Originally Posted by davidfin
Next month I pay my annual home owners insurance premium. My year on year premium increased 35%. My 2600 square foot home is located in the suburbs surrounding Portland in the Pacific Northwest. Iíve made no claims in roughly 25 years. Neighborhood is safe and well maintained. I feel Iím being taken advantage of by the insurance companies. Iíve called around and checked online. Seems all the major insurance companies are raising rates. Iím thinking antitrust investigations are needed. Whatís your experience?
My experience is similar. South central Minnesota. Up 27.96% this year.
I've bundled homeowners & auto insurance with American Family since the year I bought the home (1995)
(Zero claims in 28 years - including auto)
I added an umbrella policy about 5 years ago.
*the umbrella policy $ amount isn't included in any of the following figures*
The only other YOY hike that came close was 1999 up 22.20%
(a town about 10 miles away was basically destroyed by a tornado)
Other large hikes
In 2015 it went up another 10+ percent.
For 2016, I raised my deductible from $500 to 5K. This brought the premium down to $702.00
With the latest hike, it's up to $1,373 basically a double since I raised the deductible.
I'm going to shop around & also have a sit down with my agent.
One thing I've always had a problem with, is the limits for personal property
(on premises) last year's limit was $157,500, the new limit is $174,900
I cannot for the life of me figure out how my personal property on the premises, could be worth anywhere near 1/2 that amount ?
Hopefully the agent can explain that when I meet with him.