Home insurance rate changes since 2021.

[MNgopher]

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.

Agreed - insurers aren't making money hand over fist - which is part of why they leave markets and raise premiums.

Property insurers have lost money on property claims in Minnesota for 5 out of the last 6 years. In 2022, they paid out 1.92 for every dollar of premium collected. 2024 was the first year in six they covered the cost of payouts, and notably is after premiums started rising, and changes to policies that greatly reduce roof and siding coverage and payouts went into affect. My broker carries 26 property insurance lines, and 25 of them have dramatically reduced hail and wind coverage for roof damage and siding damages. Such as soft metals are only covered if they no longer function physically - aesthetics don't count.

Not a mystery why premiums are going up here...

 

[SC Maintenance]

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

I have federal flood. Problem is FEMA flood will not cover past 350K anyway - there max. So that would not come close to covering a rebuild. Honestly I don't worry too much, we had the 1000 year flood in what - 2016 - and it didn't get close.

One of the reasons I do keep it is so if there is a storm, the insurance companies can fight amongst themselves regarding wether it was wind or water, and when they conclude let me know which of them is paying.

 

[MaximumMini]

This is worth a watch especially if you live in Florida...related to how much it costs to be a homeowner

 

[demarpaint]

Homeowners does not cover wind flood. Typically covers wind damage but what good is that if your foundation is washed away or collapsed?

I know how it works, unfortunately a lot of people learned the hard way.

 

[Cropduster172]

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

Yeah. That's what I stated in my post. People who owned homes outright opted not to buy flood insurance. The tidal surges wiped out there homes. I'm talking multi-million dollar oceanfront mansions to smaller bayside cottages...gone. Poor risk management. Flood insurance isn't cheap but if you're in a flood zone...and there's different ratings for different zones, and the FEMA data is quite accurate, your taking a bad risk management decision not to buy the coverage. I think we pay about $3800/year for our beach house.
I only take the building coverage, not the contents/personal property.
There are discounts for Smart Vents I think but I don't think it's worth it.

Hurricane Sandy changed construction code requirements significantly for new construction. . Foundation heights are several feet higher by zone. There's hurricane strength windows and doors, shutters.

 

[SC Maintenance]

Yeah. That's what I stated in my post. People who owned homes outright opted not to buy flood insurance. The tidal surges wiped out there homes. I'm talking multi-million dollar oceanfront mansions to smaller bayside cottages...gone. Poor risk management. Flood insurance isn't cheap but if you're in a flood zone...and there's different ratings for different zones, and the FEMA data is quite accurate, your taking a bad risk management decision not to buy the coverage. I think we pay about $3800/year for our beach house.
I only take the building coverage, not the contents/personal property.
There are discounts for Smart Vents I think but I don't think it's worth it.

Hurricane Sandy changed construction code requirements significantly for new construction. . Foundation heights are several feet higher by zone. There's hurricane strength windows and doors, shutters.

Yes, and even so Sandy really crushed the FEMA insurance fund.

 

[biggusblockus]

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

Just wait until all the switching incentives end and vanishing discounts kick in. Allstate is known for that. You’ll end up paying the same or more in a couple years.

 

[alarmguy]

Yeah. That's what I stated in my post. People who owned homes outright opted not to buy flood insurance. The tidal surges wiped out there homes. I'm talking multi-million dollar oceanfront mansions to smaller bayside cottages...gone. Poor risk management. Flood insurance isn't cheap but if you're in a flood zone...and there's different ratings for different zones, and the FEMA data is quite accurate, your taking a bad risk management decision not to buy the coverage. I think we pay about $3800/year for our beach house.
I only take the building coverage, not the contents/personal property.
There are discounts for Smart Vents I think but I don't think it's worth it.

Hurricane Sandy changed construction code requirements significantly for new construction. . Foundation heights are several feet higher by zone. There's hurricane strength windows and doors, shutters.

Well said, I’m very familiar with FEMA and coastal flooding (including sandy) as well as inland,
A sibling lived on the Great South Bay, water went up to the second floor by a couple feet of a tri level home. First time in decades. Many raised their homes with government grants.

Even inland people should check the FEMA map at their location. I’m in X but AE is literally down the block from me.

Except on the beach like you I never considered Long Island Hurricanes severe enough for stronger windows/doors though. Here near the coast on NC water or roof damage does concern me but we are in a good place except for that 1 in 500 storm

https://msc.fema.gov/portal/search?AddressQuery
For others here is the link

 

[alarmguy]

Just wait until all the switching incentives end and vanishing discounts kick in. Allstate is known for that. You’ll end up paying the same or more in a couple years.

That’s the point, it doesn’t matter. If your rate goes up, switch again. I’ll change my insurance companies no different than the gas station I buy from. Low price wins, I found it’s simple to switch anytime you find a lower price any time of year.

 

[Cropduster172]

Well said, I’m very familiar with FEMA and coastal flooding (including sandy) as well as inland,
A sibling lived on the Great South Bay, water went up to the second floor by a couple feet of a tri level home. First time in decades. Many raised their homes with government grants.

Even inland people should check the FEMA map at their location. I’m in X but XE is literally down the block from me.

Except on the beach like you I never considered Long Island Hurricanes severe enough for stronger windows/doors though. Here near the coast on NC water or roof damage does concern me but we are in a good place except for that 1 in 500 storm

https://msc.fema.gov/portal/search?AddressQuery
For others here is the link

We're in zone AE(EL9). Nice link. Navigating US Government websites like FEMA and NOAA can be tricky.

 

[alarmguy]

We're in zone AE(EL9). Nice link. Navigating US Government websites like FEMA and NOAA can be tricky.

AH... I noticed my typo I did that post from bed this morning. I mentioned zone XE, there is no such thing. There is "X" where I live and "AE" down the block from me. I corrected my post but it doesnt correct in the reply quote.

Yeah, I love that site. I used it in Florida on everywhere we looked and here in North Carolina where we moved too. I also send "maps" to family members relocating. Here where we are, a few miles from the coast the biggest threat is freshwater flooding. Our area is literally built on a built up swamp *LOL* We are also the low point from the mountains before the water enters the sea.

About 30% of flooding happens in zones not marked for it.

 

[Cropduster172]

AH... I noticed my typo I did that post from bed this morning. I mentioned zone XE, there is no such thing. There is "X" where I live and "AE" down the block from me. I corrected my post but it doesnt correct in the reply quote.

Yeah, I love that site. I used it in Florida on everywhere we looked and here in North Carolina where we moved too. I also send "maps" to family members relocating. Here where we are, a few miles from the coast the biggest threat is freshwater flooding. Our area is literally built on a built up swamp *LOL* We are also the low point from the mountains before the water enters the sea.

About 30% of flooding happens in zones not marked for it.

We're about 25 yards from the bay. I occasionally see some tidal flooding but no water comes close to our place...except during Sandy. I measured the water line at 23" on our vinyl fence. Had to pump out and power wash the pool and replace HVAC ducts under the house. Water level was about 3-4" from bottom of the subfloor.
Have been many coastal storms since and no real issues.

 

[daves87rs]

Afraid to see my new one…..

 

[alarmguy]

Afraid to see my new one…..

As many of us are!
I got extremely lucky 5 months ago when our ins company dropped the whole area. I can't believe what a good rate, Im scared to see if it continues on the next bill in 6 months or so.
A sibling that got cancelled the best he could do was another company for $1000 more a year and he felt relieved because another recommendation was way more high increase