Home owners ins. JUMP

[Hoosier Daddy]

I dont work for State Farm.. But this topic is going way over board.... so Im jumping ship..
I try not and get into debates with people on this forum, it proves to be pointless time and time again.
All I was tring to do is give the people who dont know the insurance  ins and outs a little bit of knowledge... well that blew up in my face....     Ill let yall fight it out..

[raca65]

Thats fine but give them the right info telling people there gonna be forced into the state pool is as bad as the news media right now. Being in the business you should know that most of this crap is being blown out of proportion by the media. You can still insure a newer house (1999 or newer over here in South Florida 250k in coverage for about 2k if thats killing people then they should move its the taxes everybody should be bitching about.

[gery350]

all i know is 2 years ago i was paying 3,200.00 and now i m paying 5,600.00
i seriously dont know how the regular joe(like me
)does it.
ive had to cut back to one jar of peanut butter a day.

[KB]

If you think your payin too much for insurance, call some other agencie's & get some other quote's.

MAKE SURE your agent is NOT OVER VALUING YOUR HOME, they get paid a percantage of the premium so they might try to sell you too much coverage.

I think Citizen's is fixin to make some change's here soon.

I think the premium's might go down a little bit here in the next couple year's, but 5 yrs. from now they'll jack it back up to where it was.

[SkyHighT100]

One jar of peanut butter?? Oh how will you ever make it through your day on just one jar? lol

[GrlNextDoor]

There are other companies in additions to the ones that raca mentioned as well.  Unfortunately, most companies won't write homes over about 30 years old.  ASI, Universal, Cypress.  GREAT RATES!  But, they have to be new homes.  The people getting slammed (in a lot of the cases) all have older homes.

As for the making profits nationwide, most companies have separated the Florida Company from the other states.  So, if Florida suffers a loss, they don't make up for it with the profits from Idaho.  They are two separate companies, numbers, everything. 

[gtnwood]

Seperate companie's? Yeah, but for the most part they're still owned by the big companie's so as to limit corporate losses, or to be more accurate, not cut into the profit's.

[Old_School]

Its just like the oil industry. Convince me other wise.... read these

http://www.flanews.com/?p=298
http://www.msnbc.msn.com/id/16619029/
http://www.tbo.com/news/nationworld/MGBVWPNS9XE.html

 With showing record profits and insurance companies paying less on claims it doesn't take a rocket scientist to realize that they are gouging homeowners. IF the increases were legit I'm sure that the ins companies and their lobbyist would put up more of a fight than the votes of 40-0 in the Senate and 116-2 in the House to pass a bill to stop the anal raping.   -Mark

[GrlNextDoor]

I have read all the articles.  I understand both sides.  I am an agent and a consumer as well.  I agree, the increases are too high.  At the same time, people are mad because they are making a profit.  OF COURSE THEY ARE.  Would you open a business to lose money?  Insurance is a privilege, not a right.  These companies do not HAVE to write your policy.  Yes, they are making profits (not arguing that they are too high, I agree there) but, that is the nature of business.  To make money. 

I am not defending them completely, just trying to understand both sides.

[gery350]

im sorry but i dont feel that being forced to pay high premiums are a priviledge.
if thats the case then revoke my priviledged please.

we pay cause we dont have a choice and the insurance companies know it.

just like the oil companies charge what they want so does the insurance industry.

[SomBch]

I have read all the articles.  I understand both sides.  I am an agent and a consumer as well.  I agree, the increases are too high.  At the same time, people are mad because they are making a profit.  OF COURSE THEY ARE.  Would you open a business to lose money?  Insurance is a privilege, not a right.  These companies do not HAVE to write your policy.  Yes, they are making profits (not arguing that they are too high, I agree there) but, that is the nature of business.  To make money. 

I am not defending them completely, just trying to understand both sides.

Ill mention this again, just in case . The state of Fl in 30yrs had little in the way of hurricane damage(with the exception of Andrew),and then we get the storms of 2004 and 2005. What happened to all those premiums that where paid ? Nationwide, there hasent been anymore or any less earthquakes,wildfires and tornadoes. So, the Ins. Industries  are taking in silly  money and they are dropping coverage to homeowners(when we have newer homes and have made no claims) and they have the balls to jack our rates before they drop us?
I dont care who you are , thats flat out theivery!! The honest ,hardworking ,family man is the one that suffers at the hand of these ridiculous rate hikes.

[dynodon]

O.K., Now about the "older homes "issue, I work in " NEW" construction, have been a licensed contractor since I was 18yrs old in Michigan. I have seen some of the WORST craftsmanship in my life after I moved to Florida.
 I am NOT knocking all contractors, But face it, here everything is " subed out"------ So its get in & out and get paid, Or " looks good from my house"
attitude !!!!
 The point I am trying to make is that , these " older homes" are definately more " sound" than MOST new homes !!!!

[gery350]

i agree about the old home concept. my home  was built in 1963. heres some things you dont see no more.
1. tongue and groove roof(no plywood)
2.actual wood at bottom of wall to attach baseboard.
3.drywall with plaster on top and chickenwire at all joints.
4.steel conduit piping for electrical wiring.
5.copper piping(no pvc crap)
6.the walls are actually level and square.(what a concept)

[Bigscrb15]

i agree about the old home concept. my home  was built in 1963. heres some things you dont see no more.
1. tongue and groove roof(no plywood)
2.actual wood at bottom of wall to attach baseboard.
3.drywall with plaster on top and chickenwire at all joints.
4.steel conduit piping for electrical wiring.
5.copper piping(no pvc crap)
6.the walls are actually level and square.(what a concept)

I agree, it's amazing some of the stuff we see when we go to install flooring. We went out to 1 new house and 2 of the bedrooms had cinder blocks around the outside walls(footers) exposed inside. I guess when they set the walls the wall wasn't very think and we had to fill in the cinder blocks before we could put down carpet. When we install hard surfaces(tile, wood, etc.) we can't believe how far out of square these houses are. The sad part is the houses we do are usually Mid-high range homes.

[Bigscrb15]

I believe it is the Insurance Companies privilege to cover us and have us pay them. It is our right to purchase insurance at reasonable rates without being ripped off.

[GrlNextDoor]

Like I said, I am not defending either side.  I completely understand both sides.  There are alternatives to having homeowners insurance.  Rent.  Not required there.  But, you are throwing your money away.  I get it.  Didn't want to debate the issue.  It is a rip off.  But, there are ways to avoid having to purchase it.  Just like the oil companies that keep being referred to.  You don't have to own a car.  That is a way to get around paying the high gas prices though.  Crazy not too though.  Or, you can buy an electric car.  There are alternatives to almost every evil, although some are not completely sane. 

As for the last 30 years, for ease of small numbers, say the company had 100 houses insured for 30 years at 1000 premium per year.  That is a total of 3,000,000 taken in.  Half of those were damaged in Andrew and it took (this is low)150,000 to rebuild that half.  That is a total paid out, at one time, of 7,500,000.  To me, it appears that those premiums were lost?  Not including small claims throughout the years.  And, the more houses you add as being insured, the more to have to add to the losses column.  The losses increase.

I agree, we pay too much but, there are reasons. 

[VForcedave]

Jut my 2cents. I own 2 homes, a nest of insured vehicles, including my ATV. I have been with State Farm for 20 years and they dropped the home I live in full time.  Why? Because it was less than 5 miles from the beach. 4.5 miles to be exact. Now here is my problem. It appears they will only unsure what I call the gravy assets. If there is any risk your gone. Any Joe can insure vehicles, second homes in central fla etc. I think if you insure in the state you should have to insure the whole deal. picking and choosing who and what is crap. We are getting scammed and I agree with Thrumud, maybe its time to get out of this state. We also pay 30% more on the national average in the cost of living just to live here. Go Figure. Hopefully soon they will see my trailer lights as I am heading out of here. That will be a good day.     

[Hoosier Daddy]

So how do you feel about companys who dont insure homes in ANY state?
Like Progressive, they just do auto (MC/ATV/RV/boat) in all the state but only sell homeowners in OH,MN, and AZ. Should they be forced to sell something they dont sell anywhere else but 3 states?

[dynodon]

Grl , I think that most are OVERLOOKING that ins. compamies "invest" monies that are taken in, So the numbers are NOT exactly correct.
 If I remember correctly, Three years ago, after the storms we had here in Central Fl. State Farm reported the HIGHEST profit year in like twenty years !!!
     I still call BS onthe whole thing.
  Example, My family has ahd State farm ever since I can remember, the rates kept on CLIMBING. My parents switched to Hartford through there old folks ( AARP) their ins. went down by 30%. Now go figure !?!?!?!?/

[gery350]

There are alternatives to having homeowners insurance.  Rent.  Not required there.  But, you are throwing your money away.  You don't have to own a car.  That is a way to get around paying the high gas prices though.  Crazy not too though.  Or, you can buy an electric car.  There are alternatives to almost every evil, although some are not completely sane. 

im sorry but in the real world i live in there is no alternative to fuel or insurance.
are you saying that the landlords arent passing the buck when it comes to insurance and property taxes. they are called income-producing properties for that very reason.(to produce income)
dont even get me started on electric cars. the hybrids are so expensive it would take +/_ 5 years to recover the cost and they still use petroleum products.

they got us by the "huevos" and all we can say is "thank  you sir may i have another"

[SomBch]

 

As for the last 30 years, for ease of small numbers, say the company had 100 houses insured for 30 years at 1000 premium per year.  That is a total of 3,000,000 taken in.  Half of those were damaged in Andrew and it took (this is low)150,000 to rebuild that half.  That is a total paid out, at one time, of 7,500,000.  To me, it appears that those premiums were lost?  Not including small claims throughout the years.  And, the more houses you add as being insured, the more to have to add to the losses column.  The losses increase.

I agree, we pay too much but, there are reasons. 
[/quote]
        Lets use real world numbers. Lets say insurance companies insured close to 15,982,000(april 2000 est.)  homes in florida at $1000.00....each for 1 year ,DO THE MATH!!! Andrew's cost of destruction was estimated at 1 or 2 billion . And how many more houses have been built since then? How many more billions have been collected since then? The insurance industry is trying to blow smoke up the people of Floridas behinds, and its not working!!!

[singleshot]

The part about all of this that I find interesting is that the insurance companies want to jack up rates and drop anything with any risk, but they have been lobbying very hard against any changes to the requirements that citizens operates under.  We should let citizens operate just like any other company and provide a competitive rate.  The insurance companies say it is not fair because citizens does not have to be profitable....I say exactly.

[garym]

I am in Pinellas County...My homeowners went from $1,700 to $3,100 this year for a $130,000 insurance policy!!!!...Check this out...Citizens would "only" be $2,400 for me but because they sold my policy last year to blindem, robbem, and cheatem insurance company, I am not eligible to buy from Citizens,,,actually, it is against the law!  My p+i is now less than escrow for taxes and insurance.   talk about being screwed and not even getting a kiss on the cheek afterwards

[KB]

 garym,

Citizens had to release your policy to your current company by law since they offered coverage, I know it sucks HOWEVER you will be eligible for another company or back with Citizens at a lower premium, after one year.  You will not see a huge decrease now but will definitely see one at your renewal.  Take a look at your homeowner's declaration page, there are several things you are able to do to lower your premium, for example: Check the protection class and building code make sure the new company has your home rated correctly, (1-5 and 99), I'm not sure of the correct code for your area but your agent can send you the list OR go to www.citizensfla.com, look under manuals then look around it's under "Protection Class Codes" go under your county and you will see the correct code.  Check your hurricane and all perils (anything other than hurricane) deductibles, you really do not want to go any higher than 2% on hurricane but make sure you're at $1000 for all perils.  Also you can check to see if you have a replacement cost endorsement on your contents (coverage C) if you do you are paying about $200-$400 extra a year for the endorsement.  This will pay replacement cost on your content's not depreciate them.  You can also check you Liability every policy is written with the standard $300,00 but you have the option to lower that to $100,000.  I hope this helps ease the pain a little dude.

Any question's send me a p.m.

[garym]

i agree about the old home concept. my home  was built in 1963. heres some things you dont see no more.
1. tongue and groove roof(no plywood)
2.actual wood at bottom of wall to attach baseboard.
3.drywall with plaster on top and chickenwire at all joints.
4.steel conduit piping for electrical wiring.
5.copper piping(no pvc crap)
6.the walls are actually level and square.(what a concept)

I agree...My house was built with cypress t+g roof PLANKS and was framed in cedar(no termites)...Never mind tryng to reused one of the old yellow pine 2x4's