The price we pay for living in paradise. My insurance company (homeowner's) will not be renewing my policy when the term ends in September '06. Reason given: "Reduce exposure to catastrophic hurricane loss". While shopping for new insurance, I have been getting quotes for 4-5 times my current premium. I am sure many of you are going through the same thing. Does anyone happen to know of any solid brokers / insurance companies that will cost me just an arm and not a leg? Thanks in advance for your help! Howie
Howie, What a coincidence, I just got the same letter today. Let me know if you find anything worth looking at. Thanks, Gian
As you know, this is a dreadful insurance market in Florida right now. I have been trying to get property insurance for a number of properties I control as a Receiver, and it has been an abasolute nightmare.
Gian, Mine is up 9-25. At least we have a little time to shop. If I didnt have a mortgage, I'd self-insure. (I mean )
I had the exact same thing happen, I love how the insurance goes up 50 to 200 %, and gas goes up 50% and my boss might give me..if I am good 3% Anyway, I went Farmer Bureau Insurance and actually saved money by adding the cars and using an umbrella that covers home and cars. * cars meaning daily cars Doug Crall
My agent here in Jax, and so far he has been exceptional is... Dale Mills, Jr 904-992-8131 ext 102 Feel free to drop my name to him, Doug Crall
Thank you, Doug. Just found their website. Says the following: "To be eligible for insurance coverage, membership in a county Farm Bureau is required." Is this the case?
yea, its like $25 a year, you get a magazine and news letters like you do with Hagerty Think of it like joining Sams or Bj's Doug Crall
Hi Guys, found another insurance group called Landmark Insurance of Palm Beaches, the contact is Martha Vizcaino and they are working some policies that are not that bad in price. Their phone is 954-345-1512.
My broker said I should wait until August, although the urgency is noted in his "system". He know the business, so if you want to explore, here's his contact info: Robert Rollins The Beacon Group 561.994.9994 x 135 Gian - let us know how you were quoted. This stinks! There's no such thing as group rates for homeowner's insurance, is there?
Make sure you go with a reputable company that is "admitted". Otherwise, you'll pay lower premiums, but if/when a claim is made after a disaster the company will go out of business.
I think that Landmark Insurance will be quoting using Edison Insurance, and the following is their link: http://www.edisonins.com/aboutus.asp Anyone has any feedback or knows this company?
I got a quote through a broker with Edison. Depending on deductable I was quoted $ 4,200 - $ 5,800. 2% hurricane deductable, yadda yadda. Allstate quoted: $ 6,200 Mind you I've been paying $ 1,600 since 2003 with Omega (AAA underwriter)! That was before we were hit with consecutive hurricanes. Looks like those says are gone. I will call Farmers Bureau as Doug suggested as well. (Thanks, Doug!)
tower dropped us last year so i got 40k on a renters ins policy to cover the contents and let the bank get a policy to cover the mortgage amount. both together are less than a grand. i figure if the worst happens the scumbag insurance company wouldn't pay off anyway, so i'm planning to get on the goverment tit. i'll be a poor homeless disaster victim. "waaahh waahh.. i need a relief agency to help me.. waahh waahh". it's all a game designed to make us the losers.
The worst is yet to come fellas. I scramble to find wind coverage for commercial buyers and it is indeed a nightmare. July 05. 2006 6:04PM Nationwide seeking 71.4 percent increase in homeowners insurance ASSOCIATED PRESS TALLAHASSEE -- Nationwide Insurance Company of Florida will seek a 71.4 percent average increase on homeowners insurance premiums, the company announced Wednesday. Some of the company's 240,000 policy holders could see increases above that amount if state regulators approve the request, which will be filed with the state Office of Insurance Regulation on Thursday. The company didn't immediately say what the high increase would be. The company has paid more than $1 billion in claims during 2004 and 2005, when eight hurricanes affected the state, said Nationwide spokesman Joe Case. The rate increase reflects rising reinsurance costs, higher prices for building material and labor and projections for future storms, he said. Reinsurance is coverage for insurance companies, bought to back up the company should it have massive claims. The rate increase would be effective Nov. 10, if approved. State regulators will have 90 days to review the request once it's filed. Nationwide announced last August that it wouldn't renew 25,000 homeowners policies and 4,800 mobile home policies. It isn't writing new policies in Florida. It is the latest company to announce it is seeking steep increases in homeowners premiums. State Farm in May requested a 70 percent increase. In February, state regulators approved rate increases of up to 50 percent for Allstate policies.
I agree, the mess will get plenty worse. I currently have Balboa out of CA and they (so far) are going to honor my renewal in December. I already had that conversation with them. Truth be told, I believe that as much as I believe France will help in the next war. (Unless it is an attack on the Champagne region) I live in New Tampa and from what I can see in the market, *WHEN* not *IF* we have a direct hit hurricane insurance will force people to move. Citizen Insurance has already over taken Allstate for # of policies.... Citizen's was supposed to be a gov't 'created' band aid. Now it's the medicine that might kill the patient. Other companies can't afford the reserves needed for a hurricane nailing a major city. All that being said, there are also a ton of investor properties on the market right now and that is what is causing the market correction people are seeing in Florida. -Peter
Well, some good on the insurance front. While my homeowner's insurance premium doubled (the lowest of all quotes), the same office was able to reduce my auto policies by 50%. Hence, when combining the cost of my home and auto compared to last year, my total premium increase is only $ 600.00! I am very pleased. If any of you are still looking, I recommend you give my new broker a shot. Very nice people too. (I GET NOTHING OUT OF IT!) My auto is now with Allstate, home with Universal (A+ rating). While Allstate does not write Home policies in Florida, I was still entitled to a discount through this Allstate office. Contact Info: Marie Livingston Florida Federal Insurance Inc. Boynton Beach, FL Tel: 561.735.4500 Hope this helps someone! Howie
Wilfred, The home will be insured with Universal, and cars with Allstate. Allstate is not currently wiriting home policies in FL. My home policy premium is doubling and the auto is being lowered by about 50%. So overall between the two insurances, my combined premiums only nudge up slightly over last year. Does this answer your question?
