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windstorm insurance discussion

EO 11110

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#1
does anybody buy this? how much does it cost?

houston/gulf coast -- 2,000 to 3,000 per year for a middling house. this is for insurance through what i think is a state of texas affiliated insurance pool -- texas windstorm

seems high. any comments appreciated -- i'm considering making some moves to dump that crap
 

mayhem

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#2
Welcome to the world of "Hurricane Risk", or insurance companies will never loose a penny.
My policy's cost is 2/3 windstorm coverage even with all the improvements they require now just to get a policy. I'm paying over 4k for homeowners ins. Of that windstorm is $3,200.00 with a 20% deductible.

Remember back a few months when @Unca Walt had to replace his roof not because it was bad, but because it was 20 years old, and the ods are pretty good some of it would blow away in a hurricane. But the ins company doesn't want to loose a $ so they made him replace it or no coverage.

A friend and I were discussing just yesterday that the folks who built this paradise for these monied scumbags are being run out with insurance and taxes.
 

mayhem

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#3
Oh, and my policy went up $700 this year because we didn't have a storm HERE for the last 12 years.
 

nickndfl

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#4
I just got a new policy for my mom's 1900 sq ft home in Port St. Lucie. $515 annually. I pay about $625 for 2500 sq ft. When I lived by the beach I had 2100 sq ft for $1400.
 

newmisty

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#5
does anybody buy this? how much does it cost?

houston/gulf coast -- 2,000 to 3,000 per year for a middling house. this is for insurance through what i think is a state of texas affiliated insurance pool -- texas windstorm

seems high. any comments appreciated -- i'm considering making some moves to dump that crap
Sounds high and not worth it to me.
 

EO 11110

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#6
considering paying my house off so that i can dump the windstorm insurance. i've had it for many years and have been through multiple hurricanes with them.

they are snakes -- refusing to pay legit claims or depreciating damage to next-to-nothing. i've gotten it good and hard from texas windstorm.

i could save 200 dollars ;per month by not paying windstorm.....and save the house note too. invest that money and use it to pay for repairs out of pocket.

are there any other benefits to paying the house off? like can i reduce the amounts of the other insurances -- home, flood?

anything other benefits?
 

Joe King

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#7
are there any other benefits to paying the house off?
Yea. No more house payment.


like can i reduce the amounts of the other insurances -- home, flood?
I'm pretty sure that once your home is paid off, you could cancel all your insurance if you want. If there is no 3rd party with a financial stake in your home, it's whatever level of coverage you are comfortable with.
 

mayhem

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#8
they are snakes -- refusing to pay legit claims or depreciating damage to next-to-nothing. i've gotten it good and hard from texas windstorm.
Snakes they are. I did Insurance damage repair for a few years when new construction slowed down and everything is depreciated now unless you have 100% replacement. That's why my prem is so high, I have 100% replacement no matter how high the contractors raise their prices. They have tried to dump me a few times but have failed, so they raise the prem till I bitch to the State. Holding a GC license has some pull sometimes.

I have 3,300 sq feet and insure it for $400k. It's worth more, but there is no need to insure the acre and a third lot.
 

arminius

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#9
Tontine insurance is the second biggest boondoggle foisted upon the foibles of mankind, after fiat money, of course...

Tontine insurance is/was created by the same devious criminal minds as usury, and comes into fruition with fiat money, same shit, same criminals, different keystrokes...
 

hammerhead

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#10
Yea. No more house payment.


I'm pretty sure that once your home is paid off, you could cancel all your insurance if you want. If there is no 3rd party with a financial stake in your home, it's whatever level of coverage you are comfortable with.
on the face, I guess that would make sense to me as I had mentioned it to someone else in a conversation. But with owning anything, there is always some liability that could be exploited.
 

Fatrat

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#11
My neighbor has to have flood insurance because of his mortgage, by the time the water got to us, most of Florida would be gone as we are on a hill. And being central Florida, storms tend to blow themselves out before they get to us.
 

edsl48

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#12
In the past couple of years my insurance company has really tightened up on claims. Perhaps a good example of the situation was on one of my rental houses where the adjuster said he agreed that the roof was leaking after a storm and then told me that he had no idea why the roof was leaking but based upon his inspection it wasn't from storm damage. I could go on with assorted other issues but for brevity wont. It has gotten so bad that I a currently bumping my deductible up to 10,000 and putting the lower premium savings into a separate interest bearing account.
What a way to do business in this day and age.

Note: There is considerable controversy regarding claiming a tax deduction for the amounts placed in a savings account for this "reserve for future losses" so I am not addressing that issue in this post.
 

TomD

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#13
I live around 15 miles from the water on the Gulf coast, wind rating here is 142 mph. Since I own the house outright, I guess I could drop hurricane coverage if I wanted, but I don't. If I get whacked, my hurricane deductible is $5000-$6000, I forget which. All other deductibles are $1000. But that's a lot better than a total loss, which would be over a hundred times the hurricane deductible if you include contents.

A few years back my previous insurer had jacked rates to pushing double what they were just a few years before, a common trick around here. I dumped them and signed with another carrier. But it was in September (ground zero for hurricanes) and a new carrier won't cover for a hurricane in the 1st 30 days. I was freaking out over every new tropical wave for that month.

Everyone has risk tolerance but that exceeded mine.
 

TomD

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#14
Remember back a few months when @Unca Walt had to replace his roof not because it was bad, but because it was 20 years old, and the ods are pretty good some of it would blow away in a hurricane. But the ins company doesn't want to loose a $ so they made him replace it or no coverage.
They didn't "make" me replace my 20-year-old-but-still-in-good-shape-roof but they gave me a $1200 rate discount if I did. But then the roof cost me $18,000 for my near 50 square roof. Yikes! I was a general contractor in the Atlanta area and could get shingle roofs done for cost of materials + $50 to $100 a square depending on pitch and complexity of the roof all day long. Even adding another $50/square for tear off and that would be around $200/square total in Georgia, high side.

Florida licenses their roof contractors, restricting supply, resulting in roof costs being close to twice what they are elsewhere. That's a public service!
 

mayhem

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#15
Actually @TomD the 18k for 50 sq. didn't sound all that bad to me at at today's prices if you used architectural shingles instead of regular three tab.

I did mine in 03 (49 sq.) with GATF architectural and it cost me $8,500., and I also held a GC license here in PBC. I guess I got a break from my roofer who I tossed all my business to. He has always said that the Workmans Comp Insurance was extremely high here. That's the reason most roofing contractors skirt the rules by using Mex sub contractors to avoid the high WC prems.

I did Water Damage tear outs and reconstruction including mold removal as I had a IAQA Certification and Project Management Certs back then which most people in my line didn't have. The insurance co's didn't want uncertified contractors servicing their million dollar clients. The everyday stuff they didn't care about who was doing the repairs, just how cheaply they could get it done.

It was really hard keeping good help working in Tyvek and full face masks. It was hot and we did sweat a lot. Normal day was 1 hour suited up then a hour break with handfuls of salt tabs and lots of water.
 

TomD

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#16
Actually @TomD the 18k for 50 sq. didn't sound all that bad to me at at today's prices if you used architectural shingles instead of regular three tab.

I did Water Damage tear outs and reconstruction including mold removal as I had a IAQA Certification and Project Management Certs back then which most people in my line didn't have. The insurance co's didn't want uncertified contractors servicing their million dollar clients. The everyday stuff they didn't care about who was doing the repairs, just how cheaply they could get it done.
Architectural, hell yeah, with labor and insurances being by far the major components of a roof job, you'd have to be stupid to get anything less than the absolute best shingle.

Sounds like your career has been similar to mine, find the niche, get your certs, differentiate yourself. Do the things other people can't or won't do.
 

hammerhead

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#17
They didn't "make" me replace my 20-year-old-but-still-in-good-shape-roof but they gave me a $1200 rate discount if I did. But then the roof cost me $18,000 for my near 50 square roof. Yikes! I was a general contractor in the Atlanta area and could get shingle roofs done for cost of materials + $50 to $100 a square depending on pitch and complexity of the roof all day long. Even adding another $50/square for tear off and that would be around $200/square total in Georgia, high side.

Florida licenses their roof contractors, restricting supply, resulting in roof costs being close to twice what they are elsewhere. That's a public service!
I used to bid roofing at those rates. Made money then but can't now.