Non Renewal Fl Penn/High Rate with Citizens

[carivera]

Hi
New to this forum. Hope i am posting correctly.
Inquiring for my son who lives in 33705 zip code in Florida.
His new quote with citizens is $2700. for a 1484 sf living space. Attached garage 300SF. They are requiring $189,000 coverage on the Homeowner Policy. I think that coverage is way too high as they will never have to pay that amount. The chances of the house burning to the ground in the city is pretty low unless the fire department is on strike. Maybe an explosion?? I did a new building cost estimate on line and to build the house from ground up, including foundation was $139,000.

It is a basic tract home built 1979. No upgrades whatsoever. Between insurance and taxes my son would be paying almost $300. monthly. Single father with 3 kids. Can't sell in this market and hope doesn't go into foreclosure.

The prior insurance company required he change out the electrical panel due to it being Federal pacific. That alone was a financial hardship. They cancelled him anyway. He says they didn't give him a reason.

Can someone tell me hat basis do insurance companies specifically Citizens, use to calculate replacement costs on the building

Thanks

 

[aricnul]

feel free to private message me i will be more than happy to try to answer any of your questions as well as see if i can help your son sve some money on his homeowners insurance

 

[fearsback]

Hi
New to this forum. Hope i am posting correctly.
Inquiring for my son who lives in 33705 zip code in Florida.
His new quote with citizens is $2700. for a 1484 sf living space. Attached garage 300SF. They are requiring $189,000 coverage on the Homeowner Policy. I think that coverage is way too high as they will never have to pay that amount. The chances of the house burning to the ground in the city is pretty low unless the fire department is on strike. Maybe an explosion?? I did a new building cost estimate on line and to build the house from ground up, including foundation was $139,000.

It is a basic tract home built 1979. No upgrades whatsoever. Between insurance and taxes my son would be paying almost $300. monthly. Single father with 3 kids. Can't sell in this market and hope doesn't go into foreclosure.

The prior insurance company required he change out the electrical panel due to it being Federal pacific. That alone was a financial hardship. They cancelled him anyway. He says they didn't give him a reason.

Can someone tell me hat basis do insurance companies specifically Citizens, use to calculate replacement costs on the building

Thanks

You can run an RCE to get the dwelling value. Citizens uses ISO 360 which is known to be high. I would try other companies besides citizens. Email me at [email protected] and we can save your son some money.