No, you should not have had to do that. That same situation went on in New Orleans as well.Woody13 said:
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Florida Homeowner's Insurance: Think Twice Before Moving Here
- Thread starter SpongeScott
- Start date
hakunamatata said:
Dealing with a Title Insurance company is even worse than homeowners! Granted it's only a one time payment for a few hundred dollars, but basically anyone who has ever financed a home has paid it without even knowing what it is. They get so few claims, that they have difficulty handling one. They initially denied my claim, until I hired a lawyer. They considered my new neighbor blocking my drive with a 10 foot wall because HIS survey said it was HIS property to be a "tresspass" and I should call the police.
I will admit that when they finally came around, and their litigating attorney sank his teeth in, it was incredible to behold. I'm glad he was on my side. :lol:
awalkinthepark
New Member
We are currently paying about $1700 a year...just bought a house in December 2005....can't wait for the increase from State Farm!! I honestly believe that there is some tough love needed here in FL....here's a little dialogue that I imagined in my head...enjoy!
FL Lawmaker: basically if you Mr. Insurance company want to write any business here in FL..whether it be auto, life, annuity, you need to offer homeowners insurance if it is a a product that you carry in any of the other 49 states
Mr. Insurance company: you mean we would either have to write in FL or give up 49 profitable states? wow easy choice!
FL lawmaker: but not to anyone mind you....you deny the morons that built on the edge of a lake or in a marsh
Insurance company: phew!!! thank goodness...let them lose their homes and let those idiot mortgage companies eat that loss! They deserve foreclosure and a bad credit rating for being stupid anyway.
FL Lawmaker:Agreed about those nutjobs..cause we are not going to cover them either...but home owners insurance has to represent a certain percentage...now not dollar for dollar but policy for policy of your business....which creates competition(think lower prices) to get the smart home buyers to sign on the dotted line. And don't think you are going to drop those auto policies to get your numbers down because if we catch you doing that we are going to double you quota for homeowners insurance every month until you smarten up and play straight again.
Mr Insurance company: wow....that sounds incredibly fair...but who can I possibly find to insure that house on the water that I bought with my profits from my greedy ways of the past?
FL Lawmaker: Ironic isn't it..ha ha ha...
Personally...I would love to get a cheaper offer every week as insurance companies would rather take a risk on my home to get their quota than the idiot that watched them pumping water out of the house lot they were about to sign papers on. What do you think about my plan to fix the insurance problem in FL?
FL Lawmaker: basically if you Mr. Insurance company want to write any business here in FL..whether it be auto, life, annuity, you need to offer homeowners insurance if it is a a product that you carry in any of the other 49 states
Mr. Insurance company: you mean we would either have to write in FL or give up 49 profitable states? wow easy choice!
FL lawmaker: but not to anyone mind you....you deny the morons that built on the edge of a lake or in a marsh
Insurance company: phew!!! thank goodness...let them lose their homes and let those idiot mortgage companies eat that loss! They deserve foreclosure and a bad credit rating for being stupid anyway.
FL Lawmaker:Agreed about those nutjobs..cause we are not going to cover them either...but home owners insurance has to represent a certain percentage...now not dollar for dollar but policy for policy of your business....which creates competition(think lower prices) to get the smart home buyers to sign on the dotted line. And don't think you are going to drop those auto policies to get your numbers down because if we catch you doing that we are going to double you quota for homeowners insurance every month until you smarten up and play straight again.
Mr Insurance company: wow....that sounds incredibly fair...but who can I possibly find to insure that house on the water that I bought with my profits from my greedy ways of the past?
FL Lawmaker: Ironic isn't it..ha ha ha...
Personally...I would love to get a cheaper offer every week as insurance companies would rather take a risk on my home to get their quota than the idiot that watched them pumping water out of the house lot they were about to sign papers on. What do you think about my plan to fix the insurance problem in FL?
Woody13
New Member
Florida's insurance solution: free puppies for everyone!
http://www.sptimes.com/2006/05/09/Columns/Florida_s_insurance_s.shtml
http://www.sptimes.com/2006/05/09/Columns/Florida_s_insurance_s.shtml
WDWPrnces02
New Member
I wonder if its that bad for apartment/condo renters......does anyone know??????
:lookaroun
:lookaroun
Renters, no. Renters don't pay for property insurance, directly. The landlord will pass the cost on to you in your rent. Look into renter's insurance to cover your personal contents.WDWPrnces02 said:
WDWPrnces02
New Member
SpongeScott said:
Nifty...thanx 4 the info :sohappy:
And most standard renters policies dont cover flood damage to contents.SpongeScott said:
Wait a second.......
This is the part that I don't understand from those who are upset with insurance. Auto insurance is the only REQUIRED BY LAW insurance for all residents. Some people may have required flood insurance in certain areas, but it is actually cheap. ALL OTHER INSURANCE,,,, is OPTIONAL!
Those who complain about health insurance costs, don't buy it......
Those who complain about home insurance costs, don't get a mortgage that requires it. etc. etc. etc.
This is the biggest problem in the US today is the financing... We finance a home so we can get it now instead of save for it. So now that we are financing it, let's get a bigger one. Now the bank doesn't want to lose any money on the deal if you burn it down, so they require you to put insurance on it to protect their investment, not yours.. As soon as you pay off the mortgage, you don't have to carry insurance on it.
The poster at the beginning was correct, insurance is a safety net...... period.
They require it on cars because you are moving your car around. You can lose control of it and run into someone else... They want you to pay for this as you should if it is your fault. Your home isn't going to drive down the street and run into another car.... unless you happen to be in a flood zone area, then it might, and they require you to have insurance.
homeowners insurance, fire insurance, health, disability, vacation insurance, etc....... it's all optional... and it is a business.
Are insurance companies mean? no, not really. If you owned a business making t-shirts and you sell one to a person, they return it the next day saying they don't like it then purchase a new one, and return it. Are you going to continue to refund the money each time or at some point are you going to refuse to return it? It's the same principle as insurance. Are you going to continue to lose money by insuring an area that you have routinely paid out on and lost money? No, you are going to raise the price. If you raise it too much, the state attorney general may file suit. So, then, you just decline to renew people.
In TX there was a big problem here with homeowners insurance. A policy clearly stated that it would not cover water damage on a home cause by a flood. A judge said, uh, no, I think you will pay for this family's house, clearly against the contract. It set up a domino effect. Now all the insurance companies were required to pay for damage that their policy clearly said it did not cover. So, they had to raise their rates to cover this. It wasn't the insurance company's fault. They were ordered to. They are here to make money. If you don't like thier prices, change to another company. If you can't find any cheap insurance in your area, maybe you live in an expensive to insure area...
Health insurance, it's expensive because people use it TOO MUCH... Remember the old days, you actually would take a tylenol for a headache. Now? Let's head to the emergency room because my head hurts and my insurance company will pay for it....
So, now I am through with my rant. I hope I didn't offend anyone as it wasn't my intentions. I just wanted to point out that we need to look at the bigger picture before we get upset.
This is the part that I don't understand from those who are upset with insurance. Auto insurance is the only REQUIRED BY LAW insurance for all residents. Some people may have required flood insurance in certain areas, but it is actually cheap. ALL OTHER INSURANCE,,,, is OPTIONAL!
Those who complain about health insurance costs, don't buy it......
Those who complain about home insurance costs, don't get a mortgage that requires it. etc. etc. etc.
This is the biggest problem in the US today is the financing... We finance a home so we can get it now instead of save for it. So now that we are financing it, let's get a bigger one. Now the bank doesn't want to lose any money on the deal if you burn it down, so they require you to put insurance on it to protect their investment, not yours.. As soon as you pay off the mortgage, you don't have to carry insurance on it.
The poster at the beginning was correct, insurance is a safety net...... period.
They require it on cars because you are moving your car around. You can lose control of it and run into someone else... They want you to pay for this as you should if it is your fault. Your home isn't going to drive down the street and run into another car.... unless you happen to be in a flood zone area, then it might, and they require you to have insurance.
homeowners insurance, fire insurance, health, disability, vacation insurance, etc....... it's all optional... and it is a business.
Are insurance companies mean? no, not really. If you owned a business making t-shirts and you sell one to a person, they return it the next day saying they don't like it then purchase a new one, and return it. Are you going to continue to refund the money each time or at some point are you going to refuse to return it? It's the same principle as insurance. Are you going to continue to lose money by insuring an area that you have routinely paid out on and lost money? No, you are going to raise the price. If you raise it too much, the state attorney general may file suit. So, then, you just decline to renew people.
In TX there was a big problem here with homeowners insurance. A policy clearly stated that it would not cover water damage on a home cause by a flood. A judge said, uh, no, I think you will pay for this family's house, clearly against the contract. It set up a domino effect. Now all the insurance companies were required to pay for damage that their policy clearly said it did not cover. So, they had to raise their rates to cover this. It wasn't the insurance company's fault. They were ordered to. They are here to make money. If you don't like thier prices, change to another company. If you can't find any cheap insurance in your area, maybe you live in an expensive to insure area...
Health insurance, it's expensive because people use it TOO MUCH... Remember the old days, you actually would take a tylenol for a headache. Now? Let's head to the emergency room because my head hurts and my insurance company will pay for it....
So, now I am through with my rant. I hope I didn't offend anyone as it wasn't my intentions. I just wanted to point out that we need to look at the bigger picture before we get upset.
Well stated.phalynx said:
phalynx said:
Are there really mortgages that don't require homeowners' insurance? I know that if you pay cash for a house, you don't have to carry insurance, but I wasn't aware of any mortgages that will allow you go go without homeowners' insurance.
I'm not being argumentative, just genuinely curious.
There are actually mortgages that don't require it. But, they are very few are far between. If the land value is high, and you put a good down payment, they may not. The bigger the company, the more apt they are to require it. Remember, everything is negotiable on a contract. You or they just may not agree to it..
But if you can't get a mortgage that doesn't require homeowner's insurance, then you have no option. Those mortgages may be available, but i've never seen one.
Woody13
New Member
Nor have I.SpongeScott said:
I paid off my mortgage after Ivan because I got sick and tired of dealing with the mortgage company (Wells Fargo). When I got my check from the insurance company (State Farm) to pay for some of the damages, the check was made out to the mortgage company and me.
They wanted me to send the check to California to endorse it and they wanted to send out someone to check and make sure I had actually done the repairs (rather than just pocketing the money).
I got fed up and paid off the mortgage the next day and told Wells Fargo to take a hike! :wave:
He may have been referring to purchasing your coverage through your mortgage company.CatLady said:
Wouldn't that be much more expensive? People here that are dropping their insurance are being warned that if they still hold a mortgage that their mortgage company will find insurance for their home and that it will be much more expensive than what they are paying now.hakunamatata said:
However, with Citizens, I don't see how it could be more as much as we are getting fleeced.
Woody13 said:
That's more of a common practice than I realized. Friends (CMs) in central Florida whose house was heavily damaged during Charley and hen further damaged in Francis and Jeanne had that happen. They wanted to do the roofing work themselves, with the help of friends, and their mortgage company didn't like that. It slowed down the process a lot.
I would think that it's somewhere in the fine print of your insurance, if you read closely, because that isn't what happens in all cases. I have a slumlord neighbor who left three houses vacant and unfixed since Charley (August 13, 2004) until this past month. One is across the street from me and the other is two houses down. She pocketed the insurance money and actually used it to keep the mortgages up to date. The result was buidings with holes open to the sky, collapsed roofs, etc. Anyhow, my point is that it isn't (or wasn't) always a requirement for the mortgage company countersign. It's a shame that people like the slumlord make it difficult for people like you and me to get our homes reparied after a storm.
Yes, it would likely be much more expensive. I deal with the auto side predominantly and I know on the occasion that we see this happening, its normally two or three times what you could get through a normal insurer.SpongeScott said:
Glad my company doesnt write business in Florida...I would hate for all you Florida folks to start throwing stuff at me.
I'm already throwing stuff at you...guilt by association! :animwink: :wave:hakunamatata said:
Don't forget that some insurance companies also made record profits last year too.