4 ms·

> My house insurance is up 30% Everything seems to be going up, but interesting that you brought home insurance up? Any particular reason why you mention it?

> My house insurance is up 30% Everything seems to be going up, but interesting that you brought home insurance up? Any particular reason why you mention it? I guess if house prices and building material and labor costs are increasing, it makes sense that insurance would too. (Although I'm sure if everything dropped, insurance would remain the same)

post_break 4y ago
Because it stings. 2019 I paid $1400 for insurance for my home, this past June I paid $2200. Same home, no massive improvements, just pay more.
- brianwawok 4y ago
  Did you shop it? Many house insurance companies give you a 10-50% new client discount, that slowly goes away year by year. The only choice is to jump ships every few years.
  - post_break 4y ago
    I have an insurance agent who shops it to every carrier. I jump around every year but it doesn't help too much because the insurance for the insurance companies are tightening their belts.
    - brianwawok 4y ago
      Your agent takes a cut, you may be able to save more going alone if you are willing to do the legwork.
- lotsofpulp 4y ago
  Labor, material, and risk costs have changed though.
pirate787 4y ago
Coastal and flood prone insurance is rising in the US at a higher fixed rates the next couple of years because of federal policy changes that reduce the insurance cross-subsidy for riskier areas.
- bombcar 4y ago
  That must be why my earthquake carrier straight up dropped me.
- nobleach 4y ago
  This was my experience while living in Florida. Hurricane/Flood risks made it so there was no "shopping around". I had a house (built in the mid-60s) with a ton of tree cover. There was basically one company who'd even talk to me. I can't imagine what they'd charge me these days.
  - KallDrexx 4y ago
    As a Florida resident, the florida situation is screwed but not because of hurricanes and flood risks. The problem is our laws about assignment of benefits and how insurance lawsuits get punished. So what happens is anytime any storm comes in you get swarmed with roofing companies wanting you to assign all benefits to them and they offer you a "free" roof. They then keep telling the roofing companies their previous estimate for roof was too low and they needed more money to fix the roof. At the end of the day the insurance companies end up paying double the cost of the roof because that's cheaper then the roofing company suing them, having to prove the costs they are being quoted are excessive, and if they fail they have to pay it out anyway + attorney fees. We saw this ourselves when we had a hail storm at our house and didn't know any better. We did the AOB to a roofing company. That company never even looked at the roof. They called the insurance company, who sent an adjuster who looked at the roof. The insurance company wrote us a $15k check for a replacement roof. 3 months later (when the roofing company hadn't even looked at our roof still, let alone given us an estimate) we get a notification from the insurance company that the roofing company told the insurance company it would cost an additional $8k, and the insurance company wrote them a check. We cancelled the roofing contract and shopped around. Got our new roof replaced within a month for $13k (we had 3 quotes from different companies, no company quoted more than $14k). This is why insurance is going up so much in Florida, and why insurance companies are leaving the state. Last I saw, Florida leads the country in insurance litigation cases per year by a ridiculously wide margin to the 2nd highest. And I'm not an insurance company defender or anything, but all home owners and renters in florida are all paying the price for this.

post_break 4y ago

Because it stings. 2019 I paid $1400 for insurance for my home, this past June I paid $2200. Same home, no massive improvements, just pay more.

brianwawok 4y ago
Did you shop it? Many house insurance companies give you a 10-50% new client discount, that slowly goes away year by year. The only choice is to jump ships every few years.
- post_break 4y ago
  I have an insurance agent who shops it to every carrier. I jump around every year but it doesn't help too much because the insurance for the insurance companies are tightening their belts.
  - brianwawok 4y ago
    Your agent takes a cut, you may be able to save more going alone if you are willing to do the legwork.
lotsofpulp 4y ago
Labor, material, and risk costs have changed though.

pirate787 4y ago

Coastal and flood prone insurance is rising in the US at a higher fixed rates the next couple of years because of federal policy changes that reduce the insurance cross-subsidy for riskier areas.

bombcar 4y ago
That must be why my earthquake carrier straight up dropped me.
nobleach 4y ago
This was my experience while living in Florida. Hurricane/Flood risks made it so there was no "shopping around". I had a house (built in the mid-60s) with a ton of tree cover. There was basically one company who'd even talk to me. I can't imagine what they'd charge me these days.
- KallDrexx 4y ago
  As a Florida resident, the florida situation is screwed but not because of hurricanes and flood risks. The problem is our laws about assignment of benefits and how insurance lawsuits get punished. So what happens is anytime any storm comes in you get swarmed with roofing companies wanting you to assign all benefits to them and they offer you a "free" roof. They then keep telling the roofing companies their previous estimate for roof was too low and they needed more money to fix the roof. At the end of the day the insurance companies end up paying double the cost of the roof because that's cheaper then the roofing company suing them, having to prove the costs they are being quoted are excessive, and if they fail they have to pay it out anyway + attorney fees. We saw this ourselves when we had a hail storm at our house and didn't know any better. We did the AOB to a roofing company. That company never even looked at the roof. They called the insurance company, who sent an adjuster who looked at the roof. The insurance company wrote us a $15k check for a replacement roof. 3 months later (when the roofing company hadn't even looked at our roof still, let alone given us an estimate) we get a notification from the insurance company that the roofing company told the insurance company it would cost an additional $8k, and the insurance company wrote them a check. We cancelled the roofing contract and shopped around. Got our new roof replaced within a month for $13k (we had 3 quotes from different companies, no company quoted more than $14k). This is why insurance is going up so much in Florida, and why insurance companies are leaving the state. Last I saw, Florida leads the country in insurance litigation cases per year by a ridiculously wide margin to the 2nd highest. And I'm not an insurance company defender or anything, but all home owners and renters in florida are all paying the price for this.