Home Insurance costs

[Universe93B]

What insurance companies are people using for these price increases? We have Amica for the last 2 years and no increases so far.

Regarding the increase in construction costs, they are probably correct to some degree. We bought a new construction home 2 years ago, and I routinely ask for the "options list" every few months as the neighborhood progresses, from the sales agent. And with each update, the price of every single item goes up. This includes boring things from carpet pad upgrades to adding another inch to crown molding. The sales agent says, "The labor and materials cost of everything keeps going up too much."

Basically, the people who buy later in the neighborhood pay a lot more. This is expected, but the insurance companies are going on this timeline also.

[zinner]

I have the same rebuilt cost from 2008 as I do from 2016 (using a different agent altogether) and the cost continues to go up almost every year. I am sure all the hail dmg will drive it up again.

I am not sure if it's just price gouging or they are making up for a shortfall in some fund required to have on hand.

[SFspiderman]

We moved here in 2009 and started out with State Farm. When they tried to jack our rates 25% two years later, we jumped ship to Amica. Rates have only increased 3-4% each year with them. Still only paying $433 for $200k coverage with a $1k deductible, less than State Farm charged us back in 2009, never mind what they tried to gouge us for by 2011.

[BoBromhal]

I'm with State farm, I've signed the consent to rate, and my home insurance cost has gone down since beginning with them. I do have a personal and professional relationship with my agent though,and that can't be stated enough in the online world.

One big thing to make sure of is your insurance amount and your deductible.

I live in an area where land value is a significant %. The total value that I used to be covered for was so high because it didn't just consider the replacement cost of my house.

I do have home, auto, and a personal umbrella policy with my agent.

and my homeowners premium is nowhere near $1,900.

[rfb]

When State Farm sent me the consent agreement, I switched to Amica. My rates were substantially below what State Farm was charging before they sent the consent decree, and definitely lower than what they wanted to raise my rates to. If you are happy with your current situation, then stick with it. But shopping around may lead to substantial savings.