My agent of over 5 years with service beyond my expectations just sent me a bill that is about 50% higher than last year. A 70s split level in SE Pennsylvania, not in a flood or crime zone went from 600 to 900 a year. Obviously I am going out for quotes on the whole package but has anyone else seen a recent increase in their homeowners?
You're seeing inflation.
We are in North Florida (almost Georgia), inland 50 miles, 236' above sea level, no flood zone... $1500 increase this year.
When I bought my house in 1993 my homeowner's insurance was about $500 a year.
I renewed last month for 2023, and it was maybe $850? Under a grand, definitely. No big jump here; it's just been a very gradual increase.
Four bedroom mid-'60s brick Cape Cod in northern Delaware, no particular flood or neighborhood issues.
After Ian, I'm just waiting to see what happens to our insurance. Florida is losing companies as the losses have been driving them out of the state. We're about 30 miles from the Atlantic Ocean near Daytona Beach.
Duke, who is your carrier? I suspect Delaware has better rates than PA but that small of an increase does make me jealous.
So far Hartford with my AARP discount is best but still over 800. Seriously considering increasing deductible from 2500 to 5K
That hurricane ain't paying for itself.
$900/yr. That would be great!
I just received my renewal. Didn't go up a single dollar from last year, with the same company. I forget exactly who since I use a broker.
It's been $2k/yr for the last 3 years (with the same company, I want to say Safeco, but I wouldn't bet on it) on a home built in 1983. 3/2/2 1815 sq ft.
Floating Doc (Forum Supporter) said:Florida is losing companies as the reductions in profit have been driving them out of the state.
they're still making money, just not as much money.
This is me come November every time I get my renewal letter.
Not-so-fun fact: Insurance premiums go up.
We got a little bump this year, like most years. When it feels like you're getting berkeleyed, shop it.
1988RedT2 said:Not-so-fun fact: Insurance premiums go up.
We got a little bump this year, like most years. When it feels like you're getting berkeleyed, shop it.
It has gone from 520 in 2018 to 640 last year. Tolerable increases, but a 300 dollar jump in one year is just not excusable by any measure.
USAA = $2,325 per year for a 2,098 sq ft track house built in 1979 in Southern California.
No claim history, some wildfire risk.
In reply to RX Reven' :
I am not sure the price of the house is as relevant as all you'd be replacing is the dwelling not the land.
Slippery said:In reply to RX Reven' :
I am not sure the price of the house is as relevant as all you'd be replacing is the dwelling not the land.
Good point, I pulled it off...folks can just estimate 2,098 sq ft at So. Cal. construction costs.
Learned a lot today. They do an estimate to rebuild calculation based on ZIP, construction, features. Mine came in at 310 to 330K. About $165 per square foot, which sounds fair today I guess. I am probably going with Hartford, thru AARP. They quoted 700 with a 5k deductible. The deductible is crazy high but having never made a claim in 35 years I am OK with it. Auto is 800 for 2 beat up cars and a truck all carrying liability only. So overall my annual policy cost will actually be less than last year. Hartford gives teaser rates the first year to get you in and then slams a big jump at year 2 or 3 hoping old farts won't notice. But who knows what the future will bring so I will take the savings and deal with the whole process again.
I'm curious to see if mine goes up in May. Since we bought the house 2.5 years ago, home had stayed $450/year bundled with the car insurance through AAA, mandatory flood went from $1350 to 950 from some private broker.
In reply to porschenut :
Not sure how it works elsewhere, but here in Florida they also insure contents. Every year I have to fight the contents portion, as they over value that. They can only go so low, its a percentage of the dwelling cost. Worth checking if you can lower that part, at least here as the rates are quite high.
In reply to Slippery :
Contents number is basically unchanged and it has minimal effect on the premium. Can't adjust it lower, we have some rather valuable stuff inside.
porschenut said:In reply to Slippery :
Contents number is basically unchanged and it has minimal effect on the premium. Can't adjust it lower, we have some rather valuable stuff inside.
Ensure you double-check the special limits for Coverage B (contents). Often times there are limits on things like guns, jewelry, computers or expensive camera equipment. So even though you may $150k for contents, there may only be X amount for guns. And a lot of the time with things like jewelry or guns, it's a split limit like 2500/5000. Meaning a 2500 limit for one item, but 5000 for that class overall.
And yet they stack the deck in their favor so heavily that, even though I have over $40K in damage, looks like I won't even be able to claim more than my deductable is. Screw the crooks. Everyone in the insurance industry is an immoral crook. Same goes for the pharma industry, except Mark Cuban.
I'm salty right now, please excuse me.
No problem it is full of crooks. Just have to have the right lawyer to battle them. Yes they take a percentage but in many cases it is still worth it. I am happy with the result of spending a day reading crap and talking to sales agents. I am saving over $300 compared to last year for the same or slightly better coverage. And I don't have to get coverage from a company with stupid commercials. Had Liberty Mutual years ago, "only pay for what you need", well I asked what my premium would be if I didn't contribute to their stupid advertising program. No answer.
If it makes you feel better I am at $7k a year for a 1980s 2400sq ft house in Florida about 2-3 miles inland from the east coast. That is up from $2400 five years ago when I purchased it.
Being in the claims side of the business I have a little more insight as to why there are increases in Florida at least. I am actually over in Ft. Meyers assisting with Ian claims at the moment.
Roughly speaking Florida has less than 10% of the property claims in the country but almost 80% of the lawsuits. Companies wouldn't be going out of business or leaving Florida if they were or saw a way to be profitable.
Dr. Boost - No excuse needed, I know its a tough time. Truly sorry to hear about your loss. Feel free to reach out if you have any general questions. I've got damages of my own likely in that same range but fortunately with a lower deductible.
Your agent really should have informed you of your hurricane deductible. Without know specifics every one one I have seen is listed on one of the first pages of your policy know as the declarations and should have been made known at purchase. I've seen anywhere from $500 to 66k this storm. There are also things which may not be covered during a hurricane which are listed deeper down in the policy and are not as common knowledge. This storm also produced a lot of rain causing flooding. Typically flood coverage is typically a separate policy regardless if the flood was the result of a hurricane or not which is also outlined in bold on one of those first pages.
Like most industries there are good and bad. In 15 years including 5 I spent as an independent working for various companies that I've only ran into one company that I felt was not being fair to its customers which prompted me to find another job. Every company I have worked for directly has always drilled in us to pay what we owe under the policy. I do recognize that many people do not read or understand (they are not simple documents) their policy and are under the impression that it covers things it may not. Some people even think it is like a warranty or maintenance policy.
As an aside my wife is in the manufacturing side of pharma and as best I can tell is not an immoral crook, however I could be a bad judge of character.
In reply to porschenut :
Sorry, been away from here a week or two.
I have State Farm, home / life / auto policies.
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