Any home insurance exspurts in here?

JuiceTheGator

JuiceTheGator

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Holee shit - just found out the renewal for my home flood insurance is $9,450 for this year. Fuuuuuck that. How does it go from $3k to over $9k in one year? Anyway, I'm not paying that shit.

AND my homeowner's policy company, St John's, just went insolvent and was taken over by some shit called "Slide." From $2k per year to $6k?! With my ridiculous wind insurance, that's over $20k per year.

Isn't there some rule that if your loan-to-value is 25% or less, you don't have to carry the ins required by the mortgage company? I don't want to pay the whole thing off, but I could pay it down to under 25% and go without worthless flood insurance.
 
Insurance in Florida is a cluster fuck. It’s why all the big companies (State Farm, farmers, etc) broke off Fl into a separate company after the hurricanes rolled thru years ago. Prior to that, they were all one company so they had to pay all those claims rather than the re-insurers coming in to pick up the claims. Now, that they are “smaller” they can avoid paying claims if a series of big hurricanes roll thru. That’s why a lot of smaller companies have popped up.

I’d say get a good INDEPENDENT agent who can get quotes from several different companies. You may have to do this dance (switching companies) at each renewal date
 
JuiceTheGator said:
go from $3k to over $9k
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JuiceTheGator said:
From $2k per year to $6k?!
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JuiceTheGator said:
that's over $20k per year
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JuiceTheGator said:
Isn't there some rule that if your loan-to-value is 25% or less, you don't have to carry the ins required by the mortgage company?
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I guess it's in the contract somewhere; good luck finding it.
I always thought you had to have it paid off first.
 
JuiceTheGator said:
Holee shit - just found out the renewal for my home flood insurance is $9,450 for this year. Fuuuuuck that. How does it go from $3k to over $9k in one year? Anyway, I'm not paying that shit.

AND my homeowner's policy company, St John's, just went insolvent and was taken over by some shit called "Slide." From $2k per year to $6k?! With my ridiculous wind insurance, that's over $20k per year.

Isn't there some rule that if your loan-to-value is 25% or less, you don't have to carry the ins required by the mortgage company? I don't want to pay the whole thing off, but I could pay it down to under 25% and go without worthless flood insurance.
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If you have a mortgage, you’ll need to carry insurance that at least covers the loan amount, regardless of LTV.
 
JuiceTheGator said:
Holee shit - just found out the renewal for my home flood insurance is $9,450 for this year. Fuuuuuck that. How does it go from $3k to over $9k in one year?
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Global warming. Both you and your insurance company are going to be underwater soon.

Metaphorically and literally.
 
JuiceTheGator said:
Isn't there some rule that if your loan-to-value is 25% or less, you don't have to carry the ins required by the mortgage company?
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That’s going to vary from lender to lender. Low DTI’s often enjoy extra perks for sure. Not sure if not carrying insurance is one of them. Can’t say I’ve ever had that scenario.
 
I am sure your iinsurance company s going to claim higher risk due to climate change.
 
JuiceTheGator said:
Holee shit - just found out the renewal for my home flood insurance is $9,450 for this year. Fuuuuuck that. How does it go from $3k to over $9k in one year? Anyway, I'm not paying that shit.

AND my homeowner's policy company, St John's, just went insolvent and was taken over by some shit called "Slide." From $2k per year to $6k?! With my ridiculous wind insurance, that's over $20k per year.

Isn't there some rule that if your loan-to-value is 25% or less, you don't have to carry the ins required by the mortgage company? I don't want to pay the whole thing off, but I could pay it down to under 25% and go without worthless flood insurance.
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Duh! Florida will be under water soon and the hurricanes are getting stronger, meanwhile the land (Florida is just one big sand bar) is sinking from under you.

Sell and move to a higher ground state like I've been telling you for the last 5 years. If you sold, some new sucker would be hit with these bills.
 
outofyourmind said:
I guess it's in the contract somewhere; good luck finding it.
I always thought you had to have it paid off first.
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williewilliejuan said:
If you have a mortgage, you’ll need to carry insurance that at least covers the loan amount, regardless of LTV.
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Good luck, indeed. I'd hate to pay it off because I just got the fucker for a deduction. At least gimme a few years to cover the closing costs before insurance wipes away all benefit!

So, in one week my loan was sold to another mortgage company and flood and homeowners tripled. I don't even know who to call about what! Shit is so crazy right now. I'll have to find out which company holds my mtg and call tomorrow with some tough questions.

Flood insurance here is a ripoff and I'd like to drop it. Homeowner's covers a pipe leak and the only bad damage from a storm is wind. My neighborhood was started in the 1960s and the water's never been above the seawall. Nobody's made a claim around here for 50 years.
 
Oh BTW, all the comments about the water rising and AGW are reeeeetarded. I can barely get my little boat out the of canal the water is so fucking low.

AND I would sell if the freakin family would let me. Shit is so fucked-up, I'd probably buy this place back in a few years at half the price.
 
Gatorchip said:
Do it. If it does flood, FEMA gives you a free home anyway. You cool with living in a trailer?
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Concrete block house with tile floors? Could probably redo the entire downstairs for $50k or less. That's only 5 years premium!
 
Time to shop around.

My earthquake insurance is $400 a year with a 10% deductible. My home insurance is $700 a year. I don't live on a flood plain so no flood insurance. Property taxes are about 1% assessed value.
 
RobBase (c) said:
That’s going to vary from lender to lender. Low DTI’s often enjoy extra perks for sure. Not sure if not carrying insurance is one of them. Can’t say I’ve ever had that scenario.
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Home prices here are up so much, it's ridiculous. When I got the mortgage a year and a half ago, it was 40% LtV. The house has more than doubled and so the LtV is now under 20%. Insanity.
 
JuiceTheGator said:
Holee shit - just found out the renewal for my home flood insurance is $9,450 for this year. Fuuuuuck that. How does it go from $3k to over $9k in one year? Anyway, I'm not paying that shit.

AND my homeowner's policy company, St John's, just went insolvent and was taken over by some shit called "Slide." From $2k per year to $6k?! With my ridiculous wind insurance, that's over $20k per year.

Isn't there some rule that if your loan-to-value is 25% or less, you don't have to carry the ins required by the mortgage company? I don't want to pay the whole thing off, but I could pay it down to under 25% and go without worthless flood insurance.
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They force you to get flood insurance? When was the last time you flooded?
 
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