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Old 10-15-2014, 01:30 PM
 
4,445 posts, read 3,496,700 times
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Homeowners insurance prices have been rising. I know my house was just over $800 a few years ago. Now its $1800/year

I am in Highlands Ranch, basic 2000 sf house with value at around $300K
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Old 10-15-2014, 01:49 PM
 
Location: Denver CO
21,027 posts, read 11,653,839 times
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Call other companies. I was on the phone getting quotes this morning and they are coming in for half of what my current insurance company quoted me for the new construction house that I'll be closing on next month.
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Old 10-15-2014, 01:58 PM
 
Location: Denver
1,149 posts, read 983,870 times
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Mine also increased by over $200.
It was less than $1k last year and the renewal is almost $1200 for a 1733 sq.ft. + 600 sq. ft. unfinished basement in Littleton.
That's also with home/car combination discount.
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Old 10-15-2014, 02:03 PM
 
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Yeah, Esurance rate wasn't much better
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Old 10-15-2014, 02:37 PM
 
Location: Littleton, CO
3,111 posts, read 4,885,822 times
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Blame the weather.

Several hailstorms that have damaged property -- especially in the southern and eastern parts of the metro area -- have insurance companies paying out large sums of money. They have to make it up some where.
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Old 10-15-2014, 02:38 PM
 
Location: Denver
1,149 posts, read 983,870 times
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Quote:
Originally Posted by davidv View Post
Blame the weather.

Several hailstorms that have damaged property -- especially in the southern and eastern parts of the metro area -- have insurance companies paying out large sums of money. They have to make it up some where.
Yes, they always make money.
If nothing happens, they pocket the money.
If they have to pay, they collect more from all.
What a great system!
Insurance company is doing nothing except being a middleman, we are paying for each other.
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Old 10-15-2014, 03:00 PM
 
695 posts, read 802,502 times
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I just changed to Safeco and received better rates than the previous company.
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Old 10-15-2014, 03:02 PM
 
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And god forbid you actually file a claim. Now your house is forever stained
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Old 10-15-2014, 04:16 PM
 
Location: The North
5,070 posts, read 9,066,854 times
Reputation: 4039
Quote:
Originally Posted by Mystery123 View Post
Yes, they always make money.
If nothing happens, they pocket the money.
If they have to pay, they collect more from all.
What a great system!
Insurance company is doing nothing except being a middleman, we are paying for each other.
They don't pocket the money, they put it into reserves to pay claims should bad weather happen. If nothing happens for the next few years then rates will come back down as reserves will be sufficient to cover potential bad weather. The people who "won" under this system were the people paying for homeowners insurance up until about 4 years ago when rates were low.

Company margins are extremely low at the moment because most insurance company profit comes from investing the reserves and keeping any excess returns they can generate. In a low interest rate environment there isn't much to be made.
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Old 10-15-2014, 04:19 PM
 
Location: The North
5,070 posts, read 9,066,854 times
Reputation: 4039
Quote:
Originally Posted by emm74 View Post
Call other companies. I was on the phone getting quotes this morning and they are coming in for half of what my current insurance company quoted me for the new construction house that I'll be closing on next month.
Don't get too used to the new rate you are getting. Many companies will give a huge discount on new construction because there are fewer claims, but starting year 2 or 3 your rates will start to creep up and by year 5 your discount will mostly or completely be gone and you'll be paying at least 50% more.
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