How much is your home insurance how much it increased last year? (HOA, condo)

[buenos]

How much is your home insurance how much it increased last year?
From 2021 to 2022 I had a policy for $3900, then they want to raise it by 51% to $5900.
Last year the previous insurance company wanted to increase it by 70% and i switched to this one.
My 2600sqft house is brick-veneer, custom built in a really good neighborhood, 10miles from the beach at 35ft elevation, 15yr roof with highest-quality architectural shingles (pristine condition).
On various websites people say they get 30% increases and how high that is, i get 50-70%. I wonder why? Is it some kind of discrimination?

[Nypafl4u]

Many factors can effect rates and increases. Including your credit rating and past claims. Ag of roof and clips, nail, etc (all wind kit items). But wood frame vs block can have a 50% difference alone. You mentioned brick veneer. Is that solid brick or just thin covering over a wood frame, which could be looked as a wood frame. I gave up on investing in wood frames back 12 years ago when I learned even then, of the huge insurance differences.

[huitrecouture]

Indian River County. Well insurance has become a major big deal you can't go by ANYTHING before 2022. Something like 17 companies were downgraded and don't even write policies any more so OF COURSE your current company will probably be affected.

My old company FED NAT stopped writing, too.

Anyway, mine doubled when I moved from a second floor condo to a first floor with HALF the square footage a quarter mile down the road. Both were a quarter mile from the Intracoastal. But everyone's increased this year.

So from 1200 sq ft to 600 sq ft went from $600 to $1200 (not including flood). The old one was a State Farm subsidiary called Castle Key and my whole HOA loved them but for some reason they wouldn't insure me at my new address. Before we discovered Castle Key I paid the $1200 to Fed Nat.

You can't go by anecdotal stories on the internet. Your roof is 15 year but how long is the warranty and that's probably part of it anyway.

Do you have a Wind Mitigation inspection? That's a large savings and it's odd you didn't mention it.

My current company is called Frontline and I'm satisfied enough but they are kind of basic no frills. They give you a rebate if you're claim free. I'm back to the $1200 for half the sq footage and $325 for flood since I'm on the first floor (not in a flood zone).

[Lillie767]

Originally Posted by buenos

How much is your home insurance how much it increased last year?
From 2021 to 2022 I had a policy for $3900, then they want to raise it by 51% to $5900.
Last year the previous insurance company wanted to increase it by 70% and i switched to this one.
My 2600sqft house is brick-veneer, custom built in a really good neighborhood, 10miles from the beach at 35ft elevation, 15yr roof with highest-quality architectural shingles (pristine condition).
On various websites people say they get 30% increases and how high that is, i get 50-70%. I wonder why? Is it some kind of discrimination?

Really?

What type of discrimination?

[buenos]

My credit is in the 800's, i never had a claim on home insurance.
The issue is not just the total price, but the year over year increase of 60-70% every year, when other people get 30% increases.
I know it depends on many factors, but that is some kind of a logical fallacy.
Jut because i have 4 bedrooms, when other people also have 4 bedrooms get a 30% increase i get a 60% increase. No it doesn't depend that much.
I had wind mit, i have metal window covers, but for the garage i only have 2 metal rigs (braces) that were made for this purpose but not the hurricane garage doors.

What kind of discrimination? Here in FL about 5-10% of the people shortchange me compared to how they treat locals.

[SuiteLiving]

Originally Posted by buenos

My credit is in the 800's, i never had a claim on home insurance.
The issue is not just the total price, but the year over year increase of 60-70% every year, when other people get 30% increases.
I know it depends on many factors, but that is some kind of a logical fallacy.
Jut because i have 4 bedrooms, when other people also have 4 bedrooms get a 30% increase i get a 60% increase. No it doesn't depend that much.
I had wind mit, i have metal window covers, but for the garage i only have 2 metal rigs (braces) that were made for this purpose but not the hurricane garage doors.

What kind of discrimination? Here in FL about 5-10% of the people shortchange me compared to how they treat locals.

Why are you calling out "locals"? Is your property owner occupied full time or is it a vacation home or a part time rental?

[buenos]

Originally Posted by SuiteLiving

Why are you calling out "locals"? Is your property owner occupied full time or is it a vacation home or a part time rental?

owner occupied, im living in it.
i meant "locals" versus immigrants like myself.

[SuiteLiving]

Originally Posted by buenos

owner occupied, im living in it.
i meant "locals" versus immigrants like myself.

Got it, well it isn't immigrants that are the issue, it's anyone that is a transplant here. If you didn't grow up in these towns you will always be treated differently than the people who did. At least that's been my experience.

[Hemlock140]

Ours was at $1,900/year (3,000 sf House) and went up to $2,400. It's easily understandable based on the sudden jump in the cost of materials and labor. We don't like it, of course, but it's a lot more justified than other cost increases, such as gas.

[huitrecouture]

Originally Posted by buenos

My credit is in the 800's, i never had a claim on home insurance.
The issue is not just the total price, but the year over year increase of 60-70% every year, when other people get 30% increases.
I know it depends on many factors, but that is some kind of a logical fallacy.
Jut because i have 4 bedrooms, when other people also have 4 bedrooms get a 30% increase i get a 60% increase. No it doesn't depend that much.
I had wind mit, i have metal window covers, but for the garage i only have 2 metal rigs (braces) that were made for this purpose but not the hurricane garage doors.

What kind of discrimination? Here in FL about 5-10% of the people shortchange me compared to how they treat locals.

OK reality check.THIS YEAR AND PROBABLY THE LAST THREE CAN'T COUNT FOR ANYTHING WE HAD A PANDEMIC AND HURRICANES FOR THREE YEARS FFS. YOU COULDN'T EVEN GET MATERIALS LET ALONE CHEAP. THAT'S WHY COMPANIES ARE OUT OF WRITING IN FLORIDA BUT YOU IGNORED ME SAYING THAT.

You've heard about supply and demand?

A TESLA is more than a Chevrolet Spark.

(and what the heck is people "shortchanging" you? not making change correctly at the cash register?)

"I know it depends on many factors, but that is some kind of a logical fallacy."

WHAT? LOL That's EXACTLY how insurance works it is not some logical fallacy whatever you're trying to mean.

I typically ignore these erroneous imaginary claims but they make EVERYTHING look bad. And you're not GETTING IT.

HOW in the world does your insurance company adjuster know you're not "local" meaning an IMMIGRANT?

They DON'T.

That's hilarious and a totally new complaint. My husband is Greek living here since 1976 still with a thick as hell accent and nobody ever ripped his insurance off LOL it's just ridiculous.

You have NOT had increases of 60-70% year over year and nobody else was getting 30% every year either.

MY insurance stayed the same for as long as I can remember, this insurance problem is RELATIVELY NEW, the last couple of years. And FL has always been the highest. You didn't know that when you moved here and bought a house?

How long have you LIVED HERE?

You don't believe in "many factors"? Try THESE:

You take the POLICY from the ALLEGED people who claim they get low or no increases. (ME)

You take the POLICY from the ALLEGED person who claims 70% increase per year (YOU).

1. You compare the insurance companies.
   
2. You compare the coverages.
   
3. You compare the discounts.
   
4. You compare the deductables.
   
5. You compare the DWELLINGS and NEIGHBORHOODS.
   
6. For some companies you even compare the property's history
   
7. Then you compare the PEOPLE - credit, history etc.

You do not draw conclusions from reading some vague claims on the internet that are NOT EVEN DOCUMENTED IN REAL LIFE.

LIKE WHAT IS A "METAL WINDOW COVER"??? LEMME GUESS. THE 1960'S STYLE PULL DOWNS???

Try this ILLOGICAL FALLACY: OH IN FLORIDA ALL THE HOMEOWNERS WERE GETTING YEARLY 30 TO 70 PERCENT INCREASE IN INSURANCE AND JUST CALMLY PAID IT BECAUSE THEY HAVE BIG BUDGETS.

THAT is how it would have to be for your claims to be accurate.

AFTER you COMPARE with your 30% buddies and they're not lying then switch to THEIR COMPANY. DONE.