Home insurance rate changes since 2021.

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
Yeah, I don't like to talk about home prices around here because it sounds so uppity. I bought the worst house in Los Gatos at the bottom of the market; sometimes you get lucky. On one hand it's a freakin' gold mine; on the other hand people have to have a place to live.

But this is an incredible place to live, I can tell you that. We are at the foot ot the Santa Cruz Mountains in a small town that is a refuge from the snarling Silicon Valley that chews up people and spits out money.
 
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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
Lesson learned, the longer you stay with an insurance company the higher your rate will be no matter how much of a discount they say you are getting.
That discount is based on their overinflated retail price.
Your post helps a lot of people. Insurance costs should be reviewed on a yearly basis and compared with other companies.
 
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.
In the last 20 years, I never found a bundle price better than buying separately.
Granted, I’ll get quotes from six or seven different companies on all my insured products if possible
 
Homeowners insurance premiums are determined by multiple risk factors. And if an insurer taps their reinsurance policies. It’s a nationwide risk pool.

Our home is surrounded by 80+ year old maples and poplars. Just waiting to fall onto the house. My homeowners insurance costs $2,200/year with a $5,000 deductible.
 
Yeah, I don't like to talk about home prices around here because it sounds so uppity. I bought the worst house in Los Gatos at the bottom of the market; sometimes you get lucky. On one hand it's a freakin' gold mine; on the other hand people have to have a place to live.

But this is an incredible place to live, I can tell you that. We are at the foot ot the Santa Cruz Mountains in a small town that is a refuge from the snarling Silicon Valley that chews up people and spits out money.
Living in a 1200 square-foot house does not sound uppity to me.
At those prices, I feel very grateful for the wonderful areas I have lived in the southeast in a home, almost 3 times that 1200 sq Ft size that you find in CA and NY at a fraction of the cost, which also includes lower taxes and overall cost of living.

Don’t get me wrong, everyone has their preferences as far as what is a home to them and I understand you love where you live, but it’s not the only place in the country that’s beautiful.
You know, the old saying beauty is in the eye of the beholder 😃

Many people feel stuck where they live. I’m glad we broke out when we did.
 
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Living in a 1200 square-foot house does not sound uppity to me.
At those prices, I feel very grateful for the wonderful areas I have lived in the southeast in a home, almost 3 times that 1200 sq Ft size that you find in CA and NY at a fraction of the cost, which also includes lower taxes and overall cost of living.

Don’t get me wrong, everyone has their preferences as far as what is a home to them and I understand you love where you live, but it’s not the only place in the country that’s beautiful.
You know, the old saying beauty is in the eye of the beholder 😃

Many people feel stuck where they live. I’m glad we broke out when we did.
Agree. There are 50 great, beautiful states in America.
 
I have no homeowners insurance on my paid off house.

No need for it.
Trust me I thought about it, but I always say what about liability insurance? You know for someone falling and breaking their neck on your property? Or a dog biting a kid which cost my insurance company $100K 28 years ago.
 
Trust me I thought about it, but I always say what about liability insurance? You know for someone falling and breaking their neck on your property? Or a dog biting a kid which cost my insurance company $100K 28 years ago.
It is interesting to me how cheap (relatively) umbrella policies are. But they get linked to coverage on auto and home. I do kind of wish there was a standalone umbrella policy for this reason.
 
How have we here in MN had higher rate hikes than Florida??

Ask yourself how many roofing and siding jobs you've seen in the last few years and you will have your answer.

My neighborhood has about 1/4 of the houses resided and 85% of the houses re-roofed due to hail a few years ago. In the 20+ years I've been in this house, some neighbors have had roofs replaced 2 or more times due to hail...

The gravy train on that is ending with policies being tightened up and way more of the cost falling on the homeowner. The days of a hailstorm paying in total for a new roof are pretty much gone. Next round of big hailstorms folks are going to start finding that out the hard way...
 
It is interesting to me how cheap (relatively) umbrella policies are. But they get linked to coverage on auto and home. I do kind of wish there was a standalone umbrella policy for this reason.
+1 It would be nice as a stand alone policy. At the time of the $100K dog bite we did not have an umbrella policy. Once I heard they paid out on my behalf I called my State Fram agent and asked the cost of an umbrella policy. His exact words were do you still have the dog? I said yes, he said "call me when the dog dies." I ended up getting an umbrella from Geico, we had an auto policy with them at the time. As long as my coverage met their limit requirements they'd write the umbrella policy. I made several insurance company changes over the years but I never dropped the umbrella.
 
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.
Well said, and you saved me from a long similar post. The markup on home insurance is huge and the chances of something happening to your one single home is almost negligible.

The odds of your house being damaged significantly are very slim.

If you can afford the loss which wealthy people can they self insure and keep the profit for themselves. Instead of giving it to a publicly held corporation.
 
I’d like to drop out 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.
I consider it as well. 40 years of homeownership I never filed a claim in three different states so far.
I think at a low cost I would still look for a liability only policy if I got rid of the structure policy.
I’m sure it must be possible.

Right now, my policy is too cheap compared to my neighbors, but if it never went up like they do, I would seriously consider dropping it
 
I consider it as well. 40 years of homeownership I never filed a claim in three different states so far.
I think at a low cost I would still look for a liability only policy if I got rid of the structure policy.
I’m sure it must be possible.

Right now, my policy is too cheap compared to my neighbors, but if it never went up like they do, I would seriously consider dropping it
If you have 1M in the bank its not worth the risk - unrecoverable loss.

If I had 5M in the bank I would drop it for sure.
 
Lesson learned, the longer you stay with an insurance company the higher your rate will be no matter how much of a discount they say you are getting.
That discount is based on their overinflated retail price.
Your post helps a lot of people. Insurance costs should be reviewed on a yearly basis and compared with other companies.
I was with Liberty Mutual for 17 years. When my most recent renewal for auto and home arrived back in December, I decided to shop around. I was able to obtain the same and greater coverage with NJM (New Jersey Manufacturers) and saved $5000 on my annual policies. While overjoyed, I couldn't help but think about all the extra money I paid to L/M over the years out of blind loyalty.
 
Trust me I thought about it, but I always say what about liability insurance? You know for someone falling and breaking their neck on your property? Or a dog biting a kid which cost my insurance company $100K 28 years ago.

Well said, and you saved me from a long similar post. The markup on home insurance is huge and the chances of something happening to your one single home is almost negligible.

The odds of your house being damaged significantly are very slim.

If you can afford the loss which wealthy people can they self insure and keep the profit for themselves. Instead of giving it to a publicly held corporation.
Hundreds of folks with homes they owned or inherited took that approach at the Jersey shore for flood insurance...and then Hurricane Sandy hit.
 
I was with Liberty Mutual for 17 years. When my most recent renewal for auto and home arrived back in December, I decided to shop around. I was able to obtain the same and greater coverage with NJM (New Jersey Manufacturers) and saved $5000 on my annual policies. While overjoyed, I couldn't help but think about all the extra money I paid to L/M over the years out of blind loyalty.

And you are just one person who saved $5000 annually. Now multiply that by possibly 10 million other customers still paying that or more. Even half that is still $25 BILLION PER YEAR. And they invest that and make more billions.

That's at least 50 BILLION every year (but a lot more made on that money from investing).
They (insurance companies) are raking in $$$ faster than gallons of water flow over Niagara Falls.
 
Hundreds of folks with homes they owned or inherited took that approach at the Jersey shore for flood insurance...and then Hurricane Sandy hit.
A lot of people had HO insurance and Sandy hit, and they lost a fortune anyway. I had several customers had it happen to them. Sometimes there's just no winning........
 
They (insurance companies) are raking in $$$ faster than gallons of water flow over Niagara Falls.
There actually not, which is part of the problem. A lot of the payouts are fraud I am sure. The big payouts are injuries - not property claims. Its why insurance companies are leaving whole states behind. They wouldn't leave if they were raking it in.
 
A lot of people had HO insurance and Sandy hit, and they lost a fortune anyway. I had several customers had it happen to them. Sometimes there's just no winning........
Homeowners does not cover wind flood. Typically covers wind damage but what good is that if your foundation is washed away or collapsed?
 
Hundreds of folks with homes they owned or inherited took that approach at the Jersey shore for flood insurance...and then Hurricane Sandy hit.
A needle in the haystack
However, know your risks and your finances. Plan accordingly.

Hurricane Sandy or super storm, Sandy
Wind damage was not the problem, flooding wasand homeowners insurance does not cover flood damage

If you live on or near the coast, you can get federal flood insurance without homeowners insurance

All good one must know their risks
 
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