Florida woman receives $36K homeowners insurance bill

Susan Gregory lives in a historic home, but the bill for her homeowner's insurance renewal is 12 times what one local insurance agent says it should be.

[tqlla]

At that point, it does make sense to self insure. If nothing happens in 5 years, you have 180K saved for repairs.

[Complexanxiety]

$36k for a two bedroom home is insane af!

[flower]

And I was angry when my homeowner's insurance went from $1440 to $3856 in one year.

[peacefreedom]

The real story for me is the roof being 120 years old and still functional. I want a look at this roof. Why didn’t y’all show the roof. We need some craftsmanship like that nowadays. The insurance company needs to give an exemption for that roof. Seems like it’s better than this new crap.

[flabunny]

Cool, 36, 000 for a home that’s weathered Florida for 120 years of storms and hurricanes. That makes sense right?

[alexisnogueras]

Where is DeSantis, this is the most pressing issue in all of Florida. People will be going bankrupt foreclosures and losing their homes simply because insurance companies are charging a ridiculous amount. But I want to be president!

[REVNUMANEWBERN]

It's all about removing home ownership from those who have to have mortgages, NOW the mortgage company needs to see if the purchaser can AFFORD homeowners insurance BEFORE the deal is sealed

[godislove]

It’s hard to shop around with all the homeowners insurance companies are pulling out of Florida.

This is just one of the many reasons why I moved out of Florida.

[katmadison]

What happened? The Florida Legislature did NOTHING for YEARS and half a dozen insurance carriers left the state. And Citizens is insolvent. From what I have read in articles, the guy that was supposed to be working it out was getting kickbacks.
I had to SELF INSURE in 1986 because they didn't know how to classify a log cabin in the handful I went to that were reasonably priced. And that was then. IT HAS ONLY GOTTEN WORSE.

[chumbawumba]

Yeah, Florida has a Homeowners Insurance crisis ... caused by corrupt roofing industry. But her main problem is the specific Insurance carrier. That they upped her premium to $36k is simply them saying "We don't want you, but if you write us a big check we will keep you!".

[tominmtnvw]

People who made decisions like this as slide or disgusting. They should be ashamed to show their faces in public. There should be a law to prevent the sort of thing from happening.

[signalfire]

Abbott Tract is on the National Registry of Historic Places; the houses are half million and up. It also sticks out into the ocean. SELL.

[rosewoodsteel]

So, this insurance agent that they talked to said this woman is being charged 12 times more than she should be paying? That would make the appropriate charge $3, 000. Yet, her prior insurance company charged her $9, 000 a year and they went belly up.. As is usual with agenda driven reporting, some very important facts were left out. Why did her previous insurance company go insolvent? What is the value of her house? What is the condition of her house (why didn't they have a camera shot of the entire facade)? Is it located on or close to the water? What kind of roof does it have? Has the house been retrofitted with hurricane ties and other preemptive measures? And most importantly, why didn't they interview a representative of her new, replacement insurance company to get their side of the story?

[davidsebastianelli]

If you own a home in Mexico your average cost for homeowners insurance is around $50 to $70us annually. Just saying....

[bigd]

The explosion of Suburbia in a Hurricane prone region is the problem. Large cities and rural countryside fair far better in a Hurricane but tightly packed mcmansions with 100k of new vehicles parked in the driveway... is a real liability.

[jgjg]

She should not have even been paying the over inflated amount of $8, 800.00 prior to this crazy bill.

[BigDaveMeetup]

I read through the comments and it appears noone actually works for an insurance company. What Slide is doing, as most insurance carriers do, is apply a "surcharge" to the home. This circumvents the cap a carrier can charge yearly for the home. The actuary for the underwriting department considers the age of the home and applied a surcharge for age. The carrier has to take into consideration the age of the cast iron pipes, the roof, and all the materials it would take to replace the home if it burns to the ground. The cost to replace this home exceeds what they are allowing under coverage A and they know that. So when you get your policy, look at your dec page and look for the surcharge because it is there. And that is where this crazy premiums are coming from. It has very little to do with "hurricane zones" Florida is a hurricane zone.

[mindashort]

We had UPC also. Slide was automatically assigned to us. $12, 000 premium! Got thru Allstate for less than $3500. Slide billed by mortgage company and they paid. Had to fight to get refund of the $12000!!!

[sarabeth]

If other states' ratepayers didn't subsidize FL with their rate payments, $36, 000 is the correct rate because of the ultra high risk. What is DeSantis going to do about this?

[Gkm]

Florida. Where the streets that used to be dry now flood routinely, where storms wipe out entire communities. I grasp why insurers are jacking up rates there.