Homeowner's Insurance Rates Up?

[dave1949]

Just received my homeowner's insurance policy renewal notice - my annual rate went from $424 to $635, about $20 of that is for an automatic inflation adjustment on replacement value. Carrier is Allstate. Called the office and they say rates are going up all over, and Maine has had lots of losses in the past year. That's their story anyways.

Anybody seeing similar increases?

This insures the building where I park my tractor
Dave.

 

[kenstrac]

Greed,mine went up last year so I did a BOM on house and labor cost and came up with a cost to replace the house 50k less than they said it cost to replace.they have gone up every year on cost to replace for 35years in the past 2 years materials and labor have gone down yet their cost to rebuild went up.
I also looked at what was added to the policy jewelry I had them remove it, tree clearing they could not remove it because of new law that the state passed, civil unions? don't understand what thats about.
My policy had a clause that said they would pay 25% more than face value of structure if need be, thats above the 50K more that I could rebuild it for,so I insured it for what I know that I can rebuild it that brought the price down.
It's nothing but a game to extract more money from you!
BTW 1 claim 32 years ago for antenna knocked off roof by storm with deductable the paid me $200.

 

[tallyho8]

These rate increases are definitely nothing new to anyone living on the gulf coast. After Katrina many people's homeowner rates went up over 1000%.

I was unfortunant enough to have Allstate insurance on all my properties. Allstate cancelled my insurance on my shop right before Katrina and I was unable to secure new insurance in time and I had about $80,000 damage to my shop. That took a bite out of my retirement savings. It had been insured for 30 years with Allstate with no claims.

I had my home and a rental house insured with them also. They paid off very fairly on my rental house and on my home damages up to the limits of my policy. However, I didn't have nearly enough insurance to cover my fences, outbuildings and no insurance would cover over 100 trees I lost and had to remove.

Then they dropped my policy on my rental house and I had to get it insured by the state which was over twice as high as my previous policy.

Then they dropped the wind coverage of my homeowners policy so that I am no longer insured for hurricane damage but my rates went up instead of down.

Then a lady with Allstate insurance ran into my truck with Allstate insurance and Allstate said she was only 80% at fault and I was 20% at fault for not moving out of her way when I saw her coming even though I was legally stopped at a yield and would have hit another car if I had tried to move. Since we were both at fault according to Allstate, they were able to raise both of our insurance rates.

I can't change my auto insurance to another provider or Allstate will drop my homeowners insurance (which only covers fire, theft & liability) and no other company is writing homeowners insurance in my area.

Ask me if I like Allstate.

 

[dave1949]

Greed,mine went up last year so I did a BOM on house and labor cost and came up with a cost to replace the house 50k less than they said it cost to replace.they have gone up every year on cost to replace for 35years in the past 2 years materials and labor have gone down yet their cost to rebuild went up.
I also looked at what was added to the policy jewelry I had them remove it, tree clearing they could not remove it because of new law that the state passed, civil unions? don't understand what thats about.
My policy had a clause that said they would pay 25% more than face value of structure if need be, thats above the 50K more that I could rebuild it for,so I insured it for what I know that I can rebuild it that brought the price down.
It's nothing but a game to extract more money from you!
BTW 1 claim 32 years ago for antenna knocked off roof by storm with deductable the paid me $200.

Never have made a claim. Came close once when lightning took out two overhead door openers and some phone equipment. I asked about the rising replacement value when everything is going down, said they couldn't just roll back to previous year value- which I figured was hooey, but didn't want to get into it on the first call.

I really don't want to start shopping around, we own and insure the condo my Mom lives in over in Ohio, which is a second home on our policy - but from an Ohio agent and the policies don't run concurrently - so that just makes it all more complicated.

I have been seeing news article about insurance rates going up - I thought that would be just for other people
Dave.

 

[dave1949]

These rate increases are definitely nothing new to anyone living on the gulf coast. After Katrina many people's homeowner rates went up over 1000%.

I was unfortunant enough to have Allstate insurance on all my properties. Allstate cancelled my insurance on my shop right before Katrina and I was unable to secure new insurance in time and I had about $80,000 damage to my shop. That took a bite out of my retirement savings. It had been insured for 30 years with Allstate with no claims.

I had my home and a rental house insured with them also. They paid off very fairly on my rental house and on my home damages up to the limits of my policy. However, I didn't have nearly enough insurance to cover my fences, outbuildings and no insurance would cover over 100 trees I lost and had to remove.

Then they dropped my policy on my rental house and I had to get it insured by the state which was over twice as high as my previous policy.

Then they dropped the wind coverage of my homeowners policy so that I am no longer insured for hurricane damage but my rates went up instead of down.

Then a lady with Allstate insurance ran into my truck with Allstate insurance and Allstate said she was only 80% at fault and I was 20% at fault for not moving out of her way when I saw her coming even though I was legally stopped at a yield and would have hit another car if I had tried to move. Since we were both at fault according to Allstate, they were able to raise both of our insurance rates.

I can't change my auto insurance to another provider or Allstate will drop my homeowners insurance (which only covers fire, theft & liability) and no other company is writing homeowners insurance in my area.

Ask me if I like Allstate.

You definitely have some insurance issues in the coastal south that make mine look pretty minor. Read some not very nice news stories about most of the insurers down there.

I am just thinking a close to 50% increase in one year - with no hurricanes, no flooding and very small chance of a tornado or hail damage is pretty steep.
Dave.

 

[Bird]

According to many stories in the news media, Texas has the highest rates in the nation, so Dave, I wish my premiums were as low as yours, even after your increase. Naturally, it also depends on their estimated value of the home. I have AAA's "Premier Policy" for which my annual premiums went to $1,024 from $1,007 the previous year, so while it was an increase, it was nothing like the percentage yours increased. Their "Deluxe Policy" was $807 a year.

 

[dave1949]

According to many stories in the news media, Texas has the highest rates in the nation, so Dave, I wish my premiums were as low as yours, even after your increase. Naturally, it also depends on their estimated value of the home. I have AAA's "Premier Policy" for which my annual premiums went to $1,024 from $1,007 the previous year, so while it was an increase, it was nothing like the percentage yours increased. Their "Deluxe Policy" was $807 a year.

Thanks for making me feel a little better Bird It's the % increase that is crazy. I checked to see we are getting all the discounts that apply. For the sake of comparison, my house + garage replacement is $309K. I may have to think about that number, don't know how realistic it is. Easiest way would be to get a quote from another insurer.

If the house burnt down and I got a check, I'd probably buy a new tractor - might need a sleeper cab on it after my wife found out.
Dave.

 

[Bird]

For the sake of comparison, my house + garage replacement is $309K.

And mine is only $174k Plus $17.4k "other structures", $34.8k "loss of use", $104.4 "unscheduled personal property", $10,440 "personal property off premises", $5k "medical payments to others", and $200k "personal liability". And I'm supposedly getting $583 in discounts.

 

[dave1949]

And mine is only $174k Plus $17.4k "other structures", $34.8k "loss of use", $104.4 "unscheduled personal property", $10,440 "personal property off premises", $5k "medical payments to others", and $200k "personal liability". And I'm supposedly getting $583 in discounts.

Oh well, then I don't feel so bad. Sort of
Dave.

 

[jayste]

Yes! My agent says it's the hail damage claims. I'm sure all of the excuses are "regional"!