Sigh, homeowners insurance rates

[georgina]

Last year our rate jumped 25%. (800-1000) New bill has a 40% increase, so 1400 now. I’m assuming it’s going up all over, I will do some rate shopping but not optimistic. We are not in any particular hazard area.

 

[barkley]

mine renews in December so I'm waiting to see but won't be surpised-it jumped about 50% last year due to the wildfires in our region.

 

[Sheree]

our jumped too. i called and had them rerun insurance score for both me and dh. mine was better so i became the lead name and premium dropped several hundred dollars. our ficos are similar, above 820 but insurance score is different. no idea!

 

[LoveDaisy]

Mine has not gone up. Can I ask what state you are in? If your state is not regulated that would explain the rate increases if you are not in an area with natural disasters or haven’t had a claim.

Edit to add this link it may be helpful to some people looking to see what’s average by them.
Average rate by state

 

[focusondisney]

With the horrific natural disasters, insurance rates will increase all over the US. I’m in Western NY, no claims or credit score changes. Our rate went up 11%. We’re all going to be paying for wildfire & tornado damages.

 

[barkley]

rates ARE terrible but on the flip side I look at how much I paid just recently for a minor plumbing repair and even more so how much we paid just about this time last year to replace our HVAC system so mentally I have to balance the cost of my premiums against what the insurance company would have to put out in the (god forbid) instance of a major or total loss. what i've paid in premiums over the 34 years of home ownership is just a drop in the bucket of what repair/replacement would cost. we've had one claim on our homeowners in the last 19 years and if memory serves it cost the insurance company over 10 years of what we've paid in premiums. I will also confess to over insuring and increasing coverage every couple of years but I look at a friend whose (then) very recent built home was lost in a fire a handful of years back only to find that what they thought was entirely sufficient insurance came nowhere near to covering the cost.

 

[georgina]

Mine has not gone up. Can I ask what state you are in? If your state is not regulated that would explain the rate increases if you are not in an area with natural disasters or haven’t had a claim.

Edit to add this link it may be helpful to some people looking to see what’s average by them.
Average rate by state

Northern Virginia. Your chart is interesting, it says avg of $1687 for a 300k dwelling. Ours is worth more than that. PA and OH where I have perviously lived are in the $1300 range. I still think a 40% jump for no reason on our part is a lot. We have never had a home claim.

 

[StitchesGr8Fan]

Ours went up because the value of our house, and therefore the cost to rebuild it, went up. The downsides to homes appreciating in value is higher insurance premiums and higher taxes. *sigh*

 

[scard192]

With the horrific natural disasters, insurance rates will increase all over the US. I’m in Western NY, no claims or credit score changes. Our rate went up 11%. We’re all going to be paying for wildfire & tornado damages.

Same thing for me in MA.