Homeowners Insurance Increase!?

[dm]

Quote:

Originally Posted by rdy4er In Florida 2020 $2700 2021 $3800 2022 $4500 Total BS

Mine went from $2200 to $4700. The city is also raising our Seawall assessment from $600 to around $1200. Flood is around $1,700 for $250000.

And they may let me go another 10 years on my tile roof, 20 yrs old, before requiring replacement or cancellation.

The agent said that may change.

[FlaMariner]

Auto-Owners homeowners....Western North Carolina......not complaining at all as we have a home in Florida (family home and do not want to know how much) and have lived in Louisiana......When we got the quote for this new home, we thought it was the quarterly payment! LOL. Incredible.

2022 $670
2021 $607
2020 $738
2019 $680

[walkinwood]

There's a similar thread on bogleheads
https://www.bogleheads.org/forum/viewtopic.php?t=377516


One of the posters mention Gabi, which is an online insurance broker that sounded interesting to me.

[karen1972]

Our Liberty Mutual home insurance quote jumped 30% in December renewal so I went insurance shopping.

Ended up switching to State Farm and got (home, auto and doubled our umbrella policy) for what I was paying to LM for auto alone.

I was told LM had gotten hit by a lot of claims last year due to flooding in our state and I assumed some of the cost was increased cost of replacing the home.

I saw it as a good thing as with that type of hike I actually stopped being lazy and did shop around and I ended up saving a lot of money.

[almost there]

Around 25% with State farm on the home. Will see what the rental does...when its renewal date hits 2/2023.
But looking around here, I guess I cant complain.
$1225.00 a yr. / dwelling limit $547,100 / dwelling extension limit $54710
But the prem. has about doubled over the past 10 years.
I have all my auto's, motorcycles, home, rental, 1m. umbrella etc.
So I pay the $1.00 a month fee for the single monthly online payment from my cking account. Rather than writing 20 checks a year. Best $12.00 a year I have ever spent. I cant change. Have had SF since I was 16. Get lots of discounts. So, I stay.

[Sunset]

Quote:

Originally Posted by almost there Around 25% with State farm on the home. Will see what the rental does...when its renewal date hits 2/2023. But looking around here, I guess I cant complain. $1225.00 a yr. / dwelling limit $547,100 / dwelling extension limit $54710 But the prem. has about doubled over the past 10 years. I have all my auto's, motorcycles, home, rental, 1m. umbrella etc. So I pay the $1.00 a month fee for the single monthly online payment from my cking account. Rather than writing 20 checks a year. Best $12.00 a year I have ever spent. I cant change. Have had SF since I was 16. Get lots of discounts. So, I stay.

I just pay my insurance in full at the time, I get a discount for full payment. Can even use my CC for one of: autos, house, umbrella.
so I get points/cash back.

[almost there]

Quote:

Originally Posted by Sunset I just pay my insurance in full at the time, I get a discount for full payment. Can even use my CC for one of: autos, house, umbrella. so I get points/cash back.

Not sure State farm offers points? After 45 years my discounts are huge.
Plus its a 6 month renewal. So for 5 motorcycles and 3 cars, thats 16 bills to pay. 2 homes plus an umbrella, 3 more.
No way I want to mail / contact them 19 times a year.
Probably break even with the cost of stamps. With the dollar a month charge.

My monthly bill just went up from $279 to $310 starting next month.
Due to the home owners increase. Its auto pay, comes out of our checking account.

[jazz4cash]

Quote:

Originally Posted by Sunset I just pay my insurance in full at the time, I get a discount for full payment. Can even use my CC for one of: autos, house, umbrella. so I get points/cash back.

Same here, but occasionally it is convenient for me to make a monthly payment or two and then pay the balance. Most insurers charge about $3 per payment. State Farm was the WORST. They only showed minimum payment due on the billing statement and web statement was no better. It felt like they wanted to hide how much i was actually paying. I had to call the agent to get a payoff. The billing practices was a major reason I left SF. I will say they were excellent on two auto claims.

[almost there]

Quote:

Originally Posted by jazz4cash Same here, but occasionally it is convenient for me to make a monthly payment or two and then pay the balance. Most insurers charge about $3 per payment. State Farm was the WORST. They only showed minimum payment due on the billing statement and web statement was no better. It felt like they wanted to hide how much i was actually paying. I had to call the agent to get a payoff. The billing practices was a major reason I left SF. I will say they were excellent on two auto claims.

Is that the charge for using a CC? Am not aware of any fees to make a payment?
Aside form the $12.00 a year for monthly auto pay.
Thanks!

[jazz4cash]

Quote:

Originally Posted by almost there Is that the charge for using a CC? Am not aware of any fees to make a payment? Aside form the $12.00 a year for monthly auto pay. Thanks!

No, it was a service fee for using a payment plan like monthly, quarterly, etc. it definitely was not $1. I was not using a credit card for the payments.

[523HRR]

+10% ($231) for me in FL.

[Pointby2]

Let's see:
2021 - $1788 up 13%
2020 - $1551 up 12%
2019 - $1367 up 11%
2018 - $1218 up 3%
It's quadrupled since 2001
Southern California

[wcs6071]

Quote:

Originally Posted by COcheesehead We pay $528 a year for homeowners for a million dollar dwelling. If it goes up 15%, that would make it $607. Still cheap.

Hi....who's your carrier?
Thanks

[braumeister]

MOD NOTE:

Posts were deleted for bringing gratuitous political references into the thread. Please avoid that in future.

[athena53]

Quote:

Originally Posted by almost there So I pay the $1.00 a month fee for the single monthly online payment from my cking account.

This is a "feature" of property-casualty insurance that needs to be revisited. Back in the 1970s when I started my career in insurance we were filing for state insurance department approval of these charges for people who paid in installments. Back then the reasoning was pretty straightforward: if you paid monthly, every month the company had to send a bill (in an envelope with a stamp) and when the customer's payment arrived, someone had to open the envelope, record the check, gather it with other checks and deposit it in the bank.

No quite the same as zapping it out of your checking account on the due date!

Quote:

Originally Posted by almost there Not sure State farm offers points? After 45 years my discounts are huge.

I think the person who posted this was referring to credit card points/cash back when you pay with a credit card. I put mine on my Fidelity Visa and get 2% cash back.

[JoeWras]

Quote:

Originally Posted by athena53 This is a "feature" of property-casualty insurance that needs to be revisited. Back in the 1970s when I started my career in insurance we were filing for state insurance department approval of these charges for people who paid in installments. Back then the reasoning was pretty straightforward: if you paid monthly, every month the company had to send a bill (in an envelope with a stamp) and when the customer's payment arrived, someone had to open the envelope, record the check, gather it with other checks and deposit it in the bank. No quite the same as zapping it out of your checking account on the due date! I think the person who posted this was referring to credit card points/cash back when you pay with a credit card. I put mine on my Fidelity Visa and get 2% cash back.

This whole thing is weird and as you say, it is a "feature" that also crosses the lines into state regulations. Some states don't allow discounts for payment methods that others do allow.

In my case (Amica), if I pay in full, no discount. But if I sign up for auto-pay, I get a discount. So I went from paying in full to letting them take it out of my credit card every month with a discount for this. Go figure. No extra fee for the credit card either.

In the last few years I didn't mind paying in full, but now with inflation raging and the possibility of bank rates rising, I'll hang onto my cash as long as I can.

[JoeWras]

Attached is my history. I've had no claims since 1996. The 42% bump in 2013 by State Farm was partially induced by a quasi-political duel that SF (and some other companies) had with our insurance commission. They raised rates above a certain ceiling and made us sign something that basically unleashed them from future regulation.

So, that got me shopping. When I dropped SF, my agent was rude. I will never go back.

After all these years, Amica finally caught up to SF. The rate rises are getting real now. I was hoping last year was the last shock, but you all are telling me I may be in for more turbulence. I'll know in 2 months. I should probably go shopping now.

[Montecfo]

Get an independent agent. They will shop every year if you want to.

Staying with the same insurer year after year may mean you are overpaying.

You will never know if you don't shop.

[foxcreek9]

Quote:

Originally Posted by Montecfo Get an independent agent. They will shop every year if you want to. Staying with the same insurer year after year may mean you are overpaying. You will never know if you don't shop.

Yes, but. Check with your state's insurance office for their complaint ratio, all insurance companies have complaints but the difference can be eye opening. Also, if you live in an area where catastrophic events like earthquakes and hurricanes occur, having a small player may hamper your claims for months. After all what you are really paying for is that one big claim that you hope never happens.

[Montecfo]

Quote:

Originally Posted by foxcreek9 Yes, but. Check with your state's insurance office for their complaint ratio, all insurance companies have complaints but the difference can be eye opening. Also, if you live in an area where catastrophic events like earthquakes and hurricanes occur, having a small player may hamper your claims for months. After all what you are really paying for is that one big claim that you hope never happens.

Sure. know how your broker vets companies.
My broker only writes on highly rated firms. Just because an insurer does not advertise on TV does not mean it is "small".