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Started By
Message
Homeowners Insurance up 60% since last year
Posted on 12/27/22 at 11:56 am
Posted on 12/27/22 at 11:56 am
Our HOI is up 60% in one year. They have doubled the cost of our dwelling coverage saying "inflation and labor". Hahahha!!! Who the frick are they kidding? Lumber has crashed all the way back to normal and the housing market is getting crushed.
We all know they are FOS. But if every insurance agency we call says the same thing....then what? Cuss them over the phone then pay whatever they want?
ETA:
This is getting pretty repetitive now as new people filter through, misunderstand the original post, and come pick a fight over nothing. So I'm bringing this explanation forward since no one is getting that far in the thread before they get butthurt.
"They" isn't you. Relax.
We all know they are FOS. But if every insurance agency we call says the same thing....then what? Cuss them over the phone then pay whatever they want?
ETA:
This is getting pretty repetitive now as new people filter through, misunderstand the original post, and come pick a fight over nothing. So I'm bringing this explanation forward since no one is getting that far in the thread before they get butthurt.
quote:
In my original post, I had no intention of saying which company I was with or even so much as the gender of the rep we were speaking to. So I used THEY instead of Safeco and she. And then you all took my discretion as blasting all insurance agents.
And when I said I'd cuss any company who claimed lumber prices were the reason for the hike, that really sent you all over the edge. EVEN THOUGH YOU AGREE ITS NOT LUMBER!
"They" isn't you. Relax.
This post was edited on 12/29/22 at 1:03 pm
12
Posted on 12/27/22 at 12:19 pm to BarleyPop
Talk to your agent/broker about getting an appraisal to challenge the rebuild cost (or whatever it’s called that they use to assess the value). You need to discuss with broker/agent because it’s a specific type of appraisal and if you order the wrong one you’ll be paying for 2.
And while material costs have come down, wouldn’t say crashed back to normal, labor costs have increased dramatically. You may end up very shocked at what the true rebuild cost of your home would be.
And while material costs have come down, wouldn’t say crashed back to normal, labor costs have increased dramatically. You may end up very shocked at what the true rebuild cost of your home would be.
Posted on 12/27/22 at 12:26 pm to Weekend Warrior79
Thanks for that.
So lumber prices are all the way back to normal on the chart I'm looking at. Are you saying those prices aren't reflected on the ground yet?
I've seen guys in this forum say they personally knew of entire staffs getting laid off in housing construction right now. Is that false? Are contractors working non stop with all the housing demand right now?
Lastly, if the cost to rebuild my home is double what we paid for the entire property, does that mean I can sell it for double. :/
So lumber prices are all the way back to normal on the chart I'm looking at. Are you saying those prices aren't reflected on the ground yet?
I've seen guys in this forum say they personally knew of entire staffs getting laid off in housing construction right now. Is that false? Are contractors working non stop with all the housing demand right now?
Lastly, if the cost to rebuild my home is double what we paid for the entire property, does that mean I can sell it for double. :/
Posted on 12/27/22 at 1:01 pm to TDTOM
Yes! I'm waiting on a call back right now. Bout to order this appraisal warrior just turned me onto.
Posted on 12/27/22 at 1:40 pm to BarleyPop
quote:Why don't you call a contractor then and ask for a ballpark cost would be on a new build for the size house you have?
We all know they are FOS
quote:Probably not going to find many insurance agents that want to help you if that's the attitude you take with them first time on the phone. But good luck
But if every insurance agency we call says the same thing....then what? Cuss them over the phone then pay whatever they want?
Posted on 12/27/22 at 1:53 pm to Tiger Prawn
quote:
Why don't you call a contractor then and ask for a ballpark cost would be on a new build for the size house you have?
Maybe read the post above yours? Where i say I'm ordering an appraisal per warrior's advice...
quote:
Probably not going to find many insurance agents that want to help you if that's the attitude you take with them first time on the phone. But good luck
I havent talked to anyone because yes, I'm going to call them on all their easily disprovable BS and be ruthless about it. So my sweet wife handles all the communications. They only get me after shitting on her with a bunch of lies.
Posted on 12/27/22 at 1:55 pm to BarleyPop
My agent says hardly no one can get written with Safeco so I'd be happy.
Posted on 12/27/22 at 2:03 pm to tygerfan1
quote:
My agent says hardly no one can get written with Safeco so I'd be happy.
Am I posting in a Safeco corporate thread or something? Why the downvotes? Why are you people ok with your insurance doubling based on false premises?
Lumber is exactly where it was pre pandemic. Contractors aren't busy. My home wouldn't cost double the price from 1 year ago to rebuild.
But you better believe I'm going to get contractors and appraisers out here to verify that. And when they do, i'll get my premium lowered. If it turns out my house is twice as expensive as I thought, then rest assured I'll make the most of that too.
This post was edited on 12/27/22 at 2:05 pm
Posted on 12/27/22 at 2:10 pm to BarleyPop
No upvotes and 4 downvotes. I must have found the Money Talk subforum:
Sissies and Insurance Agents
Sissies and Insurance Agents
Posted on 12/27/22 at 2:20 pm to BarleyPop
No upvotes and 4 downvotes.
--
People likely downvoting your rate increase.
--
People likely downvoting your rate increase.
Posted on 12/27/22 at 2:23 pm to BarleyPop
They're downvoting because the rate increase is absurd. You would be happier if they were giving a thumbs up to your predicament?
Posted on 12/27/22 at 2:23 pm to BarleyPop
Lucky you. Mine was non renewed after 7 years with no claims. New company is triple the old policy, but now is replacement cost
Posted on 12/27/22 at 2:28 pm to DRock88
quote:
They're downvoting because the rate increase is absurd. You would be happier if they were giving a thumbs up to your predicament?
Ha. We are back into "Post Theory 101" that I've found myself debating numerous times recently.
An upvote agrees with me that the situation is f'ed up. A downvote says i need to shutup and take it.
Posted on 12/27/22 at 2:29 pm to Gevans17
I had Lighthouse, which went kaput after Ida. Now I have a combo of Allstate and Citizens, which is more expensive but luckily not too terribly much...yet.
Posted on 12/27/22 at 2:30 pm to Gevans17
quote:
Lucky you. Mine was non renewed after 7 years with no claims. New company is triple the old policy, but now is replacement cost
So, Ladies and Gentlemen of Money Talk, what is the solution to this insanity?
Posted on 12/27/22 at 2:32 pm to BarleyPop
If I need to move out of Louisiana because the 49th ranked state wants to be 1st in Insurance...I happily will.
I'm not having everyone's fishing camps in Grand Isle covered by my premium.
I'm not having everyone's fishing camps in Grand Isle covered by my premium.
This post was edited on 12/27/22 at 2:36 pm
Posted on 12/27/22 at 2:37 pm to BarleyPop
I'm not having everyone's fishing camps in Grand Isle covered by my premium.
--
Don't confuse home owners with flood insurance.
Check with SafeCo.
Posted on 12/27/22 at 2:41 pm to ItzMe1972
quote:
Check with SafeCo.
I will. I've heard nothing but good things. I heard they are hard to get signed up with though...
Posted on 12/27/22 at 2:46 pm to BarleyPop
I have Safeco that will be renewing in July. My neighbor has Safeco as well and his rate just went up 60%. My autos are with Safeco and they went up 35%. My agent shopped it around and progressive gave me more coverage for $130/month less.
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