Sigh, homeowners insurance rates

[Genie+]

Homeowner insurance is pretty low here. It is dwarfed by property tax bill. Our annual on the homeowners cost is same as monthly property tax lol.

 

[FamilyGuy]

One other thing to consider is to increase your deductible. The way insurance companies are willing to drop or increase rates anytime you make a claim, we have determined we would only file a claim for big issues. We raised our deductible to $7,500 and that really made the premium more bearable. This may not work for everyone, but it works for us.

At this point you are self insuring for all but the most catastrophic claims. Even if there is a 10 or 12k loss, I may still not file a claim if my deductible is $7500… and self insuring is a great way to go as long as you can comfortably handle the loss (in the event it occurs).

 

[morgan98]

At this point you are self insuring for all but the most catastrophic claims. Even if there is a 10 or 12k loss, I may still not file a claim if my deductible is $7500… and self insuring is a great way to go as long as you can comfortably handle the loss (in the event it occurs).

This is exactly the case, and that is the way we see it too. We would probably not file a claim for under $15-$20k. Also, interestingly enough, the annual premium did not drop as much as we thought even if we were worth increasing the deductible more. From our research, the $7,500 was more or less of the "sweet spot" in terms of being a premium we were happy with.