Chance of home destroyed by a fire is very, very, very slim.
I invested that yearly State Farm policy money and it was a great decision.
Yes, I have the money to buy another house…. not waste time / money rebuilding the burnt house.
Home insurance rate changes since 2021.
- Thread starter GON
- Start date
Chance of home destroyed by a fire is very, very, very slim.
I invested that yearly State Farm policy money and it was a great decision.
Yes, I have the money to buy another house…. not waste time / money rebuilding the burnt house.
Didn't you used to be an insurance agent?
I feel like this has been posted before
I didn’t believe it then either
I didn’t believe it then either
I’d like to drop our also… can’t convince my wife. Everybody I bring it up to says the same thing. Our elderly neighbor has never had any. Could be $1400 a year saved.
The chart can't be accurate. Before I left California, my insurance went up from $1,300 in 2020 to $1,900 in 2023... 46%.
GON
$150 Site Donor 2025
There is a difference between MACRO and MICRO.
This is a MACRO chart.
For individuals, on a MICRO basis, so many things might impact a house insurance premium change that doesn't align with the state MACRO house insurance change. Some items on a MICRO basis:
- Change in credit score
- just a one point reduction in credit score may give a insurer justification to compute a homeowner into a higher risk category
- Age of house
- A home insured as a "new home" in one year will now longer get a "newer home" discount
- Increase in claims in a certain neighborhood or zip code
- Charged for a claim even though no formal claim was made
- Just a call to an insurance company to ask if a certain loss is covered is almost always charged as a claim
- Something in a Lexus/ Nexus report tells an insurance company you are at a higher risk
- maybe a judgment against you for just $25- Lexus Nexus reports a judgment, the amount may be irrelevant
The insurance companies created bundling to handcuff you to them.
First with the initial attraction of cheaper overall pricing but ultimately to keep you locked in. If they raise your auto rates and you break with them for lower rates to go to another company, they'll raise or threaten to cancel your homeowners at renewal. They all do it.
Just renewed mine. % shown in the table looks close but a little conservative here in MI.
My renewal just came with a decrease in premium by 15%. Of course, the kicker is instead of $1500 all perils/$1500 wind and hail they now want $1500 all perils and 2% wind and hail (in my case over $10k). I'll follow up but I assume it is what it is. At least they are charging me less for worse coverage, unlike seemingly everyone else.
I just changed. Everyone I got a quote from would do at best 1% for wind. So you might be able to get them to go down to 1%. 2% was an option but it wasn't much savings. Neither was changing my standard deductible from 1K to 5K or even 10K.
Another thing is most quoted "actual value" on the roof. I was able to change it to replacement cost for not much money - I think $50 a year or something. Of course with the wind at 1% and "actual value" essentially my roof was not insured. In fact may not really be still.
SammyChevelleTypeS3
$50 site donor 2023
I have been with Allstate insurance for 40+years. Home & Auto plans. Insurance makes me sick. I clearly recall standing in the front yard of our current house (been here 27 years) with my very good friend (now deceased) Allstate agent I went to school with. I handed my buddy George a check for one years payment on the house. $350 for full homeowner coverage on the house / double garage, including my auto/boat shop I have behind the house. This was in 1998 when my bill was $350.
Every single time any of the policies come up for renewal (believe me) I shop around. No matter what companies I check with, they are almost dollar for dollar the same. It kills me to pay those people the kind of money they want these days. What choice do we have?
People tell me I should drop Allstate out of spite! LoL. Funny.
At least I know that Allstate pays off almost instantly any time I have the slightest issues. If I were to change to another company I do not know what to expect for almost the same exact rates. So I keep paying Allstate until I think of something better if ever.
My yearly home owner cost is now over $3,500. Plus these days due to incompetent county officials here , one best buy a FEMA flood policy. Just add another $1200.... I will just accept it and be thankful I can afford it. Lots of folks can not in many places across the country.
I have helped several people over the years who had homes flooded with out proper coverage. That is not anything I would wish on anyone.
Every single time any of the policies come up for renewal (believe me) I shop around. No matter what companies I check with, they are almost dollar for dollar the same. It kills me to pay those people the kind of money they want these days. What choice do we have?
People tell me I should drop Allstate out of spite! LoL. Funny.
At least I know that Allstate pays off almost instantly any time I have the slightest issues. If I were to change to another company I do not know what to expect for almost the same exact rates. So I keep paying Allstate until I think of something better if ever.
My yearly home owner cost is now over $3,500. Plus these days due to incompetent county officials here , one best buy a FEMA flood policy. Just add another $1200.... I will just accept it and be thankful I can afford it. Lots of folks can not in many places across the country.
I have helped several people over the years who had homes flooded with out proper coverage. That is not anything I would wish on anyone.
That's just it, I'm happy with the premium cost...under $1200 for 500k not including additional structures and other riders that I have is cheap. I would gladly pay more to get my old wind/hail deductible back. I was told today Progressive has nothing below 2%.
It’s very possible the individual state insurance commission limited the rate increases in New Mexico more than Arizona
Insurance is regulated by the individual states.
For example, insurance companies cannot raise homeowners insurance cost in North Carolina without approval from the state. The state sets how much insurance rates can increase each year
The funny thing is, my house ain't worth much. Now the dirt it sits on is another story...
Lower my insurance right now!
Lower my insurance right now!
Well if its a tear down to the next guy maybe you don't need insurance like @Dave Hess is doing.
I just swapped to Allstate after 20+ yrs with State Farm. Home insurance was 25% cheaper and car insurance was nearly 50% cheaper… same coverage levels. Still can’t believe it
I'm not as smart or brave as @Dave Hess. I just take it one day at a time and everything works out...
FYI the house is old (1962 and 1200 sq ft) but is not a tear down. You might be surprised what the houses go for on my old block... But they rarely go for sale as it is a nice place to live.
I have seen plenty of nice houses torn down in Charleston, so it wasn't a judgement on your home. In the right place they will tear down a $1M, 2500 foot property to build a $5M 6000 square foot property
we moved in the brand new house 2016; annual insurance was about $600
moving forward to 2025 and our home premium is $2,000 annually
besides, we have both cars with liability insurance at the same insurance company
we've been with the same insurance company for more than 20y now
btw, insurance companies suck!
moving forward to 2025 and our home premium is $2,000 annually
besides, we have both cars with liability insurance at the same insurance company
we've been with the same insurance company for more than 20y now
btw, insurance companies suck!
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