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.
"Whether you think you can, or you think you can’t - you’re right."
- Henry Ford
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 pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
- Sir Winston Churchill (1874-1965)
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.
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.
< insert spurious quote here >
Where you live (how stable your area is) matters a great deal. Location is one of the key variables used in underwriting, and if you're in a a low risk area, your going to pay a lower rate per dollar of coverage. The reason insurers leave an area is typically that risk (payouts) have gotten so high, they can no longer sell insurance at rates that are profitable (often because the state's insurance regulatory agency won't permit rates to go high enough, and also because people just won't pay them).
Years ago now, I did a lot of consulting with State Farm, and got a good look at the process by which they set rates. Their rate database was huge, with different rates literally mile by mile in many areas.
I've been with State Farm for over 50 years. My homeowners and auto insurance both went up. Even though neither of us drives 5,000 miles a year.
Last week the tax assessor paid us a visit and bumped the value of the house by $50,000 so I am expecting another insurance increase,
Mike Null
St. Louis Laser, Inc.
Trotec Speedy 300, 80 watt
Gravograph IS400
Woodworking shop CLTT and Laser Sublimation
Dye Sublimation
CorelDraw X5, X7
Brian, the reassessment may or may not affect it...insurance is governed by individual states and there's a wide range of things that come into play because of that. Insurance companies will use any and all avenues available to them to tweak their underwriting over time.
--
The most expensive tool is the one you buy "cheaply" and often...
I hadn't thought about it for quite a while, probably because it has been unremarkable. I checked and our homeowners policy has increased a total of 8% over the past five years, something like 1.5% per year. Not that I'm worried about the insurance company, but either they were overcharging me by a lot earlier or they aren't keeping up with inflation. Living away from the coast in an area without many extreme weather events like tornados and hurricanes seems to make a big difference in rates. Stringent building codes seem to help as well as there's a lot less damage when there is a weather event. It's sure not that our construction costs haven't gone up.
Last edited by roger wiegand; 03-17-2024 at 1:42 PM.
My renewal went up a couple hundred for the year. It is what it is. The Umbrella went down although that's likely most from going to one vehicle.
--
The most expensive tool is the one you buy "cheaply" and often...
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
That number sounds low by a couple of zeros: it's only 0.02% (AKA "round-off error") of the federal tax income from California. The IRS averages about that much from California every two hours.
As Everett Dirksen used to say, "A billion here, a billion there, and pretty soon you're talking real money."
Yoga class makes me feel like a total stud, mostly because I'm about as flexible as a 2x4.
"Design"? Possibly. "Intelligent"? Sure doesn't look like it from this angle.
We used to be hunter gatherers. Now we're shopper borrowers.
The three most important words in the English language: "Front Towards Enemy".
The world makes a lot more sense when you remember that Butthead was the smart one.
You can never be too rich, too thin, or have too much ammo.