Home owners Insurance up!!!

[Venturer]

Just recieved my home policy pre renewal details,which is up 29%, From $1105.69 to $1,430.40.

The letter has a little note on the bottom that says "Main reasons your policy premium is changing." It goes on to show the "reasons" as follows:
Coverage A Dwelling increased by $21,000 from $366000 to $387000

Coverage B Separate structures increase $2100. from $36,600 to $38,700

Coverage C Personal contents replacement increase by $11550.from $201,300 to $212,850

Coverage D Loss of use increase by $4,200 from $73,200 to $77,400

Then goes on to explain factors that may drive premium increases

$140billion spent on natural disaters, 4% inflation hike & 8.2% increased construction costs.


Now I know that prices are up everywhere on every thing but this crap is a bunch of bull. Some of y'all are more informed about some of this stuff than me. But I question some of these increases. One in particular is "separate structures" amount. My only separate structure is a barn shaped 10'x 16' building that I bought that was around $1700.00 10 years ago and I looked online for the same type last night and they are in the $2400. to $3000. range, and thats a long way from $36,000 to $38,700 . Now I could see a premium increase of 4 to 5% but this is just crazy. I'mwondering if I can't just tell them to leave all my coverage the same as it was, is that possible?

 

[aja8888]

Call them and have them re quote with lower limits. Tell them you don't want coverage on the out building. Or shop the policy.

 

[Mark1]

I know in my case with SF, I can't decouple the "residence" from the "other structures" or "contents", as both minimums are 10% and 75% of residence amount, respectively. I thought maybe this was just the agent's office feeding me a line of BS, so I call the SF corporate number and ending up getting the same answer.

I know in my case, I can likely replace all of my "contents" for just for the price of the oak doors alone within my residence. I might actually raise my "residence" amount if I could lower the other two amounts.

 

[Aerides]

If you search, you'll see your situation is not unique as there are several recent discussion, which include the factors and suggestions that might help you:

https://www.early-retirement.org/fo...-homeowners-insurance-increases-119762-3.html

You might also see that many of us would gladly pay your premium!

 

[Midpack]

There have been several discussion on this. If you don't shop quotes with other insurance companies every 2-3 years, you will probably overpay. I was with Liberty Mutual for over 30 years, and found they were gouging us big time, I had assumed they wouldn't do that to a long time customer. We cut our premiums by about 40% switching.

That said, claims are up substantially, so rates will be too. No getting around that.

Fool me once shame on you, fool me twice shame on me...

 

[wearefinishedworking]

We just changed all deductibles on auto and home to $1000 which did reduce annual premium by about $300.

 

[badatmath]

Other structures is probably a % of the value and you probably can't opt out fwiw.

 

[Chuckanut]

There have been several discussion on this. If you don't shop quotes with other insurance companies every 2-3 years, you will probably overpay. I was with Liberty Mutual for over 30 years, and found they were gouging us big time, I had assumed they wouldn't do that to a long time customer. We cut our premiums by about 40% switching.
e...[/QUOTE}

Clark Howard frequently talks about how insurance companies as well as others put long term customers on their ‘Won’t bother to switch’ list. Then they increase the fees and premiums, knowing these customers are likely to simply pay and not bother to shop their policy. Some even often a small long-term discount, but it’s not enough to get over being on the “probably won’t switch
“ list.

 

[perinova]

Same situation here, my premium increases by 66pct. I am already familiar with the shop every 2-3 years renewal requirement.

Any of you have used recently, and successfully, an online shopping comparator? I have used thezebra in the past but this time around it seems they can't help me: "we are unable to find online rates for you at this time"