Homeowners Insurance On The Rise?

[2sleepy]

Originally Posted by BijouBaby

I have HIPPO and they nearly DOUBLED my homeowners this year. No claims, no changes except for their outrageous rate increase.

Wow, that surprises me! I talked to four or five people around here who have it and none of them had a rate increase.

[Rudydog1]

Howdy..
I came across your thread about home owners since I am currently looking for a new boomer place to land. Not to have my tin hat on, amazing since all this new climate change stuff, the insurers are gaming the system jacking up rates. As an example I have lived here in northern Tucson for 9 years. Just recently my home owners policy jumped from $800 to $1400 due to our area now being considered a Wild Fire Hazard, never before. So I started shopping around, come to find out the real amount I should be paying is $1800 which will most likely be levied at the next renewal. When questioning an underwriter person I was told Farmers is making up for all the claims filed in other states whom have more potential for hazards, California etc. So..get out those piggy banks, me thinks it is gonna get worse.

[WRM20]

Originally Posted by Rudydog1

Howdy..
I came across your thread about home owners since I am currently looking for a new boomer place to land. Not to have my tin hat on, amazing since all this new climate change stuff, the insurers are gaming the system jacking up rates. As an example I have lived here in northern Tucson for 9 years. Just recently my home owners policy jumped from $800 to $1400 due to our area now being considered a Wild Fire Hazard, never before. So I started shopping around, come to find out the real amount I should be paying is $1800 which will most likely be levied at the next renewal. When questioning an underwriter person I was told Farmers is making up for all the claims filed in other states whom have more potential for hazards, California etc. So..get out those piggy banks, me thinks it is gonna get worse.

I doubt that the agent was correct. Homeowners insurance is regulated by each state, and I've never heard of losses in one state increasing premiums in another state.

[tewest86]

Originally Posted by Htown2013

Related to the roof issue, how much does it cost to replace a roof in a typical ~2800 sf single story home in a typical Houston suburb from an honest reputable roofing company?

No doubt the roofing companies bilking insurance are overcharging with as much as they can get away with. Hope there are still honest decent quality ones left.

You can expect to pay anywhere from $15k to $30k.

[Weatherguy]

I paid $11K for a new roof for a small, 1400 ft2 home in 2023. And that was the low bid. The roofer told me that people are having to pay $40K to $50K for roofs in neighborhoods of mcmansions. Especially the roofs that have complex angles.



Although the market value of my home has fallen greatly in the last year, my homeowners insurance went up this year by 50 percent. I had always paid annually, but I'm not on a quarterly payment plan. My agent said that many of his clients have gone to monthly payment plans.

[Htown2013]

Houston, and Texas in general, has become deceptively expensive.

Insurance, property taxes, which are all throw away, sunk costs, that continue regardless if you're gainfully employed, or retired with a paid off house, are extremely high in Houston.

Trade labor costs, for AC service, plumbing, landscaping, etc are also high.

Cost of living in Houston truly used to be relatively cheap prior to ~2015 or so, especially in the 1990-2010 timeframe, but it's really gotten out of control. Heck prior to the 2013 price rush, you could have bought a really nice large suburban house in a good area with great schools for under $300k at good interest rates and much more reasonable insurance. Certain industries used to be much stronger, with higher pay and job security relative to other industries, which made living in Houston a good value proposition.

Even fajitas can be twice as expensive here than many parts of the USA, including California! Here's looking at El Tiempo, Pappasitos, and Cadillac Bar.

[gwarnecke]

Are trade labor costs substantially higher in Houston than other large cities? I think they've gone up pretty much everywhere. Thank God for YouTube University...

Regarding property taxes - I'll give credit where credit is due (to our state leaders). My property tax bill dropped by $3k from last year, thanks to the property tax break that passed at the state level. This more than offsets the other housing-related year-on-year increases I experienced (homeowners insurance, water rates, etc).

[hbcu]

Originally Posted by Htown2013

Houston, and Texas in general, has become deceptively expensive.

Insurance, property taxes, which are all throw away, sunk costs, that continue regardless if you're gainfully employed, or retired with a paid off house, are extremely high in Houston.

Trade labor costs, for AC service, plumbing, landscaping, etc are also high.

Cost of living in Houston truly used to be relatively cheap prior to ~2015 or so, especially in the 1990-2010 timeframe, but it's really gotten out of control. Heck prior to the 2013 price rush, you could have bought a really nice large suburban house in a good area with great schools for under $300k at good interest rates and much more reasonable insurance. Certain industries used to be much stronger, with higher pay and job security relative to other industries, which made living in Houston a good value proposition.

Even fajitas can be twice as expensive here than many parts of the USA, including California! Here's looking at El Tiempo, Pappasitos, and Cadillac Bar.

that's why I hate people bragging on low cost of living when they drove the value up overnight with these reports - when things go businesses don't lower them ever

yep - insane fajita prices - but people keep buying