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My renewal just came for homeowners insurance and it is increasing $207.00, which is an increase of 36% from my premium last year. The policy is written exactly the same with a few adjustments to our limits of liability (inflation adjustments I guess- less than 10k total) but I can't imagine that has prompted this increase.
I am waiting to hear back from my insurance agent regarding the increase, but am wondering if anyone else has experienced an increase like this?
I cannot find anything online regarding DOI approved increases this year- am thinking of filing a complaint b/c I'm so pissed!
My renewal just came for homeowners insurance and it is increasing $207.00, which is an increase of 36% from my premium last year. The policy is written exactly the same with a few adjustments to our limits of liability (inflation adjustments I guess- less than 10k total) bit I can't imagine that has prompted this increase.
I am waiting to hear back from my insurance agent regarding the increase, but am wondering if anyone else has experienced an increase like this?
I cannot find anything online regarding DOI approved increases this year- am thinking of filing a complaint b/c I'm so pissed!
My car insurance increased at the six month renewal (October 2008.) I have the same car and didn't change my coverage.
My 6 month car renewal dropped approximately $18 for six month coverage. I know that effective 1/1/09 the rates will be dropping something like 16% for automotive ins.
Are you getting the policy re-quoted with other insurance companies? Perhaps your current company will match rates but you have to do the work to get the new quotes. It's a pain, but it saves us money every year.
i'm trying to close on a home i purchased in creedmoor. I received a quote from North Carolina Farming Insurance agency the premium was 730 and the deductible was $500. Is this too much?
i'm trying to close on a home i purchased in creedmoor. I received a quote from North Carolina Farming Insurance agency the premium was 730 and the deductible was $500. Is this too much?
I recently read an article which stated that it doesnt make financial sense to have such a low deductable and they recommended atleast $1000. It makes sense when you think about it. Are you really going to claim from your homeowners insurance for something small knowing that your rates will increase or risk your property becoming uninsurable bec of multiple claims? Our current deductable is $500 and we plan to raise it to $1500 when our policy renews (the only reason Im not messing with it now is that its paid in full) which will reduce our premium quite a bit.
I cant comment on the quote you got bec I dont know the numbers. We live in Cary and paid $610 for the year, our structure replacement value is $265k (remember to insure for structure replacement value only as per the appraisal, your land aint going anywhere ). It incl a multi policy discount.
My renewal just came for homeowners insurance and it is increasing $207.00, which is an increase of 36% from my premium last year. The policy is written exactly the same with a few adjustments to our limits of liability (inflation adjustments I guess- less than 10k total) but I can't imagine that has prompted this increase.
I am waiting to hear back from my insurance agent regarding the increase, but am wondering if anyone else has experienced an increase like this?
I cannot find anything online regarding DOI approved increases this year- am thinking of filing a complaint b/c I'm so pissed!
No need to get upset. Call a few other insurance companies and try to compare apples to apples. Get a few quotes and then explain to your insurance agent what those quotes are. If he doesn't want to match that, choose one of the other companies.
Some companies do increase due to other claims they have had to pay out. That isn't your fault if the Florida hurricanes caused one company to have to pay out alot and they want to raise your insurance to cover it. Just choose another company.
You are the consumer. You pay the premiums. You choose.
It is happening to everyone. Both me and my friend called our insurance companys and questioned it and wanted a reason. One said that they are raising rates because of Katrina (socialize the loss) and mine wouldnt give me a straight answer but I quoted several others and they were just as high. Since I tried quoting others before and now their know that their rates have also increased.
FWIW all the rates quoted here seem to be high IMO. I just received our renewal policy on a home we moved into last November. The replacement cost on the structure rose from last year's policy, yet the premium DROPPED a few dollars. I have been with the same insurer for nearly 10 years, and during that time had a $30,000 claim for water damage-my rates never changed on that house even after the claim. I'm paying under $700 per year with a $500 deductible on a home with structural replacement cost of about $425K.
No one has mentioned the most likely culprit: your FICO score has dropped. Insurers now use your credit score to help set your rate. Unfair in some cases--like when your score is low because you don't *use* credit, but there you have it.
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Happening to all
