Home insurance rate changes since 2021.

[GON]

Home insurance rate changes since 2021.

Studying the data, I wonder how neighboring states can have a significant difference. An example of this is Arizona and New Mexico. Arizona insurance rate chance since 2021 is reported at 48 percent. Yet New Mexico is reported at 19 percent, less than half the rate rise when compared to Arizona. Why such a significant difference with both state share a like portfolio of environmental risks to single family homes.

 

[mrsilv04]

Just read this morning, that State Farm is increasing home insurance premiums in Illinois by 27% next month.

 

[JoelB]

How have we here in MN had higher rate hikes than Florida??

 

[Cressida]

Table does not look accurate for my area. It shows rates went up 12%, however my State Farm homeowners went up year before last 27% followed by an additional 10% the next year. Same house, with never a claim, but I was told it was a "ratings" change. I'm finally going to re-shop all rates at the end of this year

 

[MaximumMini]

How have we here in MN had higher rate hikes than Florida??

That's an easy one.
Follow the money.

 

[wander2039]

In some sort of miracle our homeowners with Statefarm went down $20ish.. I had to triple check thought I was crazy. No idea why.

 

[MaximumMini]

In some sort of miracle our homeowners with Statefarm went down $20ish.. I had to triple check thought I was crazy. No idea why.

Probably just an adjustment to escrow overcharge.

 

[wander2039]

Probably just an adjustment to escrow overcharge.

Nope.. no escrow no mortgage.

 

[CKN]

I am in the greater Salt Lake are. The home owners insurance has gone up dramatically. I was told by my agents-options (companies willing to underwrite me) were becoming limited due to the age of the roof. I put on a new roof ($10,000.00) and got a whole $185.00 reduction in premium.

You can spend more than that on a good dinner downtown.......

 

[BMWTurboDzl]

Home insurance rate changes since 2021.

Studying the data, I wonder how neighboring states can have a significant difference. An example of this is Arizona and New Mexico. Arizona insurance rate chance since 2021 is reported at 48 percent. Yet New Mexico is reported at 19 percent, less than half the rate rise when compared to Arizona. Why such a significant difference with both state share a like portfolio of environmental risks to single family homes.

View attachment 288800

New Mexico is essentially a welfare state. The dollar amount in exposure for insurers is comparatively lower vs AZ.

https://usafacts.org/articles/which-states-rely-the-most-on-federal-aid/

 

[SC Maintenance]

Regulation and rules. Who you can and cannot cancel. Cost to rebuild. Prevalence of fraud? People willing to pay?

Who knows. Insurance is a racket.

 

[BISCUT]

Home insurance rate changes since 2021.

Studying the data, I wonder how neighboring states can have a significant difference. An example of this is Arizona and New Mexico. Arizona insurance rate chance since 2021 is reported at 48 percent. Yet New Mexico is reported at 19 percent, less than half the rate rise when compared to Arizona. Why such a significant difference with both state share a like portfolio of environmental risks to single family homes.

View attachment 288800

I'm not challenging you but the data point. Personal politics aside...I contacted my well known for 20+ year insurance broker last year about my rates climbing. He was clear, just about every NY'er has seen a 35% increase in home and auto insurance since the Biden administration. I'll stop there so I don't get the mods ire. That is a reality for me in my auto and homeowners.

What's worse is they are tied together. My auto jumped big time due to a second junior driver...17yr old and less than ayear driving with a license. My homeowners included 1mil umbrella and went from $75 (cheap!) a month to current $163 a month now. Same coverage. I've had a single claim for a well pump 4 years ago. Policy is about 12 years with same carrier. Overall, well pump claim was it on 21 years at the home.

 

[2strokeNorthstar]

Mine tripled in California. I wish I was only #1 on this chart.

 

[Dave Hess]

I have no homeowners insurance on my paid off house.

No need for it.

 

[opus1]

Just read this morning, that State Farm is increasing home insurance premiums in Illinois by 27% next month.

Had a chat with my agent regarding that last week. He's thinking the auto rates will go down a bit, even though I'm insuring a small fleet, but the house premium is going up.

 

[JustinH]

Well we went from $1000 all Perils, to 1% all perils, to 1%/2% for Wind and Hail.

Much worse insurance for essentially double. South Texas.

Every year the insurance companies find a new scheme to avoid paying for a roof after a hail storm.

 

[SubieRubyRoo]

How have we here in MN had higher rate hikes than Florida??

Haven’t you watched the mostly peaceful protests? Somebody’s gotta pay for all that damage.

 

[AZjeff]

I have no homeowners insurance on my paid off house.

No need for it.

How does that work out? Say your house is worth $500k and it burns down, you're paying to rebuild out of pocket.

Vs a yearly insurance premium, how long to pay the insurance company the same amount as you paid out of pocket? Since you must have the money available to rebuild even a modest ROI on that money has to be more than a yearly premium. Educate me.

 

[MaximumMini]

Well we went from $1000 all Perils, to 1% all perils, to 1%/2% for Wind and Hail.

Much worse insurance for essentially double. South Texas.

Every year the insurance companies find a new scheme to avoid paying for a roof after a hail storm.

Yep. That's the other side of the coin. Claim denials. Read the fine print.
Didn't disclose EVERY gun you own? oops...claim denied.

 

[MaximumMini]

How does that work out? Say your house is worth $500k and it burns down, you're paying to rebuild out of pocket.

Vs a yearly insurance premium, how long to pay the insurance company the same amount as you paid out of pocket? Since you must have the money available to rebuild even a modest ROI on that money has to be more than a yearly premium. Educate me.

First of all, the odds of your house burning down are about the same as wining the Powerball drawing.

Take that ever increasing "Premium" you would kindly fork over every year and invest it wisely, every year. (Like the Insurance company will do with it)
Pretty soon you'll have one heck of a nest egg should something happen...which is HIGHLY unlikely btw.
The odds of you dying are greater than your house getting destroyed. (As long as you avoid stupid high risk locations, like a block down the road from a Hawaiian volcano for example)

Insurance used to be a good "investment". it is now overpriced.