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?
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?