Homeowner's Insurance -Questions Forum

[yippie]

It really is sad how insurer's can have the choice of giving an insured the "boot" when no claims or losses (or only minimal claims) have been experienced. The worst injustice is when the homeowner is left with the only option of placing insurance with a more expensive, less financially-stable competitor. The lack of healthy competition in the smaller home market is certainly something that should be addressed.

Yes it should be. i have had Nationwide Insurance for 13 years and they "non-renewed" me this year. This is after my agent told me I was not on the 2008 list.

I was told Nationwide is pulling out of Florida by "firing" all it's agents. The agents are no longer Nationwide employees, but independent insurance agents who can no longer write Nationwide Home Insurance.

I am really screwed because no one will insure my house because it is considered damaged, it's full of mold.

The only storm claim I have ever filed was after hurricane Opal. The mold issue was and is caused by builders defects, so I can't claim anything on my homeowners.

I agree that insurance is a scam in Florida. My premiums were over $5,000.00 per year and have been paid on time every year.

 

[SHELLY]

Yes it should be. i have had Nationwide Insurance for 13 years and they "non-renewed" me this year. This is after my agent told me I was not on the 2008 list.

I was told Nationwide is pulling out of Florida by "firing" all it's agents. The agents are no longer Nationwide employees, but independent insurance agents who can no longer write Nationwide Home Insurance.

I am really screwed because no one will insure my house because it is considered damaged, it's full of mold.

The only storm claim I have ever filed was after hurricane Opal. The mold issue was and is caused by builders defects, so I can't claim anything on my homeowners.

I agree that insurance is a scam in Florida. My premiums were over $5,000.00 per year and have been paid on time every year.

Do you own the house outright? If not, the lender usually requires you to insure the house.


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[yippie]

Do you own the house outright? If not, the lender usually requires you to insure the house.


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No, I don't own it outright, that is where the problem is. I can't get insurance as of March. No one will write a policy on the house. And the house is in litigation.

Unfortunately, the opposing side is content on trying to bankrupt me. I have moved out of the house because of the infestation, as I was very ill after living in it for 2.5 years.

 

[SHELLY]

No, I don't own it outright, that is where the problem is. I can't get insurance as of March. No one will write a policy on the house. And the house is in litigation.

Unfortunately, the opposing side is content on trying to bankrupt me. I have moved out of the house because of the infestation, as I was very ill after living in it for 2.5 years.

Are you considering making everything the "bank's problem?"


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[Bob]

Why do they differentiate between primary & secondary? Do they figure if it's primary there will be better maintenance and storm prep?

Insurance is such a scam. They can whine about about how much they had to pay out as a justification for screwing folks over w/ the rate hikes and dropped coverages, but I've yet to see the payout compared to the premiums paid over the years. I'm thinking the latter is still a much higher number. :angry:

I know I'd rather take shelter in a 70s block house that has survived many a storm than an untested wood frame house built during the recent frenzy.

I'm guessing that second home exposure in Florida is mostly at the coast. What's crazy is that there are surely some folks who live at the beach, but my insurer won't cover a second home inland.

 

[yippie]

Are you considering making everything the "bank's problem?"


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No, Shelly. That is not the way I work. I have a wonderful relationship with my bank and I don't want to risk that. The lot is worth more than what I paid for the house, however, I am worried that I may not have the choice.

I can't afford to self insure and I also can't afford to pay off the mortgage.

I am upset at Nationwide insurance. I am a good insurance client. Frankly, I like what i have and will take care of it so if there was a claim, the loss would be minimal. I pay my premiums on time, I adjust the insurance every year to fit the value of the home, I have 5 policies with Nationwide including car, inland marine, liability, etc. I will move everything to another carrier if one would insure my home.

 

[SHELLY]

No, Shelly. That is not the way I work. I have a wonderful relationship with my bank and I don't want to risk that.

I'm assuming the bank has more equity tied up in your home than you do (assuming that the bank holds the note, which is doubtful). If you can't get insurance, and the loan documents specifically state you've gotta insure the property (which I'm sure it does) then they should assist in helping you track some down--granted, you might not like the rate--if you've got a wonderful relationship with them, take the insurance problem to them.




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[yippie]

I'm assuming the bank has more equity tied up in your home than you do (assuming that the bank holds the note, which is doubtful). If you can't get insurance, and the loan documents specifically state you've gotta insure the property (which I'm sure it does) then they should assist in helping you track some down--granted, you might not like the rate--if you've got a wonderful relationship with them, take the insurance problem to them.




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Already there. We are working on it. Shelly, the bank holds my note. Why would you say it is doubtful? And why would you say the bank has more equity than I do? It is my home, I bought it 13 years ago and have equity in the house. The bank doesn't have the equity, they don't own the house.

 

[rapunzel]

A question for the Insurance Guru -- is there any advise you can give people looking to buy a home in the area regarding the cost of insurance on various properties? The cost of insuring a house is almost as important as the cost of the house itself, but I feel like we can only make wild guesses about what that number would be. It makes it almost impossible to compare houses, because really the cost of owning a home is the price of the house + the price of insuring the house, and we can only know one of those numbers.

 

[NotDeadYet]

Yippie, Citizens won't insure it either? I thought they were required to insure properties that nobody else would.

What a mess. Wish I knew how to help.