[beach43ofus]

https://insurify.com/homeowners-insu...lity-by-state/

I'm refuting insurify's claim that a $300k Florida home costs on average of $9,200 to insure. No way.

First off, not many FLA homes cost $300k. They may have cost $300k to build many years ago, but their current value is much higher.

The median price FLA home costs ~$ 410k & the average is ~$392k, so why use $300k, & not the median or the avg price?

That is our 1st clue that this study's suspect. Most $300k homes are older (pre-2002), so pre-date Hurricane building code construction.

2nd, my 6 yr old home's current value = $1M, & our homeowners coverage including flood is $2,900. Ancdotel, so plz help.

Anyone here paying $9,200+ for a home valued ~$300k?

If so, year home built, & flood zone designation please.

Pre-2002 built waterfront homes' insurance rates can run $9,200+, but how many waterfront homes are valued at only $300k? Almost none.

I'm calling b.s. on this insurify report, which has gone viral nationally, & has spawned off Hundreds of fake news articles.

[Travelassie]

Originally Posted by beach43ofus

https://insurify.com/homeowners-insu...lity-by-state/

I'm refuting insurify's claim that a $300k Florida home costs on average of $9,200 to insure. No way.

First off, not many FLA homes cost $300k. They may have cost $300k to build many years ago, but their current value is much higher.

The median price FLA home costs ~$ 410k & the average is ~$392k, so why use $300k, & not the median or the avg price?

That is our 1st clue that this study's suspect. Most $300k homes are older (pre-2002), so pre-date Hurricane building code construction.

2nd, my 6 yr old home's current value = $1M, & our homeowners coverage including flood is $2,900. Ancdotel, so plz help.

Anyone here paying $9,200+ for a home valued ~$300k?

If so, year home built, & flood zone designation please.

Pre-2002 built waterfront homes' insurance rates can run $9,200+, but how many waterfront homes are valued at only $300k? Almost none.

I'm calling b.s. on this insurify report, which has gone viral nationally, & has spawned off Hundreds of fake news articles.

I don't know where they get the figures, but I read the section of the article where the issues around homeowner's insurance in Florida, including its recent history and explanations for the high rates are discussed, and I found what they've stated there is spot on. It looks to be about an objective a presentation of the topic as I've found. What's also included in this section is what the state government has done, ie, state laws, programs intended to help homeowners harden dwellings against future damages from storms, to mitigate the high rates for property insurance in the state.

That said, the homeowner's insurance on our house is a replacement policy, was around $3800 for our annual renewal in September 2023. That was up $300 from the $3500 premium we paid in Sept 2022. This is for a CBS/stucco 1900 sq foot house built in 2008, located on a tidal canal just off the Peace River in Charlotte County. This premium includes discounts for hurricane damage mitigation items such as impact windows, metal doors that open out, braced garage door, new roof that meets current building codes with the peel and stick underlayment and the extra nails required to attach the shingles, the outside walls built with rebar every few feet and around the openings. There is also extra bracing of the roof trusses and its a hip roof. We also got a senior citizen discount as well as a "claim free" discount- they don't count claims from widespread natural disaster against the homeowner. Also noted in the policy was an increase in the maximum amounts covered for the house and other items, including the "loss of use" coverage which would pay for rent or hotel stays if we were unable to stay in the house. The increases are to account for inflation.

The house shows a value around $515K in Zillow, and the insurance company is Monarch National. We found they treated us fairly for our Ian damage claims.

[beach43ofus]

Originally Posted by Travelassie

I don't know where they get the figures, but I read the section of the article where the issues around homeowner's insurance in Florida, including its recent history and explanations for the high rates are discussed, and I found what they've stated there is spot on. It looks to be about an objective a presentation of the topic as I've found. What's also included in this section is what the state government has done, ie, state laws, programs intended to help homeowners harden dwellings against future damages from storms, to mitigate the high rates for property insurance in the state.

That said, the homeowner's insurance on our house is a replacement policy, was around $3800 for our annual renewal in September 2023. That was up $300 from the $3500 premium we paid in Sept 2022. This is for a CBS/stucco 1900 sq foot house built in 2008, located on a tidal canal just off the Peace River in Charlotte County. This premium includes discounts for hurricane damage mitigation items such as impact windows, metal doors that open out, braced garage door, new roof that meets current building codes with the peel and stick underlayment and the extra nails required to attach the shingles, the outside walls built with rebar every few feet and around the openings. There is also extra bracing of the roof trusses and its a hip roof. We also got a senior citizen discount as well as a "claim free" discount- they don't count claims from widespread natural disaster against the homeowner. Also noted in the policy was an increase in the maximum amounts covered for the house and other items, including the "loss of use" coverage which would pay for rent or hotel stays if we were unable to stay in the house. The increases are to account for inflation.

The house shows a value around $515K in Zillow, and the insurance company is Monarch National. We found they treated us fairly for our Ian damage claims.

Thx for your reply in info

I'm not disputing their methodology, just their results. They must have made a huge math error.

[Travelassie]

Originally Posted by beach43ofus

Thx for your reply in info

I'm not disputing their methodology, just their results. They must have made a huge math error.

I'd agree with you about their numbers looking high, at least for FL. Our premiums aren't anywhere near what they quote as an
average for FL, but looking at the numbers on the policy, without the significant discounts they give us for wind mitigation items, and things like smoke detectors, etc., those numbers would put the premiums well into the 5 figure category and I wonder if that is what people with houses older than ours, with fewer or no wind or other hazard mitigation items would pay.

What I see in this article is an attempt to objectively discuss the current state of homeowners' insurance in the states where the premiums are the highest, and the issues that got the insurance where it is today. I don't see the thinly veiled "bash all things Florida" agenda that's apparent in most of the clickbait articles on the topic that make their way to forums such as this one, the information in this article is useful and actually informative. I've downloaded the article to read what it has to say about insurance issues in the other states. I thank you for finding this and sharing it with us.

[Lillie767]

Everyone has their own number for the cost of insurance.


"The average cost of homeowners insurance in Florida in 2024 is $8,770. This figure surpasses the national average of $2,423, illustrating the higher insurance costs Floridians may face."

https://www.moneygeek.com/insurance/...rance-florida/


"Our analysis of rates determined that the cost of home insurance in Florida is $3,227 per year, based on the average of dwelling coverage limits from $200,000 to $750,000. Mark Frieldander of Triple-I estimates homeowners in Florida are paying much more — an average of $6,000 per year — which is more than triple the average annual premium in the U.S."

https://www.usatoday.com/money/bluep...ers-insurance/


"The average cost of Florida home insurance is $2,030 a year for a typical house with $350,000 in dwelling coverage. The cheapest Florida home insurance company for this level of coverage is Progressive, based on Forbes Advisor’s analysis of 12 insurers in the state."

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


"Home insurance in Florida is expensive and only increasing, especially in coastal areas with the highest hurricane risk. The average cost of homeowners insurance in Florida is $4,419 a year for a policy with a 2% hurricane deductible and $2,401 without the hurricane deductible. That cheaper rate leaves you vulnerable to hurricane damage."

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

[slduvall]

My policy on a new home that cost $528K to build in 2014 rose from $2100 to $8900 this year. Insurance companies are raising their rates, so that people will cancel them, rather than canceling on the homeowners. It doesn't make the news when the HO pulls out vs the company. But the end result is the same.

[bmw335xi]

My house is about $1.5M and I'm paying $4500 year but doesn't include water damage from pipes.

[beach43ofus]

Originally Posted by slduvall

My policy on a new home that cost $528K to build in 2014 rose from $2100 to $8900 this year. Insurance companies are raising their rates, so that people will cancel them, rather than canceling on the homeowners. It doesn't make the news when the HO pulls out vs the company. But the end result is the same.

Thx for sharing this. Your resoning makes sense to me too...them not wanting to cancel homeowners, but instead chasing them off w/ high premiums.

[beach43ofus]

Originally Posted by bmw335xi

My house is about $1.5M and I'm paying $4500 year but doesn't include water damage from pipes.

So, given your #'s, how can the premium average for a $300k home be $9,200?

Even the post above citing their $8900 new bill is below the $9200 average.

[bmw335xi]

Originally Posted by beach43ofus

So, given your #'s, how can the premium average for a $300k home be $9,200?

Even the post above citing their $8900 new bill is below the $9200 average.

No idea.... lying to paint an agenda, maybe they have a ton of claim history and found an insurance company willing to insure them at a high rate, maybe they have a really low credit score or have a history of missing payments and this was the way to get insurance? I don't know anyone paying $9,200 year for insurance, yet alone someone with a $300k house. One of my friend's is paying $2k and his house value right now is around $400-450k.