Home insurance rate changes since 2021.
- Thread starter GON
- Start date
That is something I would not do.....
Do you have the assets to back a total loss? It's a fair question.
Obviously-you can replace your dwelling. You don't need insurance. But your previous answer of "I don't have insurance" was not complete. You don't have insurance because you have assets.
Not everyone is in that position.
And I know you are in jest about "double wide".
Sigh... Just got the renewal for next year. Forced change in deductible for Wind/Hail damage. 35% increase in premium from last year excluding the small increase in coverage value... Based on shopping last year, my bet is I'll end up sticking with my current provider. Seems like everyone else is going up the same amount.
We need to renew our homeowners policy for 2026, before the end of the month. While we could self-insure the total loss of our home, our current homeowners policy annually costs .13% of the current home value. The home value has increased since last year, but the coverage and premium stayed the same. It seems like a logical choice to keep our homeowners policy active.
One thing to keep in mind, homeowners insurance is not just about rebuilding your home, it's great if you can afford to. Also prepare for (if needed) some kind of liability insurance unless you self insure can afford a 1 or more million dollar (or more) liability lawsuit. Chances of this happening are slim and most attorneys will not go after personal assets UNLESS you do have large sums of money for them do to so. So if you dont carry homeowners because you can self insure, make sure that you can also cover liability in case of an accident.
I have a commercial building, no fault of the building or myself. A contractor got hurt on the property. Problem is the workers contracting company went out of business so workers comp was out the window. My insurance company battled this for over a decade. The case was greatly in my favor, which is why my insurance company battled for so long, even the injured worker had multiple different attorneys drop his case over TEN years this dragged on.
Settled right before trail for just shy of one million. It was a little nerve wracking initially he wanted millions, even though there was no fault on us, he was hurt and no one knows what a jury might have decided either for or against.
I have a commercial building, no fault of the building or myself. A contractor got hurt on the property. Problem is the workers contracting company went out of business so workers comp was out the window. My insurance company battled this for over a decade. The case was greatly in my favor, which is why my insurance company battled for so long, even the injured worker had multiple different attorneys drop his case over TEN years this dragged on.
Settled right before trail for just shy of one million. It was a little nerve wracking initially he wanted millions, even though there was no fault on us, he was hurt and no one knows what a jury might have decided either for or against.
Mine is up huge. Just got the notice. Some of this is blame on a forbidden topic.
Ha, I just checked mine online and why I posted and had insurance on my mind in the above post.
I dont know how but I got a dirt cheap rate last year after Progressive pulled out of our area. I expected it to be a teaser rate last year (or new customer rate)
It did go up 20% but I am still thrilled as I am sure no one in my area pays as little as we do. So it went up 20% from dirt cheap to cheap as heck *LOL*
Who knows what will happen next year at this time though. .. Im still paying less than half of what a sibling pays about 6 miles over the border in SC
But no, I wont be thrilled if it goes up another 20% next year from today's bill. I dont think it can, NC has to approve Homeowner rate increases. Not sure about other states. I was never concerned, then we moved near the coast.
Brutal sessions with various independent agents. At some point I just need to get up and walk away. Uggh
I did increase my umbrella to $2 million
I rejiggered some things, had to increase comp for vehicles to $500K per inc
It came down to:
Progressive who currently have all our standard stuff
And Travelers new player to us
And Safeco who we had long ago
Our van will stay with Progressive and same agent, same coverage Roamly
Switching home and auto to Safeco - Roamly agent new - some tweaks here and there, some less risk, some more risk - but money saving
Umbrella - RLI - Roamly agent new - $1meg => $2 Meg
Guns, ammo, reloading stuff -Gallagher agent - Hanover - same same
Around $500 savings by shopping, badgering, rigamaroling, and going through Roamly
I did increase my umbrella to $2 million
I rejiggered some things, had to increase comp for vehicles to $500K per inc
It came down to:
Progressive who currently have all our standard stuff
And Travelers new player to us
And Safeco who we had long ago
Our van will stay with Progressive and same agent, same coverage Roamly
Switching home and auto to Safeco - Roamly agent new - some tweaks here and there, some less risk, some more risk - but money saving
Umbrella - RLI - Roamly agent new - $1meg => $2 Meg
Guns, ammo, reloading stuff -Gallagher agent - Hanover - same same
Around $500 savings by shopping, badgering, rigamaroling, and going through Roamly
SammyChevelleTypeS3
$50 site donor 2023
I recall several people I used to work with talking about getting some type of umbrella policies thru Travelers.
Is that what or why you have Travelers mentioned too? If not what do you used them for?
I need to start shopping all insurances each year. I been with ALLSTATE for 40 years and thru (3) different agents who have retired thru those years. I love the way they pay claims off very easy and super fast. I do not like how every single bill (I pay all once a year) they increase what my cost of coverage is. I read the longer you stay with those companies the more they stick it too you on the premiums. I guess that is how they repay loyalty.
Three bidders