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Posted on 1/31/12 at 5:13 pm to mctiger1985
We have Farm Bureau for homeowner's fire/theft and LA Citizen's for wind/hail. Yes, we're south of Highway 14 and are kind of stuck as not many companies are writing here. Still.
I think that our total between the 2 is about $2100 per year or so ... don't want to think about it until I get the bill. We have a basic home ... not an OT Baller here ... think our coverage is about $140K or so.
Also, we do NOT escrow our taxes or our insurance. I just as soon keep my money, let it earn it's .05% interest and pay it when it's due. Had problems in the past so I'd rather pay it myself.
I need to shop around and see if anything has changed re: writing in my area.
I think that our total between the 2 is about $2100 per year or so ... don't want to think about it until I get the bill. We have a basic home ... not an OT Baller here ... think our coverage is about $140K or so.
Also, we do NOT escrow our taxes or our insurance. I just as soon keep my money, let it earn it's .05% interest and pay it when it's due. Had problems in the past so I'd rather pay it myself.
I need to shop around and see if anything has changed re: writing in my area.
Posted on 1/31/12 at 6:56 pm to tiger91
Wow, some crazy numbers in here. Got a quote yesterday from State Farm for a 2900 sq ft house. Came out a little under 1900 a year. That includes a few discounts (multi line, claim free, etc)
Posted on 1/31/12 at 8:38 pm to otowntiger
I am with State Farm, and while my policy has gone up some (@$700) in the 8 years I've been in the house, I still pay about $1900 on a 2500 sq ft house -- with all the appropriate riders, etc.
Something is wrong with your picture.
Something is wrong with your picture.
Posted on 2/1/12 at 9:18 am to eleventy
quote:Well, for one thing, I'm in Florida. I don't know where you are but obviously that has a major effect. But yes it is definitely way too much. My premium has gone up from around 1000k to 2,200 k since I've lived in this house, just over 8 years. But the rates have gone up mostly in just the last two years. It has nothing to do with hurricanes, it is all the sink holes in and around this part of the state.
I am with State Farm, and while my policy has gone up some (@$700) in the 8 years I've been in the house, I still pay about $1900 on a 2500 sq ft house -- with all the appropriate riders, etc.
Something is wrong with your picture.
Posted on 2/1/12 at 9:24 am to TigerDeBaiter
quote:No. I do not have an ARM. In fact I refinanced last year going from 30 year fixed to 20 years and still saved 60 bucks on the principle due to the nice drop in the intrest rate. The increase was 90% insurance, there was a property tax increase to save the school system but that only accounts for about $200 of the $2800 increase.
That's over $2800 annually. How is this possible with just a rate increase from State Farm? Are you on an ARM or something as well? Have you ever filed a homestead exemption? These numbers sounds insane, something is off.
Posted on 2/1/12 at 10:22 am to otowntiger
You are not going to like hearing this, but I got a renewal quote last week through Encompass on a Universal Coverage policy that includes a primary home, one residential rental property, includes $2M umbrella policy, additional $500k liability on the rental property, two autos with max limits (I mean this thing is very comprehensive overall from coverage, replacement costs, mold/sewage remediation, liability, etc) for a total annual premium of $3,003. Then again, I don't live near sink hole areas but we have more than our fair share of tornadic activity which has increased HO ins cost significantly the last two years. Ins co's have lost their collective asses here for > 2 years on hail and wind claims plus fraud from fake "hail" damage.
Posted on 2/1/12 at 10:29 am to otowntiger
quote:
It has nothing to do with hurricanes, it is all the sink holes in and around this part of the state.
I am familiar with that, looked at a lot of map models about 5-yrs ago when the sink holes became more prevalent. Much of this has been brought on by the underground water table drying up due to years of drought has it not? Insurance co's can't price anything accurately, then have to gouge you after the fact. Frankly, it surprises me how relatively cheap property coverage is here in GA given weather patterns and fraud.
Posted on 2/1/12 at 4:36 pm to tirebiter
I have all my policies with State Farm with the exception of HO because they were so high.
Liberty Mutual is $700 a year cheaper than SF.
I have a 2221 sq foot home, $1000 premium
Liberty Mutual is $700 a year cheaper than SF.
I have a 2221 sq foot home, $1000 premium
This post was edited on 2/1/12 at 8:37 pm
Posted on 2/1/12 at 5:23 pm to otowntiger
quote:
For a 1500 s.f. home valued at less than 150k I'm paying over 2,200/year.
Which parish do you live in?
As a comparison, I live in Ascension Parish and pay $976.00 a year with Banker's Insurance.
Total square footage is 3700 sq. ft and valued at $300K (land not included).
Posted on 2/1/12 at 5:55 pm to Will Cover
quote:Orange County, (Orlando), Florida.
Which parish do you live in?
Posted on 2/1/12 at 10:10 pm to otowntiger
Check with Farmers Insurance. I'm in Texas and pay about $80 a month for a 2300+ sq. ft. house on a half acre lot. I used to have SF for auto and home, but everytime I turned around, up went the premium. Wouldn't hurt to give them a call. Good luck. 
Posted on 2/2/12 at 6:00 am to otowntiger
I hear you.
I've been with State Farm for 20 years+, all my cars, my homes, etc.
This year they're asking for a 10% increase here where we don't get tornadoes, earthquakes, or hurricanes.
And I've NEVER made a homeowner claim. Not ever.
We're moving to Allstate. They are offering the same coverage for 4 vehicles and the house for less than we're currently paying BEFORE State Farm's increase.
Shop it man!
I've been with State Farm for 20 years+, all my cars, my homes, etc.
This year they're asking for a 10% increase here where we don't get tornadoes, earthquakes, or hurricanes.
And I've NEVER made a homeowner claim. Not ever.
We're moving to Allstate. They are offering the same coverage for 4 vehicles and the house for less than we're currently paying BEFORE State Farm's increase.
Shop it man!
Posted on 2/2/12 at 10:58 am to TigerDeBaiter
quote:
That's over $2800 annually. How is this possible with just a rate increase from State Farm? Are you on an ARM or something as well? Have you ever filed a homestead exemption? These numbers sounds insane, something is off.
His escrow was too low even initially, prior to rate increase. Call mortgage company and check escrow balance. I bet it is zero or negative, forcing the huge swing to properly fund it going forward. Should drop in two years, when a surplus is realized.
Posted on 2/2/12 at 12:31 pm to tigerfoot
quote:That is it pretty much, but the shortfall in the escrow is all because of the increase in insurance and taxes. I realize that the increase in the actual payment is higher than the actual increase because of the requiement to have so much in escrow.
His escrow was too low even initially, prior to rate increase. Call mortgage company and check escrow balance. I bet it is zero or negative, forcing the huge swing to properly fund it going forward. Should drop in two years, when a surplus is realized
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