Just got a phone call that my home insurance is going to almost double next year. Only lived in my house for 3 years, but have never filed a claim.
Thanks Obama
Thanks Obama
Home insurance going up
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Last: 6 days ago by Krautag81
HillCountry15 said:
Just got a phone call that my home insurance is going to almost double next year. Only lived in my house for 3 years, but have never filed a claim.
Thanks Obama
Shop, you may be with a carrier that wants to exit the market. My home insurance went up $500, so I will shop and see what I can get.
Yes, shop. Our auto went up 4x and it was solely because they wanted out of the market.
Mine went up 30%. Shop around and good luck.
Kin Insurance. Mine actually went DOWN last year.
I just got the same email. From 5300 to 9700 per year
I honestly can't believe it.
I honestly can't believe it.
How much was attributed to an increase in valuation of the home?!
Haven't made any improvements to the home since we moved in. And we were successful in protesting our tax assessed value down earlier this year.DallasAg 94 said:
How much was attributed to an increase in valuation of the home?!
ETA: haven't gotten a reason for why the increase has happened. Just got a text from our agent. Tried calling but got the "can I call back later?" Text.
The home didn't double in value. Ours has gone up $2400 this upcoming year.DallasAg 94 said:
How much was attributed to an increase in valuation of the home?!
If you say you hate the state of politics in this nation and you don't get involved in it, you obviously don't hate the state of politics in this nation.
That's who I use.aggiebrad94 said:
Kin Insurance. Mine actually went DOWN last year.
Initial increase I just got was 70%. Liere shopped our policy and got us somewhere else at about 24% up over prior year.
Just renewed mine in September, almost doubled from the previous year. Increased my hurricane and windstorm deductible to the max they offered to get it back to almost the previous year. Tried to drop the hurricane coverage but company claimed that they couldn't do that due to the county classification. Agent said the age of my roof is the reason my rate was so high. Insurance cost is 5 times my property tax. Company is TFB.
What is the alleged "basis" for double size increases? Some nutty thing like there are "more storms" based on bad science? Or is the number of claims being turned in? But still -- for the home, where its not the value as some of you pointed out ---how are they justifying doublings?
Insurance is a scam.titan said:
What is the alleged "basis" for double size increases? Some nutty thing like there are "more storms" based on bad science? Or is the number of claims being turned in? But still -- for the home, where its not the value as some of you pointed out ---how are they justifying doublings?
If you file a claim, your rates increase because of your individual claim history.
If you don't file a claim, your rates increase because of "general or state rate increase" due to other people filing claims.
It is pure garbage.
We work with these guys a lot. We are on their list of certified installers. This insurance company, by far, is fantastic to work with. If anyone needs to switch, I would absolutely check them out and see if they have what you need for coverage.aggiebrad94 said:
Kin Insurance. Mine actually went DOWN last year.
As an aside, your premium is not increasing because you did or did not make a claim. The idea that your insurance went up because YOU make a claim due to a weather event is fake news. Reference
Home Insurance cannot be raised due to:
- Claims for damage from natural causes, including weather.
- Appliance-related water damage claims, if the repairs have been inspected and certified, unless you have three or more claims in three years.
We tend to increase our deductibles to keep costs down. I shoot for 5% or more but this will be based on your financial situation and risk tolerance.
Infinity Roofing - https://linqapp.com/jason_duke --- JasonDuke@InfinityRoofer.com --- https://infinityrooferjason.blogspot.com/
HillCountry15 said:Haven't made any improvements to the home since we moved in. And we were successful in protesting our tax assessed value down earlier this year.DallasAg 94 said:
How much was attributed to an increase in valuation of the home?!
ETA: haven't gotten a reason for why the increase has happened. Just got a text from our agent. Tried calling but got the "can I call back later?" Text.
Neither of those affect the carriers valuation. They base it on cost to build new. Probably err on the conservative side too.
titan said:
What is the alleged "basis" for double size increases? Some nutty thing like there are "more storms" based on bad science? Or is the number of claims being turned in? But still -- for the home, where it's not the value as some of you pointed out ---how are they justifying doublings?
Just spoke to my agent briefly. Didn't really give me any concrete answers. He said the average increase he's been seeing is about 60%. My current deductible is 1 percent. He said a lot of providers were going to 2-3 percent
Jason_Roofer said:We work with these guys a lot. We are on their list of certified installers. This insurance company, by far, is fantastic to work with. If anyone needs to switch, I would absolutely check them out and see if they have what you need for coverage.aggiebrad94 said:
Kin Insurance. Mine actually went DOWN last year.
As an aside, your premium is not increasing because you did or did not make a claim. The idea that your insurance went up because YOU make a claim due to a weather event is fake news. Reference
Home Insurance cannot be raised due to:
- Claims for damage from natural causes, including weather.
- Appliance-related water damage claims, if the repairs have been inspected and certified, unless you have three or more claims in three years.
lol they can say that all they want in the policy and all they have to do is wait until the second year and say see we didn't jack it up after your claim we just did it the next time around.
Contractor told me that the days of getting a new roof 100% paid for after a hail storm is over. Insurance going to pay net depreciation only.
New housing going to get smaller
Mine more than doubled. I'm guessing they wanted out. Switched to Hartford for about the same plus additional discount if joined AARP which just became eligible and officially old.
HillCountry15 said:
Just got a phone call that my home insurance is going to almost double next year. Only lived in my house for 3 years, but have never filed a claim.
Thanks Obama
You should be switching every 2 years
I guess I'm getting a really "good deal" on homeowner's insurance. Just ran a quote with Kin and it was 86% higher than my current policy premium. My current policy expires in March, so we'll see what happens then.
schmellba99 said:Insurance is a scam.titan said:
What is the alleged "basis" for double size increases? Some nutty thing like there are "more storms" based on bad science? Or is the number of claims being turned in? But still -- for the home, where its not the value as some of you pointed out ---how are they justifying doublings?
If you file a claim, your rates increase because of your individual claim history.
If you don't file a claim, your rates increase because of "general or state rate increase" due to other people filing claims.
It is pure garbage.
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
In Parker county and our went up 96% in 2024. Haven't file a claim since 1984.
Insurance companies.
Congrats on getting the answer from the horse's mouth. The lack of concrete answer seems to somewhat go to the point. It doesn't have a clear cut justified cause. Its arbitrary.HillCountry15 said:titan said:
What is the alleged "basis" for double size increases? Some nutty thing like there are "more storms" based on bad science? Or is the number of claims being turned in? But still -- for the home, where it's not the value as some of you pointed out ---how are they justifying doublings?
Just spoke to my agent briefly. Didn't really give me any concrete answers. He said the average increase he's been seeing is about 60%. My current deductible is 1 percent. He said a lot of providers were going to 2-3 percent
NoahAg said:
Insurance companies.
No, put the blame where it truly belongs: the lobbyists and politicians who made it required.
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
No Spin Ag said:NoahAg said:
Insurance companies.
No, put the blame where it truly belongs: the lobbyists and politicians who made it required.
Put the blame on inflation.
I am seriously considering getting rid of my homeowners insurance and saving $4,500 next year. The only real threat to my house is hail, and I guess possible fire hazard. I'm not sure that's worth the yearly cost.
the most cool guy said:
I am seriously considering getting rid of my homeowners insurance and saving $4,500 next year. The only real threat to my house is hail, and I guess possible fire hazard. I'm not sure that's worth the yearly cost.
$4500 per year is cheap compared to a $450,000 home lost to fire. JMHO
No Spin Ag said:NoahAg said:
Insurance companies.
No, put the blame where it truly belongs: the lobbyists and politicians who made it required.
Ha. No.
Homeowners companies are losing their ass in CA. The state won't let them raise rates, so they either have to pull out, or raise rates somewhere else. Texas is the somewhere else. FL is worse and GA ain't much better,
Also, blame all, the people that want a new roof every wind storm…….. and then ***** or sue because they don't get their way…….. it drives up costs for everyone, Also, to the roofers who say, "I'll get that roof bought"……. Your the problem too. That's why I have a $13K deductible……
Finally, if you live SOUTH of 59, it's ridiculous. I'm already paying 8500.00. My deductible is 2%.
So, for the year I'm out 22k if I file a claim……..before my insurance company pays a cent……. I can put a roof on my house cash for less than 20k……. It's sick.
I have a feeling this is going to come to head with the legislature……..
"Eat more do-nuts and less lists" - Dennis Franchonie
I thought whoever holds your mortgage requires them.No Spin Ag said:No, put the blame where it truly belongs: the lobbyists and politicians who made it required.NoahAg said:
Insurance companies.
They can't use CA loss ratios to set rates in TX.
Had $3900 price on insurance quote on a little rent house, Got a quote from another agent for $1700
Still too high but they did have a huge hail/storm losses the last two years.
Still too high but they did have a huge hail/storm losses the last two years.
Logos Stick said:the most cool guy said:
I am seriously considering getting rid of my homeowners insurance and saving $4,500 next year. The only real threat to my house is hail, and I guess possible fire hazard. I'm not sure that's worth the yearly cost.
$4500 per year is cheap compared to a $450,000 home lost to fire. JMHO
That's actually for a $1.1 million home. Main dwelling cost is probably more like $850k to $900k though.