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Message
Has anyone else experienced massive Homeowner coverage costs: Dwelling/PP/Other structure?
Posted on 2/11/24 at 1:22 pm
Posted on 2/11/24 at 1:22 pm
Mine has increased nearly $300K in wait for it...
(2) years! TWO frickING YEARS.
No claims EVER!
Mortgage is several hundred dollars higher than just a decade ago with fixed interest. The increase is majority insurance related and the rest of mortgage increase from our brain dead tax assessors office. Is there anyone left besides USAA & State Farm to shop around?
(2) years! TWO frickING YEARS.
No claims EVER!
Mortgage is several hundred dollars higher than just a decade ago with fixed interest. The increase is majority insurance related and the rest of mortgage increase from our brain dead tax assessors office. Is there anyone left besides USAA & State Farm to shop around?
7
Posted on 2/11/24 at 1:44 pm to NPComb
quote:
Mine has increased nearly $300K in wait for it...
(2) years
quote:
brain dead tax assessors office
People say this, but in my market and most desirable ones in the country that’s an accurate or even low estimate for increase in value since 2020.
The mortgage payment for a new buyer of your home has probably more than doubled since COVID. It sucks, but if you like the home, just be thankful you had it in the first place.
Posted on 2/11/24 at 3:40 pm to NPComb
Yeah....property tax is the most maddening grift there is. Closer to legalized theft.
Posted on 2/11/24 at 4:34 pm to NPComb
quote:
No claims EVER!
They mainly evaluate risk on a grand scale, not your personal history. I have no clue why people think it's just their one file.
Posted on 2/11/24 at 6:09 pm to Billy Blanks
quote:
They mainly evaluate risk on a grand scale, not your personal history. I have no clue why people think it's just their one file.
Don’t people who make claims usually have an insurance hike after?
Posted on 2/12/24 at 7:48 am to TomRollTideRitter
Homeowners insurance doesn’t cover your market value - it covers your replacement cost - which has gone up a lot due to inflation but a $300,000 increase in just a few years, that’s ridiculous and the insurance company has some explaining to do in my opinion. Perhaps it’s due to both inflation driving up the cost to replace AND an automatic provision that covers you for up to an additional 20% in the event you need it after a total loss but holy shite, can’t imagine that would be needed in most circumstances.
Posted on 2/12/24 at 8:51 am to NPComb
Call your agent and ask to do a new replacement cost estimator. Could possibly lower the coverage a bit. That seems like an inaccurate jump. Each policy has a built in inflation guard which increases Coverage anywhere from 2 to 18% and during Covid, they were going sky high but nothing like that.
Posted on 2/12/24 at 9:21 am to NPComb
quote:
Don’t people who make claims usually have an insurance hike after?
My premium was $10 cheaper in 24 than 23 due to a water pipe claim from years earlier coming off my claim history. (State Farm)
Posted on 2/12/24 at 9:27 am to NPComb
I know people with primary homes in coastal areas of Florida who can’t really afford a huge rise in costs and are getting crushed by increases in insurance. The value of the homes have almost doubled in the past 5-10 years, so it creates a dilemma. Some have made the decision to sell and move, others are coming to that decision.
Posted on 2/12/24 at 10:12 am to NPComb
I was pissed with my insurance company as they wouldn’t let me undervalue my home to keep premiums reasonable. I own my home and should be able to only insure it for what I see fit. I paid $276k for the home six years ago and Allstate wanted to insure it for $460k. All I wanted was $300k in coverage nope wouldn’t let me. I believe this is so they can charge more for your deductible so that you never make a claim. Ended up switching to State Farm as they put a much lower valuation and kept premiums more reasonable.
This post was edited on 2/12/24 at 10:13 am
Posted on 2/12/24 at 11:07 am to bayoudude
quote:
All I wanted was $300k in coverage nope wouldn’t let me. I believe this is so they can charge more for your deductible so that you never make a claim. Ended up switching to State Farm as they put a much lower valuation and kept premiums more reasonable.
In most states if you underinsure your home, then you execute a coinsurance clause.
Think of it like your health insurance co-pay without an out of pocket maximum.
The home insurance pays 75% of the claim and you pay 25% (after your deductible is met).
This post was edited on 2/12/24 at 11:09 am
Posted on 2/13/24 at 9:15 am to meansonny
the cost to replace (and value) of your home has increased substantially the past few years. It's logical to assume the cost to insure it will rise with it.
inflation is a mf'er.
inflation is a mf'er.
Posted on 2/13/24 at 9:19 am to NPComb
quote:
Mine has increased nearly $300K in wait for it...
How about you post house details and coverages your insurance had before and now if you want honest talk. Claims don’t matter w regards to replacement cost
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