[Corrie22]

told you so...

" The new year now means six new companies are ready to enter the state and start writing homeowners insurance policies"

"The six new companies are Tailrow Insurance Company, Mainsail Insurance Company, Orion 180 Insurance Company, Orion 180 Select Insurance Company, Orange Insurance Exchange and Condo Owners Reciprocal Insurance."

"All of them, Friedlander said, have been vetted and cleared by state regulators."

"The companies are financially sound, according to the rating agencies."

"He also said many of the companies have been waiting until 2024 to enter the Florida market after litigation reforms were passed and the 2023 hurricane season ended."

https://www.wptv.com/money/real-esta...florida-market

[sinatras]

Originally Posted by Corrie22

told you so...

" The new year now means six new companies are ready to enter the state and start writing homeowners insurance policies"

"The six new companies are Tailrow Insurance Company, Mainsail Insurance Company, Orion 180 Insurance Company, Orion 180 Select Insurance Company, Orange Insurance Exchange and Condo Owners Reciprocal Insurance."

"All of them, Friedlander said, have been vetted and cleared by state regulators."

"The companies are financially sound, according to the rating agencies."

"He also said many of the companies have been waiting until 2024 to enter the Florida market after litigation reforms were passed and the 2023 hurricane season ended."

https://www.wptv.com/money/real-esta...florida-market

Oh how WONDERFUL! I just can't wait to see my premium drop by 50% or more!





HMMMMMMMMMMMMMMMMM
Somehow, I doubt it.

https://www.fox13news.com/news/flori...nstitute-rates

According to the Insurance Information Institute, homeowner’s insurance has increased 102% in the last three years in Florida and costs three times more than the national average. The average cost of home insurance in the Sunshine State in 2023 was about $6,000, the highest average premium in the U.S.

[FL_Expert]

That’s welcome news! I don’t enjoy being at the mercy of Citizens.

[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!

[Corrie22]

Originally Posted by sinatras

The average cost of home insurance in the Sunshine State in 2023 was about $6,000, the highest average premium in the U.S.

''

if you try to research this on the internet....to find how they came up with that number.....you get nothing

...a lot of lower figures.....closest ones are including hurricane/wind

[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/

[Mathguy]

Originally Posted by FL_Expert

That’s welcome news! I don’t enjoy being at the mercy of Citizens.

Citizens is underpriced "in general", may not pertain to you specifically.

This is all backed up in their math that is publically available.

I don't mean to be the bearer of bad news, just spitting facts.

[Mathguy]

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/

1. No offense to general news sources but well, they often get things wrong when it comes to niche topics, espeically insurance, finance....anything tricky. Their budgets are all cut to heck over the years.

2. SO, I would trust Forbes, their focus is in that area, they generally get it right.

[Mathguy]

The key here folks is what is the CAPACITY* of those 6 companies, what is their appetite?

In laymans terms, let's say you have a field of rotting pumpkins that you can't get to market but your neighbors have pigs that will eat the pumpkins and pay you for it.

So, if 6 farmers show up with 5 pigs each...you're still screwed if you have millions of pumpkins.

* Insurance term meaning how much risk or premium they will take on.

P.S. I will give you informed, honest answers with zero political etc. spin folks, you may not like the answers.

[blueskies2023]

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!

? Where is your home; what is your premium