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Old 09-25-2021, 09:12 AM
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Question for the folks that live in Florida. Have you seen your home owners insurance sky rocket? This question is for anyone else that either lives in flood prone areas or near water. Thanks.
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Old 09-25-2021, 09:55 AM
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Not sure this will be very helpful, but it was my understanding (when I bought my HO policy 4 years ago) that there are only 2 companies writing HO insurance in Florida. If that is still the case, then the lack of competition will keep rates high. The presence of hurricanes and the resulting flooding doesn't help things. We don't need flood insurance (second floor condo), so I can't provide any info there.


IIRC, my renewal each year in January has gone up about 10% each year for the past three.
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Old 09-25-2021, 10:33 AM
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Yeah, guess it is what it is. Iím on the 17th floor on the beach. Iím not going to get flooded, but the building lobby might. Plus the insurance companies have to make up for all the claims they are getting hit with. Itís probably going to ripple down to everyone no matter where you live. Plus Iím in a co-op and that doesnít help.
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Old 09-25-2021, 10:59 AM
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A couple I knew (along with many others in the building) were effectively flooded on the 10th or 12th floor of the condo they own in St. Pete. Major lawsuit. At least two years they had to stay in NY and fly down periodically to deal with the BS. Back and forth between the building owners and insurance, and who knows who else.

Premiums more than doubled even while they were still trying to get the place repaired.

I am no longer in-touch, but it was still an ongoing battle last I knew.

No amount of money could get me to relocate down there. Same with CA, and I've had two firm offers to do so.
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Old 09-25-2021, 11:33 AM
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The only real way to get flooded that high up is broken water pipes or water infiltration through old windows. 10 floors is at minimum 120 feet up. Thatís major news.
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Old 09-25-2021, 11:39 AM
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I think mine went from $490 to $640 this year with Progressive this year. It say $260 for Hurricane Insurance and $380 non-Hurricane insurance. A 700 sq ft second floor condo about 2 miles from the Gulf.

My agent said that I'll probably never need the policy for Hurricane and plumbing or fire would be the most likely culprits. Also about 70 ft above sea level and FEMA stages in our parking lots when there is a hurricane. Have been told my building would not have to evacuate in case there was a hurricane. But it might be wise if the power went out for several days.

People have complained that their insurance go up by about that percent.

This is one of those case where the people not living right on the coast are subsidizing those who are right on the water either through insurance or federal disaster relief IMHO. Gotta help the needy when their big homes are hit.
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Old 09-25-2021, 01:09 PM
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Why do you need insurance? Especially in a high rise condo?
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Old 09-25-2021, 02:31 PM
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Itís a co-op. Most if not all co-ops and condos will require a minimum amount of insurance. I have to provide a minimum of 300k liability. Pretty standard. You can add hurricane, contents and a bunch of other things. Being up high, tucked into the inside corner of an L shaped building, Iím somewhat protected. The hurricane windows help as well. With the new weather patterns, I think everyone is going to see larger than usual increases in their home insurance.
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Old 09-25-2021, 02:37 PM
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My sister's house caught fire and burnt to the ground last September during the hurricane in Northwest Florida. The fire department didn't come out for 13 hours, because of the hurricane. The house was a total loss. Then a while later, they found out that their homeowners insurance said they dropped their coverage 3 days before the hurricane. Convenient. Florida insurance is the sketchiest insurance ever.
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Old 09-25-2021, 03:00 PM
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Was negligence by residents above, combined with poor construction and maintenance.
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Old 09-25-2021, 05:49 PM
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I don't think it's just in Florida. Mine here in Wyoming has gone up steadily for the last 5-6 years, dang near got me priced out.
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Old 09-25-2021, 06:11 PM
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Will that recent building collapse down there cause rates go higher for everyone?

If they determine other buildings to be in similar shape, would companies just refuse to sell insurance to the condo owners in those buildings?

The Loma Prieta earthquake in San Francisco in 1989 caused $6B in property damage. One of the carriers was faced with default, and threatened to pull out of CA entirely.
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Old 09-25-2021, 07:30 PM
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Quote:
Originally Posted by Vee3 View Post
Will that recent building collapse down there cause rates go higher for everyone?

If they determine other buildings to be in similar shape, would companies just refuse to sell insurance to the condo owners in those buildings?

The Loma Prieta earthquake in San Francisco in 1989 caused $6B in property damage. One of the carriers was faced with default, and threatened to pull out of CA entirely.
The condo that collapsed was a mess. Underground parking with a deck pool. Salt water was getting under the foundation and rotting the pillars. This could be common with a number of buildings in Florida. Probably built in the 1980ís with drug money and poor inspections.

Our building was built in 1962. I canít even hammer a nail in the wall to hang a picture. Very solid, but old. Old things need maintenance which require assessments. Weíve had about 10 k in assessment the past 10 years. No different than owning a house. Houses need roofs, furnaces, Ac units, etc. the older the house, the more maintenance. Condos and co-ops the same thing. Only difference is someone else does the maintenance for you.

Yes, everyoneís insurance will go up, not only in Florida. Plus you have to keep up on replacement costs on your homeowners. What cost 500k to replace 3 years ago, might cost 600k to replace now.
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Old 09-25-2021, 08:55 PM
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Nope. But then, I'm not in a flood zone or on the coast.
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Old 09-25-2021, 09:47 PM
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YES. Went up $1K in one year. I went with another company - but the ins. situation here is ridiculous. I'm probably going to under insure next year.
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