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Started By
Message
re: House insurance went up 30% from last year.
Posted on 4/1/23 at 11:32 pm to el Gaucho
Posted on 4/1/23 at 11:32 pm to el Gaucho
You can. We’re thinking of lowering our coverage to help with the premium — at least pricing to see if it makes a difference.
We’re comfortable with our money situation should a roof need replacing, etc. I’m not good should a tornado come through.
Total crapshoot.
We’re comfortable with our money situation should a roof need replacing, etc. I’m not good should a tornado come through.
Total crapshoot.
1
Posted on 4/1/23 at 11:53 pm to tiger91
quote:
We’re thinking of lowering our coverage to help with the premium
Will the insurance company allow this, or do you not have a mortgage? I’ve always been told by them that they have to insure for how much it would cost to replace the residence.
This post was edited on 4/1/23 at 11:57 pm
Posted on 4/1/23 at 11:55 pm to el Gaucho
quote:
pay the house off can I drop insurance on it?
I’ve been strongly considering this. Referred to as “self insuring” of you have adequate funds.
Posted on 4/2/23 at 3:36 pm to NATidefan
Mine went down $139 due to re-stucco of house and roof replacement, whopping $1,357 premium and 0.5% deductible. Cheaper than ATL on more expensive house. A friend and his wife moved to FL in November from Huntsville and now buying a house for ~ $845k 2800 sq ft and he is whining about $3600 HO insurance and I think he is getting a very good price compared to what I see on these posts. Somehow his wife is still getting coverage from USAA as her former husband who was ex-military died 8 or 9 years ago.
Posted on 4/2/23 at 5:28 pm to tirebiter
quote:
Somehow his wife is still getting coverage from USAA as her former husband who was ex-military died 8 or 9 years ago.
My dad was in the Army and got out in 1962. I am a USAA member since my dad was at one time.
Who is an eligible family member?
Spouses, widows, widowers and un-remarried former spouses of USAA members who joined USAA prior to or during the marriage, as well as individuals whose parents joined USAA.
Posted on 4/4/23 at 8:11 am to NATidefan
Well add me to the list of incredible rising Homeowners premiums.
2023 - Allstate - $4408
2022 - Allstate - $3471
2021 - SageSure - $2761
2020 - SageSure - $2308
2019 - SageSure - $2255
A 27% YOY increase. Up 95% over 5 years.
A few notes:
No claims at all during this 5 year period. Actually no claims over all years on this property built in 1996.
Raising replacement costs are the major driving factor.
Switched to Allstate last year because SageSure increase was even higher than what Allstate offered.
All insurance is with one provider for multiline discounts.
I priced new policies a few months ago when my Auto with Allstate went up and decided to stay until now because HO was crazy with other providers. I priced all the major carriers and found Amica was by far the highest on HO although Auto was slightly lower.
With all this said, I'll see what Allstate can do and price my bundle again.
2023 - Allstate - $4408
2022 - Allstate - $3471
2021 - SageSure - $2761
2020 - SageSure - $2308
2019 - SageSure - $2255
A 27% YOY increase. Up 95% over 5 years.
A few notes:
No claims at all during this 5 year period. Actually no claims over all years on this property built in 1996.
Raising replacement costs are the major driving factor.
Switched to Allstate last year because SageSure increase was even higher than what Allstate offered.
All insurance is with one provider for multiline discounts.
I priced new policies a few months ago when my Auto with Allstate went up and decided to stay until now because HO was crazy with other providers. I priced all the major carriers and found Amica was by far the highest on HO although Auto was slightly lower.
With all this said, I'll see what Allstate can do and price my bundle again.
Posted on 4/4/23 at 8:14 am to NBR_Exile
quote:
I'll see what Allstate can do and price my bundle again.
I was dropped by Allstate 15 years ago and they just called me to offer a "win back" quote
Posted on 4/4/23 at 8:43 am to meeple
You’re in good hands
Posted on 4/4/23 at 10:23 am to meeple
quote:For replacement cost policies, this is correct.
I’ve always been told by them that they have to insure for how much it would cost to replace the residence.
Actual cash value policies don't generally require insuring at full replacement value. But hardly anybody writes those types of policies (only LA Citizens as far as I know). And if you insure below 80% of the reconstruction value, then you become a co-insurer based on insurance-to-value percentage. Basically if your house would cost $400k to rebuild but you only want to insure it for $200k, then you're self insuring for half of the claim (plus deductible).
Posted on 4/4/23 at 8:57 pm to ellunchboxo
quote:
have State farm and it only went up $30. I was expecting a lot more.
The reason SF didn’t increase is because they have zero intention of ever settling your, or any future claim. They are just pocketing your premiums & being the good neighbor that they are, will tell you to get fricked when you need them most. With a smile of course.
Ask folks in Lake Charles how they feel about State Farm.
Posted on 4/5/23 at 9:06 am to meeple
People should be allowed to throw money in a tax advantaged account like an HSA for their house.
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