My Homeowners Insurance Premium Only Increased 21%
A message from Burke, Bogart & Brownell president, Lee Burke:
Thank goodness, my homeowners’ insurance premium only increased by 21%.
My Tower Hill Homeowners renewal premium increased from $6,851 to $8,263, a jump of 21%. I am thrilled and relieved. How can I be happy with a 21% higher premium? The answer is easy.
I have a 1984 home with a 16-year-old roof. Most insurance carriers will not write a new policy on my home.
Inexpensive Home Insurance is not available for older homes or older roofs. Responsible insurance carriers, like Tower Hill, are renewing policies albeit with premium increases. For an older home/roof, a renewal offer is almost certain to be less expensive than the current market will offer.
Our agency represents over 15 Home insurance companies. Only three are willing to insure my home. The premium offers from these three carriers are $8,620, $11,007, and $13,675. The $8,620 premium was from Citizens and comes with decidedly inferior terms and conditions. A dozen other carriers declined to quote.
Now you know why I’m thrilled with a 21% premium increase.
If you have a renewal offer with a premium increase under 20%, you are fortunate [really]. In the Florida Insurance World, The Law of Supply and Demand has been suspended. There is too much demand and very little supply.
We believe there will be better news in 2024. The 2023 insurance legislation [SB 2A], is curbing the claim fraud and abuse that initiated this insurance crisis. There are signs that the insurance market will improve next year.
We at BB&B are homeowners just like you. We are suffering the same premium increases. We look forward to better insurance news in the months ahead.