It’s the inflationary costs to rebuild due to President Retard screwing up the economy
“Florida is the most expensive state for home insurance, with the average annual cost rising $9,213 last year.”
I don’t know the correct number but the average annual cost didn’t rise by $9,213 last year in Florida.
“That much I can tell you.”
Mine doubled in one year.
Biden Hell, yes, but also rampant insurance fraud.
Texas passed a law that roof replacement deductibles MUST be paid on insurance claims, but unscrupulous roofing companies have skirted around that by monkeying with the estimate figures and just outright lying.
I’m not a fan of insurance companies, but they ARE businesses which must make a profit to survive. Conning them out of justifiable income doesn’t come without economic consequences.
We’re in Arizona and it went up here, too.
You will have no home, no car, no meat, no metabolism, and you’ll like it.
I am in Northern California and my insurance doubled. Suddenly my home is now in an Extremely High Fire Hazard area. Last year it was just a rural residence in a lightly wooded area. Now we could burn down at any time apparently.
An interesting thing that most people don’t realize is that land in some markets like Florida is worth most of the price of a home. So in those areas, You should only insure for the building value. And be prepared to sell the land if something happens. Between the land and the insurance money you should be able to buy your next used home. Insurance tries to make you think you have to insure the land and your new house is the same as your old house. Likely a new home (if you have replacement value insurance) is an upgrade and you should not be insuring an upgrade.
Biden and company has destroyed so much of our country that I don’t know if we will ever recover even with a Republican in office.
My homeowners insurance is by far the most expensive bill I pay each month.
The 10 states listed
Florida
Oklahoma
Mississippi
Texas
Kansas
Georgia
Nebraska
Massachusetts
New York
Colorado
I don’t know why the OP didn’t list them for us. Yeah “link”. Most people don’t bother to click it.
Nationwide has been forcing customers to powerwash and/or replace their roofs.
They fly a drone to photodocument any discoloration.
I dropped my house insurance. I’ll take my chances.
Checking out condos along the NC coast (on Zillow)...HOA dues are out the roof. I’ve seen them as high as $16,000 annually. I’m guessing much of that is the building insurance.
We’re in a friend’s1000sf condo at Ocean Isle NC this weekend. The unit is 3rd/4th row back. HOA dues are $6500/yr. That doesn’t even include interior insurance and local property taxes. Luckily, the unit was paid off a long time ago.
Yes, our insurance rates are high and going higher, so don’t move from your communist state to Texas.
1700? I wish. Mine is 3200 a year. Florida is becoming so expensive. Car insurance is 2500 a year. Groceries, tolls, electricity, water all up up up.
This is just the insurance industry getting its turn in the barrel. Govt restrictions and onerous codes have run up the cost of construction (like everything else), and recent weather damage figures have shown insurance companies they have been pricing too low. Now it’s catch-up time.
Liberty Mutual was going to raise mine to $24,000 this year, after charging me $11,000 last year. Now they get nothing. Bye bye Liberty and your stupid emu adds. At first I was afraid to drop them because I live in an area with lots of trees. Glad I got rid of them. Should have done it years ago.
This is the insurance industry getting its turn in the barrel. Govt restrictions and onerous codes have run up the cost of construction, workman’s comp (insurance!), repair and renovation (like everything else), and recent weather damage figures have shown the insurance companies they have been pricing too low. Now it’s catch-up time, temporarily. All of it will keep right on going up, when did it not? Govt is a runaway bull now, and never loses its charge.
In 2005 I was told by State Farm that my homeowners/windstorm insurance on my 1000 SF home in Fort Lauderdale was going to go up to $8000 a year. It was one of the reasons we relocated to New Mexico.
So we bought a 3,000 SF house in New Mexico. When we met with the insurance agent they told me insurance was $600. Thinking this was the monthly premium, I commented to my wife that at least it was less than the monthly would have been back in Florida.
“Mr. Crusher,” the agent said, “That is your annual premium.”