Also could simply be a company-wide mandate of no new policies, but you can still renew/extend current ones.

one safe place said:

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JAW3336 said:

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I agree, deductibles have been rising and if costs and claims don't subside(which costs obviously won't) then deductibles and premiums will rise and areas will be excluded completely.


I understand the appeal of coastal living but the risks are very high and eventually will be uninsurable.

I have a second home in the mountains and in a high fire risk area and it will be the same soon. uninsurable.

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I had a dentist for a tax client and he and I were discussing his beach house. He and his wife live in a very nice home near me but also had (might still have) an even nicer place at the beach. A lot of the discussion was about the ongoing maintenance on coastal properties and, of course, insurance. My thoughts were that at some point not even he would be able to afford the insurance if he could even get coverage.

My wife and I are about to sell a couple of properties and though I love the beach and though we will have the money, I told her we would be much better off renting a place for a month at $3,000 a week than buying a place. Plus, if you don't own it, you won't have a dozen family members wanting to use your beach house like was the case with the dentist!! lol

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Our house on the coast is our primary and we do not own a second home. The vast majority of homes around us are second homes. We are literally the only full-time residents on our street and within probably 15-20 other homes not on our street. We basically have our sliver of the hood to ourselves minus the regular lawn crews and local wildlife which is nice especially on weekdays.

The vast majority of our neighbors literally come to their second homes once per year and sometimes less than that. It continually blows my mind that these people are paying what they are paying in property tax on a second, non-homestead exempt home coupled with the insurance that comes with it. Must be some rich m'fers.

I guess in one regard when these homes become un-insurable it will be cheaper to have the home assuming we don't get hit by a tropical storm or hurricane that floods you out. Major dice rolling there though.

Quote:

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For context, we pay $931.00 for $5M in coverage.

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Daddgum. We have State Farm and they just jacked our premium on a $1M policy to $3K.

I am talking to an insurance broker on Friday.

Lots of rating factors for an umbrella.

# of cars, # of drivers, # of properties, # of acres, # of claims, # of youthful or senior drivers, boats, rv's, mc's etc

hindsight said:

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Quote:

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For context, we pay $931.00 for $5M in coverage.

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Daddgum. We have State Farm and they just jacked our premium on a $1M policy to $3K.

I am talking to an insurance broker on Friday.

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WOW. That sounds totally abnormal to me. The consensus I've always heard from brokers and my FA is that umbrella insurance is relatively cheap and that's been my experience. This feels like they are trying to get out of the game. Our last auto insurance provider did this. Jacked our insurance up to $5K per year. Broker told us they were simply trying to leave the market and gouge on their way out.

Not sure this is relevant/related, but we just recently got our policy and the price it was going to be on 12/30 if pushed through quick and the price it was going to be if we didn't push it through until after the first of the year was a 40% difference.

State Farm isn't looking to get out unless you are talking about Cali or Florida.

JAW3336 said:

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State Farm isn't looking to get out unless you are talking about Cali or Florida.

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Man, then State Farm is entirely uncompetitive in this space. Their rate is completely disproportional to what I'm paying with Progressive but maybe State Farm has way bigger claims than anyone else? I've had umbrella quotes from several companies over the years and it's always been <$1k. We were paying <$500 for $1M coverage before we upped to $5M coverage.

YouBet said:

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JAW3336 said:

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State Farm isn't looking to get out unless you are talking about Cali or Florida.

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Man, then State Farm is entirely uncompetitive in this space. Their rate is completely disproportional to what I'm paying with Progressive but maybe State Farm has way bigger claims than anyone else? I've had umbrella quotes from several companies over the years and it's always been <$1k. We were paying <$500 for $1M coverage before we upped to $5M coverage.

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Our $1M umbrella with State Farm went from $447 per year last year to $667 this year. I didn't like the increase but will probably stay put since home and auto stayed the same

You have no idea what the rating factors are for someone else's policy though.

JAW3336 said:

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You have no idea what the rating factors are for someone else's policy though.

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True, but a $2k difference on an umbrella policy? That seems extreme but what do I know.

hindsight said:

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Quote:

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For context, we pay $931.00 for $5M in coverage.

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Daddgum. We have State Farm and they just jacked our premium on a $1M policy to $3K.

I am talking to an insurance broker on Friday.

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I dropped my State Farm umbrella for one with Progressive last year. My premium had increased 4x in like 5 years (<$300 to >$800). Progressive was a little more than half what SF wanted for the same coverage ($450-ish). This was for a $1M umbrella.

I still have my auto and home with SF, and the broker who shopped my umbrella couldn't beat SF's rates for those policies. But they are not competitive with umbrella policies.

As a side noted my homeowners renews next month and it actually went down! Granted the decrease was <$100, but I'm considering that a win at this point.

TXTransplant said:

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hindsight said:

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Quote:

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For context, we pay $931.00 for $5M in coverage.

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Daddgum. We have State Farm and they just jacked our premium on a $1M policy to $3K.

I am talking to an insurance broker on Friday.

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I dropped my State Farm umbrella for one with Progressive last year. My premium had increased 4x in like 5 years (<$300 to >$800). Progressive was a little more than half what SF wanted for the same coverage ($450-ish). This was for a $1M umbrella.

I still have my auto and home with SF, and the broker who shopped my umbrella couldn't beat SF's rates for those policies. But they are not competitive with umbrella policies.

As a side noted my homeowners renews next month and it actually went down! Granted the decrease was <$100, but I'm considering that a win at this point.

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Can't recall if I shared but in a dig on Progressive (who we have everything with right now) they preemptively told us our auto rates were decreasing this year and that they saved us some money. Great, I thought. I then get my renewal notice with the same message that they managed to save us some money.....it was $200 more than last year.

So, they just blatantly lied to me. Talked to my broker about it and he was baffled as well.

one safe place said:

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I had no idea getting coverage after a lapse in coverage was such a big deal but what do I know!

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I almost got burned by it. Switched to a different company. They sent an inspector who found something stupid and denied the policy. My old policy had been cancelled and I was almost at the 30 day mark. My previous agent said they could not cover it again had it been 30 days, despite the fact that I'd been with them for several years.

The original insurer covered the house and Ive switched twice since then with no issues. Now if I switch, I tell them to not cancel until inspection is done. Then they back date the cancellation. Dumbass inspector!

So, I've changed house insurance companies multiple times over the years without having to get an inspection.

Is that just luck of the draw? I haven't heard of that until this thread. It makes sense but I've never had to do it when switching.

YouBet said:

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So, I've changed house insurance companies multiple times over the years without having to get an inspection.

Is that just luck of the draw? I haven't heard of that until this thread. It makes sense but I've never had to do it when switching.

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My house is 9 years old and I had an inspection last year when I switched. Super annoying. It was about a month after I switched, they come, do an inspection and determine my house is nicer (more expensive) than they thought, so they raised it's value and jacked up my rate.

Ducks4brkfast said:

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YouBet said:

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So, I've changed house insurance companies multiple times over the years without having to get an inspection.

Is that just luck of the draw? I haven't heard of that until this thread. It makes sense but I've never had to do it when switching.

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My house is 9 years old and I had an inspection last year when I switched. Super annoying. It was about a month after I switched, they come, do an inspection and determine my house is nicer (more expensive) than they thought, so they raised it's value and jacked up my rate.

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Interesting. Our house in Dallas was 50 years old and we changed several times. Our current house is pushing 30 years old and did not have to submit inspection getting insurance for it and it's on the coast. Maybe it's a function of homes age?

YouBet said:

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So, I've changed house insurance companies multiple times over the years without having to get an inspection.

Is that just luck of the draw? I haven't heard of that until this thread. It makes sense but I've never had to do it when switching.

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Yes.

I have some carriers who do inspections 100% of the time on exterior. And some carriers do it 100% of the time interior AND exterior if the dwelling amount is over a certain amount.

And then some companies do it at random, usually though if its an older home or in high risk area it will trigger it more often. High value homes pretty much 100% of the time.

Another new thing they are doing is ariel imagery, which can be very unreliable. But it still doesn't take away from the pain in the ass for the homeowner to send in pictures to disprove something (over hanging trees, debris, worn roof, etc.).

Last couple companies have done drone pictures of my roof. I just figured most companies were doing exterior inspections now.

We were w/ Goosehead for a while. Last policy we had w/ them was for our rental property....

Not sure what they did, but got an email saying policy was set to renew at x rate and will be drafted automatically. Reviewed the rate and all looked good so didn't do anything else. Not sure what Goosehead did but I noticed it was never drafted. So I immediately reached out to our new broker and he got us a policy that day.

We were lapsed for like 2 days. Not enough to have an issue with getting coverage. But a couple months later the mortgage company called and is making us do escrow for the insurance going forward....

YouBet said:

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Our house on the coast is our primary and we do not own a second home. The vast majority of homes around us are second homes. We are literally the only full-time residents on our street and within probably 15-20 other homes not on our street. We basically have our sliver of the hood to ourselves minus the regular lawn crews and local wildlife which is nice especially on weekdays.

The vast majority of our neighbors literally come to their second homes once per year and sometimes less than that. It continually blows my mind that these people are paying what they are paying in property tax on a second, non-homestead exempt home coupled with the insurance that comes with it. Must be some rich m'fers.

I guess in one regard when these homes become un-insurable it will be cheaper to have the home assuming we don't get hit by a tropical storm or hurricane that floods you out. Major dice rolling there though.

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I have had more than a few clients and friends and a couple of relatives who owned beach houses. Most of them are fairly well off income wise, and most of them used their place (or their family members did, lol) most of the summer season. All of them an hour and twenty minutes or less from the beach. Perhaps the proximity is why most of them frequented their beach houses as much as they did. All of them were around my age so they all had grown kids that also used the place. Plus, most of the guy half of the equations were avid fishermen so they had reason to be down there over and above sitting in the house.

After Ike, some of them that lost their place did not rebuild.

I agree on the mind blowing aspect of having such a high cost property and not using it much. Not just the insurance and taxes, but the ongoing maintenance such as mowing, a weekly deal at a minimum. Plus coastal properties tend to have shorter life spans for painting and or staining, roofs, and HVAC equipment.

We are going to sell an RV park and as we discussed doing so, I was thinking about buying a place at the beach. From the 7th grade through high school, I spent well over half my summers at the beach. I was not overly surprised at the prices of places that would suit us, then got to thinking about insurance and maintenance and all the costs. I think I would be better off renting a place for a month, either an entire month at once, or two periods of a couple of weeks, or four times for a week each. Get it out of my system that way with no upkeep.

Correct on all. Salt kills and kills quickly.

We are a ground zero fishing mecca and still most of our neighbors are never here. Two of our neighbors across the canal are here typically every weekend in the summers but disappear except for maybe major holidays rest of the year. Everyone else? Never here. We have one neighbor with an elaborate ass dual boat lift with seadoo lifts and kayak pullups. Have literally seen them once in five years.

They probably sunk 100-200k into a new bulkhead, docks, etc about two years ago. They've never even been here to see it unless they happened to show up on a weekend we were on a 3-day vacation, but we haven't traveled much in the past two years.

Absolutely wild. Anywho, moving on.

Try Amica

Had a similar experience where goosehead set it up for me to pay instead of escrow. Thankfully I caught it, paid from my checking and got reimbursed from escrow but it was a pain in the butt.

Then last year they didn't even notify my of my new plan and that it was increased 100%. They just let ride. Honestly not sure why I'm still with them…