Home Owner's Insurance Increase

[Tyme2fish]

I just received my bill for next year's home owner's insurance. I darn near fell out of my chair. It is a 22.52% INCREASE over last year's amount.

And that is with $1000.00 deductible.

I have all insurance with the same company. Home, 2 trucks, Umbrella, and boat. I think it's time for me to shop around.

Oh, and I can't wait to see what my self-payed health insurance is going up to next year.

 

[OldePharte]

Re: Home Owner's Insurance Increase

I was nervous about ours, but apparently got real lucky. It went down! By 5 bucks. So then I inquired about adding about $8K in two limited prints and found it costs $15/yr. Whoo Hoo, please add. What about upping my deductible to $1,000? Saves $5/yr. Okay, forget that one.

I have 2 houses and 3 cars with the same company. The second house policy doesn't expire for several more months, so I'll cross my fingers on that one.

My company retired health insurance remained the same with exact same coverages.

Sorry about your situation.

 

[roscoe]

Re: Home Owner's Insurance Increase

Many of us have gone through this in the last year.
Some companies have gone thru heavy losses, and are jacking up rates.

And there has apparently been some Federal insurance law changes that requires them to cover homes at current replacement costs, at least in some states.

 

[tommays]

Re: Home Owner's Insurance Increase

When i think about the last Long Island hurricane which was not really that bad in 1985 the fact that we had the big one for real in 1938 and

"#8 on the list of the top ten most vulnerable mainland U.S. areas to hurricanes, released this year by the International Hurricane Research Center."

I am kind of happy i can get insurance and i live in the middle of the island with the only real worry of wind damage

 

[NelsonQ]

Re: Home Owner's Insurance Increase

Our homeowner policy increased by more than 50% up here in Canada. On average, the policy were increasing higher than that.

They came to do an inspection, and told us just on the hikes, that homeowner policies were going up 50-100%.

I had a $200 deductible but changed a few things to drop that to about 30%....

Can't do anything about the necessary evils. All insurance companies are doing it.

 

[DayCruiser]

Re: Home Owner's Insurance Increase

My health insurance went up again this year. My home owners insurance went up $100 per year from last. Electric Power bill rate went up from last year.
Greed is booming!

 

[avenger79]

Re: Home Owner's Insurance Increase

taxes and insurance went up on the house

10% on ins
20% on taxes

gotta love legal extortion.

 

[BuzzStPoint]

Re: Home Owner's Insurance Increase

My old insurance company did that to me last year.

My Homeowners was around 580 a year. The new premium was about 960. Yikes. My agent told me with the economic turn down there has been a lot of fraudulent cases so they need to increase premiums. I told him, 5 dollars, 20 perhaps 50 is an increase. But wait... If I hold on till I resign the premium, I can increase my deductible to 4000 apply to become members for an airline and AAA and I can save 40%......

I had new insurance lined up in less then a week.

 

[gonefishie]

Re: Home Owner's Insurance Increase

That "replacement cost" is a bunch of BS. I like to see where they get their figures because there are a tons of brand new houses that are better built than mine. These new houses cost nowhere near what they deemed as "replacement cost". If they can do actual cash value on everything else, why not houses? Everytime I leave my house with the boat, I wish it gets completely destroyed by an asteroid or something. It'd be interesting to see how much I would actually get reimburse when that happens. They would probably make up some BS excuse saying an asteroid is not considered an "act of God" therefore, it is not part of the coverage. Floods, hurricanes, earthquakes are all "act of God" but you have to buy a seperate policy to cover them. Insurance really ticks me off.