House insurance cost? up 35% ?
#3057712
07/09/22 04:40 PM
07/09/22 04:40 PM
|
Joined: Jan 2003
Posts: 15,348 Omaha Ne
TJP
OP
I Live Here
|
OP
I Live Here
Joined: Jan 2003
Posts: 15,348
Omaha Ne
|
Our house insurance is renewing and jumped 35% been with the same outfit 28 years and very few claims. I'm assuming this is due to the supply chain issues and fuel prices. Wondered what others might be seeing ? TIA
|
|
|
Re: House insurance cost? up 35% ?
[Re: TJP]
#3057714
07/09/22 04:57 PM
07/09/22 04:57 PM
|
Joined: Jan 2005
Posts: 8,341 Crook County, ILL
Mastershake340
master
|
master
Joined: Jan 2005
Posts: 8,341
Crook County, ILL
|
I didn’t pay much attention to mine when it renewed early this year, it always goes up but never dramatically. That may change though. I’m reading horror stories about Florida and also some of the other Gulf coast states concerning homeowners insurance. Florida especially, where it became a crisis with insurers dropping out and those that remain raising rates exponentially. They always have had it bad due to hurricanes, but apparently a big part of the problem is storm chasers. These are the guys who come around and offer to inspect your house for damage and then help you get a new roof, siding etc courtesy of your insurance company other than your deductible. They file lawsuits and make it near impossible for insurance to deny the claims, and it was financially ruining the insurance companies so many are just closing up shop in Florida. Those that remain charge a fortune. I know these storm chasers are all over, I’ve found cards and flyers from them on my door. A buddy of mine was boasting about the near free roof, siding, and garage door he got a few years ago after storm chasers knocked on his door. Everybody might want to think twice about taking these guys up on their scheme, it’s screwing things up for a lot of people and you are participating in a shady scheme when you get a new roof and siding this way. https://www.wbur.org/onpoint/2022/05/03/inside-floridas-property-insurance-crisis
|
|
|
Re: House insurance cost? up 35% ?
[Re: TJP]
#3057716
07/09/22 04:59 PM
07/09/22 04:59 PM
|
Joined: Aug 2019
Posts: 9,454 Super Spudsville
Mr PotatoHead
Half Baked
|
Half Baked
Joined: Aug 2019
Posts: 9,454
Super Spudsville
|
The web says...
A recent study discovered that homeowners insurance rates have gone up in every state over the last decade and in the midwest the rate increases have been pretty dramatic. The reason for these rate increases varies by state but in most cases, it is more frequent and severe storms that are causing the premium jumps.
But USAA tells me we all pay for others payouts in one form or another. My Auto Ins is way up due to hail and auto thefts 250 miles away in a big city and all my cars sit indoors and I drive under 5k miles a year combined.
Stinks!
STOP POTATO HATE!
|
|
|
Re: House insurance cost? up 35% ?
[Re: Mastershake340]
#3057777
07/09/22 08:17 PM
07/09/22 08:17 PM
|
Joined: May 2005
Posts: 4,723 Florida
BDW
master
|
master
Joined: May 2005
Posts: 4,723
Florida
|
I didn’t pay much attention to mine when it renewed early this year, it always goes up but never dramatically. That may change though. I’m reading horror stories about Florida and also some of the other Gulf coast states concerning homeowners insurance. Florida especially, where it became a crisis with insurers dropping out and those that remain raising rates exponentially. They always have had it bad due to hurricanes, but apparently a big part of the problem is storm chasers. These are the guys who come around and offer to inspect your house for damage and then help you get a new roof, siding etc courtesy of your insurance company other than your deductible. They file lawsuits and make it near impossible for insurance to deny the claims, and it was financially ruining the insurance companies so many are just closing up shop in Florida. Those that remain charge a fortune. I know these storm chasers are all over, I’ve found cards and flyers from them on my door. A buddy of mine was boasting about the near free roof, siding, and garage door he got a few years ago after storm chasers knocked on his door. Everybody might want to think twice about taking these guys up on their scheme, it’s screwing things up for a lot of people and you are participating in a shady scheme when you get a new roof and siding this way. https://www.wbur.org/onpoint/2022/05/03/inside-floridas-property-insurance-crisis I love this fallacy the insurance companies push and this false narrative. So the insurance company sends out THEIR adjuster, he agrees the house needs a new roof. And its the fault of the "storm chaser"?
|
|
|
Re: House insurance cost? up 35% ?
[Re: TJP]
#3057794
07/09/22 09:37 PM
07/09/22 09:37 PM
|
Joined: Jul 2010
Posts: 374 Alberta, Canada
300rag
enthusiast
|
enthusiast
Joined: Jul 2010
Posts: 374
Alberta, Canada
|
We just received our condo corporation renewal and rates are up dramatically. When asked, we were shown the newest appraisal. The replacement costs for the complex had gone up 18%, most attributed to the ever increasing building material costs.
Peter
'65 300 'vert 413/4spd '18 Challenger R/T Shaker '19 Durango R/T
|
|
|
Re: House insurance cost? up 35% ?
[Re: bobby66]
#3057808
07/09/22 10:38 PM
07/09/22 10:38 PM
|
Joined: Aug 2019
Posts: 9,454 Super Spudsville
Mr PotatoHead
Half Baked
|
Half Baked
Joined: Aug 2019
Posts: 9,454
Super Spudsville
|
Way to post in the general section, goofy. Trumpy Bear sent me a million dollars and a ton of linked up ammo for my MG-42. Seig Heil!!!!!!!!!!!!!!!! or MAGA!!!!!!!!!!!!!!, something like that..............
STOP POTATO HATE!
|
|
|
Re: House insurance cost? up 35% ?
[Re: Mr PotatoHead]
#3057813
07/09/22 10:58 PM
07/09/22 10:58 PM
|
Joined: Feb 2005
Posts: 20,172 PA.
pittsburghracer
"Little"John
|
"Little"John
Joined: Feb 2005
Posts: 20,172
PA.
|
Way to post in the general section, goofy. Trumpy Bear sent me a million dollars and a ton of linked up ammo for my MG-42. Seig Heil!!!!!!!!!!!!!!!! or MAGA!!!!!!!!!!!!!!, something like that.............. Were you surprised. I wasn’t.
1970 Duster Edelbrock headed 408 5.984@112.52 422 Indy headed small block 5.982@112.56 mph 9.42@138.27
Livin and lovin life one day at a time
|
|
|
Re: House insurance cost? up 35% ?
[Re: pittsburghracer]
#3057815
07/09/22 11:00 PM
07/09/22 11:00 PM
|
Joined: Jan 2003
Posts: 43,540 Round Lake Beach, Illinoisy
Rhinodart
Rhinotruck
|
Rhinotruck
Joined: Jan 2003
Posts: 43,540
Round Lake Beach, Illinoisy
|
And how much has your home value gone up over the last two years? Mine has jumped about 20%...
The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.
JB Rhinehart, Realist
A-Body's RULE!
|
|
|
Re: House insurance cost? up 35% ?
[Re: Ramrod39]
#3057910
07/10/22 10:04 AM
07/10/22 10:04 AM
|
Joined: Jun 2019
Posts: 744 Almost Heaven
Bob Stinson
super stock
|
super stock
Joined: Jun 2019
Posts: 744
Almost Heaven
|
Liberty Mutual raised mine every year until I dumped them. The auto insurance was the same. I guess emu food isn't cheap.
69 road runner A12 ex-racer 71 Duster w/ a 400
Shiny paint causes stress.
|
|
|
Re: House insurance cost? up 35% ?
[Re: TJP]
#3057911
07/10/22 10:06 AM
07/10/22 10:06 AM
|
Joined: Dec 2007
Posts: 19,896 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
|
Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,896
Puttin' on the foil in Charles...
|
- Home values are way up. The value of the risk you are insuring has increased, so the rates increase. - Claim frequency (how many claims there are) and severity (how much those claims cost) is up. More big storms, more damage, more claims, more expensive repairs, so the rates increase.
Earning every penny of that moderator paycheck.
DBAP
|
|
|
Re: House insurance cost? up 35% ?
[Re: 5thAve]
#3057918
07/10/22 10:24 AM
07/10/22 10:24 AM
|
Joined: Dec 2007
Posts: 19,896 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
|
Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,896
Puttin' on the foil in Charles...
|
The cost of wood went up 2 to 4x pre pandemic prices and other material has gone up also so that probably accounts for a fair bit of it. But watch higher insurance rates not come back down when prices level off and go back to normal Do you really think insurers want to lose good existing customers by keeping rates artificially high? Because that's what would happen if they did. It costs a lot more $$ to acquire a good new customer than to keep a good existing customer. They want you to stay. Insurers want those costs associated with acquiring new customers to drive growth, not to replace customers they've lost.
Earning every penny of that moderator paycheck.
DBAP
|
|
|
Re: House insurance cost? up 35% ?
[Re: not_a_charger]
#3057929
07/10/22 11:23 AM
07/10/22 11:23 AM
|
Joined: May 2019
Posts: 6,240 nowhere
Sniper
master
|
master
Joined: May 2019
Posts: 6,240
nowhere
|
The cost of wood went up 2 to 4x pre pandemic prices and other material has gone up also so that probably accounts for a fair bit of it. But watch higher insurance rates not come back down when prices level off and go back to normal Do you really think insurers want to lose good existing customers by keeping rates artificially high? Because that's what would happen if they did. It costs a lot more $$ to acquire a good new customer than to keep a good existing customer. They want you to stay. Insurers want those costs associated with acquiring new customers to drive growth, not to replace customers they've lost. You'd think that was true. However, I mentioned my insurer thought my roof was 17 years old when renewal time was approaching. I reviewed my particulars and got that corrected to the 1 year old date my roof actually was. The funny part, not haha funny, was that my roof got replaced do to hail damage, which that same insurer paid for. So they already new the age of my roof, but chose to not charge me that rate unless I found out and fixed it. This from an insurer that likes to talk about their customer service. So yeah, they are happy charging artificially high rates unless you catch them at it.
|
|
|
Re: House insurance cost? up 35% ?
[Re: Sniper]
#3057935
07/10/22 11:31 AM
07/10/22 11:31 AM
|
Joined: Dec 2007
Posts: 19,896 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
|
Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,896
Puttin' on the foil in Charles...
|
The cost of wood went up 2 to 4x pre pandemic prices and other material has gone up also so that probably accounts for a fair bit of it. But watch higher insurance rates not come back down when prices level off and go back to normal Do you really think insurers want to lose good existing customers by keeping rates artificially high? Because that's what would happen if they did. It costs a lot more $$ to acquire a good new customer than to keep a good existing customer. They want you to stay. Insurers want those costs associated with acquiring new customers to drive growth, not to replace customers they've lost. You'd think that was true. However, I mentioned my insurer thought my roof was 17 years old when renewal time was approaching. I reviewed my particulars and got that corrected to the 1 year old date my roof actually was. The funny part, not haha funny, was that my roof got replaced do to hail damage, which that same insurer paid for. So they already new the age of my roof, but chose to not charge me that rate unless I found out and fixed it. This from an insurer that likes to talk about their customer service. So yeah, they are happy charging artificially high rates unless you catch them at it. It is true, whether you think so or not. You're assuming that they didn't just screw up and fail to update your underwriting info, which is what really happened. If you're a good customer, they don't want you to leave and go elsewhere. Overcharging existing customers is a great way to lose them. Customer retention is king. Homeowners is a loss leader anyway. Insurers don't make money on their homeowners book of business, and don't expect to. They try to lose as little as possible, but they know they're not going to make money. Look at the value of what you insure, relative to what you pay. Then, do the same thing with car insurance, motorcycle insurance, etc. Insurers make money bundling other products with home.
Earning every penny of that moderator paycheck.
DBAP
|
|
|
|
|