East of Houston Texas, Harris County. Got rid of State farm and got a better rate in 2022 $1764. Next year $1998. This year 3708. No claims, no changes. 40 year old simple 1500 ' home. I remember my Dad, he always said if he would have just put the payments in S&P or something he would be way ahead. They were broken into one time, and ins company treated them as if they were liars. No telling how much it will be 5-10 years from now. My DIL is my agent, she said it is chaos now, and is shopping around.
Home insurance increase
- Thread starter rekit
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I don't like hearing that at all. And I'm just a county north of you. I had a company do that to me years ago and I dumped them in a heartbeat. I suspect it wouldn't be so easy right now.
Ditto here in eastern NC. Got a notice of non-renewal last week from my ins. company. Had a long conversation with my insurance broker today. She is scrambling to find a replacement. Last year my carrier canceled on the beach house. State of NC was forced to insure my house and loads more because no company wants to continue betting against hurricanes.
c'est la vie
c'est la vie
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That's how that works . You just switch insurance companies every couple years .
Except this time is different - the market is very hard. Any low priced market today is unlikely to be a sustainable, long term option. And once your new low cost carrier leaves the state, you will have nowhere else to go.
Yeah, I get that but you have to go with low price, anything else is speculation, you can be right or wrong but shouldn't be a deterrent to getting the best possible price.
Exactly, our last home of 15 years I had at LEAST 5 different home insurance companies over those years. My rates were low ONLY because anytime of any type of increase I would find a better price. When we just sold our 3000 sq ft home our insurance was still at or below $1,400 and that was the highest we paid in those 15 years. We always carried robust liability too.
We are now on the coast and paying that same $1,400 for a much smaller but new home because we are new on the coast but other companies quoted us $500 to $1000 more per year.
Same goes for our vehicles, I NEVER accept an increase unless after checking at least 5 other companies someone can't beat it.
Anytime I find a better price I cancel the existing policy at any point in that policy. I do not wait until the policy period ends, they send you a refund for the unused period of the policy. I have at times renewed home insurance by the year only to find a better price a month later and cancel the policy I just renewed.
I could case less what company insures me, could care less about anything but the cost. As far as I am concerned I have no clue why some feel loyal to a company that charges more for the same exact product that you will most likely never use.
My home computer makes me money.
That isn’t entirely correct. You have to make an educated decision on choosing a sustainable market that has the capabilities to deliver the claims and service expertise that one may need.
Or go with the theory price rules all else because you can only speculate on what company is better.
For example, didn't some MAJOR HUGE insurance company just pull out of CA? What about the loyalty those people had vs some small no name that is still there.
It's all good, not debating on how you operate we all have our thing, to me, price rules all else. (see post above^^) Ill never change and have always paid the lowest rates that no one can ever believe of people we know, never been burned, never will.
Statistically, it is true that most homeowners never experience a claim...
However, some of the smaller carriers may sub out their claims to a 3rd party. Or they do not have strong in-house expertise when you have a difficult liability claim. It really depends what you're looking for.
My agent said on Tuesday that everything increased across the board this month. My dump truck insurance went up 30% this month. 27, no claims, no driving record issues. I dread getting the bills for the rest of the vehicles.
OP, you are near hurricane risk areas so expect further rate increases. I recall this week an article where some major companies are going to add hurricanes as exclusions to their policies. I dont understand how an insurance company should be allowed to even do that in the first place. Nuclear bombs and riots i kind of understand, but hurricanes? No.
How is NC State insurance?
Do you have to prove you can not get insurance or are the rates so high you want to avoid unless forced into it?
As far as your other house, have you checked to see if Progressive will cover you?
You MAY have an out. MAY be able to appeal with either FEMA or mortgage company I cant remember and maybe it's not allowed anymore. I remember a case from a while back that someone got the decision to require flood because it was just a driveway.
Dont misunderstand my post though. I am not sure if this is possible anymore, just encouraging you to look to see if exceptions are made. Granted though, the garage is structure and driveway not. Yeah, FEMA has been adjusting re-evaluating flood maps for a while now, actually I doubt they ever stop. Ive become pretty good using their mapping over the last year since we were looking an ultimately bought a new home. In one case in Florida one home bottom quarter of the driveway touched a flood zone but didnt pursue it as we moved to the NC coast. We have a flood zone literally at the end of our block but in this case not salt water but fresh water.
I guess now I have to hope the zone never gets moved our way.
The cost to rebuild or repair your house (or vehicle) has increased dramatically lately.
Rekit, you would not be the first person who quit paying ahead of time for a claim and just put the 4000 dollar year money aside and came out further ahead. .
I think what happens is if there are no underwriters the state puts you into a pool and gives you coverage. I'll have to go back and check that out. I do remember that my ins lapsed for three weeks until the state stepped in and my mortgage company forced me to pay for insurance they provided after the lapse. It was a stinky situation even though it wan't my fault.
I live in a high fire danger zone. When I bought my home in 2019 no insurance companies would write a policy that included fire insurance. I had to buy separate fire coverage through a State mandated pool called California Fair Plan and then a conventional homeowners plan that covered everything else.
The California Fair Plan coverage has increased by about $100 per year and is currently almost $1900 annually. But this year my homeowners policy tripled. Many insurers simply won't write a policy at all in California in high fire danger zones and they all claim to have suffered huge losses after the last few seasons of wildfires. So to insure my home now it's costing close to $3800 per year. For a retiree on a fixed income that's a big chunk of money. We are basically hosed.
The California Fair Plan coverage has increased by about $100 per year and is currently almost $1900 annually. But this year my homeowners policy tripled. Many insurers simply won't write a policy at all in California in high fire danger zones and they all claim to have suffered huge losses after the last few seasons of wildfires. So to insure my home now it's costing close to $3800 per year. For a retiree on a fixed income that's a big chunk of money. We are basically hosed.
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