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.
We have to replace our roof due to hail and wind. Insurance approved it. Our premiums have risen the past several years, so I just assume that will continue to happen, even though we have a claim.
We have never made a claim in our 7 years of home ownership. We have a large deductible.
What is your experience with premiums after filing a claim such as this?
We have to replace our roof (on short notice) due to hail and wind.
Insurance approved it.
How old was the roof (remaining useful life)?
How much was the total job?
How high is your deductible vs the whole job price?
Quote:
We have never made a claim in our 7 years of home ownership.
We have a large deductible.
What is your experience with premiums after filing a claim such as this?
Here in long island we have seen folks dropped like crazy. Then the new insurer hammers them based on their clue report where any claims count heavily .
How old was the roof (remaining useful life)?
How much was the total job?
How high is your deductible vs the whole job price?
In theory... it shouldn't matter.
11 years old roof. Remaining useful...5? But, if they are wanting to replace it, it must need replacing...wouldn't you think?
deductible is about 1/3 of the roof.
I have read that this varies by state- some states can hammer the policy holders, while other states have limits by law.
You are trying to ascribe a cause and effect to your new roof. Years ago that might have worked as a barometer. Today, if the insurance company decides they want more money they pull an across the board rate hike.
I have not had a claim on my home ever. I stayed with the same company when I relocated and in two years I have received large increases. The newest excuse is that where I am in De. just like LI, there were many losses due to Hurricane Sandy and an abnormally cold winter here and burst pipes, so they simply increased the premium across the board. Funny part for me is that for the most part DE was largely spared the rath of Sandy.
We have to replace our roof due to hail and wind. Insurance approved it. Our premiums have risen the past several years, so I just assume that will continue to happen, even though we have a claim.
We have never made a claim in our 7 years of home ownership. We have a large deductible.
What is your experience with premiums after filing a claim such as this?
This is going to sound weird, but your premiums might go down. Many insurance companies raise premiums every year *in anticipation* of a big loss.
More like 10-15 years; but with a rapidly declining installed value.
Either way it's more than 50%.
Quote:
But, if they are wanting to replace it, it must need replacing...wouldn't you think?
Probably but not necessarily. A repair might have been adequate.
Of course having the time to shop the job might have saved some costs too.
They are "making you whole" from the surprise loss, and as a 3rd party with some obligation
to do that remedy in a "best practices" manner ...which in turn means a new roof job.
Quote:
...deductible is about 1/3 of the roof.
Let's say the insurance company roofers did the job for $10,000 ...OK?
With the condition at halfish of the useful life a responsible owner should have had
about $5000 or so set aside for that inevitable expense... follow?
Add the $3000 deductible money which a responsible owner should also have had available
and the surprise no time to shop it differential of $2000 becomes the only real issue.
Quote:
I have read that this varies by state- some states can hammer the policy holders,
while other states have limits by law.
They'll all hammer you. In every state. The only difference is in the how.
So...you suggest not using home insurance, when that is what it is there for?
Sure, we could pay cash today for a new roof...we are already paying a good chunk of it. We have put thousands into insurance already...
Anyway, this is not an argument of what we "should" have done. This is where we are. I agree with the poster that says they raise rates across the board. When I have spoken with our insurance rep in previous years asking why the rates have gone up, they said damages in the area have caused it. Sorry to be part of the problem, but it is what it is.
Not for the known and reasonably foreseeable... no.
Quote:
...when that is what it is there for?
That raises a larger philosophical question.
And no I don't like this business model of "insurance" coverage.
In your own words, if this particular storm hadn't veered as close as it did,
you would have had the same job to do 5 or so years later and pay for all out of pocket.
You were caught short and had to act promptly to repair your home.
Too few homeowners are responsible enough to have a multiple thousands
in emergency funds ready and available on short notice when these things happen.
Hate to say "It depends" but it does.
We had a roof and fence replaced because of hail damage and did not have an increase in the premium.
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 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.
