State Farm recently requested permission from state regulators to raise rates by 30% for homeowners, 52% for renters, and 36% for condo owners. Allstate Insurance just received approval to raise rates by an average of 34%. The increase is hitting some residents hard.
While many are frustrated by the rate increases, some residents may lose their coverage entirely. State Farm, the largest insurance provider in California, disclosed its plans to drop coverage for 72,000 houses and apartments and will not issue new policies in the state.
Seems to be an issue plaguing the southern coastal states. I just met with a client who stated that The Villages in Florida just tried to increase her annual fees by 50%. She stated that they were able to get it down to JUST 25% but I can’t find the news on that final amount. This was from last month:
I don’t recall if she was explicit but she stated that her fees were about $8 grand a year. I don’t know the home value off the top of my head.
A quick google search also found this (from 2022):
If you’ve not received the package containing this sheet, it totals up the estimated cost of the amenities fee, sewer, water, power, trash, phone and cable, insurance, average taxes, and the CDD assessment and shows you a range of $783 to $1,261 per month to live in The Villages. (As of 2021)
The above site goes on to break down all the various fees in greater detail. I found it rather informative.