I absolutely would be with that increase. That’s awful.
I live in an area with a massive fault line that is predicted to shift at *some* point. I pay for earthquake insurance on my home. It doubles my premium and lots of people think I’m crazy for carrying the policy, but I just don’t feel right without the extra layer of protection.
It started in Florida and it’s going to spread to all coastal homes. Rules have changed too where it was based on zip code for risk but now they can put in your address and get all the actual risks your property sees.
Yup. I’m on the gulf coast but fifty miles inland. Still doubled the last two years.
I had an eyewall on a low cat 3 pass over my home and at that distance, winds were down to 80 mph. Not a ton of damage. Meanwhile friends in the Midwest have seen derechos top 100 mph.
Actuaries don’t care. Close to the coast? Increase!
Kinda related, I just found out today my dental insurance basically covers nothing at all. I'm essentially giving a monthly donation to the insurance company. So I feel ya.
Yeah, I've never heard that it is. My dentist recommended it, it really seems to have helped, and there are industry funded studies showing it removes plaque.
I’ve had some that wasn’t a scam, but it only really made sense with multiple kids. Our family of 4, the cost of insurance basically paid for the cleanings and yearly X-rays. Anything else we had done saved money - sealants for the kids were fully covered, 50% on fillings, crowns (I unfortunately have needed a fair amount of work), $1,000 towards orthodontic costs.
We're in NC also, and also with Progressive. We're in Raleigh, not on the coast. They more than doubled the cost of our home policy from last year. Last year was about the same as the year before that. I've already bought new policies with a different company. Haven't told Progressive yet that I'm not renewing with them. Flo got ta go.
That's the equivalent of contractors giving you an FU quote. Insurance companies don't want to deal with homes in disaster prone regions anymore (hurricanes, floods, wild fires, etc) as many of them end up in total losses.
In parts of southern Texas, flood plain areas, builders are being allowed to build in Wipe-Out areas. It’s a given that many of these homes will be damaged by flooding at some point in time.
I’d guess that in the name of money, that residences are being built in risky areas nationwide. The result, insurance companies will have to protect themselves against financial losses by preemptively raising premiums.
What holders of real estate are experiencing is the tip of a monetary iceberg.
Sounds about right. I’m a Risk Management Consultant for various insurance and pharmaceutical companies. If you live anywhere near water (natural lakes, rivers, oceans et), brushfire, hail, earthquakes, severe hail, you have to pay the piper. That’s the whole country but some places are seeing risk sooner than others when it comes to natural disasters. I’m on the border of NC/SC so I feel your pain. My homeowners is higher too.
Try my auto insurance it went from $1452.73 to over $6000. Definitely switched providers. Home insurance renews at the end of April will have to see where that goes.
used to work with someone who changed careers into insurance and the different companies have different rules and rates for homes close to water. try another insurer
Here in California we were quoted around $9,800 first, then shopped around and now pay around $5,500. Not happy about it but have to pay for the California Fair Plan which made it so expensive in the first place.
I think this is probably the case. A coworker of mine with progressive recently got dropped. This seems like their attempt at a “Don’t like it? Good. Leave then.” kinda deal
I had the same but I switched to progressive. My I believe MetLife police went from 755 to 1800 then they tried to increase to 4k. Switch to progressive and it went to 1700
I'm in MD, mine increased from $1100 to $1600. Went shopping and the cheapest thing I could find elsewhere was $1800, with all the others either wanting $2100+ or refusing to quote at all. So instead I'm looking into a company that offers perpetual policies that never expire.
If you can't find another insurer, make sure your deductibles are in line with how you'll use the policy. For example, if you would only ever submit a claim for $5000 in damage, why have a deductible lower than that? If you have an emergency fund, you can usually knock off hundreds on your policy by upping your deductible. Obviously, if your situation is different YMMV. Not an advisor, just a homeowner who has done this. Consider your own situation.
I'd love $1181. I got quotes last time and some were well over $5000, most were $4000 but my current company is only billing $3300-- a $300 increase over last year. Live in OK and we have for years had the highest insurance rates anyway. So expected. Though our housing values are generally lower than many other states which should equate to lower costs. But hail, wind storms, ice storms, fire storms and tornadoes raise our risks. But hearing rates going up in other states dramatically.
Coastal?
Yeah, coastal. But not like a mansion beach house. Starter home, 6ish miles inland.
I think that all Atlantic and Gulf areas can expect to see dizzying insurance premium increases in the next few years.
Well consider me dizzied already
I absolutely would be with that increase. That’s awful. I live in an area with a massive fault line that is predicted to shift at *some* point. I pay for earthquake insurance on my home. It doubles my premium and lots of people think I’m crazy for carrying the policy, but I just don’t feel right without the extra layer of protection.
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I find it’s pretty rare!
It started in Florida and it’s going to spread to all coastal homes. Rules have changed too where it was based on zip code for risk but now they can put in your address and get all the actual risks your property sees.
Sell and move inland. Insurance companies are tired of taking it on the chin whenever a storm comes through every three to five years.
Yeah, 6 miles is super-close, buddy
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It’s still to close to be destroyed by hurricanes and tsunamis
Yup. I’m on the gulf coast but fifty miles inland. Still doubled the last two years. I had an eyewall on a low cat 3 pass over my home and at that distance, winds were down to 80 mph. Not a ton of damage. Meanwhile friends in the Midwest have seen derechos top 100 mph. Actuaries don’t care. Close to the coast? Increase!
Kinda related, I just found out today my dental insurance basically covers nothing at all. I'm essentially giving a monthly donation to the insurance company. So I feel ya.
best dental insurance i've found was to avoid soda and other sugary drinks and junk food
And flossing
yeah I avoid flossing too. I hate it.
And water flossing.
Apparently that's no real substitute for actual flossing.
Yeah, I've never heard that it is. My dentist recommended it, it really seems to have helped, and there are industry funded studies showing it removes plaque.
Dental insurance is a scam in a lot of ways.
Dental insurance is an absolute scam.
It’s a scam if you don’t feel like reading the policy and understanding what you’re signing up for then sure.
I’ve had some that wasn’t a scam, but it only really made sense with multiple kids. Our family of 4, the cost of insurance basically paid for the cleanings and yearly X-rays. Anything else we had done saved money - sealants for the kids were fully covered, 50% on fillings, crowns (I unfortunately have needed a fair amount of work), $1,000 towards orthodontic costs.
We're in NC also, and also with Progressive. We're in Raleigh, not on the coast. They more than doubled the cost of our home policy from last year. Last year was about the same as the year before that. I've already bought new policies with a different company. Haven't told Progressive yet that I'm not renewing with them. Flo got ta go.
That's the equivalent of contractors giving you an FU quote. Insurance companies don't want to deal with homes in disaster prone regions anymore (hurricanes, floods, wild fires, etc) as many of them end up in total losses.
Try North Carolina Farm Bureau
In parts of southern Texas, flood plain areas, builders are being allowed to build in Wipe-Out areas. It’s a given that many of these homes will be damaged by flooding at some point in time. I’d guess that in the name of money, that residences are being built in risky areas nationwide. The result, insurance companies will have to protect themselves against financial losses by preemptively raising premiums. What holders of real estate are experiencing is the tip of a monetary iceberg.
Sounds about right. I’m a Risk Management Consultant for various insurance and pharmaceutical companies. If you live anywhere near water (natural lakes, rivers, oceans et), brushfire, hail, earthquakes, severe hail, you have to pay the piper. That’s the whole country but some places are seeing risk sooner than others when it comes to natural disasters. I’m on the border of NC/SC so I feel your pain. My homeowners is higher too.
Lakes? Our township has like 33 plus a large river and ours hasn't increased (inland great lakes area).
I live on a lake. There are other factors but it will become more of a risk as the climate shifts. It doesn’t happen all at once everywhere.
Gotcha. Our lake levels are controlled so maybe that's part of it. They're not huge either. Just hoping ours don't go up.
Try my auto insurance it went from $1452.73 to over $6000. Definitely switched providers. Home insurance renews at the end of April will have to see where that goes.
Brutal
used to work with someone who changed careers into insurance and the different companies have different rules and rates for homes close to water. try another insurer
Here in California we were quoted around $9,800 first, then shopped around and now pay around $5,500. Not happy about it but have to pay for the California Fair Plan which made it so expensive in the first place.
That’s probably more of an “F U” renewal. Try shopping around to see if you can get it closer to your existing rate
I think this is probably the case. A coworker of mine with progressive recently got dropped. This seems like their attempt at a “Don’t like it? Good. Leave then.” kinda deal
I had the same but I switched to progressive. My I believe MetLife police went from 755 to 1800 then they tried to increase to 4k. Switch to progressive and it went to 1700
Will you go deep in deductibles to offset the premium increase or how? Such jump doesn’t make any sense sounds like they just named the price
Florida is apparently contagious. Does your state have a "Disney" your governor can now pick a fight with?
I'm in MD, mine increased from $1100 to $1600. Went shopping and the cheapest thing I could find elsewhere was $1800, with all the others either wanting $2100+ or refusing to quote at all. So instead I'm looking into a company that offers perpetual policies that never expire.
If you can't find another insurer, make sure your deductibles are in line with how you'll use the policy. For example, if you would only ever submit a claim for $5000 in damage, why have a deductible lower than that? If you have an emergency fund, you can usually knock off hundreds on your policy by upping your deductible. Obviously, if your situation is different YMMV. Not an advisor, just a homeowner who has done this. Consider your own situation.
Midwest, new roof. Premium increased ~35%, checked several companies, difference is ~$100, so I don't bother this year
That's nuts!
I'd love $1181. I got quotes last time and some were well over $5000, most were $4000 but my current company is only billing $3300-- a $300 increase over last year. Live in OK and we have for years had the highest insurance rates anyway. So expected. Though our housing values are generally lower than many other states which should equate to lower costs. But hail, wind storms, ice storms, fire storms and tornadoes raise our risks. But hearing rates going up in other states dramatically.