hjffkj Posted May 22, 2014 Share Posted May 22, 2014 Just got my renewal for my home owners insurance and yet again there is an increase, even though I increased our deductible. So how much does yours go up each year? I just did the math and since we've moved here in 2007 it has increased $28 on average each year. Not a significant amount from one year to the next but knowing what we paid when we moved in and knowing what we pay now its a big enough difference to be annoyed. edited to add: We started with a $500 deductible and increased it to $1000 3 years ago and $2000 just last week. So this years price increase is even with an increase in deductible. I don't want to think what it would have been without the deductible increase. Quote Link to comment Share on other sites More sharing options...
Arcadia Posted May 22, 2014 Share Posted May 22, 2014 None but mine is a condo so most things are under HOA. Quote Link to comment Share on other sites More sharing options...
AmandaVT Posted May 22, 2014 Share Posted May 22, 2014 I don't think mine has gone up at all, maybe $5? Quote Link to comment Share on other sites More sharing options...
Joker Posted May 22, 2014 Share Posted May 22, 2014 We've been in this house for seven years and our rate has only gone up about $30 in that whole time, and our deductible has stayed the same at $500. There was a year or two it actually dipped down a bit and then went back up. Quote Link to comment Share on other sites More sharing options...
prairiewindmomma Posted May 22, 2014 Share Posted May 22, 2014 About 10% annually. Oh, and we've *never* made a claim. Ever. We have paid out of pocket to repair things after minor things (electrical being ripped out of the house after a tornado, flooring after a leaky toilet) etc. because we are terrified that our policy will be canceled. Quote Link to comment Share on other sites More sharing options...
Um_2_4 Posted May 22, 2014 Share Posted May 22, 2014 Ours jumped almost $100 this year (we have been here 2 yrs plus so this is our 2nd renewal and from the beginning till now all total it has gone up about $150), but it is because our house has climbed in value (about 150%). We have coverage at 200% of value because our area is high COL and if something major were to happen, rebuilding would be $$$$$$$. Quote Link to comment Share on other sites More sharing options...
AmandaVT Posted May 22, 2014 Share Posted May 22, 2014 You got me curious, so I just double checked. Ours went up $2 from last year. We were with a different insurance provider before then and they charged a lot more. Quote Link to comment Share on other sites More sharing options...
ThisIsTheDay Posted May 22, 2014 Share Posted May 22, 2014 Mine does not go up, hasn't in several years. It may depend on your state, some are hit harder than others. If it were me, I would be looking at other companies to get new quotes. You don't have to wait another year for a new policy. Quote Link to comment Share on other sites More sharing options...
hjffkj Posted May 22, 2014 Author Share Posted May 22, 2014 Mine does not go up, hasn't in several years. It may depend on your state, some are hit harder than others. If it were me, I would be looking at other companies to get new quotes. You don't have to wait another year for a new policy. Yea, I've requested quotes from a few places today and contacted my insurance company inquiring about the reason for the yearly increase and to express my dissatisfaction with that. Quote Link to comment Share on other sites More sharing options...
Mom23Boys Posted May 22, 2014 Share Posted May 22, 2014 Ours went up $400 one year. It wasn't just us though, it was pretty much everyone in our state. Every other year, it has gone up less than $50 a year. Quote Link to comment Share on other sites More sharing options...
hjffkj Posted May 22, 2014 Author Share Posted May 22, 2014 Ours went up $400 one year. It wasn't just us though, it was pretty much everyone in our state. Every other year, it has gone up less than $50 a year. Thats awful! We would not be able to afford it if ours ever went up that much. That would be a 100% increase for us. I do know people who have had that happen and lost their homes because they bank wouldn't allow them to live in it with a mortgage while uninsured Quote Link to comment Share on other sites More sharing options...
MomtoCandJ Posted May 22, 2014 Share Posted May 22, 2014 Ours went up $7.00. We have "special" insurance because our manufactured home is more then 15 years old Quote Link to comment Share on other sites More sharing options...
Amy in NH Posted May 22, 2014 Share Posted May 22, 2014 I recently contacted my homeowner's insurance company because the premium has gone up more than $500 in 7 years. They told me that there is an annual increase of approximately 13% to keep pace with the rising cost of building materials, and that after a few years it can really outpace the actual replacement cost so reviewing the policy is a good practice. They are doing some shopping around for me. Quote Link to comment Share on other sites More sharing options...
Annie G Posted May 22, 2014 Share Posted May 22, 2014 Ours keeps going up even though we haven't made claims. It's gone up about $400 in four years. Quote Link to comment Share on other sites More sharing options...
KidsHappen Posted May 23, 2014 Share Posted May 23, 2014 I hasn't went up once since we moved into this house in '07 and there was flooding here three years ago. Quote Link to comment Share on other sites More sharing options...
hjffkj Posted May 23, 2014 Author Share Posted May 23, 2014 Ours keeps going up even though we haven't made claims. It's gone up about $400 in four years. that is insane Quote Link to comment Share on other sites More sharing options...
Mom23Boys Posted May 23, 2014 Share Posted May 23, 2014 Thats awful! We would not be able to afford it if ours ever went up that much. That would be a 100% increase for us. I do know people who have had that happen and lost their homes because they bank wouldn't allow them to live in it with a mortgage while uninsured It was terrible. I think it is around $1800 a year now. Our flood insurance is around$1500 a year. Louisiana has high rates. Quote Link to comment Share on other sites More sharing options...
Annie G Posted May 23, 2014 Share Posted May 23, 2014 that is insane Yes, it is. The flip side is that we have our car insurance through the same company and it's crazy cheap. We just bought a 2011 Corvette and it costs $250 every six months for full coverage with $100 deductible for collision and no deductible for comprehensive. We've priced other insurance companies for the house insurance and the rates are quite a bit lower. But when I press and ask whether that's a teaser rate for a year, every company has kind of hemmed and hawed and then admitted that it is. So I don't want to switch just to find out that in a year the rate will go up even higher or that they aren't a good company to have when we need to file a claim. We had one claim with these guys over ten years ago and they handled it really well. Quote Link to comment Share on other sites More sharing options...
hjffkj Posted May 23, 2014 Author Share Posted May 23, 2014 Yes, it is. The flip side is that we have our car insurance through the same company and it's crazy cheap. We just bought a 2011 Corvette and it costs $250 every six months for full coverage with $100 deductible for collision and no deductible for comprehensive. We've priced other insurance companies for the house insurance and the rates are quite a bit lower. But when I press and ask whether that's a teaser rate for a year, every company has kind of hemmed and hawed and then admitted that it is. So I don't want to switch just to find out that in a year the rate will go up even higher or that they aren't a good company to have when we need to file a claim. We had one claim with these guys over ten years ago and they handled it really well. yea the teaser rate is my hesitation with switching. We have our car insurance through the same company and its not bad but its certainly not great. $250 every six months sounds crazy low Quote Link to comment Share on other sites More sharing options...
kroe1 Posted May 23, 2014 Share Posted May 23, 2014 We live on an island. You would not want to know what insurance costs are here. Quote Link to comment Share on other sites More sharing options...
Carrie12345 Posted May 23, 2014 Share Posted May 23, 2014 I'm too lazy to dig out my original documents (online only shows this year and last) but ours went up $14 this year, with a several thousand dollar claim last year. Quote Link to comment Share on other sites More sharing options...
dm379 Posted May 23, 2014 Share Posted May 23, 2014 Ours shot up about $300 this year because the fire station in that district has a long response time. Quote Link to comment Share on other sites More sharing options...
Desert Strawberry Posted May 23, 2014 Share Posted May 23, 2014 It was terrible. I think it is around $1800 a year now. Our flood insurance is around$1500 a year. Louisiana has high rates. Ours is around $1000, but it has consistently gone down over the past 3 years or so. We get a good sized check back at the end of the year because our escrow account is overfull. Our insurance is factored into our mortgage payments. We haven't had a hurricane in that time, and we have never filed a claim. We don't have or need flood insurance. This crappy little town is on high ground :) Quote Link to comment Share on other sites More sharing options...
Mom23Boys Posted May 23, 2014 Share Posted May 23, 2014 Ours is around $1000, but it has consistently gone down over the past 3 years or so. We get a good sized check back at the end of the year because our escrow account is overfull. Our insurance is factored into our mortgage payments. We haven't had a hurricane in that time, and we have never filed a claim. We don't have or need flood insurance. This crappy little town is on high ground :) I wish that was our situation!! My house has never flooded, and will never flood, but we our still required to have flood insurance. Our parish is constantly fighting with FEMA because of that. We had a new roof put on this year, because of hail damage, but we haven't since then. It will be "fun" to see what that does to our rates. Our car insurance is high here too. My ancestors picked a terrible place to settle. LOL Quote Link to comment Share on other sites More sharing options...
hjffkj Posted May 23, 2014 Author Share Posted May 23, 2014 I'll add that although it goes up about $20 the amount covered goes up too. So it's not like they are saying the total value is the same every year but we keep upping the premium. It's that they are saying the total value increases and hence the increase in premium. So I'd also consider that/keep an eye on it. If they aren't increasing the coverage that might cause problems in the event you need the insurance. Hopefully I'm explaining that right. I don't believe they can make adjustments to the amount of coverage you receive without getting your permission. They certainly aren't increasing are coverage with these premium increases Quote Link to comment Share on other sites More sharing options...
vonfirmath Posted May 24, 2014 Share Posted May 24, 2014 I'll add that although it goes up about $20 the amount covered goes up too. So it's not like they are saying the total value is the same every year but we keep upping the premium. It's that they are saying the total value increases and hence the increase in premium. So I'd also consider that/keep an eye on it. If they aren't increasing the coverage that might cause problems in the event you need the insurance. Hopefully I'm explaining that right. Agreed. When our appraisal came back as having increased by over 10% this year I understood why our house insurance went up so much! Quote Link to comment Share on other sites More sharing options...
Guest Posted May 24, 2014 Share Posted May 24, 2014 It goes up relative to the increase in property values, which has a certain amount to do with the land and a certain amount to do with the structures. Sometimes, insurance companies will take the appraisals and see "increased value" and therefore increase the insurance. However, you can fight this because a LOT of the increase in value is based on the increased value of the LAND which the insurance company will not have to replace in case of disaster. However, the structure can increase in replacement value because of: Increased regulation: when you increase the regulation on building codes, you increase the cost of re-building your house. It costs more to build it because of the increased oversight. Increased taxes: it costs more to re-build a structure because the taxes on the materials and the services are higher. These two increases are based on voters' approvaal of increased taxes and increased regulation. Quote Link to comment Share on other sites More sharing options...
QueenCat Posted May 24, 2014 Share Posted May 24, 2014 I'll add that although it goes up about $20 the amount covered goes up too. So it's not like they are saying the total value is the same every year but we keep upping the premium. It's that they are saying the total value increases and hence the increase in premium. So I'd also consider that/keep an eye on it. If they aren't increasing the coverage that might cause problems in the event you need the insurance. Hopefully I'm explaining that right. This is why our's has gone up. They adjust it based on the current cost to rebuild. Home values in our neighborhood have gone up by around 50k since we bought our house, so the amount it needs to be insured for also has gone up. Quote Link to comment Share on other sites More sharing options...
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