How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

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synthfan23
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How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Tue Jun 11, 2019 4:18 pm

I'm buying a new home in the Orlando area late this month and *damn* is good homeowner's insurance expensive! (compared with NC). Not to mention I may be buying into a Horizon West micro real estate bubble already--but insurance costs add insult to injury.

I'm a high deductible guy in general to reduce premiums. I like to lower my costs but not shop actual homeowners insurance based on price alone. Amica, who I'm currently with for auto and umbrella, is quoting higher. But provides higher coverage amounts than most others, includes as standard what many other insurers offer as Options, and seems to be one of the top two best rated homeowners insurance companies in Florida (checked USAA, but they couldn't come close to Amica)--important when it comes to filing a claim if it ever comes to that. Versus, say, Progressive Home (ASI) who quotes low, but has terrible ratings, offers less coverages, and offers additional paid Options that Amica throws in standard. Any other high-rated homeowners insurance companies I should get quotes from like State Farm or Citizen's? Or should I consider staying the course with Amica. Again, even though I'm getting multi-line discounts with Amica, they quote higher than most--but seem to offer more value.

So, I'm at what seems to be the max All Other Perils deductible of 5K. But for Hurricane, the 2% deductible is approximately 5K. Amica will let me raise the Hurricane deductible to 3%, 4%, 5%, or 10%! Wondering how much raising the Hurricane deductible will lower the premium. And if the risk is worth the reward. What's a good compromise? We're Bogleheads so I figure most of us are solvent enough to Self Insure via high deductibles. But 10% seems a bit rough.

What homeowners insurance companies do Bogleheads like in FL and why?

Also, seems like there's a controversy in FL about Flood Insurance--To Purchase or Not To Purchase. I'm damn well purchasing it and so I'm not interested in debating the issue. Wouldn't mind a good link explaining the controversy from both sides. But have no interest in hashing out that choice here on the forums.

What I can't figure out is if there are any differentiators between flood insurance policy providers. So far, they all seem to charge the same premiums for the same deductibles and coverage levels. Are there any Differences That Make a Difference there in terms of customer service, paying claims timely, solvency, etc? Or does it not matter which Flood Insurance company I choose since it's all either underwritten, or subsidized by FEMA?

Finally, the few companies I've gotten Flood Insurance quotes from seem to offer only a $1,000 deductible. Can this be raised it all, would doing so significantly lower the premiums, and how high of a deductible will various insurers let you go? And if there are differentiators in Florida Flood Insurance providers, what might those be and which companies do Boglehead FL residents like (or dislike)?

Thanks.

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Blueskies123
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by Blueskies123 » Tue Jun 11, 2019 4:30 pm

All flood insurance is the same however there is something called private flood insurance but I have never looked into it. Yes, you can request a higher flood insurance deductible. Orlando is fairly high up, are you near a creek or lake?
Hurricanes are family common. If you were hit with one could you pay the 10 deductible with no problem? If not I would stick with the 2 %.

fru-gal
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by fru-gal » Tue Jun 11, 2019 4:33 pm

My understanding is that the feds set the rules for flood insurance. The company you buy it from can't change those or offer a different price.

So the difference would be, who handles the claim. Do the feds send out people, or does the insurance company? When I had flood damage where I lived before, State Farm sent an inspector out He was an idiot. It was a major hassle. In contrast, I would expect AMICA to do the right thing,

Update: as this is a new house, I would go over it now with a structural engineer and make sure it has the structural stuff to make it resistant to hurricanes.

If memory serves me correctly, the max you can insure the house for with flooding is $250000.

stats99
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by stats99 » Tue Jun 11, 2019 4:50 pm

Private flood insurance, if available, is indeed an alternative to the federal program. If you have a mortgage, check with the bank to verify.

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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Tue Jun 11, 2019 4:58 pm

Blueskies123 wrote:
Tue Jun 11, 2019 4:30 pm
All flood insurance is the same however there is something called private flood insurance but I have never looked into it. Yes, you can request a higher flood insurance deductible. Orlando is fairly high up, are you near a creek or lake?
Hurricanes are family common. If you were hit with one could you pay the 10 deductible with no problem? If not I would stick with the 2 %.
Thanks Blueskies. Well, I'm in FEMA Flood Zone X--low to moderate risk. But neither the Feds or my lender require it. When I asked, one insurance broker just told me:

"Since the flood falls part of the preferred rates due to not being required these are set limits and we are unable to adjust deductibles as the deductible is a set amount."

Good point about the 2% vs. 10%. I'll have to run the numbers. The savings in premium may not be worth having to potentially cover the higher deductible.

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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Tue Jun 11, 2019 5:05 pm

fru-gal wrote:
Tue Jun 11, 2019 4:33 pm
My understanding is that the feds set the rules for flood insurance. The company you buy it from can't change those or offer a different price.

So the difference would be, who handles the claim. Do the feds send out people, or does the insurance company? When I had flood damage where I lived before, State Farm sent an inspector out He was an idiot. It was a major hassle. In contrast, I would expect AMICA to do the right thing,

Update: as this is a new house, I would go over it now with a structural engineer and make sure it has the structural stuff to make it resistant to hurricanes.

If memory serves me correctly, the max you can insure the house for with flooding is $250000.
Amica uses Wright National Flood Insurance Company for their Flood policies. I don't know anything about them. Yep, 250K sounds like the max house coverage. With 100K max for personal property.

The home is already built and my realtor's inspector will be out there tomorrow. So we'll have a good punch list for when the builder schedules their walkthrough with me. How much might it cost to have a structural engineer review the build and can anyone recommend a good one in the Winter Garden / Horizon West area?


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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Wed Jun 12, 2019 5:25 am

Any other thoughts on:

* Which homeowners insurance companies to get quotes from and which to avoid at any cost?
* Going with a "cheap quoter" like ASI (seems popular), Florida Family Insurance or others vs. a top-rated but more expensive insurer like Amica?
* Which Flood Insurance providers to consider or avoid? (still have no idea about private flood insurance)
* Any homeowners insurance brokers you'd recommend serving Orange County, FL?
* Upping my Hurricane Deductible from 2% (around 5K) to 3%, 4%, or 5%? Not sure how much it would save me in premium costs. Or at what minimum dollar amount it's even sensible to make a claim on? Don't want to be dropped and be charged higher rates should I actually make a claim. Would it be better to do a 5% Hurricane deductible with a top provider like Amica vs. a 2% with a cheap, poorly rated insurer like ASI?

I need to wrap this up in the next few days so all help is welcome.

fru-gal
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by fru-gal » Wed Jun 12, 2019 6:10 am

synthfan23 wrote:
Wed Jun 12, 2019 5:25 am
Any other thoughts on:

...
* Upping my Hurricane Deductible from 2% (around 5K) to 3%, 4%, or 5%? Not sure how much it would save me in premium costs. Or at what minimum dollar amount it's even sensible to make a claim on? Don't want to be dropped and be charged higher rates should I actually make a claim. Would it be better to do a 5% Hurricane deductible with a top provider like Amica vs. a 2% with a cheap, poorly rated insurer like ASI?.
The insurance people should be able to tell you how changing the deductible would affect the premiums.

Is it possible to be dropped re flood insurance? I would assume not. As to claims, unless the flood zone is changed as a result of the event, I don't think this affects the insurance, but I am guessing, the insurance people can tell you this. Flood is really different from other insurance, because the feds define all the factors.

pennywise
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by pennywise » Wed Jun 12, 2019 6:30 am

We've been homeowners in South Florida for 30 years so have seen a lot of homeowner insurance ups and downs.

We were insured by USAA, but at some point the economics of doing so made no sense. IIRC, once the highest deductible level was set and the annual premiums factored in our out of pocket liability annually for windstorm damage was ~$30K. At that point self insurance made sense-our logic was that we had enough money on a fully paid off house that we could either fix damage or if the house was destroyed the land value would allow us to sell and start over.

On flood insurance, as others have said this is managed and issued by the federal government through the National Flood Insurance Program (NFIP) and is a WHOLE other beast. Many people in coastal or flood prone regions are not aware that major proposed/pending changes are under discussion by Congress so the following presentation will be helpful. Note-some details are specific to the Florida Keys because it was prepared for the Monroe County government but there's a lot of very helpful information for anybody affected by the NFIP. I saw it at a citizens' meeting and the county commissioner who did the program made it very clear that at this time, if you have the choice to buy NFIP insurance do so, as you will then be grandfathered in for what are likely to be major rate increases and/or tightened eligibility to even get it.

Here's the PPT:

https://www.monroecounty-fl.gov/Documen ... esentation

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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Wed Jun 12, 2019 6:39 am

Thanks again. I'm having a private home inspection this morning at 9am eastern time. Are there any things I can ask the inspector or builder about re: how the home was built that might allow Amica to provide additional discounts? I probably don't have time to find a good structural engineer, unfortunately. Could I direct Amica to the builder's rep, the lender, or the inspector's report when it is complete for that sort of info? Also don't want to inadvertently raise my premium.

SovereignInvestor
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by SovereignInvestor » Wed Jun 12, 2019 7:21 am

The impact on rate from deductible increase depends on many other factors so only the insurer would know precisely.

As for Flood, as others commented the Federal government under FEMA dominates nearly all the market with standard 250K limits.

However private flood insurance although tiny is growing rapidly. Bolstering that effort, the federal government will rerate flood insurance with new zones I believe by 2021 or so so premiums will adjust to more reflect the risk and avoid subsidies. The goal of this is to.make the program more sound but it also will promote private competition so we may start to.see a viable private market.

Ie: if someone right next to water in high risk zone is paying only $1000/year (for political reasons) for flood insurance when the true actuarial sound rate is $5000, then no private insurer can compete with government and offer alternative. Likewise if the government is over charging other people to subsidize the highest risk people, then as soon as private companise come in the federal government will be adversely selected against and lose all good risks and only have the high risks it under charges bevause current flood program has a lot of subsidies in the rates. Thsee issues are supposed to be reduced or eliminated in the rerating so the rates will change substantially from FEMA in next few years and then after there may be a lot of private competition.

smitcat
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by smitcat » Wed Jun 12, 2019 7:26 am

synthfan23 wrote:
Wed Jun 12, 2019 6:39 am
Thanks again. I'm having a private home inspection this morning at 9am eastern time. Are there any things I can ask the inspector or builder about re: how the home was built that might allow Amica to provide additional discounts? I probably don't have time to find a good structural engineer, unfortunately. Could I direct Amica to the builder's rep, the lender, or the inspector's report when it is complete for that sort of info? Also don't want to inadvertently raise my premium.
In that area I would be more concerned about sinkholes than Hurricanes or flooding. Perhaps raise that question to the folks that know the area in great detail.

Silk McCue
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by Silk McCue » Wed Jun 12, 2019 7:27 am

synthfan23 wrote:
Wed Jun 12, 2019 6:39 am
Thanks again. I'm having a private home inspection this morning at 9am eastern time. Are there any things I can ask the inspector or builder about re: how the home was built that might allow Amica to provide additional discounts? I probably don't have time to find a good structural engineer, unfortunately. Could I direct Amica to the builder's rep, the lender, or the inspector's report when it is complete for that sort of info? Also don't want to inadvertently raise my premium.
All homes built today are required to meet the latest hurricane related standards. I would ask Amica if there are any construction related items that could result in discounts.

Cheers

GreenGrowTheDollars
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by GreenGrowTheDollars » Wed Jun 12, 2019 9:54 am

We get a discount that was pretty significant on our homeowner's insurance for having impact-resistant (and wind-resistant) roofing. I paid a little more the last time we re-roofed, but the payback period on the homeowner's insurance was a couple of months.

My biggest gripe on the federal flood insurance is that the limits are too low and so are the deductibles. I'd much rather have a $20K deductible and $500K of coverage. I can eat a $20K expense, but major flood damage to my home could easily exceed $250K in costs.

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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Wed Jun 12, 2019 12:35 pm

GreenGrowTheDollars wrote:
Wed Jun 12, 2019 9:54 am
We get a discount that was pretty significant on our homeowner's insurance for having impact-resistant (and wind-resistant) roofing. I paid a little more the last time we re-roofed, but the payback period on the homeowner's insurance was a couple of months.

My biggest gripe on the federal flood insurance is that the limits are too low and so are the deductibles. I'd much rather have a $20K deductible and $500K of coverage. I can eat a $20K expense, but major flood damage to my home could easily exceed $250K in costs.
I noticed one insurance company had granted me a Wind Mitigation Credit of $182, sight-unseen. I just asked Amica and they said they'd need me to get a Wind Mitigation Inspection before they could consider any Wind Mitigation credits. Clearly the other insurance company--not one I really want to go with--got the Wind Mitigation from somewhere. Not sure where but I hope to find out. Don't know how much a Wind Mitigation Inspection costs or how much Amica would credit me. But it seems Amica should be able to pull the construction data from wherever the other insurer got it from.

UPDATE: Turns out the insurer I mentioned gave me the Wind Mitigation Credit based solely on the age of the roof alone. So, to get a Wind Mitigation discount from Amica, it looks like I may have to pay for an inspection.

retired_tom
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by retired_tom » Wed Jun 12, 2019 4:05 pm

19 year resident of Florida, 15 in the Tampa area, and 4 in the current area, which is about 20 miles due west of Orlando. I'm not sure you want to hear this, but we've been with ASI (Progressive) since the beginning. Actually, I wasn't aware of the Progressive buyout of ASI until a year or so ago, when the new policy was renewed, and I saw the ASI division of Progressive on the policy. We've never had issues with them, but then again, I've never had to file a claim.
The only points I wanted to make were that in Tampa, we had sinkhole coverage. It started out with what I would call a fairly reasonable premium, but by the time we sold the house and moved, I believe the premium had almost quadrupled. We stayed with ASI when we bought our house in the current area, but declined sinkhole coverage. I've heard a lot of horror stories of sinkhole coverage, and what is or is not defined as a sinkhole.
We took a 2% deductible for hurricane coverage. The premium difference wasn't all that much. We have the options of a $500, $1000, 2%, 5%, or 10% deductible. I know the mortgage company also has something to say about how low the deductible can be.
We dd not get any flood insurance. We are just north of Clermont, and in a higher area of Florida, and not in any flood plain. The community has numerous retention and runoff ponds and even when Irma came through last year, the water levels stayed pretty constant with no threat to us.
Good luck on your new home.

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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Wed Jun 12, 2019 5:03 pm

retired_tom wrote:
Wed Jun 12, 2019 4:05 pm
19 year resident of Florida, 15 in the Tampa area, and 4 in the current area, which is about 20 miles due west of Orlando. I'm not sure you want to hear this, but we've been with ASI (Progressive) since the beginning. Actually, I wasn't aware of the Progressive buyout of ASI until a year or so ago, when the new policy was renewed, and I saw the ASI division of Progressive on the policy. We've never had issues with them, but then again, I've never had to file a claim.
The only points I wanted to make were that in Tampa, we had sinkhole coverage. It started out with what I would call a fairly reasonable premium, but by the time we sold the house and moved, I believe the premium had almost quadrupled. We stayed with ASI when we bought our house in the current area, but declined sinkhole coverage. I've heard a lot of horror stories of sinkhole coverage, and what is or is not defined as a sinkhole.
We took a 2% deductible for hurricane coverage. The premium difference wasn't all that much. We have the options of a $500, $1000, 2%, 5%, or 10% deductible. I know the mortgage company also has something to say about how low the deductible can be.
We dd not get any flood insurance. We are just north of Clermont, and in a higher area of Florida, and not in any flood plain. The community has numerous retention and runoff ponds and even when Irma came through last year, the water levels stayed pretty constant with no threat to us.
Good luck on your new home.
Thanks Tom! I may actually reconsider ASI. Especially if I can up the coverages and add riders Amica offers standard without ASI's premium costs becoming almost as expensive as Amica. Fortunately, my lender doesn't impose any limits on what deductible amounts I can choose. It's up to me. And while I do see that while my new place is isn't considered to be in a high risk sub-area for sinkholes, this is Central Florida. And Amica offered me full sinkhole coverage at no extra apparent cost. ASI and the others have only quoted me with catastrophic ground collapse only. Evidently a difference that could make a huge difference, even if it's a low probability event.

We love Clermont and almost bought in Minneola near the "new" Turnpike exit and N Hancock Rd. With high, hilly elevations like that--odd for Florida--I'd probably decline Flood Insurance too. We ultimately passed on that part of Minneola for a few reasons. Firstly, while the subdivisions are mostly new construction, look great, and have terrifically low costs per sq ft, the crime rates were strangely high when I looked closer. Much less crime in Horizon West; nearly none. Don't know if Lake County reports crime differently than Orange County, but it sure spooked me.

Second, while the area around the Minneola Turnpike exit looks lovely and bucolic, I recently learned about a subdivision that just broke ground named The Hills of Minneola. When fully built-out it will be the largest subdivision in Lake County: around 4,000+ homes. Evidently it will surround the Turnpike exit on all sides.

Driving further down N Hancock toward the walking trails where it's currently empty, I saw most of the land earmarked with signs advertising forthcoming subdivisions. So that currently convenient, low-traffic Minneola Turnpike On/Off Ramp may become jammed over time. I figured if I wasn't thrilled with the congestion on that part of the Turnpike now (I'm not), then things could only get worse with all the development in the area.

Oakland (?), just over the border in Lake County north of 50 along West Orange Trail looks nice and may have been a good compromise for location and value. I thought there was absolutely nothing housing-wise off the Clermont/50/Oakland Turnpike until after we committed to a home in Horizon West. My wife went to high school in Orlando man moons ago. Looked up an old friend who lives in that area. When we arrived, we were blown away with the amount of home they got for the price they paid.

Also learned recently that an enormous sports complex / olympic-style stadium has been greenlighted to be built right across from Lake Louisa on US 27. Shame, because Lake Louisa and parts north of it are quite nice. I hear the stadium may eventually cause severe traffic issues for those who have to pass by it. I hope that turns out not to be the case. Anyway, thanks for sharing your experience with ASI.

jdb
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by jdb » Wed Jun 12, 2019 6:08 pm

Been there done that. South Florida 40 years a quarter mile from Biscayne Bay. Hurricane Andrew did $80K damage covered by our State Farm windstorm. Now that was a storm. But the insurance companies got smart and raised windstorm premiums and deductibles, at least for those of us on the coasts. We paid off our mortgage years ago to drop windstorm. We self insure. Still get flood insurance, that is good program. But think windstorm is a crock, especially for anyone inland Florida, recommend skipping if can or otherwise highest deductible. Good luck.
Last edited by jdb on Thu Jun 13, 2019 9:37 am, edited 1 time in total.

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Rocco Sampler
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by Rocco Sampler » Wed Jun 12, 2019 7:29 pm

You might want to check out Tower Hill. They have been there for me and for my neighbors and are very nice to work with and have reasonable rates (at least for us). I am renewing this year and they are offering a $1000 hurricane deductible for almost exactly the same price I was paying for a 2% hurricane deductible last year. Not sure if that is only for renewals or for new customers too. I get my homeowner’s insurance through an independent agent. You may try for discounts that include: hip roof, “peel and stick” roof underlayment, hurricane shutters, impact resistant doors and garage door, and nail spacing for the roof deck attachment. If you’re in the middle of the state the chances of you getting clobbered by a hurricane are small, but it’s the tornadoes on the northeast side of the hurricane eye that cause the most damage. You could lose power and water so please be prepared. Also getting out of the state during a hurricane can be problematic since Florida is so populated.

As far as flood insurance, my insurance agent recommends FEMA flood insurance (obtained from regular insurance providers) over private flood insurance from the insurance company itself because of the risk of getting dropped for both your flood and homeowner’s for filing a flood claim with a private company that issues both policies.

As time goes on, you will become more interested in tracking hurricanes. Here is a great site where you can see the European model (AKA ECMWF – the most accurate now). Hit the play button in the lower left to see the weather prediction for the next week. Very useful during hurricane season.

https://www.windy.com/?28.573,-80.821,5

Also
http://flhurricane.com/

Good luck and enjoy Florida.

Curious as to what insurance costs in NC.

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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Thu Jun 13, 2019 1:34 pm

Any other votes for ASI?

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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Thu Jun 13, 2019 1:52 pm

Sorry, just missed this. Thanks for the Tower Hill and discount recommendations. Can your independent agent service the Orlando area?
I've used two insurance agents so far and have only been quoted for ASI and Florida Family. I contacted Amica and USAA myself. But I seem to recall reading somewhere that Tower Hill is well-regarded.

For homeowner's insurance with Amica, in Johnston County, NC (close to the border of Wake County / Raleigh, NC), it looks like I paid a total premium of $680 for a policy that spanned 2018 and 2019. Home was around 2,400 sq ft, built in 2006. Had a $2,500 deductible. No separate Hurricane insurance since it's central NC and we never carried Flood Insurance.

Thanks also for the Flood Insurance recommendation and Hurricane Tracking links.
Rocco Sampler wrote:
Wed Jun 12, 2019 7:29 pm
You might want to check out Tower Hill. They have been there for me and for my neighbors and are very nice to work with and have reasonable rates (at least for us). I am renewing this year and they are offering a $1000 hurricane deductible for almost exactly the same price I was paying for a 2% hurricane deductible last year. Not sure if that is only for renewals or for new customers too. I get my homeowner’s insurance through an independent agent. You may try for discounts that include: hip roof, “peel and stick” roof underlayment, hurricane shutters, impact resistant doors and garage door, and nail spacing for the roof deck attachment. If you’re in the middle of the state the chances of you getting clobbered by a hurricane are small, but it’s the tornadoes on the northeast side of the hurricane eye that cause the most damage. You could lose power and water so please be prepared. Also getting out of the state during a hurricane can be problematic since Florida is so populated.

As far as flood insurance, my insurance agent recommends FEMA flood insurance (obtained from regular insurance providers) over private flood insurance from the insurance company itself because of the risk of getting dropped for both your flood and homeowner’s for filing a flood claim with a private company that issues both policies.

As time goes on, you will become more interested in tracking hurricanes. Here is a great site where you can see the European model (AKA ECMWF – the most accurate now). Hit the play button in the lower left to see the weather prediction for the next week. Very useful during hurricane season.

https://www.windy.com/?28.573,-80.821,5

Also
http://flhurricane.com/

Good luck and enjoy Florida.

Curious as to what insurance costs in NC.

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Rocco Sampler
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by Rocco Sampler » Thu Jun 13, 2019 2:41 pm

I sent you a PM on my independent agent contact info.

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Rocco Sampler
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by Rocco Sampler » Thu Jun 13, 2019 2:44 pm

You can contact Tower Hill directly if you can't find an independent agent - https://www.thig.com/ . The home page has a "Find An Agent" search link on the right side, half way down of home page where you can search by zip code.

Broken Man 1999
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by Broken Man 1999 » Thu Jun 13, 2019 2:52 pm

We have a hurricane deductible of 2%, a bit over $6000. We have discount for wind mitigation, upgraded windows, upgraded garage door.

DW is a storm tracker extrordinare, no hurricane will sneak up on us. :D

We are on a sand ridge whose elevation is noticeable from the main artery that fronts our subdivision. We are almost top dead center.

If our subdivision floods, I would expect Noah's ark would be floating by us. Our area would be attractive to flood insurance sellers, as it would be all profit, and no claims.

Right now I pay less than 1% of our home's value for homeowner's insurance. I opted for $500K for liability, so that is a bit over over the 300K limits the neighbors generally carry. We swap insurance info, as generally one of us gets dropped every year as the insurance companies raise/lower their book based on whatever they use. I got dropped this year, so next month agent will be shopping my homeowner's policy.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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synthfan23
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Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Thu Jun 13, 2019 4:41 pm

Broken Man 1999 wrote:
Thu Jun 13, 2019 2:52 pm
We have a hurricane deductible of 2%, a bit over $6000. We have discount for wind mitigation, upgraded windows, upgraded garage door.

DW is a storm tracker extrordinare, no hurricane will sneak up on us. :D

We are on a sand ridge whose elevation is noticeable from the main artery that fronts our subdivision. We are almost top dead center.

If our subdivision floods, I would expect Noah's ark would be floating by us. Our area would be attractive to flood insurance sellers, as it would be all profit, and no claims.

Right now I pay less than 1% of our home's value for homeowner's insurance. I opted for $500K for liability, so that is a bit over over the 300K limits the neighbors generally carry. We swap insurance info, as generally one of us gets dropped every year as the insurance companies raise/lower their book based on whatever they use. I got dropped this year, so next month agent will be shopping my homeowner's policy.

Broken Man 1999
Thanks Broken Man. That's great that you swap homeowner's insurance info with neighbors. Great idea. Seems like homeowner's insurance in FL can be a bit shady and tough to navigate--or remain loyal--due to people getting randomly dropped, etc. Had no trouble like that in Central NC. No way for me to do that now as I'm purchasing in a new construction phase of my subdivision--not sure I have any neighbors, but they're building inventory homes like crazy! But will try to do that in the future. Or perhaps download and register on the NextDoor app for suggestions.

If I can't get in touch with Rocco's suggested independent insurance agent (reached out today, but they may or may not serve Orange County), can anyone recommend a stellar independent insurance agency (and a specific agent you love--or would avoid--within that agency) that does serve Orange County? A PM would probably work well for that and I'd appreciate it. I need to wrap my research up pretty quickly as my Closing is at the end of June.

I'm glad you mentioned the increased liability. I know 100K is too low. And so far it's been standard to see 300K liability in the quotes I've received. About how much extra does going from 300K to 500K add to your premium and what level of value do you see and/or why did you go as high as 500K? I've got a 1 million dollar umbrella policy with Amica. But guess I haven't considered what homeowner's liability coverage really addresses vs. what an umbrella policy does.

The new FL home I'm buying is less than 400K and unfortunately I don't yet have as much as a million dollars in assets. But I'm still curious about what coverages make sense in case of a lawsuit, etc. And perhaps other coverages/riders people forget about or underinsure.

That's funny about your elevation. Flood Insurance must be a fantastic money-maker in Lake County, FL--specifically parts of Clermont and Minneola that are as damn close to mountainous as anywhere I've ever been in FL. :-) Those two towns seem like real elevation outliers. In Central NC, where flooding isn't generally a problem--at least until recently, excepting a few low-lying areas near the Neuse River (saw the news recently about crazy flooding in Raleigh and Rolesville)--I made sure the home I bought was on one of the highest-elevation lots still available for building new homes at the time. Felt bad for the homeowners at the lowest point of the subdivision where the largest drainage areas are. But don't recall anyone having problems other than lawn erosion.

My new place is at a relative low point compared other subdivisions and phases around me. But again, I'm only in Flood Zone X, it's Orlando, and I'd probably purchase Flood Insurance anywhere in FL except perhaps Clermont and Minneola which are hilly as hell.

Topic Author
synthfan23
Posts: 48
Joined: Wed Feb 20, 2019 11:36 am

Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by synthfan23 » Mon Jun 17, 2019 7:34 am

I've now got a Tower Hill quote. And have seemingly gotten Amica to stand-down on its insistence for a wind mitigation inspection in order to qualify for a wind mitigation credit on a new construction Orange County, FL home. They need to generate a PDF quote so I can be sure there's no monkey business going on--e.g. that all coverage levels and endorsements remain the same. They now say they can give me the credit, taking the $1,200 premium down to $800. Hoping to make a decision by COB today.

Re: Flood insurance, I'm still a little hazy. But I suppose I can add that after Closing--although there may be a 30 day wait period; could a 30 day wait period prior to Closing as well. Dunno. But we close is less than two weeks so I need to wrap things up. Any last thoughts would be much appreciated.

Cash
Posts: 1396
Joined: Wed Mar 10, 2010 10:52 am

Re: How high of a Hurricane Deductible in FL? And is all Flood Insurance created the same?

Post by Cash » Sun Jun 23, 2019 3:24 pm

Florida has a weird insurance market. We went with St. Johns Insurance Company. I had never heard of them until my independent agent recommended them.

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