[beach43ofus]

If ours goes up 50%, we'll cancel it. We own our home mortgage free. The lack of liability insurance will be our only concern.

We've already cancelled flood when it went up from $450 to $750, & we fared well in Ian...streets flooded but no homes.

Last year, we got a 20% increase on homeowners, but we changed some coverages to knock that down to ~10%. So, it went from $1,250 to ~$1,400.


50% on top of the $1,400 is a no go for us...if it eclipses $2k, we're out.

Bye Bye Olympus.

[JenaS62]

Originally Posted by stephenMM

Oh, the joys of home ownership. Especially if you live in a hurricane prone state. We were blindsided by all sorts of insurance hikes in Galveston, Tx until we finally got smart. We sold the 2 properties and bought a very nice 10 year old mobile home in a 55+ mobile home park for less than 1/20th of what the Galveston home and condo were worth. Then we thumbed our noses at the insurance companies and figured we would just replace the home of it were totaled. That mobile home came complete w/ furniture, dishes, linens, towels, even cookware and a TV/computer!

Anyone w/ any sense is going to high tail it to another area when a big hurricane comes their way. If that mobile home were destroyed, it would have to be destroyed 20 different times before we would be concerned about the money loss. It was also an amazing money saver. Our property taxes dropped from $3000+ a year to $8, and since we didn't need a mortgage, the mortgage and insurance payments on the 2 Galveston properties went from $10,000 a year to 0.

We did have to pay around $500 a month for the lot rental, utilities and phone. The mobile home park pays the water and cable and even mows the yard.

This is one of the options my husband and I are thinking over. We have a home in a beach area and we are being priced out by home owners insurance. We have a lot of equity in our home. We could sell and pay cash for a mobile home in a 55+. We have grown children in the state where we could evacuate to if need be during a hurricane. Thanks for bringing that up.

[beachmouse]

Castle Key is a wholly owned subsidiary of Allstate. We had them for a while and dumped them in 2018 when they wanted to charge us $4300/year for homeowners. Moved to AAA, who was glad to give us a quote around $2300 or so.

[TwinbrookNine]

Originally Posted by sinatras

https://www.wesh.com/article/florida...FeVd4odgRWXpTc

Interesting that they are now blaming increases on "winter tornadoes"???? They are running out of reasons to jack up insurance premiums in this state.

And, I guess tornadoes in extreme northern Lower Michigan, too (which never had them, ever). Mine went up $60 a month.

[Igor Blevin]

Companies want to gouge you and get blood from a turnip. There is no profit too high for them. The thing is, companies that get too greedy will eventually be undercut by more desperate competition that is willing to make less profit to steal business from them.

If the entire industry is soaring in price, there is usually a structural reason for it, like when a constant avalanche of lawsuits caused the medical industry to defend against constant litigation. Medical costs permanently soared in response.

If home and car insurance rates are soaring, it is either collusion or a genuine reason. We just went through a massive bout of inflation. Homes costing a lot more mean that insurers are having to pay a lot more for replacement costs and payouts. It is not rocket science. Car prices are way up too.

Inflation is a back breaker. The idiotic Covid shutdown response killed us in a wide variety of ways. The response was absolutely asinine. Shutting down the entire world for a year due to an unusually harmful flu bug that did not really kill that many people, was flat asinine.

They broke the entire world over Covid. The whole entire world, and life will never be the same again.

[L00k4ward]

Originally Posted by stephenMM

Oh, the joys of home ownership. Especially if you live in a hurricane prone state. We were blindsided by all sorts of insurance hikes in Galveston, Tx until we finally got smart. We sold the 2 properties and bought a very nice 10 year old mobile home in a 55+ mobile home park for less than 1/20th of what the Galveston home and condo were worth. Then we thumbed our noses at the insurance companies and figured we would just replace the home of it were totaled. That mobile home came complete w/ furniture, dishes, linens, towels, even cookware and a TV/computer!

Anyone w/ any sense is going to high tail it to another area when a big hurricane comes their way. If that mobile home were destroyed, it would have to be destroyed 20 different times before we would be concerned about the money loss. It was also an amazing money saver. Our property taxes dropped from $3000+ a year to $8, and since we didn't need a mortgage, the mortgage and insurance payments on the 2 Galveston properties went from $10,000 a year to 0.

We did have to pay around $500 a month for the lot rental, utilities and phone. The mobile home park pays the water and cable and even mows the yard.

Let’s just hope that your mobile park isn’t in a location which is promising for developers.

If it is - your park will be bought, rates hiked and life made miserable so you sell and move on as the well as the rest of you.
Here comes high density high end condos instead

[sinatras]

Originally Posted by Igor Blevin

Companies want to gouge you and get blood from a turnip. There is no profit too high for them. The thing is, companies that get too greedy will eventually be undercut by more desperate competition that is willing to make less profit to steal business from them.

If the entire industry is soaring in price, there is usually a structural reason for it, like when a constant avalanche of lawsuits caused the medical industry to defend against constant litigation. Medical costs permanently soared in response.

If home and car insurance rates are soaring, it is either collusion or a genuine reason. We just went through a massive bout of inflation. Homes costing a lot more mean that insurers are having to pay a lot more for replacement costs and payouts. It is not rocket science. Car prices are way up too.

Inflation is a back breaker. The idiotic Covid shutdown response killed us in a wide variety of ways. The response was absolutely asinine. Shutting down the entire world for a year due to an unusually harmful flu bug that did not really kill that many people, was flat asinine.

They broke the entire world over Covid. The whole entire world, and life will never be the same again.

Excellent post

[gatorlyn]

Originally Posted by Igor Blevin

Inflation is a back breaker. The idiotic Covid shutdown response killed us in a wide variety of ways. The response was absolutely asinine. Shutting down the entire world for a year due to an unusually harmful flu bug that did not really kill that many people, was flat asinine.

They broke the entire world over Covid. The whole entire world, and life will never be the same again.

It happened during the worst possible time too, with respect to the general mindset of the population, where every aspect of daily life got politicized, down to the pattern of underwear that you preferred.

Had Covid happened during the late-80s, early-90s, I don’t think the overreaction would have been as bad

[Dave_n_Tenn]

Originally Posted by beach43ofus

Can I have your Vette after you stop driving?

You know it's just a plastic model in his toy box.

[MKTwet]

Insurance rates soaring just like why the healthcare needed regulation and the government to step in to create the ACA to prevent the insurance and healthcare industry from capitalizing on patients.

However, some insurers maybe 1-2 disasters away from going bankrupt and people just love building on risky land like by the water or low level plains that will get flooded easily by rising water and sea levels.