I've been with Amica for years. My homeowners increased 53% and my car 28%. No claims or changes in policy.
When I google "2023 homeowners insurance increase". Most info predicts 7-9% for inflation.
I guess it's time to shop for insurance.
I've been with Amica for years. My homeowners increased 53% and my car 28%. No claims or changes in policy.
When I google "2023 homeowners insurance increase". Most info predicts 7-9% for inflation.
I guess it's time to shop for insurance.
Ours went up a lot, but the house value hadn't been changed in a long time. It went way up when adjusted for current value. I don't know what it cost. My Wife did the shopping an decision making. She did change companies.
In California some companies are no longer selling home owner's insurance. Fires and flooding have been devastating to their finances.
Parts of Oregon are suffering the same fate.
Some homes in the southeast have been hit by storms multiple times in a short period of time.
Weather patterns are changing and will be causing havoc for years to come.
jtk
A lot has to do with where you live.
Here in CA, a couple of large insurance companies say that they will no longer offer home insurance. They claim they took too much of a hit due to wildfires in recent years.
I'm not sure how the other companies will respond but I'm sure it will be more expensive for some to acquire insurance.
I don't think you'll see much difference in premiums if you change companies (and keep the coverage the same).Quote:
Originally Posted by Andrew Joiner
I'm with USAA, just got my annual Premium notice for Homeowner's,...it jumped 47%.
The "coverage costs breakdown" showed increases of about 10% (which is typical because the house increases in value every year).
But this was the first year the premium increased so much.
I went online and got quotes from other companies. They were all close to the new premium, or a lot higher.
Which is why I say I don't think you'll see much difference if you change companies.
Get some quotes anyway, of course .... you might at least save a little.
(One of the quotes I got was from Amica....they wanted $200 more than USAA for the same coverage)
Here in NC, rates went up about 25%. Most policies went from $1k deductible to $2K deductible, in addition to premium increase, a double whammy. When rates go up like this, claims increase, as policy holders demand return on their investment. If I'm paying more, then I expect more syndrome. We have carried REPLACEMENT VALUE coverage for years, so due to inflation these cost have gone up, by as much as 100%. As an example, today in HD looked at a 20 amp breaker that two years ago sold for around $15. Today it's almost $40. Have friends who are waiting for apartment complex to be finished in SC, but they don't have ANY of the ELECTRIC BREAKER boxes for whole complex.
It doesnt matter how good a customer you are, how few claims you've made, or how stable your area is. The insurance companies spread their costs among all policyholders, when they have big losses anywhere due to fires, storms, earthquakes, hurricanes, tornadoes, flooding, etc. We all pay for everyone else's claims. Thats how insurance works. Ours went up 25% last year.
Thanks Patty, that's very helpful.
Most of California got extensions to file taxes for 2022 by October 2023 with no penalty. this was due to federal disaster areas declared because of wild fires. That tells you how bad the fires were last summer.
The federal government is still waiting on something like 100 million in tax payments from California from last year. That is one reason the possible federal default date was moved forward two weeks to a month from "normal."
Bill D
My experience was similar to Patty's. Some were less expensive, but not enough to change.. We have used Erie for years. Brian
I suspect that the incredible increases in the prices of houses has a lot to do with the increase in insurance premiums. Home prices have skyrocketing for the last couple of years.
I am sure that's part of it, as well as replacement costs considering materials and labor also. BrianQuote:
Originally Posted by Ken Fitzgerald
I asked my wife as she paid ours in March. Our homeowner's policy went up about 16%.
Yes. So even if housing costs drop, as they are expected to do, as long as materials and labor costs hold steady, insurance costs will hold steady.Quote:
Originally Posted by Brian Runau
Materials and labor are rising so regardless of housing prices, replacement cost (insurance) will go up.
We are well into a rather difficult period. But it's not without precedent. We will ride it out and adjust. And then everything will cost more.
I had a meeting with my State Farm agent last year and bolstered coverage in a number of ways. We sold that property and SF will no longer write that policy. Living in Sonoma County now and with the Tubb’s (‘17) Fire and others, even if you can have the insurance pay-out you still have to find a contractor available to do the build and that process can take a long time. Depending upon where you are it is a consideration in your coverage as far as costs for temp housing etc. Most carriers here are forcing people into the State fire insurance program. Pretty cool work really. Capitalize the opportunity, socialize the cost.