Increase in insurance

[Tom D]

The condo fees, for the reserves, in florida are going up dramatically in anticipation of future hurricane damage.
Do you have more fires, or some flooding, where the potential cost to repair is not anticipated by the current reserves.

 

[Fernando]

Another Hurricane in Florida causing havoc. It's normal every year. Insurance SHOULD be higher in Florida.
For sure, I will not move to Florida to save taxes.
Not even to the East Coast.
Today my close relative had his flight cancelled to NYC due to tropical storm. Ugh.

In CA we have deadly earthquake once every 100 years and deadly wildfires which don't really affect urban areas.
I can live with that.

 

[Tom D]

In CA we have deadly earthquake once every 100 years and deadly wildfires which don't really affect urban areas.
I can live with that.

I can't agree more, especially when you are happy there.

But that isn't the problem It's asking me to pay for that stupid behavior, not you personally king.

You wanna keep living near a flooding river, tornado alley, hurricane area, fire and earthquake area, knock yoursel out as they say.

You can live with that, ok. My wallet can't live with that atupidity.
I'm a consevative libertarian. You can do whatever you like, as long as it don't affect me or another human.

 

[Tom D]

Brylski bought the 3,400-square foot property on Coliseum Street in Uptown New Orleans with her late-husband Harold in 1995. Three decades later, she now owns the home outright but still has to pay nearly $15,000 a year to insure it.

In total, she pays $2,500 a month just to cover her property taxes and ever-increasing homeowners insurance premiums, which has left her struggling to live within her retirement budget.
“And I’m not the only one in New Orleans experiencing that,” she said. “You can drive around this neighborhood and others and see tons of ‘For Sale’ signs.

Homeowners in Louisiana face the second-highest property insurance rates in the county — behind only Florida, according to digital insurance agent Insurify.
The average annual cost of insurance in the state is $6,354, per Insurify data — but the insurance experts expect that to jump another 23% in 2024, hitting a whopping $7,809 per year.

 

[Fernando]

Brylski bought the 3,400-square foot property on Coliseum Street in Uptown New Orleans with her late-husband Harold in 1995. Three decades later, she now owns the home outright but still has to pay nearly $15,000 a year to insure it.

In total, she pays $2,500 a month just to cover her property taxes and ever-increasing homeowners insurance premiums, which has left her struggling to live within her retirement budget.
“And I’m not the only one in New Orleans experiencing that,” she said. “You can drive around this neighborhood and others and see tons of ‘For Sale’ signs.

Homeowners in Louisiana face the second-highest property insurance rates in the county — behind only Florida, according to digital insurance agent Insurify.
The average annual cost of insurance in the state is $6,354, per Insurify data — but the insurance experts expect that to jump another 23% in 2024, hitting a whopping $7,809 per year.

That is very high. Glad insurance companies see the high risks in New Orleans and Florida.
And other states should follow CA Prop 13 limiting real estate tax yearly at 2% cap. And we know CA real estate has gone up more than 2% yearly on average.

 

[Fernando]

I filed a claim two years ago on my duplex.
Next year premium increased 31%.
Coming up for this year is 47%. WTF
Are your premiums increased as much?

 

[Tom D]

My residential insurance has stayed the same for 10 years, little row home. but big city, my car insurance went up 50%, and is now 5 times higher than the home insurance.

Can't complain, because my daughter just caused a car accident. Lucky i put her on the policy as a regular driver.

R.e. taxes and insurance are becoming retired income eaters.

 

[Tom D]

When Joan Van Kuren of Modesto got a notice from her insurance company stating they would not renew her home insurance policy, she was shocked to learn why. California insurance provider CSAA — part AAA’s insurance company — stated they discovered a “substantial increase in hazards” piling around her home.

They made this discovery not from making a surprise property inspection, but instead from aerial images allegedly taken from a drone.

Van Kuren wasn’t the only one to have this treatment. ABC 7 San Francisco reports CJ Sveen received a similar notice due to aerial images taken of his home. In Northern California, The Wall Street Journal says Cindy Picos also got a notice after her insurance company said her roof was in poor condition. The insurance company in both situations? CSAA.

 

[Fernando]

I filed a claim two years ago on my duplex.
Next year premium increased 31%.
Coming up for this year is 47%. WTF
Are your premiums increased as much?

I heard after a claim, rates will go up and maybe in 3-5 years, rates stabilize.
If so, should I suck it up and stay with this insurance company or shop around now?

 

[Fernando]

Seems like I can't find a better rate for my commerical property.
Best rate I have is 87% from prior insurance company last year. I guess I have to suck up the increase.