Many Florida homeowners hit with higher insurance premiums

Sharon Landry says she “freaked out” when she opened her statement and saw the premium for her homeowner’s insurance policy surge.

[olwe]

Why was I paying 3600 last year and 5300 this year? I don't have a fancy home. Just a regular home.

[gambitsfox]

Got hit with a hike on my insurance. Had a category 5 hurricane come through here little over 2 years ago. Only thing they paid for was two screen porch doors, a mailbox, and a dog pen. Wouldn't pay to get rid of trees down or fences gone. I was lucky with little to no damage but a ton of clean up. So now that I use my insurance with a small claim of maybe $600. they make that back up by going up? Now I know why people don't get home insurance anymore!

[CarlTippins]

HAHAHAHAHAHA $2153 for insurance, I WISH MINE WAS THAT LOW!! Mine went up to $5700 this year for a multi-unit (3) property worth ~$375k!!! I've NEVER had a claim! And that was the cheapest I could find! Pure greed!!

[drbjapan]

I just don't get the mindset and construction practices. Had the pleasure of living overseas in areas that are prone to Typhoons and even a Cat-III equivalent storm does little damage to the islands or infrastructure. Not pretty housing but concrete and durable. If people living in earthquake prone areas can build to those standards to minimize damage, then people living in areas that are at a higher risk of Hurricanes then they should be built to standards that make them far more survivable in the storms. Why can developed nations overseas do this but the U.S. can't? If the homes were more "durable" then the premiums would be far lower. And don't get me started with the practice of building on a sandbar and expecting reasonable insurance rates. Far too high a risk to wind and storm surge damage.

[UrbanApparel]

😑😑😑😑😑😑
Insurance companies love to inflate prices; especially when stimulus packages are pass to the citizens.

I’m in Orange County and my policy was jackUp to $2700 from $1750 ... I been with the same insurance since we purchased our house in 2010, back them was $810 for 12 months. I have seen increases for the last 5 years .

Never done a claim either ... I fix everything myself, is cheaper to go to Home Depot or Lowe’s .

Farmers Insurance is my carrier now ; let’s see how it goes with them, they did reduce my cost to $1320 for 12 months .

Car Insurance is also very tricky in Fl ....

We definitely need a new system ; self-insured program with ability to access the accumulated lump sum not utilize in years . Is the way to go ...

Perhaps even crypto currency insurance market may become available soon .

[mogeking]

Florida property values are going to drop like a rock 🪨. Nobody wants to pay high insurance rates plus most of those people are on fixed income and they are retired.

[olafvidar]

I finally paid off my house. Never had a claim in over 30 years. Insurance kept going up up up. I started switching companies. Same thing. Got pissed off. So now, they can go to he'll. I've been without insurance for 3 years. Making upgrades, removing threats, trees etc.

[RealCptHammonds]

If people replaced their roofs with commercial grade steel, like I did 2 years ago, this wouldn't be a problem. My insurance inspector rated my new roof's expected life to be 100+ years.

[SP-rxtb]

It is due to the high rise of replacing your home that pushes premiums higher people!!! One 2x4 used to be close to 2bux now that’s closer to 6 !!! You are not paying for the rivers or floods it’s and REPLACEMENT cost and COST of labor that drives your premium on homes up !!! And no, they are not all the same ! Ask if your home depreciates in value or will you get ACV actual cash value because it will make a difference between covering your 115k home and getting that number close OR a check for 50k ... good luck

[jackblack]

Commercial auto insurance quote was 89k/year for auto transport. Insanely high. From progressive in Florida

[offgridwanabe]

Replacement costs have doubled so insurance goes up.

[saulDseer]

Mine is doubled in price. I’m gonna join everyone else and cancel it… once my mortgage loan finds out then I guess I will just find new ins. Cant beat em, then join em. Crap they pay people now to NOT work. They pay incentives to not do these things your supposed to. It’s crazy. Try do right thing and you get kicked. You do the wrong thing and your praised with gifts. Bye bye insurance! Never needed you before… dont plan on needing you anytime soon. When Irma hit us I had to repair my house anyways because they wouldn’t help unless I paid 5k premium. Yeah okay

[crypgn]

You know you are in the business of Insurance... this is the risk you take so the insured don't go under. You are in the business of statistically avoiding losses - just because you found yourself on the bad end of the stick for the last five years doesn't mean your business model should penalize customers. This kind of indicates a scam...

[bobo]

High risk high premium
Insurance is a pool
Money Pool
That thing you do with friends & acquaintances
Everyone Put money in it every month
& every month you take turns to take the whole pot
I

[mogeking]

People in Florida are living in the wrong 😑 type of house 🏡 these houses should be dome houses, homes that are more capable of with standing Hurricane wings. Insurance companies know and see this and are opting out of the Florida area. The storms are going to continue coming and the damage costs are going to continue to rise. They are in the business of making money not giving it away.

[Wongseifu]

I mean realisitcally florida gets insane wheather damage every year i don't understand why it didn't go up sooner

[Aikynbreusov]

Omg.. $2, 000 per year is too These homeowners are living in the cost of a home insurance policy needs to increase in relation to the cost of these Floridian homeowners clearly did not take economics in high school.... $2, 000 per year is dirt low.... these Floridians need to come check out what we pay here in CALIFORNIA, Texas, Arkansas, Oklahoma, and

[josephmeyers]

Isn't it amazing how the cost of everything is going sky high since Biden has taken office way to go America let's reelect next time that way we can give up everything we have