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Insurance seems to be on the rise again.....
Old 11-03-2017, 03:38 PM   #1
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Location: Historic Florida
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Insurance seems to be on the rise again.....

Just got my House insurance bill. $1589 including Hurricane! Up $300 + from last year.

Called agent, expressed concern as I have had no claims for over 11 years.

Managed to get it back down to $1200 with no real compromise. Reduced contents insurance from $435k replacement cost to $200k replacement costs. We would be lucky to have $150k if a total loss. Remember this does not include Cameras, Jewelry, Paintings or anything like that.

Insurance company arbitrarily estimates contents based on home size and rebuild costs. Our home rebuild costs are $650k (estimated). home value about ~$875k.

Check yours before paying automatically.

Not looking towards receiving the flood insurance bill next summer..... (FLA)
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Old 11-03-2017, 06:02 PM   #2
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Insurance companies charge teaser rates to get your business. Look up and 5 years later your replacement value is 150% of what the house is worth. And they are charging by the $ thousand. I am seeing my car insurance skyrocket too.

If your home burns and you choose not to rsbuild, you would be paid a depreciated value that is may be half of what you are paying premiums on.

I wonder what kind of insurance my State Farm agent has. Is stated value coverage even available?
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Old 11-03-2017, 06:15 PM   #3
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I would think the insurance companies are being hit hard by claims from the hurricanes and are jacking up premiums to compensate for it. That would be my guess. They may say something different, but I would think that is what it boils down to.
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Old 11-04-2017, 07:15 AM   #4
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IMO if you live in coastal FLA you're going to get reamed. Not that it's a bad idea to do so, just the reality of hurricanes now.
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Old 11-04-2017, 07:57 AM   #5
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Insurance companies keep loss ratios state by state and use them to ask formats increases from the state.

I live 400 miles from the Gulf Coast, but my rates are more expensive than inland states because of the risk on the Gulf Coast. Last year, Allstate raised rates 5.5%--less than they requested.

Even in years without hurricanes, our insurance companies will only take on new homeowners unless the auto insurance goes with them. And if a home is not insured, they will increase the auto premiums 30%.

I split my business between State Farm and Allstate. Allstate is cheaper slightly on cars but much cheaper on my lake house. I am about to shop the total package after recent rate increases in cars and after selling 2 rental houses this year.

Essurance has my main homeowners insurance and they were much, much less expensive than any other company. They appear very conservative and thorough on underwriting.
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