[MX rider]

Originally Posted by Inspector Mark

I just bought a CYV near Spanish Springs this past January. Our Home Owners Insurance is just under $2000.00 a year, 20 years old, 1300 sf. Much higher than our condo in Michigan. We had to scramble to get insurance for the closing. I have many months to shop around for a renewal policy. Any advice would be helpful.

We've been with HH Insurance in St Pete for going on 3 years, recommended by another villager. They deal with over 40 "A" rated companies and shop for the best deal each year. Good customer service. Did everything over the phone and email. The gave us detailed quotes. Kind of a good, better, best.

I shopped them this year but they were still the best deal. At least worth a call.

We priced car insurance there since we're going to be Florida residents soon, and we'll be getting that from them too.

[Cliff Fr]

Originally Posted by Inspector Mark

I just bought a CYV near Spanish Springs this past January. Our Home Owners Insurance is just under $2000.00 a year, 20 years old, 1300 sf. Much higher than our condo in Michigan. We had to scramble to get insurance for the closing. I have many months to shop around for a renewal policy. Any advice would be helpful.

The house you have is 20 years old that's why you had a hard time. Unfortunately many insurance companies will not write homes that old even with a new roof and water heater and ac, etc. etc.

[NachoMama]

Originally Posted by Inspector Mark

I just bought a CYV near Spanish Springs this past January. Our Home Owners Insurance is just under $2000.00 a year, 20 years old, 1300 sf. Much higher than our condo in Michigan. We had to scramble to get insurance for the closing. I have many months to shop around for a renewal policy. Any advice would be helpful.

$2000 is about right, depending on your deductible and coverages.

When you insured your condo in Michigan, you weren’t insuring against the greatest areas of risk of loss – the roof and exterior. Now you are. Your condo association paid for those coverages out of your association dues.

[Nana2Teddy]

Originally Posted by Michael 61

Same here - I’m paying less than the Sumter County figure quoted here. I think having a newer home contributes to a lower premium.

Way less for us too in DeLuna in a new home. We have largest veranda model (Mason) and pay just slightly more than $1000 annually. We bundle with auto.

[Rainger99]

Originally Posted by MandoMan

I’d like to add that this was an amazing interactive study that lets users check the insurance rates in every county in the country and compare insurance rates. I was shocked to see how low the insurance rates in Sumter County are comparatively and in fact, as they seem plenty high to me. And this doesn’t include the Homestead Allowance. It was interesting to check the insurance rates for every county where I’ve lived, around the country. No political content or bias in the article.

According to The NY Times study, the typical U.S. household paid $2,530 in home insurance premiums last year, which was 33 percent more than in 2020.

So Sumter County insurance premiums are considerably below the typical household.

I was talking to a friend who lives in southern Florida. Told me that his friend who lives near the water is paying more than $50,000 in home insurance!

That seems excessive!

[Michael 61]

Originally Posted by Desiderata

May I ask which insurance co you use? Thx!

I’m currently with Tower Hill - signed up with them when I purchased in December 2022, and renewed with them in December 2023. Found them through Villages Insurance Agent.

[Mazjaz]

Originally Posted by dtennent

The study was making the point that insurance has risen significantly around the country. States that have normally seen low insurance rates are seeing dramatic increases. So moving may not solve your insurance costs.

I just ditched AAA insurance. My two year old home and one suv bundle went up 40% to over $3,100….the SUV went up the most even though we have never had an accident or ticket. I could have saved $500 by going with KIN and Progressive. However, I decided to go with State Farm since they offer the better H05 Home policy with hurricane and sinkhole coverage at a premium less than AAA’s H03 policy. I may be shopping around every year the with the rate increases insurance is doing down here.

[Byte1]

I wonder if other states have the same problem with insurance companies bailing on us and leaving the state.

[Switter]

Originally Posted by Rainger99

According to a study by The NY Times, homeowners in Sumter County paid an average of $1,826 last year for insurance, 24 percent less than other counties with the same level of very high risk.

Broward County is $5579; Miami-Dade is $5451; Lake is $2331; and Marion is $2114.

In Minnesota I was paying about $1600-$1700 annually for homeowners insurance. Down here I'm paying about $1900 in Marion county. I was pleasantly surprised by this.

What surprised me in a negative way is that my property taxes are about the same here as they were in Minnesota. Considering that my home in Minnesota was worth about $125,000 more than my house here, that is pretty high. I wasn't expecting that.

[Rainger99]

Originally Posted by Byte1

I wonder if other states have the same problem with insurance companies bailing on us and leaving the state.

Yes. It ain’t just Florida.

Insurers are pulling back from states that are prone to hurricanes, wildfires, and floods, such as California, Florida, Louisiana, North Carolina, Oregon, Colorado, and Arizona.

In 2023, insurers lost money on homeowners coverage in 18 states.

[Rainger99]

Originally Posted by Switter

In Minnesota I was paying about $1600-$1700 annually for homeowners insurance. Down here I'm paying about $1900 in Marion county. I was pleasantly surprised by this.

What surprised me in a negative way is that my property taxes are about the same here as they were in Minnesota. Considering that my home in Minnesota was worth about $125,000 more than my house here, that is pretty high. I wasn't expecting that.

How much are you saving in energy here as compared to Minnesota?

[Switter]

Originally Posted by Rainger99

How much are you saving in energy here as compared to Minnesota?

The monthly cost here is a little less. I averaged about $150 a month over a year in Minnesota between gas and electricity. I am probably about $130 a month here. However, my home in Minnesota was 2200 square feet, here it is 1400 square feet. If the homes were of equivalent size I would say it would be a tad more expensive down here.

The major difference is in Minnesota, the majority of the cost was heating, where down here it's cooling.

I think the building standards up there are a little more rigid too. The exterior walls are all 2 x 6 construction and insulated better than homes down here.

[Shipping up to Boston]

Originally Posted by Rainger99

The NY Times used the phrase “24 percent less than other counties with the same level of very high risk.”

The Times did not say that Sumter was being compared to Miami and Broward. Sumter is not 24 percent less than Miami and Broward. It is about 65% less than those counties.

I put those counties in as comparison because people are complaining about the cost of insurance in Sumter County and they may have to move.

The NY Times also said that for Sumter, insurance costs are 0.4 percent of typical home values, much lower than average.

Glad that you have now amended your OP. As written if gave the impression that a rural Sumter was a comp to coastal Miami Dade and Browsed. In risk and premium.

*Broward

[john352]

Originally Posted by Rainger99

According to a study by The NY Times, homeowners in Sumter County paid an average of $1,826 last year for insurance, 24 percent less than other counties with the same level of very high risk.

Broward County is $5579; Miami-Dade is $5451; Lake is $2331; and Marion is $2114.

Two factors help explain why the average cost for Sumter is lower than Lake and Marion. First, the vast majority of the homes are in the Villages Public Safety Department Dependent District and have a higher fire protection rating due to the Villages Fire Department. The second factor is that the average age of the homes is lower in Sumter, which means a higher percentage of homes are built to hurricane-resistant building codes.

[Margefrog]

Originally Posted by Rainger99

According to a study by The NY Times, homeowners in Sumter County paid an average of $1,826 last year for insurance, 24 percent less than other counties with the same level of very high risk.

Broward County is $5579; Miami-Dade is $5451; Lake is $2331; and Marion is $2114.

Because this geographic area is nowhere near the risk of the others.