Home insurance

garyfla_gwJanuary 13, 2014

Hi
i live in florida and since the back to back hurricanes The rates have skyroceted . For example had state farm since buying the house in 79 After 04 hurricane rates jumped to a bit over 200 bucks a month !! Before I could recover from the shock they stopped all coverage in my area. lol. Since the house is paid for decided to drop the insurance and put the money into a fund which so far has worked well have 6 in the fund and adding the deductible
of 2500 brings it to 8500.. i realize this is a drop in the bucket to replacement costs so am considering insurance again.
While shopping around i noticed great changes in wording. Deductibles and exclusions. For example Hurricane as opposed to wind damage water as opposed to flood damage Patial as opposed to total loss , Several limits on total damages and of course repair as opposed to replacement No temporary living
allowance at all. many others that completely escaped me . How do I wade through all this?? I'm tempted to chuck it and increase the "Disater fund" lol Any suggestions. Thanks gary

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emma

Home insurance is just a fact of life like your elec and gas bills. The home is the biggest investment you will ever make. If a hurricane wipes out your home with no insurance can you afford to buy another and have it paid for by the time you retire? If you can't you will realize how cheap the insurance would have been.

    Bookmark   January 13, 2014 at 9:19AM
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garyfla_gw

Hi
Gee I thought it was one of my better posts lol Guess I didn't make it clear?? lol I can't buy regular insurance Only option is to buy a state run agency. Minimum fee is around 200 bucks a month 2500 deductible with no other coverage Hurricane damage has been placed in a newly created catagory. separated by wind/water/ hurricane/ fire /flood being 100 percent exempt.
Paying out as determined by the above. There will be no total value nor replacement value payouts as well as no living expenses So the minimum expense would be 2400 PY plus a 2500 dollar exemption. Payout will also be regulated by the nature of the storm
So even if I bought this would have no real coverage
plus seems to be mandatory that I rebuild on the lot and a comparable home. Thanks for reading gary

    Bookmark   January 13, 2014 at 3:48PM
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two25acres

Your right as far as insurance in Florida changing, heck it's changing in allot of states. I'm not licensed in Florida so can't really advise other than to suggest looking at Florida's Department of Insurance website. There you should be able to find the terms and their descriptions. I hope that helps.

    Bookmark   January 15, 2014 at 3:47PM
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emma

Our insurance went up $500 a year two years in a row. It's outrageous, but it is a necessity.

    Bookmark   January 15, 2014 at 4:00PM
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garyfla_gw

Two.25
That's where i got the info lol. The state run is the ONLY insuance available The very minimum is around 2400
with a 2500 first deduction. It will NOT cover furniture ,living expenses,out buildings ,landscapes nor total destruction .resulting from Hurricane . Which strikes me as the most necessary coverage lol
To me the worst thing that could happen is total destruction,most likely caused by hurricane except for fire which the payout is good though there is a clause about fires caused by hurricanes.
Have went through 4 since living here heaviest damage caused by flood which of course is not covered at all
Carried state farm from buying the house in 79 and had one payout of around 1800 ,800 from flood. Cost 10,,000 to repair though that is not quite fair as the repairs are better than the original. The house was livable and most of repairs except roof was done by me.
there was an allowance for housing and fixtures but not needed but seem exempt from new insurance. and obviously those would be the greatest expenses. So seems I would be paying 3 times as much for a third the coverage ?? lol
Another complication is the "housing bubble" house has declined in value by around a third Would assume
payout ,if available would be based on current value ??
Since the last hurricane Wilma I opted to drop the insurance and put the premiums into an account al least
Currently the fund is at 12000 and could be expanded to 20. I figure no matter what happens I will still have the land which happens to be the most valuable part of the house. Anyway i thank you for the advice gary

    Bookmark   January 16, 2014 at 6:50AM
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joyfulguy

Hi Gary,

Have you considered ...

... relocation?

ole joyful ... who lives north of the Great Lakes ... pretty snowy ... blowy ... and C O L D here at present

    Bookmark   January 28, 2014 at 6:23PM
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garyfla_gw

Hi
my daughter recently bought a farm in southen Kansas .
same town I grew up in Wifes entire family also lives there
Would be nice to be near our families of course and we could buy a house there for half what we could sell this one for but you mentioned the two worst attributes snow ,cold
throw in tornados extreme heat ex wives too many relatives lol
had always wanted to move to Costa Rica somewhere in mid altitude but getting too old for readjusting and mountain climbing lol Has a lot to offer though gary

    Bookmark   January 31, 2014 at 5:21AM
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emma

I have lived in Kansas since 1950 and have never seen a tornado except on TV. We do have them hit all around us. I buy homes with a basement and am comfortable living here. As far as cold goes, it gets cold and snows and we have ice at times, but it is only off and on, mostly off. I don't think it could be anything like the great lakes area. My Sis lives in Ohio and they do have lots of snow. Western Kansas has some pretty severe weather.

    Bookmark   January 31, 2014 at 9:34AM
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garyfla_gw

Hi
Any thing below 32 for more than 3 hours is WAY to cold for me lol WAY to old to put up with that again lol gary

    Bookmark   February 1, 2014 at 6:58AM
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