Homeowners Insurance Increase!?

[523HRR]

+10% ($231) for me in FL.

 

[Pointby2]

Let's see:
2021 - $1788 up 13%
2020 - $1551 up 12%
2019 - $1367 up 11%
2018 - $1218 up 3%
It's quadrupled since 2001
Southern California

 

[wcs6071]

We pay $528 a year for homeowners for a million dollar dwelling. If it goes up 15%, that would make it $607. Still cheap.

Hi....who's your carrier?
Thanks

 

[braumeister]

MOD NOTE:

Posts were deleted for bringing gratuitous political references into the thread. Please avoid that in future.

 

[athena53]

So I pay the $1.00 a month fee for the single monthly online payment from my cking account.

This is a "feature" of property-casualty insurance that needs to be revisited. Back in the 1970s when I started my career in insurance we were filing for state insurance department approval of these charges for people who paid in installments. Back then the reasoning was pretty straightforward: if you paid monthly, every month the company had to send a bill (in an envelope with a stamp) and when the customer's payment arrived, someone had to open the envelope, record the check, gather it with other checks and deposit it in the bank.

No quite the same as zapping it out of your checking account on the due date!

Not sure State farm offers points? After 45 years my discounts are huge.

I think the person who posted this was referring to credit card points/cash back when you pay with a credit card. I put mine on my Fidelity Visa and get 2% cash back.

 

[JoeWras]

This is a "feature" of property-casualty insurance that needs to be revisited. Back in the 1970s when I started my career in insurance we were filing for state insurance department approval of these charges for people who paid in installments. Back then the reasoning was pretty straightforward: if you paid monthly, every month the company had to send a bill (in an envelope with a stamp) and when the customer's payment arrived, someone had to open the envelope, record the check, gather it with other checks and deposit it in the bank.

No quite the same as zapping it out of your checking account on the due date!

I think the person who posted this was referring to credit card points/cash back when you pay with a credit card. I put mine on my Fidelity Visa and get 2% cash back.

This whole thing is weird and as you say, it is a "feature" that also crosses the lines into state regulations. Some states don't allow discounts for payment methods that others do allow.

In my case (Amica), if I pay in full, no discount. But if I sign up for auto-pay, I get a discount. So I went from paying in full to letting them take it out of my credit card every month with a discount for this. Go figure. No extra fee for the credit card either.

In the last few years I didn't mind paying in full, but now with inflation raging and the possibility of bank rates rising, I'll hang onto my cash as long as I can.

 

[JoeWras]

Attached is my history. I've had no claims since 1996. The 42% bump in 2013 by State Farm was partially induced by a quasi-political duel that SF (and some other companies) had with our insurance commission. They raised rates above a certain ceiling and made us sign something that basically unleashed them from future regulation.

So, that got me shopping. When I dropped SF, my agent was rude. I will never go back.

After all these years, Amica finally caught up to SF. The rate rises are getting real now. I was hoping last year was the last shock, but you all are telling me I may be in for more turbulence. I'll know in 2 months. I should probably go shopping now.

 

[Montecfo]

Get an independent agent. They will shop every year if you want to.

Staying with the same insurer year after year may mean you are overpaying.

You will never know if you don't shop.

 

[foxcreek9]

Get an independent agent. They will shop every year if you want to.

Staying with the same insurer year after year may mean you are overpaying.

You will never know if you don't shop.

Yes, but. Check with your state's insurance office for their complaint ratio, all insurance companies have complaints but the difference can be eye opening. Also, if you live in an area where catastrophic events like earthquakes and hurricanes occur, having a small player may hamper your claims for months. After all what you are really paying for is that one big claim that you hope never happens.

 

[Montecfo]

Yes, but. Check with your state's insurance office for their complaint ratio, all insurance companies have complaints but the difference can be eye opening. Also, if you live in an area where catastrophic events like earthquakes and hurricanes occur, having a small player may hamper your claims for months. After all what you are really paying for is that one big claim that you hope never happens.

Sure. know how your broker vets companies.
My broker only writes on highly rated firms. Just because an insurer does not advertise on TV does not mean it is "small".

 

[CRLLS]

Here is just one more point of reference.

I've been with SF for many decades with homeowners, vehicles, Umbrella etc. I just received our homeowners bill of $785 annually, due in July. That is up only 4.7% from last year. I can't complain much about that in today's environment. The home is 35 years old, 2,200 sq ft. The deductible is 1% of coverage. I made no efforts to change any coverage.

 

[vdesalvo]

Homeowners Insurance

Yep, mine went up about 10% and my carrier let me know that the vehicle insurance will be another eye opener. Both with same company. Did increase the value of my home slightly and added a 1mil umbrella policy.

 

[RetiredAndLovingIt]

I have Liberty Mutual for home, umbrella, and auto. Both renew in January every year.
My home owners went from $1204 in 2021 to $1384 in 2022. So 15% increase.
I guess I better prepare myself for a much larger increase next year.

Unless another insurance company is substantially less for the same amount of coverage I’m not switching.
I had an auto claim about 25 years ago and a house claim about 20 years ago. Both times LM was exceptionally easy to deal with.
If that changes then I’ll look for another insurance company.

I think you're in California.
If so do you have Earthquake Insurance also through them as well and what's the deductible? My insurance company is not a member of the CEA which yours is and my deductible is $69k for earthquake so I'm thinking about moving to another company for a better deal although I hate to leave them because they also treated me very well on a massive claim ten years ago.

 

[Livefree]

My annual policy is $880 per year. 2200 sq.ft. and 8k Lot.


My Insurance is: Mapfre (Commerce) Insurance

 

[BrianB]

Just got our annual renewal today. It went up 12.5%, from $296 to $334.

Before you all go green with envy, I should add that we live in attached townhomes, so we have an HO6 "condo / townhome" policy. The HOA has a master policy on the structure, paid out of our fees.

Last year the HOA was given a HUGE increase (50%+) for that policy. We found another company that offered a price close to our previous number, but with a $10k per unit deductible on roof claims. We have 32 units so that would be $320k, and we just just paid for a new tear-off & re-sheath roof a year ago for $500k. Basically they are on the hook for only 1/3 of a total loss roof claim. Insurance companies are tired of being gouged for roof claims!

Everyone was advised to up their individual policies to cover this deductible, which we did for $12 a year.

BrianB

 

[Buckeye]

I live in Florida. I would be doing back flips if my homeowner's insurance was only $1687 a year!

Mike

I'm in FL and I got a 24% increase this month....and I was happy to have a policy!

 

[Luvdogs]

I'm in FL and I got a 24% increase this month....and I was happy to have a policy!

That's basically what my agent said--I should be glad that it's less than 5K and that my policy was renewed. We were cancelled every year for the past 5+ years with no claims in over 30+ years-also in FL.

 

[RetiredAndLovingIt]

I'm in Southern California, we pay homeowners insurance and a separate Earthquake policy if desired.
2022 Homeowners $1320 2021 $1199
2022 Earthquake $500 2021 $454 * 69K deductable *

* I didn't notice the EQ deductible until the day the policy expired. I checked a couple of other companies and their policies were quite a bit more expensive but the EQ policies had a lower deductible so I went ahead and paid it and just hope we have no big ones in the coming year and I will be more prepared next year if I decide to change companies.
Overall we seem to be cheaper than some other states for insurance so I can't complain.

 

[Magus]

I was pleasantly surprised mine only increased about 1.5% this year. I expect next year it may jump quite a bit.

 

[Surewhitey]

Yep, about 25% for us in Dallas... Still affordable and we just got a new roof last year. Allstate home & auto.

 

[james7]

2015 $651.05
2016 $692.98
2017 $767.27
2018 $864.03
2019 $972.35
2020 $1,087.05
2021 $1,155.77

$450,000 home in MD on 10,000 sq ft lot

 

[RetiredAndLovingIt]

I paid my homeowners and earthquake insurance yesterday all the while moaning bitterly about the huge earthquake deductible and trying to console myself with happy thoughts like "it will never happen"
We had a quake early this morning, granted it wasn't a big one (4.3) but it was within 100 miles of me. It shook me awake and I couldn't get back to sleep for worry about my 69K deductible.

 

[almost there]

I paid my homeowners and earthquake insurance yesterday all the while moaning bitterly about the huge earthquake deductible and trying to console myself with happy thoughts like "it will never happen"
We had a quake early this morning, granted it wasn't a big one (4.3) but it was within 100 miles of me. It shook me awake and I couldn't get back to sleep for worry about my 69K deductible.

6-7 generations in so cal. Zero earthquake damage to anyone in the family. Seems when folks move to Ca. from areas with disasters (hurricane's, flooding etc) they worry more about them than than folks that have lived here forever. Just a wild guess. Same as shark attacks. Sort of... Also depends where you live. Alameda and Contra Costa counties seem to have the most. The Bay area (450 miles north of me) might be worrisome. What county are you in?

 

[rodi]

The bigger risk in CA isn't earthquake... it's fire.

Just got our renewal today. 40% increase in our homeowners and in our umbrella. May need to drop the umbrella since it's now up to $2550/year.

Our policy that covers our granny flat rental only went up 11%... It's on the same lot, same fire risk, theoretically same construction labor costs/sf.

 

[aja8888]

The bigger risk in CA isn't earthquake... it's fire.

Just got our renewal today. 40% increase in our homeowners and in our umbrella. May need to drop the umbrella since it's now up to $2550/year.

Our policy that covers our granny flat rental only went up 11%... It's on the same lot, same fire risk, theoretically same construction labor costs/sf.

The umbrella insurance portion is $2550? If it is, that's crazy.