Posted on 04/01/2014 7:11:51 AM PDT by GYPSY286
Homeowner's Insurance Premiums
If you filed a claim or claims, expect your premium to go up.
It’s a fact of life.
Are you guessing as I am... that trouble in the Insurance Industry..is having previously undiscussed ramifications?
“A Fading TIde Lowers All Boats”?
Zillow increased the value of our place in rural KY by 50% this year.
But our place is mostly land...
Mine went up more than 600.00 last year. Allstate. They said the Pa Insurance commission allowed them to raise rates 30% after the Sandy storm.
We’re looking around at other companies.
My house is valued at $265K. My insurance went from $953 to $1367. I have full replacement cost, $1000 deductible, and never had any claims.
A friend’s insurance went up by about 20% because, according to the new FEMA maps, one small corner of his property of several acres could flood. Needless to say there’s nothing on that piece of land.
Have you made any improvements to your home that has increased its value or which resulted in a property tax reassessment? That too - can drive up the price of a home insurance premium.
I live in north Alabama. The tornado outbreak here in April 2011 resulted in a significant premium increase. A couple of companies even stopped writing insurance on houses over a certain age. I don’t think my increase was quite as big as yours. Mine was north of $200 annally.
Expensive hurricanes
The Colorado expected increase across the board is 12%. Ours went up by that amount. We had a 200+ year flood and several wicked forest fires that wiped out over 1,000 homes over the past 2 years.
On second thought - ARE YOU PULLING OUR LEGS? IS THIS FOR REAL?
After all, its APRIL FOOLS’ DAY! :)
I’m in northern OH. We got nailed last year with a combination of Sandy and another storm, plus a string of other strong storms that took down trees and caused damage. My homeowners insurance went up about $200. I don’t think that’s out of line for the damages they’ve had to cover the past few years.
You’re right on with Sandy. An insurance agent I know told me months ago to expect big increases. Everyone is going up and using Sandy as an excuse.
Insurance companies take your money for 50 years, spend it on lavish trips for their agents, then have to raise rates when they have to actually pay something out.
I despise insurance companies.
Over the course of 5 years, my homeowners insurance has more than doubled, and I’m with USAA (have been for 15 years). I’ve never filed a claim with them. We’re paying for all of the flooding and fires around here (CO) and anything else they’d like to toss in. Switching to another insurance company was not worth the time and effort to save a few pennies, and literally I mean a few pennies. And property values (as assessed by the county assessor) aren’t back to the levels they were in 2008.
Unfortunately this is for real.
I live in Pittsburgh PA - not many hurricanes, lol
I refurbished the house when I bought it in 2002. No major projects between 2012 and now (since I got the insurance).
Had trouble getting insurance before because I have 2 dobermans. In fact, I just got a call from an agency from Liberty Mutual and was informed they can’t help me because of my dogs.
My premiums have gone up about 30% in the past two years. No claims.
No claims since I moved here in 2002.
I switched last year from State Farm (home) and Kemperer (auto). Bundled both to AAA and saved almost $1200/yr. Better coverage and lower deductables...plus I added an additional car.
We had a pair of hail storms back in 1998 when we lived in Minnesota. The adjuster came by and said the whole roof needed new shingles, south windows were hammered, boat needed a new windshield and two cars needed repair.
Our insurance was with St. Paul Fire and Marine (a company now merged into another company.)
The St. Paul’s service was excellent. They paid all the claims and didn’t argue over any of it. When we got the last job done, the agent stopped by and asked if there was anything left to pay for before he closed the claim file.
Amazing...
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