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Thread: Increasing costs - insurance and accounts

  1. #1
    Florida Newbie
    Join Date
    Sep 2002
    Posts
    37

    Unhappy Increasing costs - insurance and accounts

    Hello

    Has anyone had their renewals through for Home Insurance.?
    We have a policy with Progressive that has increased by over us$100 to us$1200 on our 3 bed, 2 bath (with new room & wind mitigation deduction premiums) The reason that the increase was so high was due to the increase in claims due to Irma (apparently)
    Just wondered if anyone had any recommendations or thoughts on the premium increase?

    Also our accountant has just advised that they are also increasing their costs for this year. (by approx. US$75) as there are new law changes and new security protocols that have put up the costs of the software. Cost for our accounts (married ) with no ITIN renewal is now us$500.

    I was just wondering what other owners were experiencing - and obviously the bottom line will be that my prices will have to be increased ( or sell the house!!!) but just wondering if anyone else had seen the same? I don't expect prices to stay the same but these both seem high percentage increases.
    Looking forward to some guidance

    Thank you in advance!


  2. #2
    Super Moderator DaveL's Avatar
    Join Date
    Jun 2003
    Location
    High Wycombe
    Posts
    2,398
    I have not been a home owner for a while now as we passed the villa on to younger family members.

    I get asked advice sometimes and still have information but I will add my view until a current owner can tell you what they think.

    I never found doing the U.S. tax return that hard and did it myself for about 15 years. It must have been OK because when we 'sold' the villa within the family it went through all the legal part with no problems. However the $500 does not seem that far out from what I think is now being charged to the new owners.

    My only thought on the insurance is how did you get such a cheap quote. At least 3 years ago I would have expected at least 50% more than that. Are you sure you have a rental dwelling policy which includes the pool screen? If you do then I may have to pass the details on as it seems to be a good deal.

    Let's wait and see what others think.

    Dave
    Dave Lewis


  3. #3
    Florida Expert msmiff's Avatar
    Join Date
    Sep 2005
    Location
    Clevedon, Somerset, U.K.
    Posts
    1,092
    Our insurance (progressive) is now $1569 - 1800sq ft 3 bed / 2 bath, str rental, $500 hurricane deductable.
    Agree with Dave that yours is exceptionally cheap
    P.S. Just do your own taxes & save yourself $500 !!!


  4. #4
    Florida Junior
    Join Date
    Jan 2011
    Posts
    75
    An increase of $ 100 + $ 75 is equal to a rise of $ 3.40 per week Not Bad


  5. #5
    Florida Newbie
    Join Date
    Sep 2002
    Posts
    37
    Thanks for the reassurances - appreciate the time you have all taken to advise.
    For the insurance we have opted for us$1000 hurricane deductible and we have personal liability and rental coverage etc.
    Despite having a Financial Services degree I don't think I could cope with the paperwork and responsibility!


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