Insurance about to get a lot more expensive (Miami, Tallahassee: foreclose, renter)

[hurricaneMan1992]

http://http://www.miamiherald.com/2011/01/29/2040740/state-farm-wants-to-raise-average.html (broken link)

How does a 28% increase sound after yet another year of no hurricanes? And Citizens insurance would have to follow by law. They won't get the full 28%, but I bet they'll get another double-digit increase. If you buy a home here, you really have no idea what your payments are going to be 5 years down the road...

[Eldemila]

Originally Posted by hurricaneMan1992

http://http://www.miamiherald.com/2011/01/29/2040740/state-farm-wants-to-raise-average.html (broken link)

How does a 28% increase sound after yet another year of no hurricanes? And Citizens insurance would have to follow by law. They won't get the full 28%, but I bet they'll get another double-digit increase. If you buy a home here, you really have no idea what your payments are going to be 5 years down the road...

Unreal! Things keep going up and up and yet the paychecks people bring home don't - and that's if you're lucky to get one!

I put in a claim yesterday with the Insurance Co. Boy, have things changed through the years. NOW, they come in and take pictures, and record you stating the claim and how the claim came to light. With big deductibles they probably won't have to pay a cent in the end. Just keep taking and taking and when it's time to submit a valid claim they make you jump through hoops.

My HI for my home I just bought in SC just went up 25% as well, but you can't even compare almost $4K a year for insurance here with the new rate of $525 there. And let's not forget about Flood Ins on top of that if you're in a flood zone!

All those people who want to move to FL haven't a clue what they're in for if they want to buy a home - between taxes and insurance they are sure to have sticker shock. If they are buying a home with an existing Homestead Exemption and haven't come from where they can transfer theirs, whoa! Even with the cap on it, it goes up more than you think. When I bought my home my taxes, insurance and mortgage payment was less than what my taxes and insurance alone are now. Thankfully, my house is paid for.

I can't wait til the day comes when I can tell the insurance company to cancel my policy!

[doggiebus]

If politicians in Tallahassee agree to a double digit increase, we need to do what we are doing here in Miami with the commissioners and Mayor who raised taxes while giving a 3% raise to city/county employees and get rid of these politicians. Take back control basically, and let them know what we as residents want, and that isn't year after year of HUGE increases.

[cixcell]

Reasons like this are why I am not buying.

[doggiebus]

^^^You know you are paying this too even if you are renting...It is just built into your rent.

[Eldemila]

Originally Posted by doggiebus

^^^You know you are paying this too even if you are renting...It is just built into your rent.

Very true. The rent is paying for a portion of what the owner of the building pays in taxes, insurance, maintenance, office help, etc. They are also earning equity and they hope, will make a profit from when they sell the building.

[cixcell]

if they charged us any more we could probably move straight across the street into the same model and pay less. in many cases 50% of the townhouses or condos lie empty. the renter and homeowners are basically splitting the expense. theyre paying association costs/etc and we're paying a portion of the mortgage payment. its either that or they foreclose. of course how long this situation will last i have no idea. i guess it depends on how much the homeowner wants to keep the property or cut their losses. the townhouses were going for upper 100's to low 200s and now are probably worth 70k?
people keep moving out and the banks refuse to negotiate on price with the owners.

[JimboUSMC17]

Problem is that unfortunately they feel they can do this because there are few to no insurance companies down here. And if you don't like it, they leave Florida alltogether. No one wants to insure FL.