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Message
Home Insurance - Increased premiums
Posted on 2/14/15 at 8:27 pm
Posted on 2/14/15 at 8:27 pm
I understand the cost of doing business increases over time. But I'm curious about my home insurance policy with ASI and will be calling them next week to discuss my renewal. I got the renewal policy today, and the annual premium increased $250 from last year, as it has done each of the 4 years I have had the house.
Is this common for the insurance to increase by that much (approx 10%) even though I've never had a claim?
Is this common for the insurance to increase by that much (approx 10%) even though I've never had a claim?
5
Posted on 2/14/15 at 8:46 pm to Boh
Not if you haven't had a claim. Has your property value increased? Have you added any scheduled items on the policy? If the value of the insured property hasn't changed I would shop around.
Posted on 2/14/15 at 10:07 pm to RebelExpress38
Policy hasn't changed and still has the same deductibles. Property value has not changed either- price/sqft is about the same in he neighborhood as when we started the policy.
Eta: Any companies the board recommends checking?
Eta: Any companies the board recommends checking?
This post was edited on 2/14/15 at 10:08 pm
Posted on 2/14/15 at 10:13 pm to Boh
We live in Louisiana---as you well know...Unfortunately, more than likely you will experience some kind of increase every year. That is just the way things are.
Posted on 2/15/15 at 12:25 pm to Boh
Was your house a new construction when you bought it? Your age of house discounts are wearing off.
Posted on 2/15/15 at 1:07 pm to Chad504boy
Mine has done this with both my residence and my rent house as well.
Posted on 2/15/15 at 1:12 pm to JBM210
Asi is super cheap w new constructions but those discounts are spread out maybe 5 years or so
Just gotta shop and compare options and coverages
Just gotta shop and compare options and coverages
Posted on 2/15/15 at 2:09 pm to Boh
You should shop your home and car insurances eat least every two years.
Posted on 2/15/15 at 2:13 pm to Chad504boy
House was built in 1980, we bought in 2010. ASI was the cheapest option for the hurricane deductible of $1,000 that we wanted. Just need to shop around and see if anything would be better. Haven't had a claim on the house but like you said maybe whatever discounts they were including have gone away even though it wasn't new construction.
Posted on 2/15/15 at 2:56 pm to Boh
Just shop Maison is cheaper but crappier co
Posted on 2/15/15 at 11:22 pm to Chad504boy
Centauri
Posted on 2/16/15 at 6:34 am to Boh
quote:
Is this common for the insurance to increase by that much (approx 10%) even though I've never had a claim?
Your house is probably insured for replacement value not market value and that increases every year with the cost of construction. You can ask your insurance company for a baseline assessment based on your square footage and the type of materials used in the construction of your house. It will still increase every year from that point.
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