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Florida Home Insurance- Increases

Old 04-22-2021, 12:28 PM
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Default Florida Home Insurance- Increases

How bad are the increases in Coastal communities? Are people getting dropped by current coverage? Anyone have any predictions 5-10 years out? I'm in SWFL in AE Zone.
Old 04-22-2021, 12:38 PM
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Being dropped: Yes
Increases: Yes...anywhere from flat to 100% + increases
5-10 year forecast: Anybody's guess...my guess is that we will have substantial price increases in this year and next followed by a trickle up increase over the next years.
.
Insurance is cyclical like anything else. I liken it to gas prices though --> it spikes up and trickles down and generally never gets back to the low it used to hold.
Old 04-22-2021, 12:42 PM
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If you have a few good years without an storms insurance companies seem to have a short memory.
Old 04-22-2021, 03:21 PM
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11% increase this year. I'm almost a grand a month now
Old 04-22-2021, 03:46 PM
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40% increase. Barrier island. Not in the wind zone
Old 04-23-2021, 03:35 AM
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Man - my HO insurance jumped like crazy with my recent renewal. EVERYONE in my area got new roofs this year due to a major wind and hail storm we had last year...so I kind of expected an increase. But mine doubled to close to $6K.

I shopped like hell and all I can say is, try Farmers and Frontline. They are still writing policies in most parts of Florida, and their rates are very fair. I had them write an identical policy to what I have now and saved about 3K a year.
Old 04-23-2021, 03:49 AM
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I am still struggling to find wind insurance for a pre 2003 house all updated with impact windows located in PB county. No one went to write wind insurance.
Old 04-23-2021, 04:31 AM
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I’m in central Florida older block house. 2 grand last year just renewed this year 2800.
Old 04-23-2021, 04:45 AM
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good info. keep it coming. I've aalready learned that pre 2003 houses have an issue (sorry Darien)
Old 04-23-2021, 04:54 AM
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Waterfront/AE.

No increase, but our house was built in 2006 and has impact doors/windows, elevated, and pretty much all concrete and brick.

From what I have seen, the huge increases are to the older homes not built to newer code and flood elevations.
Old 04-23-2021, 05:11 AM
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Beware Frontline if you ever actually have a claim. Lloyds of London treated me like I thought an insurance company should.
Old 04-23-2021, 05:43 AM
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If you want to live in paradise you got to pay.
Only goes up too, with construction cost
Old 04-23-2021, 06:20 AM
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This is new to me as my insurance has not increased (yet). I have a new garage door and windows coming in a couple weeks, all up to current hurricane code. I should get a credit for the added protection.
Old 04-23-2021, 06:57 AM
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Putting in impact resistant doors, windows, and garage doors saved me about $5k a year on insurance. It has been creeping back up since, but it is still reasonable compared to what I paid the year I bought. I probably pay about $6k a year now for wind, flood, and regular homeowners. For comparisons Im on an island in SWFL, off the ground (insurance still required impact garage doors on the unfinished lower space that we use as the garage, built in the 70s, and about .2 miles off the beach.
Old 04-23-2021, 07:17 AM
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Gotta believe the inshore market (~100 miles from the coast) is the next boom. From MS to NC, the sloughs, swamps, and "wastelands" that are largely undeveloped are both cheap (in relative terms), less than a couple hours to the beach, warm, tax friendly (mostly), and free from the costs to insure against catastrophes (other than tornadoes).

We've looked and just didn't find anything we could agree on for retirement, but not off the table.
Old 04-23-2021, 07:49 AM
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You should see what's happening in Ca because of the wildfires.My homeowners went up $600
I shopped around and a lot of the companies will not even write a policy
Old 04-23-2021, 09:17 AM
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SWFL, $400k value, on freshwater canal, no flood ins. required, and $20,000 new roof last year from wind event, and no increase or drop. Keeping fingers crossed.
Old 04-23-2021, 09:25 AM
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Ours doubled this year to $2400. Live inland about 20 miles from the coast. I made no claims from Irma for the house any way. House had about $3k in damages. Wind deductible is $5K. Truck received about $6k in damage that claimed on the auto policy . Auto policy has went down every year

Edfit I live in SWFL, naples to be exact.
Old 04-23-2021, 10:19 AM
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Flood maps are changing next year. They get released in October. 18% max yearly increase until you hit the set price. They say some will go up 8x or more. Read up on it... not going to be pretty for a lot of people.
Old 04-23-2021, 10:29 AM
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Originally Posted by Brewcpa View Post
Putting in impact resistant doors, windows, and garage doors saved me about $5k a year on insurance. It has been creeping back up since, but it is still reasonable compared to what I paid the year I bought. I probably pay about $6k a year now for wind, flood, and regular homeowners. For comparisons Im on an island in SWFL, off the ground (insurance still required impact garage doors on the unfinished lower space that we use as the garage, built in the 70s, and about .2 miles off the beach.
That's a huge savings. I live in Cape Coral on the water and my insurance is very reasonable. As kmagnuss said above once the flood maps change, I may be in for a big hike as I'm currently not in a flood zone but only three canals away and six from the river.

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