[Mathguy]

Originally Posted by blueskies2023

? Where is your home; what is your premium

If you have low premiums, you are almost certainly in northern florida where Hurricanes are much rarer...or far enough in-land. (Jacksonville and Orlando for example)

[sinatras]

Originally Posted by Lillie767

CNN shows "And to try to stay solvent, the remaining insurers are charging rates nearly four times as high as the national average. Homeowners in the state pay private insurers about $6,000 a year, compared to a national average of $1,700."

However, they cite no source or attribution for their $6000 amount.


All other sources show amounts significantly less than $6000 and quote their source.

For example, Forbes magazine shows an average premium of $2,030 for $350,000 dwelling coverage. They cite Quadrant Information Services as source.

https://www.forbes.com/advisor/homeo...ers-insurance/

I don't know who is "correct," but what I do know is that I don't know anyone PERSONALLY (friends, family, neighbors) who pays less then $4,000 a year for their homeowners insurance in Fla. I do know several people who pay north of $6000 a year. Most of my neighbors are in the 8k and up range. I'm a native Floridian generations strong so my network is large and extended north to south in the state.

[sinatras]

Oh what a coincidence! Just found out my flood and homeowners insurance are going up more than 3k total (both premiums combined)! Love living in this "paradise."

[Travelassie]

Our homeowner's insurance renewal cost for the upcoming year was $3200. And our flood insurance renewal was $900. Not quite the sky's amounts the limit breathlessly and indignantly reported by the likes of CNN and other sources of misleading " information ", and of course the chronic Florida detracters among our midst. I know us pretty well, paid the premiums myself, so I know I'm not making this up. Though they were not the cheapest, we chose to stay with our current insurer, having experienced good customer service with them, and fair reimbursement for our damages from Ian.,

We were also given a list by our insurance agent of other insurers willing to provide us with homeowner's insurance a total of 5, I think), with annual premiums ranging from around $1900 and change to around $3200, she ran the comparables and came up with those figures. I know her too, so am not pulling these figures out of......well, wherever these news media drama sources get theirs.

[MadManofBethesda]

Originally Posted by beach43ofus

I moved back to Florida 7 years ago, & built a new home 5 yrs ago. Its a ~3,000 sq ft home valued today at ~$1M

My homeoweners insurance has never exceeded $2,000, even including the 3 years I had flood coverage...before I cancelled it.

I'd like to see your source for the average HOI being $6k/yr. This link says it's ~$4k:

https://www.insurance.com/home-and-r...ners-insurance

So, I've shown you mine, so now can I see yours?

I'll ask my insurance broker to shop the 6 new companies to see if I can do any better than the Olympus coverage I have now...Thx Corrie!

I don't know where in Florida you are, but I was paying significantly more than that to Citizens when I owned a relatively small (~1800 sq.ft.) home in the City of Miami. When we bought the house in 2016, our first annual premium was a little over $5k, but it went up roughly 10% on each renewal. The subsequent annual premiums were roughly, $5,500, $6,000, $6,600, $7,100, and then finally $7,800 during our final 2021-2022 policy year. (We sold the house in June 2022.) I couldn't believe it when my real estate agent said that was low and that she had seen premiums up to $30k.

We also owned an ocean-front condo in a high-rise on Collins Avenue, and our premium for that small one-bedroom (800 sq. ft.) unit was ~$1,800/yr, and that was just for contents and walls-in coverage of our little unit. And that was a few years ago before the Surfside collapse., so I can very much believe that the average cost of insurance is much higher now.

But I'm not here to argue what number is correct; I'm simply providing another data point.

[LKJ1988]

Originally Posted by Mathguy

If you have low premiums, you are almost certainly in northern florida where Hurricanes are much rarer...or far enough in-land. (Jacksonville and Orlando for example)

North FL gets more canes than anywhere in the State nate. It is my area that never gets them.

[Mathguy]

Originally Posted by LKJ1988

North FL gets more canes than anywhere in the State nate. It is my area that never gets them.

Well, clearly the panhandle is at risk. I assumed that people here would know this obvious fact.

If you are going to make "my insurance went up 100%" type posts please SOURCE your posts.

My goal here is to inform people and provide facts.

There is a hurricane track map going back 100+ years. In fact, I once built a simulation model using historic florida hurricane data to model and price hundreds of million of dollars of business.

The annual risk of hurricane strike (coastal) is around 10% in the south and panhandle and around 2% in the rest. Severity varies.

Per NOAA (No not the guy that loaded the animals in the ark), storms drop about a CAT an hour, so fast and slow moving storms have different impacts. Also larger storms create broader and more damaging storm surges which is also impacted by undersea topography and angle of approach.

I'm trying to help inform people. In Florida, there is just a lot of misinformation and blame projecting like with any problem.

P.S. NOrth of the Orlando-Tampa line and east of the panhandle is the low risk area. So yes, you are in the safe location.

P.S.S I love that you own a corvette, have fun with it, I did when I had mine.

[Mathguy]

Originally Posted by sinatras

Oh what a coincidence! Just found out my flood and homeowners insurance are going up more than 3k total (both premiums combined)! Love living in this "paradise."

You live and travel to multiple countries, you own a mercedes and shop at whole foods while complaining that the prices are higher than Europe but are no different than the Walmart 3 blocks away. (per previous threads).

Move?

[ntwrkguy1]

Hopefully this is good news for the state. The insurance situation -- both homeowners and auto -- has gotten ridiculous in the last 5 years.

[LKJ1988]

Originally Posted by Mathguy

Well, clearly the panhandle is at risk. I assumed that people here would know this obvious fact.

If you are going to make "my insurance went up 100%" type posts please SOURCE your posts.

My goal here is to inform people and provide facts.

There is a hurricane track map going back 100+ years. In fact, I once built a simulation model using historic florida hurricane data to model and price hundreds of million of dollars of business.

The annual risk of hurricane strike (coastal) is around 10% in the south and panhandle and around 2% in the rest. Severity varies.

Per NOAA (No not the guy that loaded the animals in the ark), storms drop about a CAT an hour, so fast and slow moving storms have different impacts. Also larger storms create broader and more damaging storm surges which is also impacted by undersea topography and angle of approach.

I'm trying to help inform people. In Florida, there is just a lot of misinformation and blame projecting like with any problem.

P.S. NOrth of the Orlando-Tampa line and east of the panhandle is the low risk area. So yes, you are in the safe location.

P.S.S I love that you own a corvette, have fun with it, I did when I had mine.

I was talking auto Ins bra. When i firt got my 2013 C6 Vette it was like 530 per months for 10/20 and now it is over 1k per 6 months for a C7 Vette. Just it jumped 300 smackers for 6 months vs last year.

Thank God i paid cash for the house and gone bare for 20 years i have lived here and saved enough to buy another house. I would have to pay 5k for flood alone where i live right on the gulf.