- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Is this type of increase in homeowner's insurance common?
Posted on 6/17/14 at 10:45 am
Posted on 6/17/14 at 10:45 am
In my current house my 1st year of HO insurance was $1,029, my 2nd year it increased $1,299 and now for the upcoming year it's showing $1,806. This seems like an outrageous increase. is this common or should I be furious?
Posted on 6/17/14 at 10:46 am to Fearthehat0307
I'd say it's not common. I've never experienced increases anywhere near the % increases you described, even when I increased my liability coverage.
Call your agent and ask for an explanation.
Call your agent and ask for an explanation.
Posted on 6/17/14 at 10:49 am to Fearthehat0307
Mine has only increased about $400 over 10 years, so yeah that doesn't sound normal. Biggest increase was around Katrina and I wasn't even impacted by it, and it went back down a couple of years later.
Posted on 6/17/14 at 11:01 am to Fearthehat0307
I fear how large my increase will be in the near future. Had a new roof replaced with a hail damage claim less than 12 months into my first year of owning the home.
Posted on 6/17/14 at 11:12 am to mglsu21
quote:I have had no claims since I moved in this increase is absurd. I'm also required to have flood insurance which went $830 to $1026. not as big an increase but still annoying.
I fear how large my increase will be in the near future. Had a new roof replaced with a hail damage claim less than 12 months into my first year of owning the home.
Posted on 6/17/14 at 11:36 am to Fearthehat0307
quote:
n my current house my 1st year of HO insurance was $1,029, my 2nd year it increased $1,299 and now for the upcoming year it's showing $1,806. This seems like an outrageous increase. is this common or should I be furious?
No claims? Same coverage? If so, then you are being taken advantage of. At a minimum I'd call my agent and ask them what the hell is going on. I'm not even sure I'd give them a chance to correct it unless they have a really good explanation. I'd probably bail the first chance I got.
Posted on 6/17/14 at 11:45 am to elposter
Meh, it's not the agent's fault. If you're agent is independent just call and firmly but politely have them shop it with other carriers. If your agent is captive, then call an independent agent.
Posted on 6/17/14 at 11:50 am to iknowmorethanyou
quote:just got off the phone with them. they said they don't know why it increased so much but they can get me quotes from elsewhere. said they would get back to me in a couple of days. does it take that long or is this more nonsensical frickery?
Meh, it's not the agent's fault. If you're agent is independent just call and firmly but politely have them shop it with other carriers. If your agent is captive, then call an independent agent.
This post was edited on 6/17/14 at 11:51 am
Posted on 6/17/14 at 12:19 pm to Fearthehat0307
The first increase could have just been an accross the class increase.
The second increase is not normal. They had to have made a significant change to the policy - increased limits perhaps - or changed your rating class.
I would not be satisfied with the "we don't know, we'll shop it" line. They (the agent) needs to call the insurer and ask what is going on.
If they are busy, I can see it taking a couple of days to get some quotes and get back to you.
When does the policy renew? I'd call your current agent back and ask them to try harder. If they won't budget, I'd find a new one.
The second increase is not normal. They had to have made a significant change to the policy - increased limits perhaps - or changed your rating class.
I would not be satisfied with the "we don't know, we'll shop it" line. They (the agent) needs to call the insurer and ask what is going on.
If they are busy, I can see it taking a couple of days to get some quotes and get back to you.
When does the policy renew? I'd call your current agent back and ask them to try harder. If they won't budget, I'd find a new one.
Posted on 6/17/14 at 12:23 pm to LSUFanHouston
All of this. It's not uncommon for an insurer to increase coverage limits...especially if the policy is replacement value. If your agent cannot answer the why...he/she doesn't deserve your business.
Posted on 6/17/14 at 12:43 pm to Fearthehat0307
Who was the coverage with? I know Liberty Mutual has rising a good bit since I went with them 4 years ago.
Popular
Back to top
Follow TigerDroppings for LSU Football News