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I think mechanical engineering might be doing a bit better. Most of the folks I know are industrial, electrical and chemical engineers. The chem guy is used to it, he says the pay has gone up and down constantly since he got out of school, he ended up going into pharm sales after a stint in Toastmasters. I suspect some of the others may be victims of age discrimination - seems if you're over 40, you're thought of as either too expensive or have outdated skills (although neither are true with these folks). And they'd be happy with the $40-$50 K pay, but they've been told they weren't hired because the employer felt they'd go elsewhere first time they were offered more money (not the case, they're more into good work environment these days). Oh well, glad I'm not in that field.
I'm curious to see what the insurance rates do if this hurricane season ends up as quiet as it started.
The rates are more based off of long term averages, but the reinsurers are more of a supply and demand type situation so in general, it should *help* rates a little. However, since Citizens is already insuring 1/2 the state and they acknowledge that their rates are "below actuarially sound levels"....I'd say rates would stay more or less the same.
The reason the rates shot up so fast was only partially due to the hurricane activity of 2004 and also due to artificial rate capping (subsidy) that was removed by the state after being in place for a long time.
Remember, last year was a quiet year...and in those years the insurers will make big profits....then every once in a while they'll get a big hurricane and they will lose many years worth of profits. It's not appropriate to look at single years in evaluating.
I'm curious to see what the insurance rates do if this hurricane season ends up as quiet as it started.
They seem to be falling, if our experience is any indication. We are waiting to close on a home, and received a quote when we first signed contracts (~6 wks ago), with a premium of $2,004. We just received another quote from the same ins co, same exact limits, for $1,406 - that's quite a drop in a short time period!
We had already arranged for ins (A+ rated co) for an annual premium of $1,299, with slightly higher coverage than the other quote mentioned here. Some quotes came in at >$4,400 for the same limits - definitely time to shop for ins before committing, IMHO.
They seem to be falling, if our experience is any indication. We are waiting to close on a home, and received a quote when we first signed contracts (~6 wks ago), with a premium of $2,004. We just received another quote from the same ins co, same exact limits, for $1,406 - that's quite a drop in a short time period!
We had already arranged for ins (A+ rated co) for an annual premium of $1,299, with slightly higher coverage than the other quote mentioned here. Some quotes came in at >$4,400 for the same limits - definitely time to shop for ins before committing, IMHO.
Something happened there and it likely wasn't a rate decrease. Maybe you got a lower rate for occupying the property or made some improvement or the first quote was just a "ballpark" estimate or you took a bigger deductible etc.
Something happened there and it likely wasn't a rate decrease. Maybe you got a lower rate for occupying the property or made some improvement or the first quote was just a "ballpark" estimate or you took a bigger deductible etc.
Good advice about shopping around!
I'm not sure what the difference is, but both quotes (from the same co, not a broker) were in writing, detailed as to coverages, deductibles etc - which were exactly the same. I placed the quotes side-by-side and compared, and I then reviewed the limitations with the ins rep as well. We haven't closed yet (closing is early next week), so we have not occupied the property and have not changed our intentions that the original quote was based upon, and we have made no improvements. The home is brand new, and we have changed nothing in or on the home since the contract signing. The ins co was aware of the exact location (no flood, etc), factors such as existing hurricane shutters, impact glass, security system, etc.
FWIW, the insurance broker's original quote was approx $1,700+, but he called me back several times as he continued to find more competitive quotes (2X), the last being the $1,299, for a slightly higher replacement value than the first policy I referenced here. These policies are on a home priced at $570,000, so I don't consider the insurance rates to be astronomical considering the risks.
We are obviously new to the area, so I have no prior history to compare this to. I do know my realtor is now re-shopping her own policy due to what she is seeing (re: ins rates) recently. If I were already a Fl resident with an existing high-priced policy, I'd be making a call or two regarding my own policy. Maybe you are right and it is not a rate drop, but from where I sit it sure looks like one, and IMO it would be worth investigating.
I hope I am not coming across as one of "those NY/NJ 'know-it-alls'" that "knows better". I only posted my info hoping that sharing our experience might help out a homeowner or two struggling with excessively high insurance premiums - obviously there are a lot of factors involved, and YMMV.
I'm not sure what the difference is, but both quotes (from the same co, not a broker) were in writing, detailed as to coverages, deductibles etc - which were exactly the same. I placed the quotes side-by-side and compared, and I then reviewed the limitations with the ins rep as well. We haven't closed yet (closing is early next week), so we have not occupied the property and have not changed our intentions that the original quote was based upon, and we have made no improvements. The home is brand new, and we have changed nothing in or on the home since the contract signing. The ins co was aware of the exact location (no flood, etc), factors such as existing hurricane shutters, impact glass, security system, etc.
FWIW, the insurance broker's original quote was approx $1,700+, but he called me back several times as he continued to find more competitive quotes (2X), the last being the $1,299, for a slightly higher replacement value than the first policy I referenced here. These policies are on a home priced at $570,000, so I don't consider the insurance rates to be astronomical considering the risks.
We are obviously new to the area, so I have no prior history to compare this to. I do know my realtor is now re-shopping her own policy due to what she is seeing (re: ins rates) recently. If I were already a Fl resident with an existing high-priced policy, I'd be making a call or two regarding my own policy. Maybe you are right and it is not a rate drop, but from where I sit it sure looks like one, and IMO it would be worth investigating.
I hope I am not coming across as one of "those NY/NJ 'know-it-alls'" that "knows better". I only posted my info hoping that sharing our experience might help out a homeowner or two struggling with excessively high insurance premiums - obviously there are a lot of factors involved, and YMMV.
No, no...you are absolutely not coming across as know it all etc. It's just that companies can generally only change their rates once a year and it's possible that you just got a quote before and a quote after the rate change went through.
Wow, those seem REALLY cheap....you must me in NORTHERN Florida? Away from the coast a bit? Something like that I'd guess.
Amazing how the competitive markets for insurance seem to work quite nicely over most of the United States....unless the state gets involved with crazy laws, interference in the markets etc. You should appreciate that coming from NJ as they have the highest auto rates in the country and generally like to blame the insurance companies for the problem they created.
No, no...you are absolutely not coming across as know it all etc. It's just that companies can generally only change their rates once a year and it's possible that you just got a quote before and a quote after the rate change went through.
Wow, those seem REALLY cheap....you must me in NORTHERN Florida? Away from the coast a bit? Something like that I'd guess.
Amazing how the competitive markets for insurance seem to work quite nicely over most of the United States....unless the state gets involved with crazy laws, interference in the markets etc. You should appreciate that coming from NJ as they have the highest auto rates in the country and generally like to blame the insurance companies for the problem they created.
No, this is for a home in SWF, just east of 75 though (big risk differences, I know). I realize rates do not change frequently, but at this rate (of falling premiums) it might even make financial sense for some homeowners to cancel a policy (and replace with a newly written one) even though that might generate a cancellation penalty.
The policy particulars (except price) were fairly consistent from quote to quote (incl the $4,400+ ones) - 2% hurricane ded, $1,000 otherwise (doesn't make sense to put in claims of less than $1,000 nowadays, so why have a lower ded?), 120% replacement coverage, std contents coverage, etc. That's why I have been posting our particulars. Considering what the insurance situation has been, I thought existing homeowners might assume policies are all still high, while that might not be the case (relatively speaking, of course).
Coming from NJ, I have to say personally I am going to miss my ins co (NJ Manufacturers). We receive a rebate (technically a dividend) every year, ranging from 10-25% (auto) and up to 40% (HO), and their premiums are already some of the lowest in the state. Overall, though, the insurance is pretty bad up here - we're just lucky we were eligible for NJ Mfrs.
No, this is for a home in SWF, just east of 75 though (big risk differences, I know). I realize rates do not change frequently, but at this rate (of falling premiums) it might even make financial sense for some homeowners to cancel a policy (and replace with a newly written one) even though that might generate a cancellation penalty.
The policy particulars (except price) were fairly consistent from quote to quote (incl the $4,400+ ones) - 2% hurricane ded, $1,000 otherwise (doesn't make sense to put in claims of less than $1,000 nowadays, so why have a lower ded?), 120% replacement coverage, std contents coverage, etc. That's why I have been posting our particulars. Considering what the insurance situation has been, I thought existing homeowners might assume policies are all still high, while that might not be the case (relatively speaking, of course).
Coming from NJ, I have to say personally I am going to miss my ins co (NJ Manufacturers). We receive a rebate (technically a dividend) every year, ranging from 10-25% (auto) and up to 40% (HO), and their premiums are already some of the lowest in the state. Overall, though, the insurance is pretty bad up here - we're just lucky we were eligible for NJ Mfrs.
Awesome advice about canceling your policy if you can look around and secure cheaper coverage right now. You should post that is some of the other FL insurance threads. Glad to hear you are looking at flood insurance...a lot of people got hurt by that in New Orleans etc. due to trying to save a buck or the incompetance of their insurance agent.
Yeah, NJ auto is a mess. The "no fault" auto laws are a horrible hybrid between true no fault and the normal system which perversely increases costs....and once rates get high....people just risk it and drive uninsured which just means that it's one less person contributing to premiums but still causing losses. (meaning all the people that pay premiums wind up paying a little more)
There was a big article about it in both local papers a while back, but I can't come up with the right keywords for the articles to come up in a search, sorry! Above link was the best I could do.
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