Big jump in Homeowners insurance

[Route246]

Thank you for this link. It is interesting. It cites flooding, tornadoes and extreme weather as a possible reason in some states. It would be interesting to see charts of industry profits and earnings in these high-premium states.

Here is a recent (2/2023) bankrate article comparing home owner insurance rates by state....Shockingly, Florida is not the highest.

https://www.bankrate.com/insurance/homeowners-insurance/states/

 

[Buckeye]

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!

I'm just happy to get a renewal notice in FL!

 

[JoeWras]

WSJ article:

Americans Are Bailing on Their Home Insurance
Some homeowners who are skipping coverage say they can no longer afford rising premiums

Some skipping insurance say they are doing so because they can no longer afford the rising premiums. The national average for home insurance based on $250,000 in dwelling coverage increased this year to $1,428 annually, up 20% from 2022, according to Bankrate.

Free "gift link":
https://www.wsj.com/personal-financ...hw6rpahmdf9&reflink=desktopwebshare_permalink

 

[REWahoo]

Just got my renewal from USAA, HO went up by 4.6%.

USAA just hit us with a 30% increase. I suspect last year's fire that burned over 1,000 acres and three homes within two miles of us had something to do with the huge bump.

 

[Affinity4Investing]

Thank you for this link. It is interesting. It cites flooding, tornadoes and extreme weather as a possible reason in some states. It would be interesting to see charts of industry profits and earnings in these high-premium states.

You might find some interesting info here:

https://www.iii.org/article/triple-i-issues-briefs

A few of the briefs focus on FL and show the losses sustained in recent years.

According to this brief, the last 5 yrs have resulted in massive losses:

https://www.iii.org/sites/default/f...nd_insights_florida_issues_brief_08082022.pdf

 

[Kings over Queens]

Florida is a disaster. Just a mess.

 

[Karloff]

Florida is a disaster. Just a mess.

Agreed. We just got a notice of cancellation from our insurance company. They are denying coverage because of a claim that took place 4 years ago. The funny thing is that this claim was on a completely different property, and it was 100% not our fault. Has anybody ever heard of something like this?

 

[ShokWaveRider]

Not so up here in NE. Fla. I hope everyone does not jump up and move here. Home prices are silly as they are.

 

[GalaxyBoy]

Progressive just hit me with a 40% increase from last year. I hadn't been paying much attention to this issue thinking it was limited to a few states, but I'm paying attention now!

 

[spencnor]

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.

Thanks for the Amica recommendation. I have spent the last two weeks shopping insurance since my current carrier of 29 years,Oregon Mutual, has pulled out of California. Amica gave me the most reasonable quote thus far.

Farmer's is the highest and limiting new California policies to 7K per month.