Big jump in Homeowners insurance

[Kings over Queens]

I do recall that during covid that some carriers voluntarily issued refunds because more working from home and less going out resulted in less driving and therefore less claims. Besides, it was good advertising.

On the last part, no governor would have the legal authority to order a private insurer to issue refunds.

Not the Governor, directly, but his Commissioner of Insurance. There were other states, but NJ is front of mind.

I don't know how to attach the PDF, and am not sure if links are permissible. Apologies to Mods if they are not.

https://www.state.nj.us/dobi/bulletins/blt20_22.pdf

Or, google NJ Department of Insurance Bulletin 20-22

NJ mandated refunds in June of 2020, Insurance Department Bulletin 20-22.

 

[pb4uski]

I knew that the Insurance Commissioner would likely have the authority to mandate a refund, but that is not what you wrote.

 

[GenXguy]

Just got my bill in the last week for my annual renewal. I've never made a claim on my homeowner's insurance in the whole 33 or so years I've been with my current insurance company. No changes in deductible in years, either. But my rate went up a lot again this year. I live in IL. 21% increase.

 

[statsman]

No bill in the mail yet, but I just logged in online and noticed a payment due the end of the month. Seeing that it was low, I assumed it was for half a year. Nope! It's for four months. They've gone with three payments a year (I pay a year in advance), likely to make the actual premium increase seem less painful. Thanks!

Total increase for the next 12 months here in Central Texas: 38%

For comparison, our rate increases the past three years in this house were: 8%, 2%, and 23%.

 

[simple girl]

Just received our renewal - located in Florida. No claims, 5-6 miles from the beach.

Last year, premium was $1529. This year, $2313. I expected a huge jump, but still, it's disheartening. {sigh}

Asked our agent to run comparison quotes, but I am sure it is a futile attempt. Oh well!

 

[simple girl]

Just received our renewal - located in Florida. No claims, 5-6 miles from the beach.

Last year, premium was $1529. This year, $2313. I expected a huge jump, but still, it's disheartening. {sigh}

Asked our agent to run comparison quotes, but I am sure it is a futile attempt. Oh well!

Wow. My agent already got back to me, he actually found me a comparable quote for $1583. Thankfully, our roof is < 10 years old which qualifies us for this company's better rate (Sure). My agent rocks!

 

[GenXguy]

My homeowner's insurance provider sent me notices asking if I want to add coverage for other things that aren't covered under my existing expensive homeowner's insurance. So in addition to the deductible, these coverages are going to make a difference when comparing policies. I don't think my roof is covered at all by insurance because it's over 20 years old asphalt shingles, yet I think one of my coverages is roof replacement.

 

[statsman]

No bill in the mail yet, but I just logged in online and noticed a payment due the end of the month. Seeing that it was low, I assumed it was for half a year. Nope! It's for four months. They've gone with three payments a year (I pay a year in advance), likely to make the actual premium increase seem less painful. Thanks!

Total increase for the next 12 months here in Central Texas: 38%

For comparison, our rate increases the past three years in this house were: 8%, 2%, and 23%.

We received an envelope from the insurance company in the mail over the weekend. Figuring it was the bill for the new premium starting the end of this month, I was surprised to see a notice indicating we were entitled to a refund/credit (in our case, refund) for our current and last billing cycles.

Seems the update information we gave them on our roof that was replaced in July 2021 somehow entitled us to a refund on the past premiums paid. Somewhere between 15-20% of the past two years. The new roof is composite, which was the case for the roof that was replaced. The only difference is the new shingles, with the upgraded felt, is covered under a 50 year warranty. The roof that was replaced was barely two years old, installed when the house was built in 2019.

Despite the refund, I think the upcoming billing cycle still has the 38% increase over what we paid this past year, not the adjusted amount based on the refund.

 

[jazz4cash]

We had the “survey” (inspection) required for our new policy with The Hartford. What a pain. “Surveyor” was 2 hrs late. she took outside pictures and every room inside along with some measurements. They say it’s needed to accurately assess replacement value. I guess it’ll be worth it if the premium holds up.

 

[statsman]

We had the “survey” (inspection) required for our new policy with The Hartford. What a pain. “Surveyor” was 2 hrs late. she took outside pictures and every room inside along with some measurements. They say it’s needed to accurately assess replacement value. I guess it’ll be worth it if the premium holds up.

Does sound like a pain. Of course, the paranoid part of me says this would be a perfect way for someone to scam a homeowner by thoroughly, and visually, documenting what is in someone's home.

Sorry. I just received two scam emails this afternoon regarding a payment I made and to call a provided phone number in case the payment is incorrect. My spidey senses are on constant alert these days, even for something that is legit.

Good luck. I hope you get your premium lowered.

 

[W2R]

Just got my homeowners and wind&hail insurance amounts that I need to pay this year.

Year|2021|2022|2023
Homeowners|$480|$503|$522
Wind & hail |$2,071|$2,374|$4,117
Flood |$572|$684|$?

Homeowners didn't go up too much, just a little under 4%.

But I just found out my Louisiana Citizens (wind and hail, hurricanes) tonight. No prior claims in the 58 years since the house was originally built; good credit, etc. No other options since this is only available through the State of Louisiana.

Flood insurance amount isn't available yet, so I left that one blank.

 

[Teacher Terry]

Yikes W2R that’s double in only 2 years. Ouch!

 

[W2R]

Yikes W2R that’s double in only 2 years. Ouch!

Yeah. I haven't paid wind&hail yet and wonder if I even should. Luckily it isn't due until the end of June so I can take some time to settle down and think.

 

[W2R]

Yeah. I haven't paid wind&hail yet and wonder if I even should. Luckily it isn't due until the end of June so I can take some time to settle down and think.

OK, I paid it.

Then I went to Vanguard and withdrew $20K since with the new roof, and now this, and more to come, I'm getting stressed out about money. I haven't withdrawn any from my portfolio in several years, but 4% is $64K so it's not like I have to be such a doggone cheapskate. I think it's in my blood.

 

[statsman]

Yeah. I haven't paid wind&hail yet and wonder if I even should. Luckily it isn't due until the end of June so I can take some time to settle down and think.

OK, I paid it.

I would have paid it. But then again, we had near tennis ball sized hail hit our roof in April 2021 here in Central Texas. Seriously beat up the basic composite shingles the house builder installed in 2019. Dented the gutters. I'm really surprised the hail that was bouncing off the neighbor's roof into our two side windows off the dining area didn't crack any window glass.

 

[W2R]

I would have paid it. But then again, we had near tennis ball sized hail hit our roof in April 2021 here in Central Texas. Seriously beat up the basic composite shingles the house builder installed in 2019. Dented the gutters. I'm really surprised the hail that was bouncing off the neighbor's roof into our two side windows off the dining area didn't crack any window glass.

How awful! Yeah, with my luck, we'd have a storm like that this year if I hadn't paid my wind-n-hail insurance, for sure.

 

[brett]

Just got our home insurance renewal.

Premium increase of 8 percent.

Realistic given the increase in the cost of construction materials and labor.

I was expecting 12 percent.

 

[rodi]

Just got our bill. 13% jump in homeowners.

 

[Midpack]

Just got our new home insurance premium, up 24% from $1687 in 2022 to $2085 for 2023. Property taxes projected to increase 12%. Inflation has been a PITA over the past year...

 

[audreyh1]

Yep, ours is up about that maybe a bit more - 30%? Agent already emailed that they had shopped around and this was the best offer right now.

 

[Cobra9777]

Our Liberty Mutual homeowner's insurance went up 82% from $2965 to $5395. The dwelling coverage went up 25% from $492K to $613K. But the "price" (premium per $ of dwelling coverage) also went up a staggering 46%. That's a double-whammy I refuse to accept.

I spent a couple hours per day over 4-5 days making phone calls and filling out online forms. After a ton of analysis, I ended up moving everything to Amica, which is a company I've had my eye on for several years. The dwelling coverage is actually higher than Liberty at $620K. But the premium is only $3628. That's still up 14% from last year, but much more reasonable.

In fairness, Amica does not offer replacement cost roof coverage in Texas, which Liberty does. And I also increased the deductible quite a bit to get that premium. But one of the discounts Amica gave was over $1000 for having a Class 4 roof with a 50-year warranty. I had to chase down our roofing contractor from 10 years ago to get them to sign a form that Amica required. But that discount made all the difference.

Anyway, I'm happy to finally be at Amica. I'm hoping the days of shopping around every couple years are in the past. Seems to be a great company, with amazing service, and fair pricing.

 

[W2R]

Year|2021|2022|2023
Homeowners|$480|$503|$522
Wind & hail |$2,071|$2,374|$4,117
Flood |$572|$684|$?

Homeowners didn't go up too much, just a little under 4%.

But I just found out my Louisiana Citizens (wind and hail, hurricanes) tonight. No prior claims in the 58 years since the house was originally built; good credit, etc. No other options since this is only available through the State of Louisiana.

Flood insurance amount isn't available yet, so I left that one blank.

I just got (and paid) my flood insurance, so here's the complete table. I thought I posted it earlier this week but I can't find it, so here ya' go:

Year|2021|2022|2023
Homeowners|$480|$503|$522
Wind & hail |$2,071|$2,374|$4,117
Flood |$572|$684|$795

Also paid my car insurance (for six months) so I'm DONE with insurance until November. I'll give that one big Aggie "Gig'em", followed by a big Texas "Wahoo!!!"

Now I can sleep at night.

 

[FLSUnFIRE]

Just got my renewal from USAA, HO went up by 4.6%. Always a drumroll before opening the renewal but I'm pretty happy to not be surprised with a double digit increase!

 

[Ian S]

Our State Farm homeowners insurance dropped a few bucks this year.

 

[JoeWras]

It may be worth checking your policy limits with your agent/customer service.

In my state, the "standard" policy is all based on the cost of dwelling. Construction costs have skyrocketed, so the dwelling cost has gone way up. Piggybacking on this is the "personal items" insurance. By default, it is a percentage of the dwelling.

But it doesn't have to be. Each state is different. In my state, I can choose a number for that item. We don't live fancy. We just need basic furniture and window dressings, along with basic clothing. Sure, we also need a TV and computer, both have come down in price, not gone up or tracked construction costs.

So I chose what I consider to be a very large number (for us) which will still be over $100k below what they chose by default. This resulted in a policy savings of $200.