Homeowners Insurance $$$

[jgp12000]

My homeowners insurance went up $500 this year,no claims,just cause? I called my agent & got the typical "well there has been an increase across the board" I think they do it to cancel out any COLA I get next year...

Any Insurance gurus here,I am shopping !

[Benni3]

My homeowners insurance went up $500 this year,no claims,just cause? I called my agent & got the typical "well there has been an increase across the board" I think they do it to cancel out any COLA I get next year...

Any Insurance gurus here,I am shopping !

Call geico and if they go up later allstate then go back to geico,,,,but never progressive they don't pay,,,,,,

[Midway Tommy]

Way of the world these days. Thank all the home/property owners that have opted to bilk the system over years for little nit picky claims turned into bigger claims so they can get their deductibles paid for. For some people, those who are well covered, their HO, Auto & Liability insurance payments are becoming higher than their house payments. I figure it's their payback for years of high density insurance fraud. 

The bad thing about insurance & being retired is it's tough to afford living with it and you can't afford to live or be without it. 🥴

[oc1]

Without the insurance industry, coastal communities would look very different today.  Prior to the 1950's, low-lying beach houses were shacks cobbled together with minimal material, and they were considered expendable because of the risk of storm damage.

[jtwill98]

Yeah, insurance is a collective arrangement and not necessarily related to ones claims, but instead to the communities claims and local insurers reps. 

I had an insurance agent tell me that my insurance was going to be rising because there were too many hail damage claims being made for cars and roof damage in my home town.

I had to drop him a year later and I found a new insurance broker from same insurance with same coverage saving me the dollars increased by the local insurer. The new broker dropped my price to nearly the same (very slight increase) as I was paying previously. 

GL shopping around. 

[Keta]

My homeowners insurance went up $500 this year,no claims,just cause? I called my agent & got the typical "well there has been an increase across the board" I think they do it to cancel out any COLA I get next year...

Any Insurance gurus here,I am shopping !

Call geico and if they go up later allstate then go back to geico,,,,but never progressive they don't pay,,,,,,

Geico has treated us more than fair in the past.

[Gfish]

No experience with Homeowners Insurance claim filing. What's more important; lower cost premiums, or higher cost ones from PITA companies that lowball you for various reasons you never knew existed?
Stuck on the weekend at the District Fire Station, I read  the 198? Book; "The Invisible Bankers". About the Insurance industry. Was prepared for a boring exposé on something I didn't like, but it turned-out to be well written and entertaining.

[Benni3]

My homeowners insurance went up $500 this year,no claims,just cause? I called my agent & got the typical "well there has been an increase across the board" I think they do it to cancel out any COLA I get next year...

Any Insurance gurus here,I am shopping !

Call geico and if they go up later allstate then go back to geico,,,,but never progressive they don't pay,,,,,,

Geico has treated us more than fair in the past.

Ya geico great,,,,but sometimes you got to check other companies to see if there not changing to much,,,,but thats insurance companys trying to get over on there customers,,,,

[happyhooker]

Ditto what jtwill98 said about hail damage claims on roofs.  I have a bill on my desk that raises my rates about 50%, and that is on top of big increases over the last couple of years.  I have never filed a homeowners claim.  About 2-3 years ago, I shopped around, but Amica and Liberty Mutual could not best my State Farm rates.  My agent said she didn't get an explanation from the higher ups as to why the increase this time, but her own rate went up a bunch too. 

Yes, maybe time to shop around again.

Frank

[akfish]

My best homeowners insurance story: A few years ago, we had a serious snow and ice storm. It built up and wrecked my rain gutters. I called my insurance agent and asked if I was covered. He said I was but given my deductible I'd get only about $100. I said it wasn't worth it so I wouldn't file. He said I might as well because my rates would increase whether I filed or not. The fact that I reported the damage was enough for him to raise my rates. I didn't file and my rates went up. Once I got the notice  of the increase I changed carriers.

[happyhooker]

akfish, that is nuts.  Ins. cos. are rapidly losing whatever respect they had.  There may be some that are more responsible than others, it just is awfully hard to find 'em.

Frank

[oc1]

The insurance companies have some of the world's best data collection systems.  They have the numbers and play by the numbers; all in a competitive environment.  What we're seeing is not a changing insurance industry, it's changing risks.

[JasonGotaProblem]

My impression was that it's a combination of advancements in how we (they) calculate risk, and becoming increasingly risk adverse in general.

Don't get me started on car insurance and those tracking devices that are becoming the norm. People are all too inexplicably eager to give away every last semblance of privacy to potentially save a few bucks.

[Midway Tommy]

A lot of people aren't aware that insurance companies have unlimited access to credit scores and rate applicants accordingly. They've known for years that they have a greater risk when the insured has questionable credit.

[Jim Fujitani]

Insurance Companies aren't profitable unless they raise rates when there are claims filed.  They will not financially fail; Just close out in an area or state, move to another area/state and nominally increase rates until they are comfortably profitable.