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Message
re: Welp - Got My Homeowners Insurance Renewal Today. 52% Increase in Premiums.
Posted on 1/3/24 at 1:19 pm to Chucktown_Badger
Posted on 1/3/24 at 1:19 pm to Chucktown_Badger
quote:
Where in Carolina are you?
South, he says it in his post
0
Posted on 1/3/24 at 1:24 pm to Chucktown_Badger
quote:
Where in Carolina are you?
Outside of Cola
Posted on 1/3/24 at 1:27 pm to RedHawk
quote:
Not sure I would shop around if I lived in Louisiana. Might have a very hard time finding anything comparable and you would be starting over and could face being dropped and being forced into the state's insurance.
This is my fear as well.
Posted on 1/3/24 at 1:28 pm to jorconalx
Then enlighten me.
Posted on 1/3/24 at 2:25 pm to lnomm34
Dwelling insured for $800K. Premium less than $3K/year. Granted, both regular and wind/hail deductible are $15K. But, I look at HO insurance as catastrophic coverage anyway. I’ll risk having to pay a $15K deductible in the rare chance of a catastrophic loss while saving thousands per year in guaranteed premium.
Posted on 1/3/24 at 2:29 pm to riverparish
tons of politics behind the scenes, sure. but there are some real arse problems being dealt with too. reinsurance is becoming a disaster to purchase and obtain. There's a lot of bitching to go around but starting with insurance agents is the most ignorant take of all. They are the front line messengers mostly trying to help people but get shite on constantly. lots of good agents are also getting shite sticks with more political bullshite with some companies writing new business too.
Posted on 1/3/24 at 2:33 pm to lnomm34
quote:
I'm not even sure it's worth shopping around. I'll contact my agent and ask, but needed to vent a bit.
I did. Dropped it from 4100 to 2600. However, went from 1% hurricane to 2%. Thats the only change. New policy is with Allstate.
Posted on 1/3/24 at 2:34 pm to lnomm34
quote:Mine went up 200% last year
52% Increase in Premiums.
Posted on 1/3/24 at 2:36 pm to SaintEB
quote:
New policy is with Allstate.
what insurance company though? could be through allstate but on different paper.
Posted on 1/3/24 at 2:36 pm to MrBarry
quote:
You may have bought the house and had it covered for $300k. 5 years later and they've upped it every year and now your covering a house that has a value of $320k for $500k.
That plus covering it for the appraised value is silly since appraised value includes the land value which isn’t covered during a total dwelling loss.
Posted on 1/3/24 at 2:40 pm to Chad504boy
quote:
what insurance company though? could be through allstate but on different paper.
Policy is Allstate. Not a sub.
Posted on 1/3/24 at 2:43 pm to SaintEB
quote:
Policy is Allstate. Not a sub.
hmmmm.... i'm a little sus.
Posted on 1/3/24 at 2:46 pm to Chad504boy
quote:
hmmmm.... i'm a little sus.
About?
ETA: I just looked. SureCo. was 4600 actually. 1000 all peril, 1% hurricane. 360K coverage.
Allstate - 2634. - 1000 all peril, 2% hurricane, 345K coverage. everything else is the same.
This post was edited on 1/3/24 at 2:53 pm
Posted on 1/3/24 at 2:53 pm to MikeBRLA
quote:
That plus covering it for the appraised value is silly since appraised value includes the land value which isn’t covered during a total dwelling loss.
correct, and also it's highly unlikely the slab isn't reuseable.
As others have mentioned, you have to recognize what it costs to build a house today. If it's $160sq/ft, and you have a 2000sqft house then you should have at least $320k in coverage, even if your house is only worth $280k on the open market.
Your homeowners insurance is going to continue upping your coverage every single year. Theres no need to keep letting them up the dwellign coverage to something that is well more than what you need. It's up to you what you want it covered for, not them.
Posted on 1/3/24 at 2:59 pm to dyslexiateechur
quote:
I just want my mortgage paid off if something happens
thats bold. have fun receiving a $150-$200k check for your million-dollar house.
Posted on 1/3/24 at 3:01 pm to lnomm34
Mine went up from 2600 to 4100. State Farm offered me $1800. I took it
Posted on 1/3/24 at 3:01 pm to SulphursFinest
quote:
Mine went up from 2600 to 4100.
Farm Bureau?
Posted on 1/3/24 at 3:04 pm to Chad504boy
Most likely National General, they are an All State company
Posted on 1/3/24 at 3:25 pm to jorconalx
Mine went up $3600 after Laura. It basically doubled.
Posted on 1/3/24 at 3:28 pm to lnomm34
i look at insurance for living, the best quotes i am seeing are thru goosehead insurance. I see 3-6 quotes a month.
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