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.

 

[MrsJackSparrow4Life]

Our car insurance rate went up before our home owner's insurance did. Went from $1600 for the year to $2400 and the only claim we had over 6 years was for a $60 rock chip. I immediately started comparing prices and Allstate was able to offer me $1400 for the year with better coverage and they lowered our HOI from $900 per year to $600. I'm curious to see what the prices are for the next year.

 

[barkley]

Our car insurance rate went up before our home owner's insurance did. Went from $1600 for the year to $2400 and the only claim we had over 6 years was for a $60 rock chip. I immediately started comparing prices and Allstate was able to offer me $1400 for the year with better coverage and they lowered our HOI from $900 per year to $600. I'm curious to see what the prices are for the next year.

I was VERY surprised last year when we got rid of our 2006 vehicle and bought a 2024 that our premium decreased (even with higher coverage than the one we dropped).