Surging home insurance costs could force families to leave these 10 states (OK is one)

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Ready_fire_aim

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Our rates have skyrocketed over the last few years also. In process of switching providers in search of better rate. We are only a few years away from paying our place off. It angers me though the way things are going, when I’m paid off my damn taxes and insurance will be almost as much as my mortgage!

Also, all this conversation about roof replacements…. I’ve been in residential construction my whole career. I was also a project manager for a Roofing company for several years. Personally, I think the majority of roof replacements are absolute bull crap!!

I would estimate that probably 90% of the roofs we replaced, didn’t actually leak or anything. It was simply that hail had knocked granules off and left spots on the shingles. No leaks, no missing shingles, no damage that penetrated to the underlayment, etc. just simply “hail hits” on the roof, and they total the whole damn thing. The roofing contractors are notorious for pressuring insurance adjusters to go for full replacement even when it’s unnecessary. They are just making money… My old boss paid cash for an inground pool install with a waterfall and was buying import sports cars cash etc, the man literally became a millionaire in a few years thanks to Insurance companies constantly replacing roofs. I despise the Roofing industry. Don’t get me started on how they profit off of illegal immigrants too…
 

HMCS(FMF)Ret.

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Our rates have skyrocketed over the last few years also. In process of switching providers in search of better rate. We are only a few years away from paying our place off. It angers me though the way things are going, when I’m paid off my damn taxes and insurance will be almost as much as my mortgage!

Also, all this conversation about roof replacements…. I’ve been in residential construction my whole career. I was also a project manager for a Roofing company for several years. Personally, I think the majority of roof replacements are absolute bull crap!!

I would estimate that probably 90% of the roofs we replaced, didn’t actually leak or anything. It was simply that hail had knocked granules off and left spots on the shingles. No leaks, no missing shingles, no damage that penetrated to the underlayment, etc. just simply “hail hits” on the roof, and they total the whole damn thing. The roofing contractors are notorious for pressuring insurance adjusters to go for full replacement even when it’s unnecessary. They are just making money… My old boss paid cash for an inground pool install with a waterfall and was buying import sports cars cash etc, the man literally became a millionaire in a few years thanks to Insurance companies constantly replacing roofs. I despise the Roofing industry. Don’t get me started on how they profit off of illegal immigrants too…
Yep. This is why I haven’t got back into a house. I’m 58, have health issues, all my kids are gone. So it’s just me and the wife in a 2/2 apartment. I no longer have to mow a lawn, take care of a big house. If something breaks I email the maintenance guys and they fix it. To me it’s like heaven. I can move anywhere at anytime. My rent is great. Been here for over a year and they didn’t raise the rent a cent. The apartments are old, but as I tell my wife, we down own them. I just don’t see any advantage to having a house (especially at my age). Also, you never really own a house. Taxes, insurance and maintenance fees will replace a mortgage payment. For all those that say they build equity, not at these rates. You’ll pay more than your house is worth in interest rates alone. Then when you pay off the mortgage and you get old enough to need to go into a nursing home the state’s going to take the majority of what you have, to include money in the bank.
 

n423

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My SIL started renting an old little remodeled house in Norman. She has rented apartments for 19 years. She loves the house and it has a yard and big tree for her dog.
 

Pennyless

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Yep. This is why I haven’t got back into a house. I’m 58, have health issues, all my kids are gone. So it’s just me and the wife in a 2/2 apartment. I no longer have to mow a lawn, take care of a big house. If something breaks I email the maintenance guys and they fix it. To me it’s like heaven. I can move anywhere at anytime. My rent is great. Been here for over a year and they didn’t raise the rent a cent. The apartments are old, but as I tell my wife, we down own them. I just don’t see any advantage to having a house (especially at my age). Also, you never really own a house. Taxes, insurance and maintenance fees will replace a mortgage payment. For all those that say they build equity, not at these rates. You’ll pay more than your house is worth in interest rates alone. Then when you pay off the mortgage and you get old enough to need to go into a nursing home the state’s going to take the majority of what you have, to include money in the bank.
I'm glad its working out for you, but for me the benefits of my house outweigh the negatives. I can shoot, ride, and piss wherever and whenever I want on my property. No noise except nature. Bonfires, star gazing, privacy - I just don't think I could do an apartment. I'm old enough to know that you never say never, but the idea of moving into one kills me. Ideally my kids will help take care of me and the property goes to them and not the state. I'd rather pay a tax bill every year than have to live in town personally. Plus home values rise generally so I can sell this biatch and move to the lake in retirement if I want.
 

chuter

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The World Economic Forum has said you'll own nothing and be happy, and the conspiracy theorists say one way they'll make this happen is raise the cost of home ownership so people can't afford to own homes, and taxes and insurance is part of that scheme.

Is that what's going on here, or is it just the natural way of things? I don't know, not a good direction though.
 

n423

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I'm glad its working out for you, but for me the benefits of my house outweigh the negatives. I can shoot, ride, and piss wherever and whenever I want on my property. No noise except nature. Bonfires, star gazing, privacy - I just don't think I could do an apartment. I'm old enough to know that you never say never, but the idea of moving into one kills me. Ideally my kids will help take care of me and the property goes to them and not the state. I'd rather pay a tax bill every year than have to live in town personally. Plus home values rise generally so I can sell this biatch and move to the lake in retirement if I want.

Amen!!
 

T. MIKE SMITH

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I started noticing this 20 years ago. Moved back the El Reno and built a new house. I had been with Farmers since I started driving in 1971, but they just started going up a couple hundred each year. after 3 years of it I started shopping and just took my policies to a kid of a friend of mine who was young with Shelter. I cut my insurance bill in half the first year and even though it went up some the next year, it was a lot less than Farmers. 2013 we had a tornado with a lot of large hail. I was in the middle of moving to a country home that I bought but was rehabbing and still had a home in El Reno. Hail got both roofs and damaged 3 vehicles. Shelter paid off like a slot machine. I actually made money on what they paid. After that tornado, shelter started to go up and before I knew it, they were at $3500 on a 1500 sq ft home in 2015. I also had 4 vehicles and a tractor as well as life insurance. Questioned my agent, who tells me I'm over 5 miles to the nearest fire station and that's the way it is. Started shopping and found Liberty, who again cut that in half for the same coverage. Sold that place and moved back into El Reno- Liberty had a terrible price back in town and shopped again and went with Progressive. Last year they went up, so I went shopping again- wound up with Homesite- I didn't know much about them, but my agent says the coverage I have with them is much better than Progressive, which after he reviewed with me was terrible, for less money.
 

bigfug

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estimate that probably 90% of the roofs we replaced, didn’t actually leak or anything. It was simply that hail had knocked granules off and left spots on the shingles. No leaks, no missing shingles, no damage that penetrated to the underlayment, etc. just simply “hail hits” on the roof, and they total the whole damn thing. The roofing contractors are notorious for pressuring insurance adjusters to go for full replacement even when it’s unnecessary. They are just making money… My old boss paid cash for an inground pool install with a waterfall and was buying import sports cars cash etc, the man literally became a millionaire in a few years thanks to Insurance companies constantly replacing roofs. I despise the Roofing industry. Don’t get me started on how they profit off of illegal immigrants too…

You are correct. My neighbor is living high off the hog as well. I put a new roof on, but was almost forced to. 1%ARV currently, $4200 deductible. Renewal was going to go from $3400 a year to $6700 a year and a 2%ACV policy. So my new policy with adjusted home value would have a $9600 deductible- depreciation. Roof is 7 years old this summer. So, get a new roof for free and a new policy at $4k, or wait till it actually needs it and cover the entire cost myself + paying the inflated rates till then.
 

Shadowrider

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So can you just drop the roof altogether and get a substantial premium decrease?

Seems a good idea to open an account or add money to your emergency fund for a new roof when you need it. I’d throw on a steel roof and be pretty much done with it after saving up for it.
 

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