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Old 08-08-2006, 09:31 PM   #1
thresher
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Thumbs down SS - Homeowners insurance WAY up

Yeah. I always say you can't live next to the airport and complain about the noise but listen to this:
2003 - insurance:wind-150, flood-120, contents-65, home-200
2004 - insurance:same
2005 - insurance:increase %5 with warning of future increase
2006 - insurance:got bill in November of 'o5... increased %35
2007 (get ready) - insurance:wind - $3,500 flood - $3,000 contents - $1,400 home $2200

I cannot afford to stay in my tiny cottage beachside. They have successfully run me off. Carla and I will be selling and heading to either (back to) Austin, or Birmingham or the like. Anyone want a cute cottage with outrageous insurance costs? My mortgage is only $800 a month, but my insurance brings it up to almost $1800. Pathetic.
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Old 08-08-2006, 09:37 PM   #2
Markel
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Yow! Have you checked around to see if other companies are extortingcharging similar prices?
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Old 08-08-2006, 09:47 PM   #3
Kim
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Yowza! Good luck with the sale.
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Old 08-08-2006, 10:22 PM   #4
kgsilvas
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I'm with Markel. I'd search some of the smaller companies too. If you haven't had major claims, it seems like you should be able to get lower rates. Good luck!
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Old 08-08-2006, 10:27 PM   #5
thresher
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I live beachside - only one company available (and it's state funded) - natch. And I did have that one tiny $58k claim in '04 when Charlie blew my house down. I just didn't know they would expect me to pay it back in 40 easy payments. (!)
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Old 08-08-2006, 11:37 PM   #6
brainsmile
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hurricanes?
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Old 08-09-2006, 05:33 AM   #7
johnnymk
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When my sister moved to Florida 9 years ago, it was a fairly cheap place to live. Now it's just steenking hot and sucks big time. I would never move there.
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Old 08-09-2006, 10:51 AM   #8
Markel
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Quote:
Originally Posted by thresher
I just didn't know they would expect me to pay it back in 40 easy payments. (!)
40 payments? With the latest increase, 7 years (without claims) would more than cover the $58k payout!
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Old 08-09-2006, 11:48 AM   #9
gwilks98
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I wonder if the rise in value in homes is helping with the cost of the insurance claims, thus driving up your price. I wonder if it will go back down when the housing market corrects itself.
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Old 08-10-2006, 12:34 PM   #10
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That sucks, but if I ran an insurance company, I would most certainly be re-evaluating the risk of significant damage due to hurricanes and do the premiums cover that risk.
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Old 08-11-2006, 02:09 PM   #11
JesseeezMom
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Us too

Our insurance just went up too. They told me that it went up because the value of my house has gone up. What was their reason for increasing yours?
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