I Started a new 2024 thread since it was 9 months after this thread and pricing references would be different. BrianOriginally Posted by Brian Elfert
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I Started a new 2024 thread since it was 9 months after this thread and pricing references would be different. Brian
Brian
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Mine went up (with no claims) about 45% in July 2023. This despite having a complete new roof put on Aug 2018.
From 2018 to July 2023 there were minimal increases, maybe 10% at most.
We shall see if it again increases significantly come this July.
I'm with USAA.
Last edited by Patty Hann; 03-18-2024 at 10:41 PM.
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It also depends on what sort of person you are.”
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Jim Becker closed your new thread because he said it duplicated this thread.
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I know. I felt since it was 9 months later and we were talking about 2024 pricing I thought it would keep it cleaner, since increase is a different year. Jim moderates the boards, up to him. Brian
Brian
Rates continue to go up. I had hail damage in 2022 that allowed me to have roof replaced by insurance. Roof and the COPPER gutters. (no I didn't spec these as I bought house from PO) $37K for a 2000SF house.
About 3x what I had expected, but half was the copper. Insurance went up, 15% or so. I thought probably due to claim, but probably not after reading here.
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Oddly, mine actually went down a little. It turns out the company now isn’t fully protecting roofs that are more than 8 years old. The older it is the less coverage for replacement eventually dropping to very little after 25 years. I suspect this will soon be common with all companies if it’s not already. Don’t have the numbers in front of me but my roof was replaced 16 years ago and is the last claim I have made. Between the decrease in roof coverage and my fairly high deductible it’s likely to pay very little. I am going to be looking around.
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My insurance carrier now has a mandatory wind and hail deductible of $2,500. This is for roof, siding, gutters, fascia, windows, doors, and anything else. The trend is for less and less coverage of roofs. It doesn't help that some refuse to replace their roof with their own money and hope/pray that the roof is replaced for "free" by insurance before the leaks get too bad. My roof is 20 years old so my personal wind and hail deductible went up to $5,000. I have cash value for my roof so I would get exactly ZERO from insurance if my roof were to be damaged by a hail storm. I have replaced half of my house's roof and expect to have the other half done by the end of summer.
I use an insurance broker and they have been warning clients since last fall to expect a 25% to 50% increase in homeowner's insurance rates. They sent out multiple emails as recently as last month.
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Our house has been covered by the same (little, regional) insurer for 40 years. They have always reduced coverage on the roof, year by year, according to a set depreciation schedule based on the roofing type. 30 year shingles depreciate to essentially no coverage after, I think, 20 years.
In 40 years I've never filed a claim. Had a tornado come through the place, picked up a sheep shed and deposited in the neighbor's field, and took down some 200+ year old red oak trees around the place, and literally twisted the top off a 2' diameter walnut 25' from the house, but remarkably only removed about five shingles from the house . Fingers crossed, we'll manage to close out our sojourn here without having a major claim - I'm gettin' too old to deal with crap like that.
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Not only did our insurance go way up, our home values increased 34% - giving us a double whammy.
Our house hurts - the rentals, we'll just raise the rent to cover it.
"Life is what happens to you while you're busy making other plans." - John Lennon
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Thus perpetuating the cycle.
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.
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Meaning?
We own income property - just like any other business.
If one of our fixed costs of doing business goes up in price, we have to pass that along.
"Life is what happens to you while you're busy making other plans." - John Lennon
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Higher rents -> higher real-estate prices -> higher insurance -> higher rents -> lather, rinse, repeat.
It's a classic feedback cycle.
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.
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That's the same as any other commodity.
Once one part increases in cost, the others follow.
"Life is what happens to you while you're busy making other plans." - John Lennon
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This is pretty scary:
https://fortune.com/2024/03/22/state...ones-in-state/
Starting this summer, State Farm will drop 72,000 homeowner policies in California.
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