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lsuCJ5
LSU Fan
Holly Springs, NC
Member since Nov 2012
759 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
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....


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RTRinTampa
Alabama Fan
Central FL
Member since Jan 2013
2847 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
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 at 12:01 pm


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Palmetto98
Clemson Fan
Palmetto State
Member since Nov 2021
110 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
I’m a broker, if any Texas baws need some help , hit me up and I’ll take care of you :)


tide06
Alabama Fan
Member since Oct 2011
5356 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
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.


Weekend Warrior79
LSU Fan
Member since Aug 2014
9693 posts
 Online 

re: Anyone else seeing crazy increases to homeowner's inusrance?
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


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JumpingTheShark
USA Fan
America
Member since Nov 2012
20847 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
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.


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Tbooux
LSU Fan
Member since Oct 2011
1650 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
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.


Tiger Prawn
Member since Dec 2016
19053 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
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
This post was edited on 1/15 at 9:41 am


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ecb
LSU Fan
Member since Jul 2010
7848 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
Price gouging


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Kandy477
Member since Jan 2022
7 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
I can't say I agree. I own a business and I'm more profitable than I've ever been.


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LSU316
Houston Astros Fan
Rice and Easy Baby!!!
Member since Nov 2007
26867 posts
 Online 

re: Anyone else seeing crazy increases to homeowner's inusrance?
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.


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LSU316
Houston Astros Fan
Rice and Easy Baby!!!
Member since Nov 2007
26867 posts
 Online 

re: Anyone else seeing crazy increases to homeowner's inusrance?
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 bull shite 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.


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MrLSU
Harvard Fan
Paris, Lake Como, Monaco, Marrero
Member since Jan 2004
19952 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
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.


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fightin tigers
Downtown Prairieville
Member since Mar 2008
63199 posts
 Online 

re: Anyone else seeing crazy increases to homeowner's inusrance?
Went up about 150 this year. Didn't have to make any claims though


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Knucklehead
LSU Fan
Member since Oct 2018
225 posts

re: Anyone else seeing crazy increases to homeowner's inusrance?
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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