Home insurance rate increases

[tigerwillow1]

Are others of you seeing the same increase that I am?

2023 rate increase 42%, after 16% last year and 9% the year before. This is in Oregon, not in a flood zone, not near the ocean, and not close to the Portland utopia.

 

[David L]

Will know soon, next month, for Home Owners Ins. I just fought to get our Car Ins. lowered, it went up $400 this year, did get that cut in half.

 

[TonyR]

Oh yeah. No auto claims in 4 years, no tickets; no homeowner's claims since I got this co.'s policy, both with same co. since 2014....both went up >20% since summer of 2021.

 

[samplenhold]

Never had a claim and same company since bought the house new in 2011. This year's increase was 24%. But the prices have been going up really fast here. In the past three years, my home appraisal has increased over 62%. So the replacement costs are huge.

 

[trig]

I have lived in my home for 49 years and never once filed a claim. My insurance went up big time this year as I just got my bill today. The premium has doubled in 6 years. I am not paying the bill.

 

[JNDATHP]

^^^ Are going self-insured?

 

[tangent]

48% increase since 2020, but only 6.666% more than last year.

 

[Ssayer]

Wow, eh? From 12/2020 to 12/2022, my insurance has only gone up 4%.

 

[rolibr24]

Insurance companies need to recoup all their losses after the “summer of love” and all the “mostly peaceful protests”

 

[samplenhold]

I did not read the whole article, but this is about FL.

Florida insurance crisis has some homeowners eyeing an exit: ‘I almost had a heart attack’ (yahoo.com)

 

[ncpilot]

Got my wind/hail storm notice a few days ago... it's the state pool insurance in NC... $2900, with named storm deductible of $3300... and that doesn't include flood coverage.


Straight homeowners is still relatively ok at $490 or so...

 

[David L]

Insurance is our biggest expense each year. On a 1900 sq. ft. home, our Home Owner Ins. is almost $2k a year, 2% deductible on storms and 1% on everything else, then add FEMA Flood at $500 a year. 10 years ago we paid $132k and it just got appraised this year a little over $300k. That sounds all good except this is not a second investment home so taxes, Ins., etc. has went through the roof for us retired folks. Only good thing is the house is paid off.

 

[David L]

Yep, finally got my renewal, sure enough our home owner's policy increased from $2,088.00 last year to $2,346.00 Called my Agent and got it down to $2,056.00






Could not do a rewrite like our Car Ins., had to lose more coverage, seems every year I have to call them and every year prices increase and we get less coverage.

 

[tigerwillow1]

Called my Agent and got it down to $2,056.00

Did you reduce some coverage or just talk him down? I'm the world's worst negotiator.

 

[David L]

Did you reduce some coverage or just talk him down? I'm the world's worst negotiator.

Oh no, we lost coverage, well we ended up moving Wind and Hail from 1% deductible to 2%, so if I need a roof replacement looks like I will be paying for about half the new roof. 1% would of been around 1/4 the cost. We have Major Named storms at 2% too, everything else at 1%.

 

[fenderman]

Yep, finally got my renewal, sure enough our home owner's policy increased from $2,088.00 last year to $2,346.00 Called my Agent and got it down to $2,056.00


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Could not do a rewrite like our Car Ins., had to lose more coverage, seems every year I have to call them and every year prices increase and we get less coverage.

Switch carriers. They keep raising because most folks dont switch. Also every carrier uses a different actuarial table and prices for the same coverage and be wildly different.

 

[ncpilot]

A few years back all the agencies I was aware of in NC stopped writing wind/hail (including mine, State Farm), or raised rates so high that the State pool was the only place to go.

I think maybe a few might be getting back into the market, not sure. Can't really price shop too much recently...

We "suffer" on the coast... I'm in Wilmington...

 

[trig]

^^^ Are going self-insured?

Yes, I have enough saved to build back and a good bit lever over. The bill was due on the 15th of this month and for the first time in the 49 years we have lived here I didn't pay it and not going to.

 

[fenderman]

Yes, I have enough saved to build back and a good bit lever over. The bill was due on the 15th of this month and for the first time in the 49 years we have lived here I didn't pay it and not going to.

Call and cancel. Cancelation for non-payment can effect your other policies when it comes time to renew.
Also note, that while self insurance from the structure is fine if you can afford it, consider that you still need liability coverage for personal injury. You are one amazon/mailman slip away from a disaster.

If you shop around I think youll be surprised at the rate disparity. You may find an affordable rate.