Homeowner Insurance Doubled?!!

[Odiedog]

I have been a lurker here for years and appreciate the group's collective wisdom. Our homeowner insurance premium doubled this year. From $2500 to over $5000. No claims or changes to the property assets.

I know the insurance companies have to cover the losses from hurricanes and wildfire but man, that's a lot. There aren't a lot of companies that write policies in western Colorad now, probably because of the fire risk. I'll shop around but I imagine the rates will be similar.

Have others seen these level of increases in the last year?

Thx.

 

[braumeister]

Here's a relevant recent thread on this topic:
https://www.early-retirement.org/forums/f28/homeowners-insurance-increase-114023.html

 

[COcheesehead]

We live in Western Colorado. Our homeowners went up about $30 to $535/year for a million dollar house. We use an independent agent who shops it for us. Our current policy is with Progressive. We also carry an umbrella through the same carrier.

 

[Odiedog]

We live in Western Colorado. Our homeowners went up about $30 to $535/year for a million dollar house. We use an independent agent who shops it for us. Our current policy is with Progressive. We also carry an umbrella through the same carrier.

Wow, I'll have to do some shopping for sure. With the recent spike in home values here, we suddenly find ourselves with a million dollar home too.......

 

[pacergal]

Ours went up about $200, we also have auto and umbrella insurance through them-Hartford/AARP. We are also in an area that has wildfires, but never any claims for anything in the 30+ years we have lived here/ single level ranch style house.

 

[aaronc879]

We live in Western Colorado. Our homeowners went up about $30 to $535/year for a million dollar house. We use an independent agent who shops it for us. Our current policy is with Progressive. We also carry an umbrella through the same carrier.

How is that possible? Is the value all in the land? My home is worth <$150K and my homeowners insurance is $600/yr. I don't live in an area with hurricanes or fires.

 

[Teacher Terry]

I pay the same as Co cheeseheads in the West for a condo worth 250.

 

[COcheesehead]

How is that possible? Is the value all in the land? My home is worth <$150K and my homeowners insurance is $600/yr. I don't live in an area with hurricanes or fires.

Land is about 15% of the value.

Here is a receipt from my payment earlier last week.

 

[VanWinkle]

How is that possible? Is the value all in the land? My home is worth <$150K and my homeowners insurance is $600/yr. I don't live in an area with hurricanes or fires.

Shop around for quotes, don't just keep paying the same company because it is the easiest way. I had a 300,000 home and paid about 530 per year in Illinois.

 

[ivinsfan]

I dont see anyone mentioning their deductible which makes it harder to compare others prices.

 

[Spock]

I've been paying about $600-700 in AZ. Moving "Up Nort" to the land of ice and snow and the quotes I'm getting are $1600+ for a smaller house and slightly less value. When I choked at the premium they responded with "tornado's and hail".

 

[aaronc879]

I've been paying about $600-700 in AZ. Moving "Up Nort" to the land of ice and snow and the quotes I'm getting are $1600+ for a smaller house and slightly less value. When I choked at the premium they responded with "tornado's and hail".

Hail is a legitimate reason for higher premiums. My parents have lived in their house 43 years and have had 2 roof fully paid for due to hail. Many people never pay for their own roof or siding they just wait for hail and have it covered by insurance.

 

[REWahoo]

Hail is a legitimate reason for higher premiums. My parents have lived in their house 43 years and have had 2 roof fully paid for due to hail. Many people never pay for their own roof or siding they just wait for hail and have it covered by insurance.

^This.

We've had three insurance funded roof replacements due to hail in the first 20 years we've lived in this house.

 

[Time2]

Land is about 15% of the value.

Here is a receipt from my payment earlier last week.

We got ours down lower than that, but we had to move. I got the fireplace I always wanted.




This year my home insurance Co. went bankrupt, and a new company took over the policies. The renewal just came with a 25% increase to $2,337. Still, probably not a bad price for NW Fl. Before I renew, I need to talk with the agent. $250k home.

 

[COcheesehead]

^This.

We've had three insurance funded roof replacements due to hail in the first 20 years we've lived in this house.

We used to live in the hail belt of the Front Range of Colorado, auto and home were markedly higher due to hail. We had two hail claims on our autos and one hail claim on our house.

 

[COcheesehead]

Anyone paying for coverage that seems out of line, check what you are paying for. I used to have policies that covered weird stuff like loss of food in the refrigerator - you don’t need that kind of coverage. Our deductible is $1000. 2200 sq ft home. $535/yr for $1m in coverage.

 

[Koolau]

Keep in mind that most states have insurance commissions that review such increases. Some such commissions have quite stringent oversight. I'm not saying "they've got your back" but at least most insurance companies can't just double rates without some explanation. I'd call 'em up and ask "what the hey?"

 

[jazz4cash]

Homeowner Insuranced Doubled?!!

How is that possible? Is the value all in the land? My home is worth <$150K and my homeowners insurance is $600/yr. I don't live in an area with hurricanes or fires.

My thoughts exactly. Good for COc, but there is no way that premium is proportional to the risk vs what the rest of us are paying. My premium of $1800 has doubled in 10 yrs but it’s about the same as we paid before switching from State Farm in 2011. Moderate increases most years.
EDIT: Now I’ve cursed myself.

 

[COcheesehead]

My thoughts exactly. Good for COc, but there is no way that premium is proportional to the risk vs what the rest of us are paying. My premium of $1800 has doubled in 10 yrs but it’s about the same as we paid before switching from State Farm in 2011. Moderate increases most years.
EDIT: Now I’ve cursed myself.

Well don’t tell Progressive.

 

[jazz4cash]

Well don’t tell Progressive.

My lips are sealed.

 

[frank]

mine went up about 25% due to florida hurricanes and other bull. and this is on a home worth about 350k went from 2500 yr to 3000. no claims, no reason except the insurance company lost money from the hurricane and other natural disasters. tried three other companies and an independent agent and all were within 100 dollars.

 

[Dtail]

mine went up about 25% due to florida hurricanes and other bull. and this is on a home worth about 350k went from 2500 yr to 3000. no claims, no reason except the insurance company lost money from the hurricane and other natural disasters. tried three other companies and an independent agent and all were within 100 dollars.

Yup not looking forward to my Florida renewal next year.

 

[Time2]

Since I can't edit my post I'll add, NW Fl. 25% increase, but I had a $80k+ payout after 2018's hurricane Micheal. I have a neighbor that has dropped his property insurance, I know others thinking about this, but liability insurance then becomes a problem.

 

[pb4uski]

We live in Western Colorado. Our homeowners went up about $30 to $535/year for a million dollar house. We use an independent agent who shops it for us. Our current policy is with Progressive. We also carry an umbrella through the same carrier.

Did you mean $300 to $535/year? $30/year seems way too low.

 

[Mark1]

Just got our new policy for the year and ours went up 16%. We too are in Western CO, but our wildfire risk is minimal. Actually, besides a big rock rolling down the mountain onto our house our natural disaster risk is very low. We are much more in line with COcheesehead, then the $2,500/$5,000 amount quoted.