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Started By
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re: Anyone else seeing crazy increases to homeowner's inusrance?
Posted on 1/12/22 at 12:52 pm to KI5NKM
Posted on 1/12/22 at 12:52 pm to KI5NKM
quote:
I have USAA and my premium went up 25% in one year
shop them. I was shocked how high they were when compared to others for home insurance. you can split it and get auto only from them, I do....
0
Posted on 1/13/22 at 11:59 am to cable
How much did your home value increase in the past year? My home value increased 40%. Happy my insurance only went up 20%.
This post was edited on 1/13/22 at 12:01 pm
Posted on 1/13/22 at 4:47 pm to cable
I’m a broker, if any Texas baws need some help , hit me up and I’ll take care of you :)
Posted on 1/14/22 at 9:41 pm to Palmetto98
Most majors won’t even write new policies in hurricane zones anymore and that doesn’t even cover what’s happening with flood insurance rates.
Posted on 1/15/22 at 7:01 am to cable
Mine went up around 30% because they arbitrary increased the coverage limits by 26%. Spoke to my broker and he told me it’s what all companies are doing around the gulf coast. Once we get the repairs from Ida complete, he will shop the insurance around. Ironically, can’t shop it around because the insurance is playing their games of screw over the homeowner
Posted on 1/15/22 at 7:28 am to tide06
I can’t fathom dealing with insurance in hurricane zones, feel like every single person I ever talk to says their insurance does everything they can NOT to pay them.
Posted on 1/15/22 at 8:57 am to cable
You do know that you can set the replacement value of your policy as long as it is more than your mortgage? Do your research on what it would truly cost to rebuild in a total lost and go with that amount and then ask to quote that policy limit. Insurance will constantly try and raise this to gain additional premiums when it’s not necessary.
Posted on 1/15/22 at 9:39 am to Tbooux
Wrong. Your lender might accept any value as long as its above the balance on your mortgage, but that doesn’t mean its your replacement value. Insurance companies use software models to estimate reconstruction cost to determine what to insure a house for. If you or your agent try to fudge the square footage to keep the replacement value lower, carrier will likely catch it on their inspection and raise coverage based on the actual square footage. Replacement cost policies require coverage amount based on actual estimated cost to rebuild
Now if you have an “actual cash value” policy, then you can usually choose any amount for your coverage. But ACV policies mean you won’t recover depreciation in any claim and if your coverage amount is below 80% of reconstruction value then you’re considered a co-insurer and would have a co-insurance penalty applied to the claim, then your deductible. So if your home’s true replacement value is $200k and you only insured it for $120k, you’re insured 60% to value. So when there’s a claim, depreciation factors in, then 40% co-insurance penalty, then whatever your deductible is. If you think insurance screws you now, try dealing with an ACV policy and co-insurance penalty
Now if you have an “actual cash value” policy, then you can usually choose any amount for your coverage. But ACV policies mean you won’t recover depreciation in any claim and if your coverage amount is below 80% of reconstruction value then you’re considered a co-insurer and would have a co-insurance penalty applied to the claim, then your deductible. So if your home’s true replacement value is $200k and you only insured it for $120k, you’re insured 60% to value. So when there’s a claim, depreciation factors in, then 40% co-insurance penalty, then whatever your deductible is. If you think insurance screws you now, try dealing with an ACV policy and co-insurance penalty
This post was edited on 1/15/22 at 9:41 am
Posted on 1/15/22 at 3:29 pm to cable
Price gouging
Posted on 1/16/22 at 3:38 pm to fwtex
I can't say I agree. I own a business and I'm more profitable than I've ever been.
Posted on 1/16/22 at 4:55 pm to cable
Mine tried to go up on me nearly 30%...I had my agent put it out for quotes with other companies and I got a quote back for only like a $300 increase.
Posted on 1/16/22 at 5:00 pm to Tbooux
quote:
You do know that you can set the replacement value of your policy as long as it is more than your mortgage? Do your research on what it would truly cost to rebuild in a total lost and go with that amount and then ask to quote that policy limit.
I don't think any of this is right.
The insurance companies set what they think your replacement cost is.
It is a bullshite number for sure because where I live I took out a mortage for 219,000 for my house I could sell it today for probably 300K at least. The insurance companies cost to rebuild is near 500K....I asked around with some builders that are friends to spitball it for me and they said they could easily rebuild my house from the ground up for 300-350K. So yeah I think its true that the insurance companies screw you on the replacement value, but I think it is incorrect to think there is much you can do about it.
Posted on 1/16/22 at 5:06 pm to cable
7 carriers pulled out of Louisiana this year and a number of others have retreated from any area within 3 miles of the coast or a major body of water (ie Lake Pont/Borgne).
Will calm down in about 36 months pending now more major hurricanes in the area.
Will calm down in about 36 months pending now more major hurricanes in the area.
Posted on 1/16/22 at 5:54 pm to cable
Went up about 150 this year. Didn't have to make any claims though
Posted on 1/16/22 at 7:11 pm to Tiger Prawn
quote:
Replacement cost policies require coverage amount based on actual estimated cost to rebuild.
This is correct. BTW, mortgage balance is irrelevant when determining replacement cost.
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