How much is your homeowners insurance going up? (deductible, compensation)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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.
Just got another door-to-door visit from a guy telling me I could likely get my roof and siding entirely replaced for $1,000 because of a "September hail storm" that I am certain did not affect my neighborhood. Maryland phone number on the truck. He couldn't believe I wasn't interested.
He missed the boat on that one....that scheme was sooooo 2019.
NC Farm Bureau is now splitting the deductibles for all home policies exceeding $300,000 of coverage. Going forward, there will be a separate wind/hail deductible of $2000 as well as a catch-all deductible of $1000 for other types of claims. I called and spoke with my agent and was informed that the $1000 single deductible no longer exists for >$300k policies. This is in addition to the 25% increase in premiums.
Just got another door-to-door visit from a guy telling me I could likely get my roof and siding entirely replaced for $1,000 because of a "September hail storm" that I am certain did not affect my neighborhood. Maryland phone number on the truck. He couldn't believe I wasn't interested.
I'm so glad that I live in a condo building. No snake oil salesman showing up at my door and very low, reasonable homeowner's insurance.
But, on the cost of insurance, bear in mind that you are insured for catastrophic loss, not maintenance...
Go to the lumber yard and look at the price of materials.
Consider increases in qualified labor costs.
I am sure my house would easily cost double to rebuild than the original construction costs. It is 30 years old, but I have been here for 21 years. I can tell you my insurance doubled has not doubled in that time.
If I have a fire or tornado total loss, I want a new home for the cost of my deductible, not hugely out of pocket to finish it. So, we carry insurance set to today's costs.
As you know, not all homes are insured to cover the full replacement value cost and other homeowners choose to roll the dice and have no insurance at all, of course assuming there is no mortgage. I know several people in Florida who have no insurance due to the high premiums and limited insurance companies that are still willing to write policies there at all.
Housing values have jumped up higher which means tax assessments will go higher and both forcing insurance premiums to go higher, so just wait until you see next years' premium hikes.
As you know, not all homes are insured to cover the full replacement value cost and other homeowners choose to roll the dice and have no insurance at all, of course assuming there is no mortgage. I know several people in Florida who have no insurance due to the high premiums and limited insurance companies that are still willing to write policies there at all.
Sure.
And, insurance isn't needed to cover the lot cost.
With teardowns selling for tremendous prices, folks who can sell the lot after catastrophic loss may be able to be made whole and move on after collecting on the structure loss/claim.
Or, even by building a lesser home on that valuable lot and turning the new package over.
Housing values have jumped up higher which means tax assessments will go higher and both forcing insurance premiums to go higher, so just wait until you see next years' premium hikes.
There's no real reason for next year's premium increases to be any different than other recent years.
If my assessed value suddenly jumps 40% because of a four-year revaluation, it's not like the cost to insure has increased by that much overnight. The costs to repair/rebuild are what they are, increasing steadily and resulting in annual increases to insurance premiums. An assessment valuation jump is more or less just catching up to what's already happened over the past four years.
I am already insured for well over my current assessed value (subtracting out lot value) because that's what it would cost to rebuild right now. When the new assessments come out next month, the structure portion should be pretty close to what my coverage already is.
There's no real reason for next year's premium increases to be any different than other recent years.
If my assessed value suddenly jumps 40% because of a four-year revaluation, it's not like the cost to insure has increased by that much overnight. The costs to repair/rebuild are what they are, increasing steadily and resulting in annual increases to insurance premiums. An assessment valuation jump is more or less just catching up to what's already happened over the past four years.
I am already insured for well over my current assessed value (subtracting out lot value) because that's what it would cost to rebuild right now. When the new assessments come out next month, the structure portion should be pretty close to what my coverage already is.
Well I hope you're right but time will tell. I do think the new tax assessments are going to be shocking for some people. A flip house on my street is up for sale priced at $525K, which is just insane for our neighborhood and for THAT house. I don't think it will sell for that much but if it does I'm curious to meet the poor sap willing to pay it.
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.
