Home insurance increase

[alarmguy]

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.

Yeah, We are near the Sunset Beach area but not on the coast a few miles away. Right now we have a great rate but I think that was the builder who gave us a first year rate from Progressive because NO one came close to the rate they gave us which was $1400.
Even the builder rate was higher until I balked, then magically they knocked $400 off of it.
Hope I am not in sticker shock next year ... Thanks for the info.

 

[2strokeNorthstar]

Same issue in CA. I had Allstate, went up over 100%. They couldn't find me an acceptable deal. I got a list of insurance providers from the Insurance cominissors office and contacted at least 10 before I got a good rate. You just need to put in some work.

 

[alarmguy]

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.

All my educated decisions are made if the company is large enough to provide online quotes they are large enough to handle my insurance claims.

Im unaware of any small companies.
To the best of my knowledge all I ever had is larger companies because I found them online. Off the top of my head without looking and cant say for sure I dont have an error in here but this is the example. ... things like Greco home insurance that was provided through Geico as Homestead Home insurance, Nationwide, Possibly Liberty Mutual and hands down best was Travelers Ins for us. I kept them the longest at about 4 years, then started ever so slowly to creep up and by this time, still good but now we moved to the coast and have a killer low rate from Progressive through our homebuilders agency.
Low price wins with any of these companies and ones like them.

This would be an example but I use lists like this to find companies and websites to go to in order to get quotes. You wont find no name stuff in here... again, just an example. If I cant do it on line I dont bother with the company. Have no interest to talk to anyone.
BTW, not debating saying my way is best. I am just explaining what I do and why. One reason is I love shopping on the computer for everything in life and I make money doing it.

https://www.usnews.com/insurance/homeowners-insurance

 

[The Critic]

All my educated decisions are made if the company is large enough to provide online quotes they are large enough to handle my insurance claims.

By that standard, Jiffy Lube, Goodyear, Christian Brothers and Firestone should all be equally reputable outfits and one needs to look no further.

 

[alarmguy]

By that standard, Jiffy Lube, Goodyear, Christian Brothers and Firestone should all be equally reputable outfits and one needs to look no further.

If they are the only ones in the country that only provide online quotes for home insurance, correct.

 

[The Critic]

For a retiree on a fixed income that's a big chunk of money. We are basically hosed.

And this is exactly why the changing insurance landscape should make folks re-evaluate their priorities. It really doesn't make sense to live in an area with wildfire or flood exposure, especially if you are on a fixed income. The irony is that a lot of folks moved to rural areas because they are cheaper, but now the insurance costs are biting them. I'm one of them.

 

[MSCH]

FEMA adjusted their flood maps in my neighborhood and 1.5 square foot area of my garage is now in a flood zone (it's a flat garage floor BTW). The mortgage company requires a flood insurance coverage... which FEMA sells.

what a scam.

of course it is a scam... you in effect are going to be forced to subsidize some people in truly flood prone areas by being forced to participate... its that or you pay off your house and tell em to go pound sand.

 

[John105]

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.

Never had a claim since 2002, and never paid 4 figures. Phila metro 1300 sq ft 1951 house. I know market value doesn’t really play into it but it’s in the 400’s to give everyone an idea…

 

[odie]

All the weather related catastrophies will eventually ( if not now ) impact everyone with higher insurance costs for vehicle and home . Need to be more vigilant with your financial decisions ( vehicles ( expensive , gas mileage ) , home improvement , credit cards ( rates ) , etc. ) and look further down the road to ease the burden of .

 

[Dave Hess]

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.

I don’t have homeowners insurance and don’t worry about anything that needs repair.

 

[The Critic]

I don’t have homeowners insurance and don’t worry about anything that needs repair.

So if someone slips and falls on your driveway and breaks their hip, you're ready to pay a few hundred grand?

 

[Dave Hess]

So if someone slips and falls on your driveway and breaks their hip, you're ready to pay a few hundred grand?

Yes.

 

[IndyIan]

So if someone slips and falls on your driveway and breaks their hip, you're ready to pay a few hundred grand?

Unless he's left out an oil slick, how can someone slip and fall in Florida on a driveway and successfully sue? Something is pretty broken if random frivolous lawsuits against someone are a common thing....

 

[rekit]

I wish I could find the article that showed how fema is "redistributing" flood risk. It showed how a homeowner with no risk was paying hundreds more that someone next to the beach this year. I think it was on the news?
I also love how ins companies send you those **** "replace page 6 with this, remove paragragh 4 and replace it with this" BS. $4000 I should at least get a new book.

 

[Cujet]

I wish I could find the article that showed how fema is "redistributing" flood risk. It showed how a homeowner with no risk was paying hundreds more that someone next to the beach this year. I think it was on the news?
I also love how ins companies send you those **** "replace page 6 with this, remove paragragh 4 and replace it with this" BS. $4000 I should at least get a new book.

I don't live in a flood zone and despite some epic hurricane rainfall, no flooding at all. My flood insurance is something like $600/yr. Compared to the other insurances I pay, that's a bargain.

In line with the rising cost of insurance in general, it is no longer unusual to pay $70K per year in taxes and insurance in my location. $35K for 2 health ins, $18K RE tax, $12K+++ hurricane ins, $6K auto, etc.

 

[alarmguy]

I wish I could find the article that showed how fema is "redistributing" flood risk. It showed how a homeowner with no risk was paying hundreds more that someone next to the beach this year. ...

Something has to be wrong with this. If there is no flood risk there is no need for flood Insurance

 

[alarmguy]

One has to remember, if you dont have to borrow money fro someone or a bank to buy a house you do not have to buy insurance or if you pay off your home you do not have to buy insurance. Much insurance products are not use by the wealthy or self sufficient.

In the USA though, many but not all, align themselves with banks their whole lives and those banks have a right to dictate the terms should you chose to use their money.
@Dave Hess decides not to carry insurance.

Dont get me wrong, I am not promoting not getting insurance but I am saying it is an option to buy it. It is not a requirement unless you are using someone else's money..

 

[RhondaHonda]

Ours almost doubled this year too. I’m at $7,300 which seemed ridiculous until I shopped around. I went to a broker and he came back and said “I can’t match what you have, stay with your current company and check back in 6 to 12 months as the market is crazy right now.”

I consider self insuring but with kids, a pool, a trampoline and big playground, I’m not risking it.

 

[alarmguy]

Ours almost doubled this year too. I’m at $7,300 which seemed ridiculous until I shopped around. I went to a broker and he came back and said “I can’t match what you have, stay with your current company and check back in 6 to 12 months as the market is crazy right now.”

I consider self insuring but with kids, a pool, a trampoline and big playground, I’m not risking it.

I never looked into this but I wonder if there is an insurance product that protects you without having to buy homeowners. I bet there is someplace. Maybe

 

[Zee09]

Ours almost doubled this year too. I’m at $7,300 which seemed ridiculous until I shopped around. I went to a broker and he came back and said “I can’t match what you have, stay with your current company and check back in 6 to 12 months as the market is crazy right now.”

I consider self insuring but with kids, a pool, a trampoline and big playground, I’m not risking it.

Geez... My issue is I would do what I could do to limit my exposure but I'm not my neighbor and if their house burns down and it takes mine with it...tough luck on my part.

I'm starting to see renting a different way...renters insurance is still cheap. Tongue and cheek of course.