wmc1000
Thinks s/he gets paid by the post
Just got my renewal. Guaranteed replacement cost number increased by 12%. Premium went up 4.4% so I call it a win!
Homeowners Insurance Increase!?
- Thread starter Midpack
- Start date
Wow! 25% .. are you in Florida too ?
We have a had several companies fold in Florida. My company folded and another company took over all their accounts. I have about 6 months before I see how much they are going to increase my premium. I think it was 30% last year and I felt lucky. I had a buddy that paid the full premium and a week later they cancelled the policy, he got a policy with another company, only paid partial, and then that got cancelled. He finally had to get a Citizens Ins. policy which some type of state sponsored insurance. On a later inspection there was an 11" x 5/8" stick on the roof all by itself. The inspector said that had to be removed and there was a return inspection to make sure. Crazy! Citizens ins. did say they are trying to find a company to place him with. There is nothing odd about his house it is in a neighborhood of similar homes.
ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
In Florida, if you do not have a concrete block home, and you have a shingle roof (As opposed to concrete tile). Anything is possible.
aja8888
Moderator Emeritus
My bold, what do you mean by "an 11" x 5/8" stick on the roof"? And what had to be removed? (Curious)
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In North Carolina, the Home Owner insurance will have a 7.9% increase. Around 6% in the Triad area, and around 10% if you are near water. The 24% that insurance companies want increase got rejected.
https://www.wfmynews2.com/article/n...ation/83-edd3d4ed-d0ae-4193-ae0e-5a277eebcece
https://www.wfmynews2.com/article/n...ation/83-edd3d4ed-d0ae-4193-ae0e-5a277eebcece
A tree branch 11 inches long fell on his roof. The insurance inspector wanted it removed.
aja8888
Moderator Emeritus
Got it. Thanks! At least he didn't want the roof removed!
Not so, ours is concrete block both stories and concrete tile roof. We are now forced to Citizens after being dropped by an over exposed company we had been with for a month.
SecondAttempt
Thinks s/he gets paid by the post
Don't worry, I'm sure they will reduce your premium when rebuilding costs reduce next year. (Removing tounge from cheek)
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wrigley
Full time employment: Posting here.
Sure. And if I put a new roof on my home they'll be more than happy to cut my premiums in half. <wink>
Mike
ncbill
Thinks s/he gets paid by the post
Is the roof up to current code?
If so have you considered dropping some coverages?
I'd think your type of home has the best chance of surviving a hurricane.
It was built in 2016, and has a wind mitigation report. So yes, it’s up to code
Drop coverages! The current policy barely covers anything as it is!
It’s really a joke. I have no expectation that I’ll ever collect a penny if something were to happen.
Switch to Openly Insurance last Fall for savings of 39% compared to other Insurance companies according to my independent agent. This year they raised my rates 18% with a 160k increase in replacement cost. Not worried about building the same home and square footage I currently have, but rather protect the dollars tied to the home. I negotiated an increase of 60k in replacement to decrease the increase to only 11%. The personal property coverage was 2X higher than our possessions. By decreasing the replacement also drop the personal property to a more realistic amount. I don't believe in buying more coverage than is needed.
troutnut1
Recycles dryer sheets
The with crazy real estate market, the dramatic rise in building costs, and the insane costs just to throw things away in nutty places like California, I’d be seriously concerned if my homeowners policy didn’t cost more this year.
It might not hurt to take a serious look at demo and rebuilding costs once in a while, especially in fire or other disaster prone areas. When I last did that I raised my own premiums by increasing my coverage. I calculated I could never rebuild at todays’ costs with my previous coverage and we are threatened by fires every year that our Forest Service loves to just let burn here. Going without insurance here isn’t a very good option, but I did consider it.
I did raise my deductible to a % amount instead of a dollar amount. After a recent hail storm pocked up my metal roof a little I calculated my deductible at $8100. My reasoning when I did the high deductible was that it would be foolish to make a homeowners claim for something like $1500 with a $1000 deductible. That’s just begging trouble. We only want to make claims for really significant losses. And in this case I’ll just live with the tiny pock marks instead of risking a claim. My neighbors on the other hand immediately filed a claim with their low deductible policy, and bragged about receiving a large amount towards a new roof they needed anyway. It will be interesting to see how that works out for them in the long run.
It might not hurt to take a serious look at demo and rebuilding costs once in a while, especially in fire or other disaster prone areas. When I last did that I raised my own premiums by increasing my coverage. I calculated I could never rebuild at todays’ costs with my previous coverage and we are threatened by fires every year that our Forest Service loves to just let burn here. Going without insurance here isn’t a very good option, but I did consider it.
I did raise my deductible to a % amount instead of a dollar amount. After a recent hail storm pocked up my metal roof a little I calculated my deductible at $8100. My reasoning when I did the high deductible was that it would be foolish to make a homeowners claim for something like $1500 with a $1000 deductible. That’s just begging trouble. We only want to make claims for really significant losses. And in this case I’ll just live with the tiny pock marks instead of risking a claim. My neighbors on the other hand immediately filed a claim with their low deductible policy, and bragged about receiving a large amount towards a new roof they needed anyway. It will be interesting to see how that works out for them in the long run.
Dtail
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Had my roof replaced and the premium went up from 1300 to 3300. Dropped them and found a new one for 1400 using a broker. Simple for me and a new roof for 7k.
Now since I have a new roof, wouldn't I have been a better risk client for my former insurance company going forward, but not lots of logic there.
Now since I have a new roof, wouldn't I have been a better risk client for my former insurance company going forward, but not lots of logic there.
I haven’t seen an increase on my home yet, but my friend who lives in a fire area near L.A. had his homeowners insurance leap from $8k to $23k this year and he can’t find anything cheaper. I think insurers are recouping their losses from the last few years and setting up for rapid climate change.
Very location dependent. Mine went up a fraction over 2% this year.
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