Homeowner Premium Surprize

[disneysteve]

Being in NJ, we have a different problem. Our insurance is reasonable but our taxes are nuts. We pay $700 for insurance but $7,000 in taxes on a home worth about $280,000.

[Aleta]

They had our insured value last year at $147,000. This year it is for $157,000. I'll give you a better one. They gave us a Claim Free Discount for $1092.00 In other words, had we put in a claim - our premium would have been $7.241.73. This is totally outrageous.

Jan: I would bet you're right about the renters because the same has happened in my neighborhood as well. Imagine what the poor renters are going to pay!

Steve: We also have the problem with the property taxes as well. Our state had a big revolt about it. Problem with Fla is the wages, especially retired people living on a fixed income. My husband and I pay $1257.00 a month for private health insurance as well. We're pretty much insurance poor here. Plus, the health insurance policy is an older one and has a $100,000.00 cap on each illness.

[Ima saver]

Gosh Aleta, you are insurance poor. I dropped health insurance coverage when it got so high. We have never had a claim in our lives and I had paid in so much money. There is no way I would pay $6000 in home insurance; I would have to move. Gosh, I am glad I left Florida 23 years ago.

[Aleta]

Ima: But what are you going to do$ Plus, we have a deductible of 2% which would be $3,140. before they would even start paying anything. It would be interesting to add up the deductible plus your premiums and put them in a CD or high bearing interest account to see what you would save. I'm going to see if we can cut anything out. They stated that if we had a higher deductible that we would pay$4770. and change. You have to see if its worth it.

Officials in the state should start having their ears pulled over this stuff. Time to relect new people.

[Ima saver]

I told my husband about it. We decided we would put away the $6000 away every year and self insure ourselves. But then, I don't live in a hurricane state.

[SnoopyCool]

Holy cow! I don't know where you are in Florida but we're in Jax and I will have a heart attack if we find the same surprise as you did.

The other day I read an article in Kiplinger's and the thought about whether to file a claim if it is just a few hundred dollars more than your deductible is that its not worth it (for fear of a premium hike or being dropped by your insurance company). You know, that just makes me angry. We shouldn't have to fear these people! Why are we backed into a corner like this? Something needs to be done.

[Ima saver]

How many people have never filed a claim?? I never have.

[JBinKC]

WOW what a ripoff!! I hate insurance. They gouge you to death and when it comes to a claim will come up with any reason not to pay it off. At that rate they are expecting a total loss of your home in around 15 years if you are assuming an investment return.

I would either do anything to pay off your house and perhaps take your chances or get the heck out of Florida.

[disneysteve]

How many people have never filed a claim?? I never have.

Unfortunately, we've filed 2 homeowners claims and more unfortunately, they were only a couple of years apart. As a result, after the 2nd one, our insurance company dropped us because 2 claims in 5 years was their limit. We were able to get coverage with another company at a reasonable rate thankfully and haven't had a claim since (2000 was the last one).

SnoopyCool - I definitely wouldn't file a small claim. It isn't worth it. I'd say anything much under $1,000 I'd probably pay myself. Just another reason to have a good emergency fund.

[Aleta]

After speaking with my husband last night, I think we're going to drop the windstorm coverage. Still the fire and theft is still about $1,000. I think that we will just save that money in a separate account and hope that any damage my husband can repair. That is his line of work. Even if we pay the $6,100., we would still have to pay the 2% deductible, so how much would you really be paying? I'm going to go to State Farm this week and see what we could reduce, but I can tell you that my husband has had it. He works just to pay for insurance and it's ridiculous.

[lillygator]

ours went from $1100 to $3400 this past year and we are in FL as well. It has really put a crimp in our budget because our escrow increased quite a bit!

[Aleta]

I'm in South Florida. Which location are you?

[lillygator]

Sarasota.

[LivingAlmostLarge]

Um, I pay through the eye teeth for taxes and for utilities. I pay about $300/month balanced billing for gas/electric. I pay $200/month for 600 kwh of electric. $100/month for 150 therms used only about 3 months of the year.

Yep I get screwed on the utilities. Our neighbors pay about $800/month for gas heating during winter without balanced billing.

[boefixepa]

I just received my home owners insurance renewl. $418 for the year. That's on a house 1800 sf worth about $220K. My taxes are about $1,200.00 a year on a tenth of an acre. It's just a cracker jack house, but after hearing some of these prices....I love it.

I feel for you if you live in Florida!