Paying for home owners insurance in Florida

[MrsPete]

25% is hefty,but what are the actual premiums? I have family in Texas ........with tickets......complaining that their auto insurance jumped to $1,000 a year. Pretty cheap by California standards.

2 cars, comprehensive only on the 2019 ... $3683
Homeowners ... $980

 

[tvguy]

2 cars, comprehensive only on the 2019 ... $3683
Homeowners ... $980

2 cars here, $1704 a year.
Homeowners, $1526

 

[Disneyland_emily]

Fl insurance rates have nearly doubled and tripled in the last 3 years! My car insurance went from $1200 for 2 cars to over $2,000. My homeowners went from $1900 to over $4,000 and had to replace my roof at my expense. Prior to replacing the roof (saved 400) and upping my regular deductible (saved just over 300), it was over $4,700.
It's very bad here in FL

That’s us.. Polk county car insurance went up $350 this round (bi-annual) no changes. Home insurance almost doubled despite a new roof (paid $1300ish last few years, got dropped due to roof age. New company was $1800 last year $2600 this year with a new (self payed) roof..

It’s insane…

 

[georgina]

2 cars here. $789/year. I was surprised when we got rid of DH’s 15 year old Buick SUV and leased an EV in the last few weeks, our annual car premium went up by $1. We don’t drive a lot though, so low mileage. Homeowners on our townhouse a little less than $1000 per year and we also have an umbrella policy with the same insurer, I think it’s about $400.

(but then our property taxes are about 11,000/year)

 

[A Mickeyfan]

I asked this before, but you expected your insurance to replace your roof? To me that's a normal wear item, other than a hurricane damaging a fairly new room.

I think you misunderstood my comment. I didn't expect insurance to cover wear and tear. What I didn't "expect" was to be told by the insurance company that in order for them to continue to insure my home, I was expected to replace a roof that did not have any damage. My roof wasn't damaged in a storm. I was forced to replace my roof in March 2022. Ian hit Sept 2022. I had 30 yr warranty Shingles on my roof prior to being forced to replace. My roof was 17 yrs old. I had several estimates and they all said the same, it was ashamed what insurance companies were doing to us with older roofs that were in good shape. If I did not replace my roof, my insurance company was going to drop me. They forced me to purchase and pay for something I did not need just to keep my insurance

 

[tvguy]

I think you misunderstood my comment. I didn't expect insurance to cover wear and tear. What I didn't "expect" was to be told by the insurance company that in order for them to continue to insure my home, I was expected to replace a roof that did not have any damage. My roof wasn't damaged in a storm. I was forced to replace my roof in March 2022. Ian hit Sept 2022. I had 30 yr warranty Shingles on my roof prior to being forced to replace. My roof was 17 yrs old. I had several estimates and they all said the same, it was ashamed what insurance companies were doing to us with older roofs that were in good shape. If I did not replace my roof, my insurance company was going to drop me. They forced me to purchase and pay for something I did not need just to keep my insurance

As I posted upthread, I have never heard of an insurance company dictating a new roof. Been in my house 40 years, same Homeowners insurance company, they have never been in my house. Same with my parents in 53 years in the same house, HOWEVER they bought their homeowners insurance through a broker who represented multiple companies, and the actual policy was issued by the company that had the lowest rates for the same coverage so it may change from year to year.

 

[MrsPete]

I should have given a more comprehensive answer:

Two years ago I paid $1177 for three cars ... that was a year's insurance /comprehensive on only one car.
Last year I paid $2328 for two cars ... got rid of one car /insuring the same two cars /comprehensive on just one.
This year I must pay $3638 for those same two cars ... same two cars as last year /comprehensive on just one.

My home owners insurance isn't going up this fast, but it's going up.

 

[Clarkson U]

As I posted upthread, I have never heard of an insurance company dictating a new roof. Been in my house 40 years, same Homeowners insurance company, they have never been in my house. Same with my parents in 53 years in the same house, HOWEVER they bought their homeowners insurance through a broker who represented multiple companies, and the actual policy was issued by the company that had the lowest rates for the same coverage so it may change from year to year.

@tvguy here in FL they are dictating that. There was also a lot of roof fraud going on using insurance to get new roofs for people - a new law will stop that to a great extent but yes an insurance company in FL can and often will demand a homeowner update their roof with a new one to secure insurance coverage. It’s hard to imagine but that is exactly what they are doing.

 

[ak517]

here in FL they are dictating that. There was also a lot of roof fraud going on using insurance to get new roofs for people - a new law will stop that to a great extent but yes an insurance company in FL can and often will demand a homeowner update their roof with a new one to secure insurance coverage. It’s hard to imagine but that is exactly what they are doing.

They're doing it for condominiums too. Our two large buildings' roofs are 14 years old and the insurance providers threatened to drop our association unless we replace them. The premiums have already tripled in three years, and replacing the roof won't provide any additional discount. Just leaves us with higher maintenance (we're up 46% since we bought in August 2021 from insurance alone), special assessments, and cranky neighbors.

I was able to find a decent HO6 (only up 8%) after a first quote of more than triple what I paid last year, but I am certain by this time next year my only option will be Citizens for twice the price and half the coverage.

 

[DLgal]

As I posted upthread, I have never heard of an insurance company dictating a new roof. Been in my house 40 years, same Homeowners insurance company, they have never been in my house. Same with my parents in 53 years in the same house, HOWEVER they bought their homeowners insurance through a broker who represented multiple companies, and the actual policy was issued by the company that had the lowest rates for the same coverage so it may change from year to year.

Living in Northern CA, your roof isn't as vulnerable as a Flordia resident's roof.

In CA, insurance companies are not making owners replace 15 year old roofs. In FL, they are. To them, a roof with less than 50% life is a vulnerable roof.

 

[disneyseniors]

Depends on your insurance company and how long you have been with them. My sister has had 3 house floods covered by State Farm. Just had the last one in the spring. They have not dropped her coverage or significantly increased the premiums.

I'm with you on State Farm. We had a roof repaired without complaint, and I backed into another car with damage to it and they paid for it and never increased our rates. I can't believe some of the stuff I'm reading on here. I feel bad for those living in Florida who are having such a lousy time trying to get and keep insurance.

 

[tvguy]

My only real change I have experienced with insurance was with my auto coverage. As of July 1 you can no longer pay your premiums in 12 equal monthly installments. You have to pay 50% of the premium up front, and then the remaining 50% can be paid off in 12 equal monthly installments.

 

[DLgal]

My only real change I have experienced with insurance was with my auto coverage. As of July 1 you can no longer pay your premiums in 12 equal monthly installments. You have to pay 50% of the premium up front, and then the remaining 50% can be paid off in 12 equal monthly installments.

That must be company specific. I'm still paying my premiums monthly via USAA, spread euqally across 12 months. Policy renewed June 1.

 

[tvguy]

That must be company specific. I'm still paying my premiums monthly via USAA, spread euqally across 12 months. Policy renewed June 1.

Very well could be. It must be causing a stir because I got a call from the insurance company (not the agent) making sure I understood the new policy. I had actually already paid the year's premium in full as my Income Tax refund had come, but they called anyway.

 

[tvguy]

Living in Northern CA, your roof isn't as vulnerable as a Flordia resident's roof.

In CA, insurance companies are not making owners replace 15 year old roofs. In FL, they are. To them, a roof with less than 50% life is a vulnerable roof.

The question I have is, in a major storm, even a new roof is going to blow off. And that is the only example I can think of where the insurance would pay to replace a roof. Otherwise a roof is a wear and tear item you would have to pay for anyway. And damage from a leak to the interior of a house probably isn't even going to be as high as most people's deductibles, unless you are an idiot and let it leak for years. I'm on the third roof on my house counting the original and the leak damage consisted of a water stain that touch up paint fixed. Cost nothing to fix.

 

[DLgal]

The question I have is, in a major storm, even a new roof is going to blow off. And that is the only example I can think of where the insurance would pay to replace a roof. Otherwise a roof is a wear and tear item you would have to pay for anyway. And damage from a leak to the interior of a house probably isn't even going to be as high as most people's deductibles, unless you are an idiot and let it leak for years. I'm on the third roof on my house counting the original and the leak damage consisted of a water stain that touch up paint fixed. Cost nothing to fix.

It's simply a risk calculation for the insurance companies. It's not about a roof completely blowing off. It's incremental damage over time, leading to more likely claims being filed.

The insurance company wants people to NEVER file a claim.

 

[tvguy]

It's simply a risk calculation for the insurance companies. It's not about a roof completely blowing off. It's incremental damage over time, leading to more likely claims being filed.

The insurance company wants people to NEVER file a claim.

My former neighbor worked in the industry. As he put it, they KNOW about how much statistically they will have to pay out in a given year. That's budgeted. What they want to avoid are people who file multiple small claims that they probably should have paid out of pocket.
At the time he had canceled coverage for a homeowner's policy that had 4 claims in 2 years totaling about $5,000. That was the only policy that person had with them and they had been with them 5 years.
He added, he was also processing a claim that was likely to total more than $1 million dollars. The policy holders had been with them over 40 years, had their auto, homeowners, life, umbrella and long term care insurance with them. He said that client would never ever be considered for cancellation.

 

[barkley]

Living in Northern CA, your roof isn't as vulnerable as a Flordia resident's roof.

In CA, insurance companies are not making owners replace 15 year old roofs. In FL, they are. To them, a roof with less than 50% life is a vulnerable roof.

it's not as vulnerable here in washington either (though we do get an occasional wicked wind storm). one thing i HAVE seen roof wise that insurance companies have started doing here in recent years is if you put in a claim for any kind of roof damage they send out their contracted folks to do an inspection of the damaged portion but in the process they do an entire scan of the roof via drone and if they notice any wear that someone might contribute to full blown damage within a future covered claim they put the homeowner on notice. i know of someone whose claim ended up being under his deductable so while the insurance company did'nt pay out anything (other than their own costs for inspection of damage) they did put the homeowners on notice of areas they had flagged as in need of future maintainance.

 

[DLgal]

My former neighbor worked in the industry. As he put it, they KNOW about how much statistically they will have to pay out in a given year. That's budgeted. What they want to avoid are people who file multiple small claims that they probably should have paid out of pocket.
At the time he had canceled coverage for a homeowner's policy that had 4 claims in 2 years totaling about $5,000. That was the only policy that person had with them and they had been with them 5 years.
He added, he was also processing a claim that was likely to total more than $1 million dollars. The policy holders had been with them over 40 years, had their auto, homeowners, life, umbrella and long term care insurance with them. He said that client would never ever be considered for cancellation.

Climate change has changed those calculations. That's why so many companies are fleeing states like FL and now, CA.

 

[greeneyedchick]

We had an insurance company drop our homeowners coverage in SW PA because the roof was 20 years old. I was having a major kitchen remodel done at the time and our contractor looked at the roof and said it was in good shape. Found another insurance company pretty easily, but they said they would pro-rate any water damages. Then we moved to VA and again had trouble with getting homeowners because the roof was 22 years old. Some large companies, like GEICO, would not write a policy on it. I did find one. In both of these cases we had the roof replaced within a few years, but I thought it odd how hard line they were when the roofs were fine at the time.

It's such an environmental waste to scrap roofs that are in good condition. I hate that the insurance companies are forcing people to do this.