Homeowner's Insurance - big rise in premiums

[jackio Gold Contributor Find all posts View Profile Close jackio]

I received my homeowner's renewal policy yesterday, and it went up $200. That includes various discounts I get. I went on to Geico's website to get a quote and they were even higher.
Has anyone else noticed a jump in premiums this year? I do not live in a flood risk area.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

How old is your house? In my previous house, I noticed a fairly large increase after it was 8 or so years old. A couple of years later when we moved to a new, similar-sized / valued house, our homeowner's insurance dropped down to about the previous rate before the hike.

Kurt

[jackio Gold Contributor Find all posts View Profile Close jackio]

How old is your house? In my previous house, I noticed a fairly large increase after it was 8 or so years old. A couple of years later when we moved to a new, similar-sized / valued house, our homeowner's insurance dropped down to about the previous rate before the hike.

Kurt

It will be 25 years old this October. Maybe that is the reason.

[StressCadet Senior Member Find all posts View Profile Close StressCadet]

I received my homeowner's renewal policy yesterday, and it went up $200. That includes various discounts I get. I went on to Geico's website to get a quote and they were even higher.
Has anyone else noticed a jump in premiums this year? I do not live in a flood risk area.

Me too. My premium was 240.00 higher. My age of home discount is down to 6% but it only reduces by 2% each year so that wasn't the cause. My house is 7 years old. There was a general rate increase and they aren't even writing homeowners right now. So if I bail-I can't go back unless they start writing again.

It was the auto policy that left me hardly breathing though....my son's truck increased 80 percent. I'm not joking, 80 percent. The poor kid. He pays for it himself so it doesn't necessarily affect my pocketbook..but geesh.

I had about an hour long conversation with my Agent and had a friend who works at another company quote me. In the end..we did some tweaking of the policies..and I mean it's dumb stuff that makes a difference out here. Like changing mileage from 3 miles to/from school to 5 miles. 5 miles makes it lower..and taking my DH's truck from leisure (which it is) to work miles..even though he has a truck provided my his employer. It lowered the prem too.

I know I live in a different state and we have laws set by our insurance commission but I'm curious who you're insured with. I'm with Allstate.

[jackio Gold Contributor Find all posts View Profile Close jackio]

Me too. My premium was 240.00 higher. My age of home discount is down to 6% but it only reduces by 2% each year so that wasn't the cause. My house is 7 years old. There was a general rate increase and they aren't even writing homeowners right now. So if I bail-I can't go back unless they start writing again.

It was the auto policy that left me hardly breathing though....my son's truck increased 80 percent. I'm not joking, 80 percent. The poor kid. He pays for it himself so it doesn't necessarily affect my pocketbook..but geesh.

I had about an hour long conversation with my Agent and had a friend who works at another company quote me. In the end..we did some tweaking of the policies..and I mean it's dumb stuff that makes a difference out here. Like changing mileage from 3 miles to/from school to 5 miles. 5 miles makes it lower..and taking my DH's truck from leisure (which it is) to work miles..even though he has a truck provided my his employer. It lowered the prem too.

I know I live in a different state and we have laws set by our insurance commission but I'm curious who you're insured with. I'm with Allstate.

I'm with Merrimack Mutual in Andover, Mass., even though I live in NY. I have an umbrella policy with them, too, which I think is pretty reasonable - around $200/yr for $1,000,000 policy. My auto insurance is with GEICO, which had the best rates for us since we have a 22 yr. old son with 3 accidents on our policy. He had his own policy but it was much more money for much less coverage.

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

I find that every 4 or 5 years, I need to price shop both our car and homeowners insurance. Where we live weather related claims tend to push premiums higher and it's just expected. Still, I've found that staying with the same insurance company can sometimes be costly. A few years ago I cut our homeowners rates by $700/year with the same coverages. Now that policy has inched up to a point where it's time to shop again.

[brian964 Junior Member Find all posts View Profile Close brian964]

In my experience it is cheaper getting quotes online. Some of the top insurance companies offer discounts when ordering online, because it is less work for them. But to be safe you could compare rates online, pick the best offer and try a local agency to see if they can match it or do better: www.quotes-center.com/home-insurance-calculator

[JWC Super Moderator Find all posts View Profile Close JWC]

I just renewed our Homeowner's Insurance last month with Wawanesa. The rate has stayed pretty well the same for the last couple years. Our home is 9 years old.

[jlwquilter Senior Member Find all posts View Profile Close jlwquilter]

I am in the same boat as StressCadet. No options as no one is writing in SE FL. Everytime I get a notice from my insurance company my stomache drops anticipating it's a cancellation notice.

I told DH a few days ago that we have to hope to hold on until DD is in college. Then look to move as between homeowners and property taxes it's just gotten too crazy. Of course, who would buy our house as they'd face even more costs!