So yeah, insurance ...
 
Notifications
Clear all

So yeah, insurance rates DID go up

 
islandjoan
(@islandjoan)
Trusted Member

So our condo's master policy was doubled at the time of renewal.

We were told that insurance rates have doubled and even tripled, on Puerto Rico in particular.

So now my annual insurance bill is way over $3000 a year when you add my condo policy + my HO6 policy.

Anyone else care to share their story?

Quote
Topic starter Posted : April 23, 2018 4:26 pm
speee1dy
(@speee1dy)
Expert

we know someone who had to file a hurricane claim, their policy was cancelled .

ReplyQuote
Posted : April 23, 2018 5:46 pm
Gator's Mom
(@gators_mom)
Trusted Member

My home owners policy, which renewed in February, did not increase in price nor change in terms of what's covered. So far. I fully understand they can re-evaluate and ask for more money or cancel/not renew my policy.

My experience in FL post 2004 and 2005 hurricane seasons was that insurers pulled out of the home insurance marketplace completely and canceled policies giving homeowners 30-60 days to find new insurance - when there wasn't any to be had. Thus, the state-run Citizen's became the insurer of last resort for virtually everyone. New start up home insurance companies started entering the marketplace less than 10 years ago.

In my opinion the greater threat is having policies canceled/not renewed without an alternative - no matter the price. This will become an increased threat if there is a storm in 2018.

ReplyQuote
Posted : April 23, 2018 6:05 pm
islandjoan
(@islandjoan)
Trusted Member

Thanks for the reality check - yeah it could be worse. It's just a shame when a little 1br condo costs over $3000 a year to insure.

ReplyQuote
Topic starter Posted : April 23, 2018 6:42 pm
sttanon
(@sttanon)
Advanced Member

After Marilyn quite a few Insurance companies pulled out. For years there was no requirement for auto policies because of that. I would be curious to see what happens in 2018 and how many companies go under because of claims.....

ReplyQuote
Posted : April 24, 2018 2:18 pm
Gator's Mom
(@gators_mom)
Trusted Member

Insurance in the VI is undergirded by reinsurers that share the risk.

It's unlikely insurance companies will become insolvent - more likely the reinsurers will pull out. Then, policies will be canceled/not renewed by your insurance company because the policies become too risky to underwrite.

After Marilyn quite a few Insurance companies pulled out. For years there was no requirement for auto policies because of that. I would be curious to see what happens in 2018 and how many companies go under because of claims.....

ReplyQuote
Posted : April 24, 2018 2:50 pm
Close Menu