Don't forget these companies are there to make money for their investors, not because they love you and want to take care of you.

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Well done > well said

I think that stipulation is a cunning way of effectively pulling out of the state without risking the adverse publicity of saying out loud "We won't insure anything in Florida."

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Release the Kraken

Doesn't your state have an Insurance Commissioner that could put a stop to that kind of "stuff"?

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Send lawyers, guns & money...

For sure they do, but if the insurance commission says "stop doing that", then the insurance company is off the hook if it pulls out of the state. "Government created a condition making our business unsustainable." Once they do it to one insurer and they bail, the rest will follow, pronto. Then the populous turn to the state government wailing, "We can't insure our property!" The likely end result is that the state has to set up an insurance system. Given the huge population and politics of Florida, that creates a problem.

EDITED TO ADD:

Just found out that FL already has a state run insurance company, Citizens. Then I read that there are questions as to whether Citizens is actually viable should there be serious hurricanes in quick succession.

Chairman Press | Chairman's Newsroom | Chairman | U.S. Senate Committee On The Budget.

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Release the Kraken

Yep that is what happened to us. Never had a claim, then on year the company we had then, just pulled out a month before renewal. we had to rush and get a new roof, and find another company, at a crazy price, Then after the last hurricane, it happened again, We are lucky to have insurance, but it is outrageous! Plus the deductibles are so high.
We have home and auto together, no claims no tickets, old fart discount, safe cars, still $$$$$$

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Still Running Against the Wind

After being with Allstate on home & auto in Fla. for over 40 years with minimal claims, was advised last week they could not renew my home insurance due to my house being over 20 years old (it's 21).

Just got my renewal notices for vehicles and home. Both renew on June 25. Vehicle insurance is relatively stable - up just a bit, but not crazy. Home insurance, on the other hand, is up nearly $1000 over last year.

Not a fan.

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Or something like that . . .

Yes, I live in Amarilo and the very same thing is happening with vehicle insurance and home insurance. Our newest vehicle is 11 years old and the premiums on our vehicles have doubled in the last year also. Our home insurance has increased tremendously and I get the same old song and dance story every time about how insurance rates and the insurance claims are causing the increases. I tried to change companies for both our home and our vehicles and believe it or not the companies I checked with were even higher on the premiums than the company I’m doing business with now. I just wish the rates would reach a happy medium and remain there for a year or two.

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James
On the Llano Estacado

What the heck can be wrong with a 20-year old house that they won't insure it? Is it just the age, or have building codes changed that much. Or, is it as I suggest in posts #52 and #54, the insurance cartel is set on casting Florida adrift with regard to home insurance. One can hardly be surprised they are leaving when learning that a 2017 Florida State Supreme Court decision allows courts to award a plaintiff's attorneys 2-2.5 times their hourly billing rate when courts rule in favor of policyholders.

I assume the court came up with that one in the hope that it would stop the insurance companies contesting so many claims. However, it seems to have resulted in claimants pushing for more money, no doubt egged on by lawyers salivating at the thought of mo' money. Yeah, the court fixed that one worse, for sure.

Here's a thought. What if the insurers also pull out of insuring cars in FL? While the rental companies would self insure (I assume to maintain the tourist market) what are the residents supposed to do?

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Release the Kraken

Insurance companies can use all sorts of ruses to cull customers and also get completely out of an area.
Nationwide pulled a trick on my agent that was a top tier Nationwide agent. Without previous notice they disaffiliated her.. So my notice read that the agent was no longer affiliated so the carrier could not renew. Sneaky eh? I complained to the insurance commissioner and they could do nothing.
On another property,Travelers has notified of doubling the existing replacement cost limits and increasing the premium "over 25%". So new premium might be over 100% increase.

I have this fantasy of companies dropping homeowner insurance yet still write personal property policies be banned from doing business in the state.
Cherry picking the risks just rubs me wrong.

Just received my home ins. bill last week it jumped almost $400.00 .

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Always Stay Strong!

We had a year and half old Subaru forester and all was well as far as insurance goes. When the renewal came up we were shocked. We sold the car and it hurt so bad. I really liked that car and it was supposed to be our last vehicle.

Agent claimed it was because of Covid had finally caught up to the insurance companies and that has some validity.
I talk to insurance companies almost every day and heard all insurance companies have raised their premiums significantly over the past couple of years.

Many, many years ago nobody had insurance , car, home etc. Then the insurance companies got the laws changer to make it required so all would pay. The rates would go down because everyone would pay. The insurance companies had all the money in the land, financed every new business, etc. The buzzards have come to roost. Sorry for the rant.

My home and auto insurance is insane. In the past 4 years my home policy has tripled.

I'm paying $314.66 a month for good coverage on a 2018 Tacoma, and a 2019 Rav4. My bike is $45.57 per month.

I do have $500 deductible on everything including hurricanes. All my friend hurricane deductible is on a percentage basis.

It would be tough to pay it all if my house wasn't paid off.

Be happy with that. Here some are jumping $4000.

Mine went from $487 to $518 for 6 months worth. Not too bad.

Does anyone know for sure if EVs are commanding higher car insurance premiums than ICE vehicles for similar coverage? I'd expect that EV owners are taking more of a scalping.

Good question, all though it's still a "car". ... now if you factor in the autonomous driving aspects of some models into it ???

If the self-driver car drives itself, do you still need a license to be a passenger?......Ben

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Cogito, ergo BOOM!...

And who will held liable if an autonomous vehicle(s) is involved in a crash and someone is killed? The litigation implications are enormous.

I got an email from Progressive over the weekend. My motorcycle policy went down a little. My Polaris Ranger and HD Fatboy are both on that policy. No explanation why, but I’ll take it. Everything else I insure elsewhere. But for bikes nobody seems to beat Progressive.

I'm sure they are - for at least 2 reasons I can think of, right off the top of my head...

1) EVs generally cost around about 1/3 more than a comparable gas vehicle. That means higher replacement costs for the insurer, which means higher premiums.

2) EVs are more likely to be declared "totaled" after relatively minor accidents because the battery may have suffered internal damage making it more likely to have a catastrophic failure, and they are REALLY expensive to replace. So the insurance company just totals the whole car - which means larger payouts.

If the insurer anticipates paying out more you can bet your behind that they are going to charge higher premiums - guaranteed.

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Send lawyers, guns & money...

Yup, they will...for everyone. The fairness and equity warriors will see to that.
And then the climate warriors will demand lower premiums as a reward for saving the plant.

Got ours today, up 52%.

3 cars, up -11%

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Sure you did