Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 07-05-2013, 02:20 PM
 
83 posts, read 240,300 times
Reputation: 25

Advertisements

I bought a multi family house last year. I went with Liberty Mutual because it was a partner of Geico with who I have my car insurance. last year premium was $1000. This year it's gone up to $1200. I had no claims last year yet it went up. Is that too much for a 2 flats with a basement 62 yo well-kept with normal deductions multi family house?

Who else offers the best yet low cost home insurance in Chicago?

Thanks,
Quick reply to this message

 
Old 07-05-2013, 02:29 PM
 
28,455 posts, read 85,361,596 times
Reputation: 18728
That seems like a fair increase -- hard to really shop without knowing full details -- type of construction categories and property classifications are not always uniform ...
Quick reply to this message
 
Old 07-05-2013, 02:37 PM
 
83 posts, read 240,300 times
Reputation: 25
I'm a newbie to home insurance. I thought it would work the same way as auto insurance that is if I don't have any claims, it should not go up the next year, right?
Quick reply to this message
 
Old 07-05-2013, 03:07 PM
 
28,455 posts, read 85,361,596 times
Reputation: 18728
Not really...

Homeowners insurance is not just based on your own liklihood to make a claim, the average losses of folks in homes like yours are what the actuaries use to make a risk profile. Those losses include a whole bunch of statistics that have nothing directly to do with YOU like how many fires were reported in your neighborhood, how many houses had flooded basements, how many folks had somebody make a claim against them from slipping and falling on ice / snow...

Typically insurance prices are "low to start" and then rise over time as part of the customer "aquistion" transitioning to "true cost to insure / profit"...
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Illinois > Chicago
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top