Home owners ins. JUMP

dynodon · January 22, 2007, 06:01:54 PM

O.K. how many peaple here have seen the same thing my wife and I just saw today?

We get the renewal for the home owners ins. today YEP, you guessed it ANOTHER INCREASE, this year it went up over 700.00 per year, and last year it went up 500.00 per year. :banghead.gif :cursing.gif :F :gr
Keep in mind we have NEVER had a claim, or paid late!!!! This is friggin CRAZY !!!!!!

I know Jeff ( 535 banshee) had a HUGE increase on his too !!!

Da_Mtg_Man · January 22, 2007, 06:04:17 PM

Turn on the news right now. Charlie Christ is fighting for reductions and has already made some major strides towards this happening.

Bigscrb15 · January 22, 2007, 06:06:45 PM

Jessica and I were wanting to move out of our apartment. We found a couple houses in our budget and the payment was great. Then we added homeowners insurance and property tax and the payment went up $400-600/month depending on the house.

dynodon · January 22, 2007, 06:07:55 PM

Quote from: Da_Mtg_Man on January 22, 2007, 06:04:17 PM
Turn on the news right now. Charlie Christ is fighting for reductions and has already made some major strides towards this happening.

Yeah, But I also heard that they are appealing it to the Supreame court, So that means it could be who knows when something SOLID will be done

greenmachine · January 22, 2007, 07:50:25 PM

Mine went up $300/yr. I think it has a lot to do with whether a home was built before or after Andrew codes went into effect. Although I am sure there is more that goes into it, it is a major factor.

Thrumud · January 22, 2007, 07:56:32 PM

I say it's time to get the hell outa Florida.

Prairie Master · January 22, 2007, 08:03:56 PM

700.00 last year 1900 this year with zero claims on the policy

dynodon · January 22, 2007, 08:14:46 PM

Quote from: Thrumud on January 22, 2007, 07:56:32 PM
I say it's time to get the hell outa Florida.

Definately have to give it some thought !!! Especialy if the construction doesnt pick back up !!!!!!

Bigscrb15 · January 22, 2007, 08:34:45 PM

Quote from: dynodon on January 22, 2007, 08:14:46 PM
Quote from: Thrumud on January 22, 2007, 07:56:32 PM
I say it's time to get the hell outa Florida.
Especialy if the construction doesnt pick back up !!!!!!

I hear ya there!! Hard times right now in the industry. It sucks. Commerical seems to be picking up though, what work do you do?

dynodon · January 22, 2007, 09:17:41 PM

Cabinet Installations in NEW homes, But Man I am telling you what, This really SUCKS !!!!!

Ida_Mann · January 23, 2007, 08:14:06 AM

not to toot my horn or anything, but I don't understand all the talk about insurance rates going up, mine was $650 last year and only went up about $20 this year,,,,,I'm 19 miles to the coast in a concrete block home that is on a hill,,,,guess that makes a difference? :dunno.gif

Of course, my entire home could fit in the living room of my uncle's house.

Id@

Hoosier Daddy · January 23, 2007, 08:20:53 AM

Something to think about..... when you pay 3k a year for insurance on your 300K home,
and 5 years down the road Katrina comes along and whips out you home.. you paid 15k of coverage and are getting 285K back on your investment...not a bad deal.... Now it doesn't take a genius to figure out the insurance company just took a huge loss.. Now imagine that on a 1000 homes..

I know every one says "I have no claims why are my rates going up?"
Just like the sign in Walmart reads "we have security cameras to keep our prices low"
Insurance companies are just like other businesses they make up their losses across the board.
Believe it or not, Insurance companies loose money on premiums alone, most put money into the stock market to make money in order to payout clams...This is why State Farm raised their rates so much after the stock market crashed after 9/11.

Also, this deal where they are trying to push out insurance companies that don't do Homeowners but due auto, is going to jack up auto rates... There are very few who do both Auto and H/O, and the ones that do just auto are "usually" cheaper. Now if the auto only companies leave that will create a monopoly type effect on the companies that do both since they will have the market cornered...

dang! made my head hurt!

blupits04 · January 23, 2007, 08:43:05 AM

We haven't had any problems with ours rates haven't gone up and we have excellent coverage. We also have our truck insurance with the same company and we get a pretty big discount for it. We've had the same company for 5 yrs now and they are just awesome! They call you personally to see how things are going at least 1 or 2 times a year and if there is ANY discrepancy's I get a call asking if they can help. My Family all has this insurance and as far as I know have never had any problems. I guess it's all in who you pick

GrlNextDoor · January 23, 2007, 08:53:19 AM

HoosierDaddy - I couldn't agree more. Unfortunately, Insurance Companies don't (actually, aren't allowed) to raise only the rates of those that have claims. They have to raise them across the board. It is a necessary evil, only good when you need it. But, when you do need it and a good agent wrote it right, you are extremely thankful!

Old_School · January 23, 2007, 10:43:18 AM

Quote from: Hoosier Daddy on January 23, 2007, 08:20:53 AM
Something to think about..... when you pay 3k a year for insurance on your 300K home,
and 5 years down the road Katrina comes along and whips out you home.. you paid 15k of coverage and are getting 285K back on your investment...not a bad deal.... Now it doesn't take a genius to figure out the insurance company just took a huge loss.. Now imagine that on a 1000 homes..

I know every one says "I have no claims why are my rates going up?"
Just like the sign in Walmart reads "we have security cameras to keep our prices low"
Insurance companies are just like other businesses they make up their losses across the board.
Believe it or not, Insurance companies loose money on premiums alone, most put money into the stock market to make money in order to payout clams...This is why State Farm raised their rates so much after the stock market crashed after 9/11.

Also, this deal where they are trying to push out insurance companies that don't do Homeowners but due auto, is going to jack up auto rates... There are very few who do both Auto and H/O, and the ones that do just auto are "usually" cheaper. Now if the auto only companies leave that will create a monopoly type effect on the companies that do both since they will have the market cornered...

dang! made my head hurt!

While I do agree with your post the only thing that I can't seem to fathem is that what happend to all the money they collected prior to 3 years ago? I know we had 2 bad seasons but last season we had zero. So why are they still trying to mark up 50-70%? I can understand inflation of maybe 10% even 15% but Jesus Christ 50+%? Come on. That is just plain robbing home owners. I don't care how you look at it. I think the insurance companies saw the record profits the petroleum industry made in the last 2-3 yrs and decided to jump on the badwagon. F*&^ers. I swear it makes me sometimes wanna leave this F'n state. -Mark

Hoosier Daddy · January 23, 2007, 10:53:32 AM

I dont think your seeing the big picture.. Even at 3k a year that you pay in premium, you would have to pay 100 yrs worth of premium to equal what an insurance company pays out on a 300k home..State Farm is really pushing these hikes since they are the #1 homeowner carrier in the US. Last I read they took in 1mil in net premium and have paid out 4.5bil... It doesnt take long to figure out the math on that. Why do you think homeowners is so hard to find? Theres no profit in it... if State farm pulls out of FL and all we have it the state pool (Citizens) be prepared to take it hard....

raca65 · January 23, 2007, 11:17:00 AM

Quote from: Hoosier Daddy on January 23, 2007, 10:53:32 AM
I dont think your seeing the big picture.. Even at 3k a year that you pay in premium, you would have to pay 100 yrs worth of premium to equal what an insurance company pays out on a 300k home..State Farm is really pushing these hikes since they are the #1 homeowner carrier in the US. Last I read they took in 1mil in net premium and have paid out 4.5bil... It doesnt take long to figure out the math on that. Why do you think homeowners is so hard to find? Theres no profit in it... if State farm pulls out of FL and all we have it the state pool (Citizens) be prepared to take it hard....

You are right and pretty will versed in insurance but one thing you don't mention is State Farm is the biggest but not the only. There are lots of other Homeower companies out there that have been in business for a while and are really quite good. I own a insurance company and we have 5 different companies we write through that will blow the doors off State Farm. Also if you are all waiting for some great relief from Christ don't hold your breath unless your one of the rich folks that live on the water they will be the ones making out on this deal.

mrbones · January 23, 2007, 11:19:49 AM

Mine is being canceled because my roof is over 19 years old. I don't know the renewal rate yet. I'm getting roofing estimates right now. I'd rather put the money into a new roof than paying a really high increase by having to go with Citizens insurance.

Hoosier Daddy · January 23, 2007, 11:37:50 AM

Quote from: raca65 on January 23, 2007, 11:17:00 AM
Quote from: Hoosier Daddy on January 23, 2007, 10:53:32 AM
I dont think your seeing the big picture.. Even at 3k a year that you pay in premium, you would have to pay 100 yrs worth of premium to equal what an insurance company pays out on a 300k home..State Farm is really pushing these hikes since they are the #1 homeowner carrier in the US. Last I read they took in 1mil in net premium and have paid out 4.5bil... It doesnt take long to figure out the math on that. Why do you think homeowners is so hard to find? Theres no profit in it... if State farm pulls out of FL and all we have it the state pool (Citizens) be prepared to take it hard....

You are right and pretty will versed in insurance but one thing you don't mention is State Farm is the biggest but not the only. There are lots of other Homeower companies out there that have been in business for a while and are really quite good. I own a insurance company and we have 5 different companies we write through that will blow the doors off State Farm. Also if you are all waiting for some great relief from Christ don't hold your breath unless your one of the rich folks that live on the water they will be the ones making out on this deal.

Ok let me clear it up a little, what I meant was that the state pool will take pretty much everyone and since 99.9% companys wont write you a policy and State Farm clearly has the market share...If State farm left it will leave you pretty much with the pool.....because all you will just about have left is the state pool... How many of you have called and they gave you citizens?

What 5 companies are these that you write with? How much business do you write in these companys VS. Citizens? I as well as my wife, brother, and sister in law are all agents as well...

gtnwood · January 23, 2007, 11:40:37 AM

Quote from: Old_School on January 23, 2007, 10:43:18 AM
Quote from: Hoosier Daddy on January 23, 2007, 08:20:53 AM
Something to think about..... when you pay 3k a year for insurance on your 300K home,
and 5 years down the road Katrina comes along and whips out you home.. you paid 15k of coverage and are getting 285K back on your investment...not a bad deal.... Now it doesn't take a genius to figure out the insurance company just took a huge loss.. Now imagine that on a 1000 homes..

I know every one says "I have no claims why are my rates going up?"
Just like the sign in Walmart reads "we have security cameras to keep our prices low"
Insurance companies are just like other businesses they make up their losses across the board.
Believe it or not, Insurance companies loose money on premiums alone, most put money into the stock market to make money in order to payout clams...This is why State Farm raised their rates so much after the stock market crashed after 9/11.

Also, this deal where they are trying to push out insurance companies that don't do Homeowners but due auto, is going to jack up auto rates... There are very few who do both Auto and H/O, and the ones that do just auto are "usually" cheaper. Now if the auto only companies leave that will create a monopoly type effect on the companies that do both since they will have the market cornered...

dang! made my head hurt!

Where do you get your figure's? As a whole the insurance industry made over 21 billion, yes 21 billion in profit last year. They dont invest in the stock market to be profitable enough to pay claims, that claim is ludicrous. In fact they make a ton of money by loaning other industries money for thing's like new contsruction. Next time your in a metro area look at any of the big construction project's, most likely the sign will say construction financed by (insert your favorite big insurance company name here) yep they are sure hurtin aint they? The catastrophe fund has never been larger. W.T.F. :gr :gr :gr p.s. dont count on our politicians to do anything about it either, the current legislation is nothing more than lip service to hang onto vote's. Sure there will be some seriously watered down bill that is worded backwards so the sheep think they're gettin something when in reality it will probably benefit the insurance companies in the end while the sheep really get it in the end. Where do you think Christ got most of his campaign fund's from? :banghead.gif

SomBch · January 23, 2007, 11:54:10 AM

An insurance company collects premiums state wide and nation wide. The past thirty-plus years in Florida (with exception to Andrew) we have seen almost zero storm related damaged until 2005 and 2006. Color me reactionary, but where did the billions and billions of dollars they raked in over those years go? I refuse to believe for one second that the insurance companies are hurting. They just dont want to take anymore big hits. No one goes into business not to make a profit , but this is like the oil industry, they cry poor and jack the price and make record profits. When is somebody going to stand up and fight for the WORKING MAN!!!!!

Hoosier Daddy · January 23, 2007, 11:55:54 AM

yeah... I guess your right.... I dont know what im talking about and I have this habit of making things up in my head... silly me, I should have known better than to talk about what my family and I have done for over 20 years...my mistake... Oh and were not talking about the insurance industry as a whole, we were talking about homeowners in FL.

SomBch · January 23, 2007, 12:00:56 PM

Quote from: Hoosier Daddy on January 23, 2007, 11:55:54 AM
yeah... I guess your right.... I dont know what im talking about and I have this habit of making things up in my head... silly me, I should have known better than to talk about what my family and I have done for over 20 years...my mistake... Oh and were not talking about the insurance industry as a whole, we were talking about homeowners in FL.

take it easy francis, nobodys doubting your credentials, but people have different opinions when it comes to this, that will most likely differ from yours considering its your livelyhood.

gtnwood · January 23, 2007, 12:19:00 PM

Quote from: Hoosier Daddy on January 23, 2007, 11:55:54 AM
yeah... I guess your right.... I dont know what im talking about and I have this habit of making things up in my head... silly me, I should have known better than to talk about what my family and I have done for over 20 years...my mistake... Oh and were not talking about the insurance industry as a whole, we were talking about homeowners in FL.

Oh, but we are talkin about the industry as a whole. If you are inferring what happens in other states does' not affect what happen's in Florida then why did the insurance companie's rep. say the increases are partly due to the wildfires in, where ever she said. I was too furious at the B.S. they are tryin to feed us to remember.

raca65 · January 23, 2007, 12:35:58 PM

Since i didn't read your email we also write Universal, St Johns, Northern Capital, United, and Federated since you and your familly are in the buz then you know these companies know there prem. are not crazy and fair is fair we are the one of the most hurricane prone states around. If you are a State Farm agency maybe we can talk about your clients because we get alot of them everyday crying the blues and i can't blame them. And i hate to say your wrong about 99.9 going to the state pool we can write just about everything everywhere. There are some zip codes closed but right now not many.