All you Florida homeowners listen up!!!!!!!!

[Newskool Mach]

If you guys haven't had your homes inspected by a windstorm mitigation inspector, do so immediately. My friend tells me to do this and I'm like what a waste of time, State Farm is not going to lower my rates. He tells me you have nothing to lose, the inspection costs $150 dollars and you don't pay if you don't save at least $150. Well man was I wrong. I just get back the info from State Farm. My insurance went down, get this, $1750 a year! And I call my Mortgage company and they say I overpayed my escrow due to this reduction and I'm getting a check for $1200. My Mortgage payment is currently $2438 a month,the new payment is $2242. That's a savings of $196 dollars a month. The inspector said even if you have an old home if you have certain types of building construction factors your insurance will go down. Don't waste time............Do it now before your insurance company gets more of your hard earned money for nothing. Time to get the spray.

[bullitt784]

sounds cool, too bad i'm a renter

[GRB60]

It went down by $1750? What was it to start? Darn, I feel for you guys. I pay about $800/year for my insurance in PA.

[ylopony]

Originally Posted by Newskool Mach

. Do it now before your insurance company gets more of your hard earned money for nothing. Time to get the spray.

I can understand your frustration as a homeowner but why should an insurance company have to lose money(and yes they are in Florida) because you want to build or live in a home that it is inevitable that you WILL SUFFER a loss. Insurance is covering the risk of having a loss not insuring the CERTAINTY that you will have a loss. Let the state subsidize covering for wind damage. Someone in Montana(example) should not have to share in the cost of someone who wants to live on the coast of Florida or build a home on an active fault line. Premiums are set on the chance of loss.

The only type of insurance that pay's an absolute is life insurance. It is guaranteed you will die. Get it young you pay very little. Wait till your older you pay much more. I don't like all that the insurance industry does, but I have no problem with companies pulling out of covering a guaranteed loss.

[ylopony]

Originally Posted by GRB60

It went down by $1750? What was it to start? Darn, I feel for you guys. I pay about $800/year for my insurance in PA.

And you deserve to pay much less in Pa. There are some in government who are pushing to make you pay more in Pa, Oh, Ill, and other states who have very low risks. They want you to share in the risk/cost of those in Florida, Mississippi, and other coastal areas as well as those who build on very active fault lines. This is very unfair and hopefully it never comes to pass.

[FloridaOrange]

Originally Posted by ylopony

I can understand your frustration as a homeowner but why should an insurance company have to lose money(and yes they are in Florida) because you want to build or live in a home that it is inevitable that you WILL SUFFER a loss. Insurance is covering the risk of having a loss not insuring the CERTAINTY that you will have a loss. Let the state subsidize covering for wind damage. Someone in Montana(example) should not have to share in the cost of someone who wants to live on the coast of Florida or build a home on an active fault line. Premiums are set on the chance of loss.

PLEASE stay in Ohio, in a hole you could dig for yourself. Just about everwhere has hazards. Up north, snow and ice damage. Midwest, tornadoes. West, drought and earthquakes.

Do you think it's fair that we have to pay for your blizzard damage? FWIW, when a hurricane comes in do you think it wipes out the state? I've been here for over 20 years. I've seen one hurricane in my area with absolutely no damage to my house or any of my neighbors. On top of that, the majority of homes in Florida are newer than other parts of the country. We've got some of the strictest building codes in the country.

On top of everything I've said, the OP directed this for Florida homeowners. Not Ohio homeowners..................

[GRB60]

FWIW, I work in the insurance industry and I completely agree with the original poster's point. If HIS home is safer because it is built to a higher standard, he should pay less because he is less of a risk to the insurer. Likewise, I shouldn't pay $2000 + because, by virtue of where I live, I am a low risk for storm damage.
What the insurer is trying to do is adequately rate the risk to each property based on how the home is built. How can anybody say that's unfair?

Ylopony- I see your point but it's not related to what the original post is saying. I don't think it's fair to federalize any of this catastrophe risk. We all make choices on where we live, and we should each bear the cost of insuring our property based on the historical loss data.

[Palmguy]

Originally Posted by FloridaOrange

PLEASE stay in Ohio, in a hole you could dig for yourself. Just about everwhere has hazards. Up north, snow and ice damage. Midwest, tornadoes. West, drought and earthquakes.

Do you think it's fair that we have to pay for your blizzard damage? FWIW, when a hurricane comes in do you think it wipes out the state? I've been here for over 20 years. I've seen one hurricane in my area with absolutely no damage to my house or any of my neighbors. On top of that, the majority of homes in Florida are newer than other parts of the country. We've got some of the strictest building codes in the country.

On top of everything I've said, the OP directed this for Florida homeowners. Not Ohio homeowners..................

Forwarding this to my parents, if I wasn't renting I would do it in a heartbeat.

SW Florida has about another 30-40 years before we are due for a hurricane again We (Port Charlotte/Punta Gorda) suffered a direct strike from a borderline Cat 4/5 storm in August 2004, had minimal damage that was barely worth paying the high insurance deductible. Many had it a lot worse but it was still a small proportion of the state all things considered.

[03mach1]

I think I am only paying around $600-700/Year for home owners insurance, of course the cost of living around here is much lower (Avg home prices $80-150K), housing costs are much lower, etc...not normally any bad storms, tornadoes, hurricanes, etc...Just the snow and ice in the winter. But had a new roof last fall with all new underlayment, ice shield, It still had the orginal cedar shake shingles! The house was built in 1890.

[Unrealford]

Im also in New York, My house was built in 1990, 2200 sq ft. 2 acres of land..I have full coverage on replacement on articles in house. Mines 675 a year... Cant really see house too much , but you get the idea.. Paid just over 150,000. But my taxes are over 4200 a year..

[FlyMACH1]

*Disclaimer* I don't know anything about this, but my wife is an experienced FL realtor and apparently it depends on the age and type of house as to whether this can benefit you or not. This was her email response when I sent her this:

Hype. Since our house was built before 1992 (and is frame & stucco) our rates would most likely go up. It would also put on record any findings that don't meet current building (windstorm) regulations, and even possibly prevent a potential buyer from being able to insure the property which they have to do if they are going to get a mortgage. We have a guy who will do them for free. He gets paid by state for each one he does so no one should have to pay for the inspection at all.


Glad you got yours to go down, but apparently it wouldn't work for me and some others.

[rhite95]

Your house was built in 1945 so I do not think are insurance would go down
but my dads did so it does work.

[HotRod]

Mine is only $1200/yr on our 3700sq/ft home. Its only a year old and meets all current hurricane codes. I dont think it COULD go down much, so for me personally, I dont think its worth the time, or $150.
Now our taxes..... OUCH!!!

[Lonestar7]

Thats good news for you people living in Florida with all the property tax's and such going up.


LS

[machery]

Originally Posted by Unrealford

Im also in New York, My house was built in 1990, 2200 sq ft. 2 acres of land..I have full coverage on replacement on articles in house. Mines 675 a year... Cant really see house too much , but you get the idea.. Paid just over 150,000. But my taxes are over 4200 a year..

$4200 per year in taxes.... I have a new home, 5000 sq ft 0n 2 acres.......$1800 per year in taxes..... I might be livin in the sticks, but love the cheap taxes and "no emissions inspections" .

[machery]

By the way, nice family picture.:THUMBSUP:

[03mach1]

That's NY State for you! You pay, Village (or town/city), County and School Taxes (sometimes others) at 3 different times a year. I think we are a bit over $3000/yr for all taxes and paid under $75K for the house.!!! It all depends on your assesment of the value of your house and what county you are in. Some places go by a % of assessed value, I think we are pretty close to 100% assessed value.

We don't have any personal property tax on the vehicles or ATV/Boats, etc..just registration fees every 2 years for the vehicles. BUT, state inspection every year.

[machery]

Originally Posted by 03mach1

That's NY State for you! You pay, Village (or town/city), County and School Taxes (sometimes others) at 3 different times a year. I think we are a bit over $3000/yr for all taxes and paid under $75K for the house.!!! It all depends on your assesment of the value of your house and what county you are in. Some places go by a % of assessed value, I think we are pretty close to 100% assessed value.

We don't have any personal property tax on the vehicles or ATV/Boats, etc..just registration fees every 2 years for the vehicles. BUT, state inspection every year.

on the personal property tax....That's why we call the commonwealth of VA, the communist-wealth of VA..

[04VAMach1]

Originally Posted by machery

on the personal property tax....That's why we call the commonwealth of VA, the communist-wealth of VA..

Our real estate taxes are significantly lower...I'm sure they would love to pay .95/$100 in real estate taxes.

[Newskool Mach]

Originally Posted by FlyMACH1

*Disclaimer* I don't know anything about this, but my wife is an experienced FL realtor and apparently it depends on the age and type of house as to whether this can benefit you or not. This was her email response when I sent her this:

Hype. Since our house was built before 1992 (and is frame & stucco) our rates would most likely go up. It would also put on record any findings that don't meet current building (windstorm) regulations, and even possibly prevent a potential buyer from being able to insure the property which they have to do if they are going to get a mortgage. We have a guy who will do them for free. He gets paid by state for each one he does so no one should have to pay for the inspection at all.


Glad you got yours to go down, but apparently it wouldn't work for me and some others.

It is not Hype as NUmerous people saved a lot of money with the inspections. The inspector was a straight forward guy and will tell you if your house is built poorly and the inspection will not save you money. He will not automatically turn his report into the insurance company. He turns it in only if he thinks you will save money. Also it is risk free.....the inspection is free if he does not save you at least the $150 fee. He said he does about 50 inspections a week and only about 2-5% do not recieve a discount. He is also a GC and I'm sure he doesn't want to lose that license.

The problem with the insurance companies are that they charge you as if your house was built poorly until you (the homeowner) prove otherwise.

Also my house has been hit by 3 yes 3 catagory 3 or better storms in 6 years, two were direct hits. I have yet to make a claim. And in 25 years I have lived in Florida I have not made a claim. Even if my house gets demolished they will have made a good profit on me.

My premium before the discount was $2930 per year.