Homeowners insurance renewal sticker shock?! (house, shop, to move)
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Just got my renewal invoice for the homeowners policy for the house bought last year. Last year's premium was $1025. This year's premium? $1630... for the SAME COVERAGE, for the same house, and with NO CLAIMS whatsoever!
Now I'm no math genius but an increase of $605 comes out to a 59% increase in one year. House is not in a high risk zone (nowhere near the water) so they can't use that as an excuse.
It's shop-around time on Monday, for sure.
I don't know if we're allowed to 'call out' companies in this forum but if anyone wants to know what company it is, DM me and I will tell you.
Anyone else see an obscene increase in their homeowners premiums this year?
Just got my renewal invoice for the homeowners policy for the house bought last year. Last year's premium was $1025. This year's premium? $1630... for the SAME COVERAGE, for the same house, and with NO CLAIMS whatsoever!
Now I'm no math genius but an increase of $605 comes out to a 59% increase in one year. House is not in a high risk zone (nowhere near the water) so they can't use that as an excuse.
It's shop-around time on Monday, for sure.
I don't know if we're allowed to 'call out' companies in this forum but if anyone wants to know what company it is, DM me and I will tell you.
Anyone else see an obscene increase in their homeowners premiums this year?
Yes, the past two years. I called my insurance broker. He got the company to reduce the coverage amounts to what they were when I bought my house in 2010. My premium dropped about $500 as a result.
you have to play the game. shop around and have them outbid each other to get your business. it's a pain in the you know what, but you'll save a ton of money. good luck.
Every year my rates for HO & flood go up by 100/200 bucks. My first flood renewal post-Sandy was the normal increase. When that came in the mail I made sure I was a little pickled and sitting down before I opened the envelope.
Just got my renewal invoice for the homeowners policy for the house bought last year. Last year's premium was $1025. This year's premium? $1630... for the SAME COVERAGE, for the same house, and with NO CLAIMS whatsoever!
Now I'm no math genius but an increase of $605 comes out to a 59% increase in one year. House is not in a high risk zone (nowhere near the water) so they can't use that as an excuse.
It's shop-around time on Monday, for sure.
I don't know if we're allowed to 'call out' companies in this forum but if anyone wants to know what company it is, DM me and I will tell you.
Anyone else see an obscene increase in their homeowners premiums this year?
Same here. Someone has to pay for those Sandy claims.
same happened to me. I switched and saved but my premium with the new company is still more than my pre-increase past plan. best part: my old carrier begged for me to give them another chance and to prepare a quote. I said fine and their quotes were 15% higher than the increase that got me to leave.
if I had more time I would write a letter to the superintendent of insurance/the NYS insurance department. I think they're on beaver street in Manhattan.
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