Home insurance rate increases

[biggen]

Yeah, insurance of ALL types has gone up significantly.

And like shrink-flation (smaller package or less product at same price) the insurance co.'s want YOU to go to work for them, likely for free!

I got this below in the mail yesterday. They want ME to use my smartphone and its camera and 20-30 minutes of MY time to perform a "virtual inspection" of my home! OK, what's in it for me? Lower rates? I doubt it.

View attachment 201747

I had to do that when I signed up with a new insurance company last year. I had to download their app and take pictures of all kinds of crap.

 

[ncpilot]

I finally shopped around a bit this year and found that although I might be able to get lower auto rates, home rates would go up (when bundling for extra discount). In the end not worth $100-200 to leave my current carrier. Auto took a noticeable jump, and I've got no claim history, no tickets ever.

In retirement I now understand more profoundly (inflation doesn't help) the burden of insurance and taxes, not to mention increasing utility rates...

 

[David L]

Yeah, insurance of ALL types has gone up significantly.

And like shrink-flation (smaller package or less product at same price) the insurance co.'s want YOU to go to work for them, likely for free!

I got this below in the mail yesterday. They want ME to use my smartphone and its camera and 20-30 minutes of MY time to perform a "virtual inspection" of my home! OK, what's in it for me? Lower rates? I doubt it.

View attachment 201747

Don't have a Smart Phone, don't have Internet, send out an Inspector, good luck if I am not home. LOL

Every year they raise rates and I call them to get it down to a reasonable cost, of course losing more coverage. Anyway, before the Plandemic, our Agent called and said if we get off our old plan they would save us alot of money, we had to say No to Paper statements, use Autopay, I think something else, can't remember. Well sure enough the rate dropped, I think we saved about $400 a year. Well a few weeks later Agent called and asked when I would be available for an Inspector to come out. What, I have been with you guys for almost 3 decades, and at our house 10 years, now an Inspection?
Well what could we do, right? I will be available at 5am Tuesday only, LOL. Never did meet the guy, he came out on his own, had to leave the gate unlocked.

Well guess what, after the Inspection, our policy went up, higher than the policy we had. WHAT? They said it was due to our pool addition, they claimed they did not know about it. I reminded my Agent I called when we were having our pool built, at that time you said there will be no change needed on our policy. Well sure enough they want you to have a million dollar liability clause now. Ok, cancel this policy, put us back on our old policy.

Oh, we can't do that, it would not allow us to screw you properly. Ok, that was not what my Agent said. LOL

 

[concord]

My insurance company checks the property every 10 years or so (been with them since 2001). They usually send out a letter about an inspection in 2 weeks, but they come out 1 week earlier...doesn't give you much time to clean things up. My roof was near the end after 24 years and planned to have it replaced this year, but inspector came out last June and said that my roof needs replaced or they would not renew in Oct. So I had it replaced earlier than expected...but should last my lifetime or I might get lucky and last longer than it. Insurance been going up $50-100/yr but last two more like 200-500.

Our county re-assessed property early this year and just got my taxes, up about 20%...now let's see what my insurance will be in Oct. Luckily I'm in the county only, as it is an older community (no sidewalks, lights no HOA...but pay for water or well and garbage pickup), but all the newer housing is now incorporated into the city, so they have city taxes too. We are too small to incorporate, cost them more to do so than they'd get from us!. Thought this would be country enough out from work, but the build up in the last 10 years has been crazy as many people are looking beyond the local big City/County due to high taxes and house prices.

 

[David L]

My insurance company checks the property every 10 years or so (been with them since 2001). They usually send out a letter about an inspection in 2 weeks, but they come out 1 week earlier...doesn't give you much time to clean things up. My roof was near the end after 24 years and planned to have it replaced this year, but inspector came out last June and said that my roof needs replaced or they would not renew in Oct. So I had it replaced earlier than expected...but should last my lifetime or I might get lucky and last longer than it. Insurance been going up $50-100/yr but last two more like 200-500.

Our county re-assessed property early this year and just got my taxes, up about 20%...now let's see what my insurance will be in Oct. Luckily I'm in the county only, as it is an older community (no sidewalks, lights no HOA...but pay for water or well and garbage pickup), but all the newer housing is now incorporated into the city, so they have city taxes too. We are too small to incorporate, cost them more to do so than they'd get from us!. Thought this would be country enough out from work, but the build up in the last 10 years has been crazy as many people are looking beyond the local big City/County due to high taxes and house prices.

When we had our new roof put on we got a discount...around $300 drop on the following year, we pay yearly.

 

[David L]

I know this Thread is Home Ins. but wanted to share what happened to our Car Ins. When I went online to see if I could add our new plates from our new truck we noticed our 6 month renewal premium to be only $400 for our two vehicles, a 2109 Highlander and the new 2025 RAM 1500, what??? we normally paid around $1k every 6 months, now it is $400? That is a $600 savings, $1200 a year. So we quickly called our Ins. co. and the confirmed that the amount for next month's renewal is correct. Also, they both have full coverage.

Something tells me there will be a future adjustment... But maybe not...

 

[samplenhold]

Interesting as I just got an email from my agent warning that insurance costs are going way up in Texas.

 

[ncpilot]

Insurance "collective" for the entire state is requesting a 99% increase for houses within about 1/2 mile of beach... in my zip code, 1.5 miles from intercoastal, they're asking for a 71.4% increase, which for storm insurance would bring it up to $5100/year... then add basic homeowners, and car...

They'll never get what they request though, still... I'm at $425/month just for insurances, then property taxes... gonna have to get a part time job just to pay insurances...

 

[David L]

Insurance "collective" for the entire state is requesting a 99% increase for houses within about 1/2 mile of beach... in my zip code, 1.5 miles from intercoastal, they're asking for a 71.4% increase, which for storm insurance would bring it up to $5100/year... then add basic homeowners, and car...

They'll never get what they request though, still... I'm at $425/month just for insurances, then property taxes... gonna have to get a part time job just to pay insurances...

Many people don't realize, Insurance is one of their biggest expenses.

Add These up:
Home Owners (or Rental) Ins.
Auto Ins.
Health/Medical/Dental/Vision Ins.
Recreational Ins. (Boats, RVs, ATV/UTVs, etc.)
Travel Ins.
Pet Insurance

Commercial Ins. (I had this on my work vehicles being a contractor)
Workman's Comp. Ins.

Here are a few more:

8 Different Types Of Insurance Policies And Coverage You Need

Life is full of surprises. While some are exhilarating, others are devastating emotionally and financially, like a car accident or a kitchen fire. That’s why there are many types of insurance to help after unexpected disasters. To help you sort through your options, here are the main types of ins

www.forbes.com

See All of Our Insurance Options & Products

More choices. More protection. More products that fit your family’s everyday needs. Explore all of Progressive’s insurance options and financial services.

www.progressive.com

I am sure I missed some...

Also Add these: Annuities, Life Ins, Warranty/Ins. on products we buy, these Insurance companies are making a killin'...

 

[David L]

I know this Thread is Home Ins. but wanted to share what happened to our Car Ins. When I went online to see if I could add our new plates from our new truck we noticed our 6 month renewal premium to be only $400 for our two vehicles, a 2109 Highlander and the new 2025 RAM 1500, what??? we normally paid around $1k every 6 months, now it is $400? That is a $600 savings, $1200 a year. So we quickly called our Ins. co. and the confirmed that the amount for next month's renewal is correct. Also, they both have full coverage.

Something tells me there will be a future adjustment... But maybe not...

We just paid our 6 month Car Ins. for 2 vehicles (2019 Highlander / 2025 RAM 1500), crazy low price ($71 a month, $35 each vehicle). I thought prices go up as you get older...
I also added Replacement Cost for the new truck, Gap Ins. so I don't lose drive-off lot loss and trade-in cost...oh and both are have Uninsured Motorist coverage too. A must in today's world with so many on the road driving without Ins.



Not trying to brag, just sharing, this was a huge surprise for us...

 

[sdkid]

We just paid our 6 month Car Ins. for 2 vehicles (2019 Highlander / 2025 RAM 1500), crazy low price ($71 a month, $35 each vehicle). I thought prices go up as you get older...
I also added Replacement Cost for the new truck, Gap Ins. so I don't lose drive-off lot loss and trade-in cost...oh and both are have Uninsured Motorist coverage too. A must in today's world with so many on the road driving without Ins.

View attachment 206185

Not trying to brag, just sharing, this was a huge surprise for us...

Wow!! That is impressive! What company is it?

Here was the August Surprise I got...



We have a HUGE hail storm here a year and a half ago. I guess I get to pay for everyone else's claims.

 

[David L]

Wow!! That is impressive! What company is it?

Here was the August Surprise I got...

View attachment 206197

We have a HUGE hail storm here a year and a half ago. I guess I get to pay for everyone else's claims.

Farmers, don't remember who the underwriter is, they seem to change them quite often...

Yeah, my agent told us those who live by/on the coast will not be able to get under 5% Deductible for storm coverage.

Our Home policy deductibles has 2% (of the value of the home) for named storms and 1% for other

Looks like your increase is now a percentage too...

So at 2% on a $300k home will be $6,000 deductible...guessing yours is 1% for your Windstorm/Hail coverage?

I hate that the Ins. companies added Wind...guess they are making it harder to replace roofs...

 

[samplenhold]

I got a letter from Traveler's stating that on my home renewal the wind and hail deductible will go from 1% to 2%. Probably because I had a roof replacement last year due to hail.

 

[johnfitz]

So we quickly called our Ins. co. and the confirmed that the amount for next month's renewal is correct.

that's awesome!!! did they give any explanation for the decrease in premium?

 

[Vettester]

I received a renewal notice in August for our homeowners insurance from Liberty Mutual and it went up a staggering 92%. When I called to find out why so much they told me that the rates have gone up everywhere and I was free to shop around.

 

[David L]

that's awesome!!! did they give any explanation for the decrease in premium?

No and I talked to two agents, in a way I did not want them to find a mistake, if you know what I mean , mainly I wanted to make sure both vehicles had full coverage and no changes were made, which they did confirm. I double checked the policy online.

We did trade-in on an older car, 2017 Taurus, when we bought our 2025 Truck in Sep. which Farmers asked us to pay $30 more at that time. We were still ok with $1k Full Coverage for 6 months with both vehicles, I thought it may go up quite a bit with the new Truck.

Believe me it was a shocker to see $600 drop in premium. If this holds true then this is a nice blessing since our oldest dog has surgery on her knee planned next week and it ain't cheap...

 

[johnfitz]

No and I talked to two agents, in a way I did not want them to find a mistake, if you know what I mean , mainly I wanted to make sure both vehicles had full coverage and no changes were made, which they did confirm. I double checked the policy online.

That's exactly what I was thinking... would want to confirm coverage without rockin' the boat!

If this holds true then this is a nice blessing since our oldest dog has surgery on her knee planned next week and it ain't cheap...

Good luck BEST wishes for the old puppy!!!

 

[Mike A.]

Damn. Got mine yesterday... Up 30%!

 

[David L]

Damn. Got mine yesterday... Up 30%!

My agent told me earlier this year that rates, on Home Ins., were going up in all the major populated areas this year. Our house near Houston went up from $1800 a year to $3100. So glad we got that house sold. What our agent also told us that it will be harder to get Only Home Owners Ins. in the future. So if you have Home Owners only Ins. now, keep it, we were told. They will have Auto and Home Ins. available though...

How much of this will come true? Who knows, we do know rates have went up everywhere though...

Ready for my Conspiracy Theory? The Great Reset; we all know it is real, they don't hide their plans on their site. How do the Elites obtain property? Over Inflated House Values, High Taxes, High Mortgage Rates, High Home Owners Ins. which is required by Mortgage Companies...

 

[Mike A.]

That already is "bundled" with auto. I have Erie and they've been good over a long time with them but I need to shop it around some if up that much.