Insurance on SFRs skyrocketing in central Florida

[David B.]

I own one SFR just north of Orlando. In Volusia county and a second in Seminole County.

the Volusia insurance doubled rom last year from $950 to $1900. And back  in 2017 it was only $440.

The house in Seminole went from $1200 to $1800 between last year and this.

What gives? Thus seems out of control.

[Tyler Gibson]

Quote from @David B.:

I own one SFR just north of Orlando. In Volusia county and a second in Seminole County.

the Volusia insurance doubled rom last year from $950 to $1900. And back  in 2017 it was only $440.

The house in Seminole went from $1200 to $1800 between last year and this.

What gives? Thus seems out of control.

 Central Florida and Florida in general over the last 10 years saw a lot of bad actors in the roofing and insurance adjusting space promising homeowners they could get them a free roof if they would assign their benefits to them and then filing roof damage claims after any kind of storm event and if the insurance companies denied the claim then filing lawsuits. Now I'm no fan of insurance companies as I have had them deny my legitimate claims in the past but it was these bad actors taking advantage of certain legal loopholes for their own personal gain that has put many of the insurance companies out of business here in Florida. Now there are only a handful of carriers across the entire state that will write policies and many of them have changed their minimum requirements so that homeowners are having to put on brand new roofs or risk being dropped. The Florida legislature has implemented a new law making it illegal for roofers to do direct to consumer marketing through flyers door knocking and cold calling but it appears it may be a little too late. that coupled with frequent storms which is typical for Florida has made insurance in Florida extremely expensive. I myself have experienced this same issue where my insurance rates have doubled. I always suggest to people to shop their homeowners insurance with a good insurance broker every year. This is no guarantee that you'll get the same Rock bottom rates but you'll at least have them competing for your business which will put you in a better position.