I did some test quotes and was surprised to find that when adding the optional $100k contents and $15k loss of use, in most of my quotes the total premium exceeds the old rate for the same coverages. Without adding the additional coverage for these same risks the new rate price was cheaper most of the time… Looks like the rate for the basic policy went down, but the price to increase the optional/additional coverages went up.
Now when the big one hits, the insurance companies can scream that their rates are not adaquate and the try and justify a 100% increase. I wonder what will happen in FL if this hurricane season turns into nothing?
Just got my new policy from CEA. My policy actually more than doubled. Last year it was 197.00 for the year, this year it\’s $444.00 for the year. Identical coverage. I called CEA and they confirmed the rates have increased.
How can you say rates are going down when they have more than doubled? Better do some homework.
I’m trying to fiqure this whole thing out. I got my new CEA notice today through State Farm and was outraged that it went from $1,296.00 to $1,912.00. I have never seen a decrease. Every year it goes up.
I agree, I am a State FArm agent, and I am very upset over the increases too. I have a current client whose rate went up 46%. It’s crazy, and even I can’t find anyone who can explain to me why the rates are so high!
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I did some test quotes and was surprised to find that when adding the optional $100k contents and $15k loss of use, in most of my quotes the total premium exceeds the old rate for the same coverages. Without adding the additional coverage for these same risks the new rate price was cheaper most of the time… Looks like the rate for the basic policy went down, but the price to increase the optional/additional coverages went up.
Now when the big one hits, the insurance companies can scream that their rates are not adaquate and the try and justify a 100% increase. I wonder what will happen in FL if this hurricane season turns into nothing?
Just got my new policy from CEA. My policy actually more than doubled. Last year it was 197.00 for the year, this year it\’s $444.00 for the year. Identical coverage. I called CEA and they confirmed the rates have increased.
How can you say rates are going down when they have more than doubled? Better do some homework.
Mine went up from $900 to $1350! What coverage do you have for $444?
Hi Bill,
I\’m with Liberty Mutual and the policy is through them with CEA. The CEA rates depend on your location as well as house and year built.
Joe
I’m trying to fiqure this whole thing out. I got my new CEA notice today through State Farm and was outraged that it went from $1,296.00 to $1,912.00. I have never seen a decrease. Every year it goes up.
I agree, I am a State FArm agent, and I am very upset over the increases too. I have a current client whose rate went up 46%. It’s crazy, and even I can’t find anyone who can explain to me why the rates are so high!