Home owners insurance increase of 52.67%, WTF? - Pensacola Fishing Forum

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Old 07-08-2011, 11:51 AM   #1
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Default Home owners insurance increase of 52.67%, WTF?

I know this is a topic that has been brought up before, and sorry for venting but I just got my annual bill in and found that there was an increase of 52.67% in my premium. No claims, no additions, no credit score problems, no damages, no change whatsoever...... In 6 years this is now up 400% since hurricane Ivan. HOW can this be? I called the insurance company Allstate / Castle Key and they said I could raise my contents deductible to save $12 a month. Unbelievable............. I called Tallahassee and was told that there was an across the board approved increase for Castle Key of 35%...... They are going to investigate my claim to let me know what's happening.... Can ANYBODY shed some light on what’s going on......? It's getting to a point where it's much cheaper to rent than to own........ Holy CRAP!

"You call someplace paradise, kiss it goodbye"
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Old 07-08-2011, 12:55 PM   #2
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Quote:
Originally Posted by Boatjob1 View Post
It's getting to a point where it's much cheaper to rent than to own........ Holy CRAP!


That wont happen. Landlords will pass the increase on the the renter. Everyone's paying for the increase, directly or indirectly.
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Old 07-08-2011, 01:19 PM   #3
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Go to the politics forum and look up all of those threads about how removing regulations helps spur growth. A few years ago regulations on how rapidly insurance companies can increase their rates was removed. It worked. Insurance premiums have grown at a record pace....
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Old 07-08-2011, 01:27 PM   #4
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WW2, if this keeps up, I'm going underground............ Liquidate EVERYTHING and drop off the map........ Cash transactions and off the radar........... I guess the Insurance Police will be chasing me when Obamacare kicks in, while looking for my MANDATORY health care tax........... One day the backs of the American tax payer will snap from these burdens.......... Sign me, sick and tired of being sick and tired...............
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Old 07-08-2011, 01:34 PM   #5
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The thought is that if you let the insurance companies ass rape us by jacking prices through the roof then at some point more insurance companies will want to join in on the wholesale ass raping and start selling insurance in Florida. At that point we have more competition and the prices will start to come down. Of course, there will be ALOT fewer homeowners by then. Good luck and buy the lube you like the most.
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Old 07-08-2011, 02:03 PM   #6
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This has been an ongoing problem in the industry for way longer then I have been in it and as long as there are politicians willing to bend their values for cash it will never stop.

Long and short of it is, to explain how/why, is this. State Farm is for lack of a better word " God" when it comes to insurance companies throughout the world. Being #1 with the next largest company being 63% less profitable, they set the standard with the biggest pockets to grease the wheels. When they apply for rate increases to the State/Federal Government, they will ask for lets say a 150% rate increase average through the state, some areas higher, some lower. They do this only "needing" 75% giving them room to make it look like they " Lost" when they get half of what they asked for, but in reality what just happened is being the BAR that all other carriers follow, lets say company X has always had a market niche that was 15% lower then State Farm, they just got a " Free" 60% raise taking no more risk on.

As far as you having no claims and so on, they don't care how long you have been with them , or how loyal of a customer you are, all they care about is $ just like most all major industries. Depending on how old your house is and where it is I can most likley get you a better rate either way.
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Old 07-08-2011, 02:12 PM   #7
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I feel your pain. My insurance was dropped due to aluminum wiring and it cost me $700.00 more to re-insure after having the house re-wired. I also had to get a new wind mitigation inspection as my 2 year old one was on the wrong form My house insurance in Pensacola is still only a 1/4 of what my insurance in Mississippi was. Car insurance is more expensive here than Mississippi though.
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Old 07-08-2011, 06:06 PM   #8
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My HO ins. went up 65% in one year. No claims, always pay in full. I called and asked why, they said it was due to my home increasing in value. They said it was now valued at 230K. I said there was no way. My neighbors are selling for 149K and 165K. They said "replacement cost" not market value.These companies want out of Florida, and they will charge what they want. If you cancel with them, they do not care. If they are to remain covering Florida homes, they will charge top $.
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Old 07-08-2011, 07:40 PM   #9
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They want out of FL EXCEPT fro auto insurance. The politicians dont have enough balls to say all or NOTHING.

Whenever I talk to someone in the insurance industry locally, I try to remember that the asshats are on the 93rd story of some building in a far away city and that the locals did'nt cause the problem.

Lawyers again have had something to do with the increasse, specifically libility. I remember my mom and dad called house insurance, Fire Insurance. In the 50 and 60's that all you insured against. My house insurance on my house in CA is 750 a year for roughly the same value as here with a 500 dollar deductible (no earthquake insurance). We've never had a claim, not one dime, on our property in the 62 years our family has been giving money to those companies.
Rock on
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Old 07-09-2011, 04:19 AM   #10
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our allstate insurance almost doubled from $700 a month to just over $1300. we had their coverage since we bought the house. checking into new insurance now.
ain't nothing but a scam allowed by our goverment.
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