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Does anyone know what margins the insurance companies make? Like Baz I live in Florida in a small two bedroom CBS home. It has the original no leak 50 year old white concrete tile roof with a good 200 amp GE panel. I pay about $1400 for liability and an extra $1,600 for windstorm as I am east of I-95. I did have the 4-point inspection at my cost to continue my liability insurance and passed with flying colors.
In a couple of years the house is paid and I will definitely drop the windstorm extortion. You have to evaluate the risk, I removed the large tree, used an elastomeric roof paint rated to 150mph, replaced windows and the garage door to hurricane standards. The houses in my neighborhood are so well built that when my neighbor remodeled, he simply took a pressure washer to the interior walls. Worst case scenario I lose my roof and some doors. The walls and foundation will stand and the land won’t blow away, yet I have to insure the full value of the house with a huge deductible. In 20 years there have been no claims. After the last large storm with zero damage about 8 years ago I was cherry picked and put into a company called Florida Pennn at 3X my prior premium with no other options. These rapists kept me for 2 years until I was dumped into a state program that bought it down about a third. Pick and choose the insurance needed but for people like Baz and myself windstorm makes no economic sense. With the deductible you be lucky to get any of the $15,000 cost of a new roof back. I do not have expensive furniture, I do not own expensive artwork, just a couple of TV’s and my cars have their own insurance.
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