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My homeowners insurance is up %15 from last year! Never had a claim either. What's yours doing?


JL Sargent
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Several years ago mine went up 200%. Could not get any other insurer at the time so I was forced to up my deductible to 30% or some such nonsense just to make it affordable. So basically i was only insured for a catastrophic loss. I have since qualified with the only other company the insures in my area so I changed companies. Now it is semi reasonable again but only if i insure my cars with them also. It is legalized robbery.

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Yep I lost one of the last $100 deductible policies Allstate had in Clt, NC in July. But it was never my house actually even though I paid it. The home appreciated over 30% in the last six months I was there. Got out before the next tax bill came. They will always find a new way to raise it that makes sense to someone, somewhere.

 

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I had recently learned to check every so often.  Had Farmers for the longest time, no issues, not claims, occasional minor increase.  About 2 years ago, we finished the basement and made some nice home improvements that with the rise of the housing market we knew our value was going up (tax assessment increased over $40k in one year).  With our daughter starting to drive, we decided to shop around.  Ended up with USAA with more coverage, better deductible, and lower rate.  

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Sounds like what they do to us here in Florida. They take your money for years and when other people make clams in your state from floods and other weather related things.
You can call your state insurance commissioner and complain about it and if they get enough complaints they will make sure that they limit the amount of increase of policies that they can do

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Speaking of Florida...I live there too...after 2004, the year of 4 named storms (none of which damaged us) a lot of insurers dumped policies, which is what Allstate did to me despite not filing a claim.

 

I eventually wound up with St. Johns, which was very good to us after Michael, which wrecked half our house. They didn't cancel on me, either. My local agent (before Michael and after Allstate dumped me) told me that part of  insurance policy premiums go to Citizens, the state-sponsored insurer of last resort here. So part of my insurance goes to subsidize properties that can't get insurance anywhere else. Not sure how I feel about that, OTOH, you have to have insurance to have a mortgage, OTOH, should people live in areas that are increasingly unsustainable?

 

That question is going to become more urgent with climate change. Miami is already seeing it and in coastal Louisiana I foresee more communities abandoned over the coming years, between sea level rise and subsidence (which is the elephant in the room nobody wants to talk about).  

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Shop all your insurance every three years. Overall property claims are maybe up a bit this year, but auto claims are way down, although highway deaths are much higher than they should be.  The bottom line is that insurance companies have fat profits right now so they can underwrite prices better if they can pick up a new customer while doing it.

 

The last thing in the world to ever have any loyalty to is an insurance company. Period.

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4 hours ago, Seadoc said:

Have not have a premium increase in years.

Home value has risen 150%.

Ask for "bundle" discounts-if applicable.

Ask for over 60, old folks boogie, discounts-if applicable.

Ask for Veterans discounts-if applicable.

I called up my State Farm guy and asked him to cut me some slack. He said try the dinguss that you plug into your test jack to monitor your speed and it will save you 10 bucks a month. I said how much does the dingus cost? He said 10 bucks a month. End call.

JJK

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