Our "offer" from Slide insurance was high enough that when I calculated the future value of the stream of payments for 18 years, assuming 10% increase each year (not the 250% increase of the "offer") and a 7% interest rate, the value of those payments is higher than the coverage amount. They seem to be underwriting like every single house they insure will be a total loss every 20 years.

But the house is built in 1940, so has stood for 83 years, and the one I moved from is over 100 years old now and still in good shape with no insurance claims. Every house in Tampa isn't knocked down every 20 years.

I do think Citizens is undercharging, mainly because the state lets the for profit insurance agencies cherry pick properties so they get the ones left out. But Slide is a scam, those rates are not at all reasonable, anyone who had enough money to cover the same coverage amount would be way better off self insuring with a restricted cash account.