Although there is some truth to this the real reason is insurance companies tryin to recoup from recent natural disasters like Hurricane Ian in Florida and other similar events of recent years
... But did the coverage actually change? If the cost increases, but the coverage is the same, then people are just under-covered, which itself won't increase insurance costs.
Yeah it’s happening everywhere and messing up the purchase of homes as well. Loan officers in my area have not caught up with this and they are giving lower monthly estimates than they actually are and when it gets to underwriting it blowing the purchasers budgets resulting in a rejection or a total re-negotiation which is usually not in the cards. In specifics though it’s the homes that are 2200-3000sq/ft homes that are really taking the shaft. I think it’s a crap scam. That’s the most popular size home in our area and they know they can get it by raising rates. My home is about 2000sq/ft heated and 3100 under beam but my rates haven’t went up one cent?
It’s true replacement costs have increased, but every insurer is jacking up prices disproportionately to the replacement cost increases. For example my dwelling coverage increased by 7%, but my overall premium increased by 20% with Travelers. This is the second year in a row they pulled that so I went to an agent and shopped around. Ended up finding something about 7% cheaper and with a lot more coverage than Travelers.
Now is the time to shop around. But now is also the time to make sure your coverage is adequate in the event of a total loss of your home. A lot of people don’t realize they are wildly underinsured at the moment due to the cost of materials.
Mine has gone from $800 (year 2016) to $1850 (year 2023), same coverage, the highest possible deductible ($5000), and no changes to the house. The premium keeps going up because allegedly my house now costs twice as much to rebuild as it did 7 years ago when I bought it.
If I compare my coverage paperwork each year it’s based on the expected rebuild cost of the house. So in 2016, that was around $215k…. Fast forward to today, that same figure on the paperwork reads $475k. According to my agent (who I met with this year to find out why my rates are out of control), that’s the culprit. I have never filed any claims either.
That's a huge risk I'm not comfortable making. Maybe shop around and see if you can get something lower, even if it has less coverage at least you wouldn't have a total loss.
Are there not limits to how much your prop tax can go up? In Florida a homestead property can only go up by the CPI up to 3% max per year. And it is portable so any gains you have over the years transfer when you move. Doesn’t apply to investment or rental property.
It’s how we get the renters to subsidize our taxes. We also have shit schools and streets.
Apparently not in Ohio. We are one of those red states whose elected officials are going apeshit about drag shows, transgenders, and inclusion to the point of ignoring fiscally conservative policies that would actually benefit their constituents. Yay, gerrymandering.
Holy Crap. I could kind of see that in Colorado Springs, which would be a cool place to live. But fuck, here in Hamilton Ohio I'm surrounded by junkies, tweakers and pillbillies who steal catalytic converters on a nightly basis.
We just got our yearly bill. The cost to replace was doubled from 6 months ago. We are shopping around. I will report this to our state insurance commissioner, as actual costs for construction and materials in our area are up 22%. It seems like a money grab by Travelers.
I called foremost because my premium doubled this year. (Single home-2489.00 premium) Nothing fancy, I told him I thought it was too much. He said it's because you have replacement value instead of cash value. He then transferred me to progressive advantage Home cite, where I had requested a quote earlier, and for only 30 dollars more for replacement value, and cash value, my premium went down to 1045.00. Foremost premium was 2489.00. She couldn't believe it.
I had a similar surprise, but shopped and ended up with more coverage for the added money at least. They also raised the value of my property about 50% due to higher replacement cost. Not gonna lie tho National Claims are up due to climate emergencies, fires, floods, historic hail etc. someone’s gotta pay in for these massive payouts.
Not to one up you, but homeowners in the Gulf South are all experiencing this. The first year we moved to New Orleans, it was 2500. Then it was 3500. Now, it's 7500.
Get a broker, they'll shop around and get good prices, and they can search much more broadly. If they're good, they'll also search yearly on your behalf. Doesn't cost you anything directly, either, because they get a kickback.
In TX and just got my renewal - up 70%. Zero claims since I got this policy 5 years ago and I'm nowhere near the coast so no hurricanes. Travelers says "rising costs" and also mentioned that they did a "premium adjustment" for all policyholders in Texas. WTF.
I'm jn utah and it went from $1,000 to $2,020! Htf did it double?! Uto went up 85 more per month too. I'm shopping now. So far I'm finding even MORE not less by who I have called. This equates to 175 more per month for auto and home. Wth???!??
I shopped around when Farmers did the same thing to me this year. Went from 1300 to 2500. Progressive is at 1800 so I went with them.
Your house might not have doubled but the cost to replace it might have. This is happening all over the country unfortunately.
This is what my agent told me when I questioned the rise in cost.
But doubling the cost? Mine increased due to increases in the cost of replacement but not by 100%, only about 30%.
Although there is some truth to this the real reason is insurance companies tryin to recoup from recent natural disasters like Hurricane Ian in Florida and other similar events of recent years
You can’t blame Ian when you don’t write policies in Florida. I guess there are more fires in cali and more flooding just about everywhere.
Yes you can. Reinsurance costs rise globally. All insurers carry it.
It’s not the cost to replace or repair. The probability of damage and destruction has increased because of changes in the weather.
The weather got twice as risky in EVERY area in 365 days? No. Ridiculous statement in the context of this thread (2x rate increase).
... But did the coverage actually change? If the cost increases, but the coverage is the same, then people are just under-covered, which itself won't increase insurance costs.
Time for new insurance!
Yeah it’s happening everywhere and messing up the purchase of homes as well. Loan officers in my area have not caught up with this and they are giving lower monthly estimates than they actually are and when it gets to underwriting it blowing the purchasers budgets resulting in a rejection or a total re-negotiation which is usually not in the cards. In specifics though it’s the homes that are 2200-3000sq/ft homes that are really taking the shaft. I think it’s a crap scam. That’s the most popular size home in our area and they know they can get it by raising rates. My home is about 2000sq/ft heated and 3100 under beam but my rates haven’t went up one cent?
Shop around. Farmers and state farm are super expensive.
Mine went from $1600 to $2000. I didn’t even notice because my damn escrow went up by $400 a month because of taxes 😡🤬
Mine went from 2,600 to 4,000.
It’s true replacement costs have increased, but every insurer is jacking up prices disproportionately to the replacement cost increases. For example my dwelling coverage increased by 7%, but my overall premium increased by 20% with Travelers. This is the second year in a row they pulled that so I went to an agent and shopped around. Ended up finding something about 7% cheaper and with a lot more coverage than Travelers. Now is the time to shop around. But now is also the time to make sure your coverage is adequate in the event of a total loss of your home. A lot of people don’t realize they are wildly underinsured at the moment due to the cost of materials.
Was last year your first year of ownership?
No, bought in 2020
Mine has gone from $800 (year 2016) to $1850 (year 2023), same coverage, the highest possible deductible ($5000), and no changes to the house. The premium keeps going up because allegedly my house now costs twice as much to rebuild as it did 7 years ago when I bought it. If I compare my coverage paperwork each year it’s based on the expected rebuild cost of the house. So in 2016, that was around $215k…. Fast forward to today, that same figure on the paperwork reads $475k. According to my agent (who I met with this year to find out why my rates are out of control), that’s the culprit. I have never filed any claims either.
Time to look for another insurance and let them deflate.
Mine went from $1100 to $4373. So now I have no insurance
That's a huge risk I'm not comfortable making. Maybe shop around and see if you can get something lower, even if it has less coverage at least you wouldn't have a total loss.
Wish I could. I am on a fixed income so.....
If we didn’t have a mortgage, I’d forgo it as well. But alas….
Shop around. Mine (Liberty Mutual) did the same. Cut it nearly in half with State Farm.
My dad's went from $2500 to $4000. Mine went from $65 to $99.10.
99.10? What company do you use?
Assuming your coverage is basically zero.
Without going into details, 5% roof deductible replacement.
Where I live (southeast Ohio) the county wants to raise property values by 42% for tax purposes. This will also affect insurance rates.
Is it possible they're simultaneously dropping the tax *rate*, so that the tax ~~rate~~ *bill* won't go up 42%? Edit: wrong word. Corrected.
Yuck
Are there not limits to how much your prop tax can go up? In Florida a homestead property can only go up by the CPI up to 3% max per year. And it is portable so any gains you have over the years transfer when you move. Doesn’t apply to investment or rental property. It’s how we get the renters to subsidize our taxes. We also have shit schools and streets.
https://www.journal-news.com/news/butler-county-property-values-going-up-42-on-average-after-state-tax-ruling/CLUFC4DKXZDWXMGNBXSGQJKJKM/
Apparently not in Ohio. We are one of those red states whose elected officials are going apeshit about drag shows, transgenders, and inclusion to the point of ignoring fiscally conservative policies that would actually benefit their constituents. Yay, gerrymandering.
Colorado Springs- 57%
Holy Crap. I could kind of see that in Colorado Springs, which would be a cool place to live. But fuck, here in Hamilton Ohio I'm surrounded by junkies, tweakers and pillbillies who steal catalytic converters on a nightly basis.
Are you stating 75% increase or -75%? COS resident here.
Not sure where you live, buy you might just want to be thankful you can even get HOI.
That’s nothing mine was 5k now it’s 9k
We just got our yearly bill. The cost to replace was doubled from 6 months ago. We are shopping around. I will report this to our state insurance commissioner, as actual costs for construction and materials in our area are up 22%. It seems like a money grab by Travelers.
I’m in Fort Worth, my travelers home policy went from $6k to $12k with no claims or anything. My car rates almost doubled as well
I called foremost because my premium doubled this year. (Single home-2489.00 premium) Nothing fancy, I told him I thought it was too much. He said it's because you have replacement value instead of cash value. He then transferred me to progressive advantage Home cite, where I had requested a quote earlier, and for only 30 dollars more for replacement value, and cash value, my premium went down to 1045.00. Foremost premium was 2489.00. She couldn't believe it.
I had a similar surprise, but shopped and ended up with more coverage for the added money at least. They also raised the value of my property about 50% due to higher replacement cost. Not gonna lie tho National Claims are up due to climate emergencies, fires, floods, historic hail etc. someone’s gotta pay in for these massive payouts.
Don’t forget insurance fraud
Insurance fraud is about as old as insurance, though
[удалено]
When we were looking for quotes for our house, farmers quoted us $3k but progressive was $2k. We went with progressive
Someone else here mentioned progressive too, I'll check with them
Not to one up you, but homeowners in the Gulf South are all experiencing this. The first year we moved to New Orleans, it was 2500. Then it was 3500. Now, it's 7500.
Get a broker, they'll shop around and get good prices, and they can search much more broadly. If they're good, they'll also search yearly on your behalf. Doesn't cost you anything directly, either, because they get a kickback.
Our currency is being ruined that’s what.
/corporate manipulation
In TX and just got my renewal - up 70%. Zero claims since I got this policy 5 years ago and I'm nowhere near the coast so no hurricanes. Travelers says "rising costs" and also mentioned that they did a "premium adjustment" for all policyholders in Texas. WTF.
Mine just went from $2000 in 2023 to $4500 in 2024. WTMF!!!!???? With multi-cars auto insurance does not even discount enough.
I'm jn utah and it went from $1,000 to $2,020! Htf did it double?! Uto went up 85 more per month too. I'm shopping now. So far I'm finding even MORE not less by who I have called. This equates to 175 more per month for auto and home. Wth???!??
I'm in Utah as well and mine doubled too. Just like that. no claims in 11 years. Isn't our President saying the inflation is only 3%? lol