Another Crazy Homeowners Insurance Premium Situation (resolved)

[jazz4cash]

I was with Liberty Mutual for many years too. I asked them do new customers get a better rate than loyal existing customers? The answer was yes, but there is more.
I then asked them that if I dump them for a year and then come back, will I be considered a new customer and thus get a better rate? The answer was also yes.
Nothing more I need to know.

I have long suspected that loyalty to an insurer is penalized, not rewarded. I get the new customer discount incentive but it’s as if their formula assumes if you’ve been with them for a long time with no claims, you are “due” for a claim. Do they think the odds change on the 10th flip of a coin if the first nine flips were tails?

 

[rodi]

Just got our homeowners renewal. Up 32% from last year. But we got renewed. Dune insurers are pulling out of parts of California due to fire risk. Our area has a lot of open space canyons, which increases fire risk. To counteract that we have fire hardened our home . Hardy board siding, wrapping metal around eaves, so no exposed wood, landscape removed from next to the house.


NYT podcast The Daily had a story yesterday about how climate change is now being priced into homeowners insurance. Apparently most insurance companies list money over the last 2-3 years.

 

[Teacher Terry]

I just received my homeowner’s insurance policy and it hasn’t gone up at all. My car insurance with geigo has been going up 20-30% a year and is due in July. I have shopped around and no one is cheaper. Nevada has 75% of the population living in and around Vegas with more accidents, thefts, dui’s, etc which makes us the second most expensive state in the country. Ugh!

 

[GenXguy]

I just received my homeowner’s insurance policy and it hasn’t gone up at all. My car insurance with geigo has been going up 20-30% a year and is due in July. I have shopped around and no one is cheaper. Nevada has 75% of the population living in and around Vegas with more accidents, thefts, dui’s, etc which makes us the second most expensive state in the country. Ugh!

No change? That's a shocker. Mine has changed every year over the last 22 years with my company, and it has more than doubled in the last 3 years. Never made a claim. Did you review the coverage? Sometimes they change it so that your coverage is not as good. While my homeowner's insurance policy just went up 31% from a year ago, they also doubled my wind & hail deductible. So, it was a double whammy.

My car insurance went up 22% IIRC, and I live in low population density area with no changes, no tickets, no claims.

 

[Teacher Terry]

No change? That's a shocker. Mine has changed every year over the last 22 years with my company, and it has more than doubled in the last 3 years. Never made a claim. Did you review the coverage? Sometimes they change it so that your coverage is not as good. While my homeowner's insurance policy just went up 31% from a year ago, they also doubled my wind & hail deductible. So, it was a double whammy.

My car insurance went up 22% IIRC, and I live in low population density area with no changes, no tickets, no claims.

Yes I looked at the coverage and it’s the same. My car insurance is 1200/year for a 16 year old car that I only drive 2700/miles per year. No tickets or accidents.

 

[CRLLS]

My State Farm Homeowner's bill was just received. I was quite disappointed seeing a 23% increase from last year. It is still less than 1/2 of the area's average policy cost so I just bit a bullet and paid it. I still hate myself a little bit when I do that.