Home insurance increase.

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Hangfire

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Background;

I'm with Farmers Ins. and have been for 40 years......along with my home I've got three vehicles with them.

My home insurance went up $356.00 from 2021 to 2022 and according to the bill I just received it's going up $820.00 for 2023.

I did have a new roof put on a couple of months ago from hail damage that was done last Nov. and Farmers cut me two checks totaling $16,647.00.

I went shopping for a new insurance company the end of 2021 when I received the $356.00 increase and found at that time that home insurance by all the well known companies had increased considerably and that there wasn't going to be that much of a decrease by switching over to another company and keeping the same coverage so I stayed with Farmers.

Anyone else experiencing a increase for 2023 ?........think it would be worth a couple of hours on the phone calling around checking rates or quit whining and just go ahead and pay the bill ?
 
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HoLeChit

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It’s worth it to call around. Companies offer more to bring people in than they do for retention, hoping that brand loyalty keeps customers around. Our home insurance was set to go up a whole bunch with farmers, so we switched over to my car insurance company Allstate. They’ve treated me good and I haven’t had any absurd increases the past few years. When I bought my house a few years back my mortgage broker (who became a friend of mine) told me to change my homeowners insurance every two or three years, because that’s about the time your rates go up. I’m pretty sure he paid less in homeowners insurance playing that game than I did, and he had twice the house I did.
 

Lee Beaittie

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My home and auto is with State Farm, has been for about 30+ yrs. My auto policy goes down gradually, however our home policy does like yours continue to increase each year, with the exception of 2018/2019 when they spent a Sh_t ton of money (about 45k) putting a new roof on my house and everything else, my premium went down just about 1k because I payed extra for impact resistant shingles. With that being said, look at your replacement cost and contents limits. mine are almost three times what I paid for my house and there is no I have in contents wise what they have my limits set at. Our neighbor who use to be a realtor said she went to her agent and told them to lower her ins limits to what ever she came up with and it lowered her homeowners ins by about 1/3rd.
 

Lee Beaittie

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It’s worth it to call around. Companies offer more to bring people in than they do for retention, hoping that brand loyalty keeps customers around. Our home insurance was set to go up a whole bunch with farmers, so we switched over to my car insurance company Allstate. They’ve treated me good and I haven’t had any absurd increases the past few years. When I bought my house a few years back my mortgage broker (who became a friend of mine) told me to change my homeowners insurance every two or three years, because that’s about the time your rates go up. I’m pretty sure he paid less in homeowners insurance playing that game than I did, and he had twice the house I did.
I have hear that same thing myself, but I've never tried it.
 

ConstitutionCowboy

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Another trick they have is to over value your house and bill you for the premiums that "matches" that higher evaluation. It happened to us to the tune of almost a 30% increase in premiums a few years ago. Obviously, we sought for and obtained insurance from a reasonable agency.

Woody
 

HoLeChit

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I have hear that same thing myself, but I've never tried it.
I have really liked Allstate, they have treated me well. When I bought my house I went with USAA, they raised both car and home rates on me every year until I swapped them out for Allstate. When switching to Allstate my homeowners insurance went down $800/year, down just below where it was when I bought the house. It’s stayed roughly the same for the past few years, and I have since sold the house. So in my extremely limited experience, it has worked.
 

chuter

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Liberty Mutual went up about $700 for our home policy, we also have our cars with them.
Their letter said it was because of increased building costs; we have replacement coverage.

I didn't try shopping around, we really like they way they handled our tornado damage back in 2011 and the totaling of my wife's car a couple of years ago, so we're staying with them.
 

John6185

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I bought my house I went with USAA
You are so right, my USAA has gone up dramatically and I'm thinking of dumping them. I pay $458.00 per month or, $5,500 per year. And I haven't filed a claim with them ever... Allstate keeps sending me insurance quotes in the mail and they are really tempting.
 

HoLeChit

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You are so right, my USAA has gone up dramatically and I'm thinking of dumping them. I pay $458.00 per month or, $5,500 per year. And I haven't filed a claim with them ever... Allstate keeps sending me insurance quotes in the mail and they are really tempting.
Years ago, USAA used to be the cheapest option out there. Back then, I had several insurance companies tell me flat out that they couldn’t beat them for car insurance, before giving me a quote. Not really the case anymore. I’ve found them to be more expensive than most.

I use the David Rolle office for Allstate. They’re great, and cover me, my wife, and my mom/sister. No complaints, my mom has been with them for 10+ years. I’ve been with them for 4. David is really nice, and Shaun, the receptionist/other agent is really great too. She’s a little rowdy, but great to deal with. I don’t like talking bad about people, but if you’re looking at other Allstate agents, let me know through PM, one in the OKC area is literally a fraudulent sleezebag that takes out insurance policies on his insurance policies, so he can cash in. He also commited fraud on at least one occasion that I personally know of.
 

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