional 70mph wind gust. And that only happens every few years.
Old 04-01-07, 11:57 PM
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Yep, mortgages do require insurance, which is why I said that SOME company will take them on -- albeit at a much higher rate. Really, what are the alternatives here? Take a reduced policy at a higher rate or take no policy and "self insure". That's pretty much it. Is there another option?
Old 04-02-07, 12:47 AM
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Not really. It would be hard to decide to leave a place where you grew up, etc., but it is stuff like this that would make me consider it.

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