Homeowners Insurance Increase!?

3% change at renewal (from $899 to $926) due to bump in replacement cost. This is with ALFA (1% ded, structure value $440k). Also have auto and umbrella with them. I think they only insure in 3 states (AL/MS/GA).
 
Mine was said to have gone up based on replacement cost increases.
Its now around $260.00 a square foot. For new 2x4's and stucco.:LOL:
 
jgman said:
Yes, but I am also considering other low tax states such as Delaware. Will have to check their homeowner insurance rates.
Click to expand...

Also prop tax. As bad as Calif. seems, it does have prop 13.
Keeping prop tax from killing everyone. :LOL:
If it went away, I would be forced to relocate.
Thats a fact.
 
Ours went up to $1,434 a 12% increase for a stated 7% increase in value...

This has a $3K deductible as well.

I'm thinking of adding sewer line converage as I've noticed some houses in the neighborhood having their lines dug up and replaced. They used cast iron piping and they are all ~40 yrs old now.

It would add ~$50 per year to the policy.
 
Sunset said:
Ours went up to $1,434 a 12% increase for a stated 7% increase in value...

This has a $3K deductible as well.

I'm thinking of adding sewer line converage as I've noticed some houses in the neighborhood having their lines dug up and replaced. They used cast iron piping and they are all ~40 yrs old now.

It would add ~$50 per year to the policy.
Click to expand...

versus spending thousands (mostly for labor) digging up your yard...
 
W2R said:
OK, the bill for Wind and Hail came in today. It's up $303, which is 15%. (sigh) Still haven't heard what Flood Insurance will be this year. Total of all three is going to be about $3500. No claims ever on any of these home policies. :banghead: All right, we DO love living here so we'll continue to grumble and pay promptly.
Click to expand...

Bill for Flood came in yesterday. Total of the three (Wind and Hail, Flood, and Homeowners') policies, for my 57 year old 1500 square foot house, high deductibles:

2021: $3123.20
2022: $3561.36

Overall increase for these three policies: 14%
Overall increase in car insurance: 18%

No claims, high credit score. Apparently a lot of the reason for this is inflation; the insurance companies are having to pay out more for parts and labor than they did last year. Another contributing factor may be the active hurricane season we had last year. I know I wouldn't want to be in the insurance business in south Louisiana right now, anyway. :(
 
We have no claims and high credit scores also. Ours went up 25%. The explanation was that condo insurance is going up due to water leakage claims. We have one property that’s in a mid-rise building but we’re on the top floor so no chance of water intrusion from units above. Our other property is a one story structure with one shared wall. Again, little chance of water intrusion from another unit. Apparently none of this matters according to the agent. If it’s a condo, it’s going up double digits.
 
Midpack said:
Just wondering if others are seeing SIZEABLE increases this year - just another nail in the inflation curse. Our premium due in July, with Liberty Mutual, went up 25% from $1345 to $1687/year!!! I have never had a single homeowners claim in almost 50 years. I may get quotes, but since I had my first auto accident last October, I may be between a rock and hard one changing providers right now... :(

Maybe this is the increased incidences of hurricane, fire, floods and other natural disaster costs that we all get to "share in?"
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No claims No losses past 7 years in current home. Homeowners policy was just non- renewed. Received a quote today from new company that is more than triple my current premium with a deductible that has quadrupled.
 
Gevans17 said:
No claims No losses past 7 years in current home. Homeowners policy was just non- renewed. Received a quote today from new company that is more than triple my current premium with a deductible that has quadrupled.
Click to expand...

Yikes! I would shop the heck out of this.
 
Just got our renewals...
Homeowners went up about 8%,
Our policy on the granny flat went up 3%
Earthquake stayed the same,
car insurance went up more... Older son had a minor fender bender, so that was expected.

But umbrella policy almost doubled!!!!

I called the agent. The agent has a call into underwriting... there is no answer back on why it went up so much, yet... The agent was as shocked as we were.
 
I cut mine last December from $1,470 to $1,100 by going to another insurance company.
 
Yes, ours went up from $1400 to $1650/yr with State Farm. No past claims either. When I asked the agent, he said this has been a crazy year for materials and labor replacement costs. They have skyrocketed. Also the home values have gone up.
 
My Homeowners / Earthquake / Auto / Umbrella went up from $410 a month a year ago to $427 this month. 1/2 of that is earthquake insurance. Everything goes up.
 
gayl said:
My Homeowners / Earthquake / Auto / Umbrella went up from $410 a month a year ago to $427 this month. 1/2 of that is earthquake insurance. Everything goes up.
Click to expand...

I still have not purchased earthquake insurance. I'm in the hills on bedrock, plus I'm still not convinced the CEA will be able to pay all the claims in a major quake.

I looked at State Farm's replacement cost estimate, which in my opinion is ridiculously low, and had the agent increase the coverage on the house and garage. I'm in a high risk fire area and having seen building costs skyrocket after previous major fires. I want the insurance to cover as much as possible if I have to rebuild.

A few years ago, the cost was around $1,000. This year, it's almost $2,400.
 
Add me to the list. Exactly 25% increase from Amica. At least the umbrella is the same the last few years. Auto also drifted up slightly (about 1%) this year. Chalk that up to solid used car prices.
 
My agent said it was due to high construction costs.
I knew things like lumber had gone nuts. I just didn't know how nuts. Aside from 2x4's tripling,
and just laughing when I walk by plywood. So I looked it up.
Hard to get angry when lumber has gone up almost 400% over the past 2 years.
"372% surge in lumber prices during the past two years"
 
Speaking of earthquake insurance, I lived in a condo development where the units were in clumps of 3,4, or 7 units. It turned out the deductible was set for each clump,not individual units.
We passed on it, and one of the owners sold and moved to another development that did have insurance.
We were 3 miles from the epicenter of the Northridge quake, and he lived further away. We sustained minor damage, but his unit was hit hard, He was out of his unit for a year unit for a year until the settled with the insurance company. SAD
 
Sounds like we got lucky. I sent a note to our AMFAM agent asking for status on reducing our premiums. Earlier in the year our Insurance Commissioner, in their infinite wisdom, eliminated corps ability to provide pricing based on credit scores, our rates went up 20% in Feb. Finally, this has been amended to allow this discount and we got an early renewal for the next 12 months at an 18% reduction in premium locked. Sounds good to me!
 
You are Lucky! My Co. used $450 a sq. ft. replacement costs this year.
 
We paid a little under $3K this year. SE FL. This is actually considered low here, believe it or not. Brand new house with impact windows, etc. Most folks with a comparable property that is 20 years or older are looking at around $7K. And I am sure this will go up next year.

One of our other policies *tripled* for no reason. When I called the company and asked why, they said "because you are in Florida". True story.

For those who still want to move to FL, think again!
 
Thanks to this thread, checked my renewal online. Yup - AllState is increasing it by 25%.

Called Amica. And they are quoting me a price which is close to what I am paying now. Moving my Home Insurance to Amica.
 
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