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Old 01-04-2023, 06:24 AM
 
467 posts, read 778,335 times
Reputation: 376

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I got a letter in the mail from my homeowners insurance company notifying me of a premium increase.

I've never really payed attention to this type of letter but happened to look into my historical insurance premiums and was shocked!

2021 - $1,250
2022 - $1,467 (+17% increase)
2023 - $2,891 (+97% increase)

Is everyone else seeing this type of increase?

My coverage has not changed, and I've never filed a claim.. the only thing I could think is my property value has increased significantly since 2021 but that's about it?

Looking at different companies now, wanted to see what you're seeing?
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Old 01-04-2023, 06:32 AM
 
4,840 posts, read 3,267,271 times
Reputation: 9450
I would have expected big increase simply due to the costs of rebuilding today... but 97% is crazy. Time to shop!
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Old 01-04-2023, 06:51 AM
 
18,128 posts, read 25,275,129 times
Reputation: 16834
Seems like homeowners are taking the shaft from every side.
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Old 01-04-2023, 06:54 AM
 
Location: Memorial Villages
1,513 posts, read 1,791,310 times
Reputation: 1697
Blame the supply chain crisis...there's a "shortage of insurance policies" .

That seems pretty extreme, and definitely warrants shopping around. I think from 2021-2022 I saw an increase on the order of ~10-20% for both home and auto, but I haven't seen my 2023 premium yet.

One thing to check into (if you haven't done so already) is increasing your deductible. I carry a high deductible and don't expect to use my insurance unless my house burns down or falls over.
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Old 01-04-2023, 06:55 AM
 
Location: Memorial Villages
1,513 posts, read 1,791,310 times
Reputation: 1697
Quote:
Originally Posted by Dopo View Post
Seems like homeowners are taking the shaft from every side.
We're actually catching a bit of a break on electricity plans. When I checked ~3 months ago everything was 15 cents+, now there are some plans available in the low-13 cents range.
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Old 01-04-2023, 07:06 AM
 
Location: TX
2,016 posts, read 3,521,385 times
Reputation: 2176
Find a good insurance broker and let them shop around for you. I used to shop around myself every year but used a broker last year and it was a lot easier and less time consuming. I don't know why I waited so long to use one.
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Old 01-04-2023, 07:26 AM
 
Location: Spring
1,110 posts, read 2,584,814 times
Reputation: 456
Seems to be the same **** show with each carrier.
Good intro rate, and you get shafted for wanting to be loyal.
I don't think I"ve had the same carrier more than 2 years. Hell I left one, used one for another year and came back to the previous because their rate was better, even though the renewal was 30% more.
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Old 01-04-2023, 12:46 PM
 
18,128 posts, read 25,275,129 times
Reputation: 16834
Quote:
Originally Posted by gwarnecke View Post
We're actually catching a bit of a break on electricity plans. When I checked ~3 months ago everything was 15 cents+, now there are some plans available in the low-13 cents range.
Not thank to anything the Texas government has done,
it's thanks to this

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Old 01-06-2023, 01:06 PM
 
694 posts, read 835,366 times
Reputation: 963
Too many homeowners falsely claiming hail damage to their roof.
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Old 01-06-2023, 04:08 PM
 
Location: TX
2,016 posts, read 3,521,385 times
Reputation: 2176
Quote:
Originally Posted by SugLandDAd View Post
Too many homeowners falsely claiming hail damage to their roof.
Roofing companies are partly to blame for that, going door to door telling people they can get their roof replaced because it has hail "damage". A lot of folks don't know any better. They told me I needed a new one to replace my ~10 year old roof. I hired a different company to do some repairs and they said I still have a good 5+ years left on mine. Lots of fraud going on with roofing.
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