Every year, around this time, between Christmas and New Years I have an annual review session with my insurance broker. As a broker their job is to scour the ends of the Earth to keep all my policies as low as possible. I have 4 policies. Auto policy went down 10% because I reluctantly used their “app” early last year and let big brother spy on my ass to get a deal.

Well a large part due to the freeze TX experienced earlier this year, my homeowners insurance for 2022 is going up $1000 per year. And that’s with switching me to a new homeowners carrier (that I have used before).

I mean a few hundred, OK, but mother fucker, $1000 increase? I did not make any freeze claims but I have to pay for everyone else that did. Have to love insurance.

What really fucking pisses me off is now my taxes on the house and insurance, both an obvious requirement to own a home, is more than my mortgage per year. I just refinanced the house last year due to the lower rates and kept it on a 30 year to keep my costs down. Well that just got eradicated today. I don’t have some fancy house either. Built in the late 70’s and I still need to remodel.

I’m underpaid at work so it’s time to find new employment to try and offset. Someone call me a paramedic.

You're a paramedic.

Yep, wait until your energy bill is more than the mortgage....

quote:

Originally posted by HRK:
Yep, wait until your energy bill is more than the mortgage....

...or Cable + Internet + Cell bills.

you're working and earning money so everyone needs their cut.
by the way, extending your mortgage may lower your payment but not the cost

Wow, a $1,000.00/year increase? That's almost as much as my total Homeowners insurance for a year and also close to my total property tax for a year.

Glad I live where I do.

Property Taxes are the annual reminder of the myth and fantasy of property ownership in this country, a neverending leash around ones neck, making sure nothing is ever "paid off", no land is ever actually owned, merely perpetually rented under a different label. It's an insidious practice.

quote:

Wow, a $1,000.00/year increase? That's almost as much as my total Homeowners insurance for a year and also close to my total property tax for a year.

Glad I live where I do.

^^^^^^^^
I live in hurricane alley and have seen big increases in homeowners insurance since 2005 and I do not live on the beach. Shit will happen in Gilbert someday like a haboob or maybe an Indian uprising.

quote:

Originally posted by Flash-LB:
Wow, a $1,000.00/year increase? That's almost as much as my total Homeowners insurance for a year and also close to my total property tax for a year.

Glad I live where I do.

Same here. On all points. And we're maxed-out on homeowner's insurance--incl. full replacement cost and a rider called "code and ordinance."

When my flood and hurricane insurance got to be $10,000 a year, I paid my mortgage off and quit paying the insurance. That was 17 years ago. My house is 2,450 sqft and was built in 1974. That 10,000 a year stayed in the S&P500 and will cover rebuilding my house at least 2 times over.

I’m not anti-insurance or anything, but at some point you have to look at it from a financial standpoint. I bought a motorcycle in 1998 for $10,000. I was shocked to find insurance was $5,000 a year. For fun, I asked what it would have been on Ducati 916; $600 a year. Shocked again. I still have my 1998 Kawasaki ZX9R, never had insurance on it, and had zero accidents in the 27,000 miles I put on it. In hindsight though, I should have bought a Ducati 916.

^^^^^^^^^^^
I see the reasoning. Do you have liability coverage for the guy who slips and falls or for theft??

I wish I hadn’t opened this thread…I live in TX and I’m almost afraid to see if our homeowners is gonna go up…..we use TX Farm Bureau for the house and autos….

We plan on paying off the house in FEB , wonder what other kind of shitty stick I’m gonna get after that.

I hear you, I was at the courthouse today working with them to lower my property tax. AS HRK mentioned energy is going to be getting real expensive so enjoy our cheap energy while it lasts. And don't even get me started on insurance!

That seems outrageous for an insurance jump. I would be shopping around.

Now don’t get me started on property tax.

If I had a mortgage I would have to move.

quote:

Originally posted by 1s1k:
That seems outrageous for an insurance jump.

Probably everything too due with the cost of getting anything done with today's pricing.

Well, there’s one thing to be said for CA, prop 13 and property taxes limited to 2%(?) increase

For those that got in on Prop 13 yes, it's good.

Take a look at property taxes for those who didn't and you'll have a heart attack.

Of course, homeowner's insurance is gonna go up. Imagine the cost of replacement, had your home burned down eight mos. ago. Remember when lumber was unobtanium? Everything is more expensive now and that's not going to change anytime soon.
Insurers are going to build that into folks' renewals. And with the crazy RE prices, of course, property taxes are going to skyrocket. They're already so low in AZ, I don't really care about the increase. I knew it would come eventually, and it's still way cheaper here than back east.

quote:

Originally posted by Rick Lee:
Insurers are going to build that into folks' renewals. And with the crazy RE prices, of course, property taxes are going to skyrocket. They're already so low in AZ, I don't really care about the increase. I knew it would come eventually, and it's still way cheaper here than back east.

You're right about back East. One of the guys I shoot with every week was born, raised and spent his working life in New Jersey.

He retired here, lives a few miles South of me and when he bought his house, he asked what the property taxes would be. They told him $1,200.00 and he said "a month?" They told him no, a year.

He couldn't believe it was that cheap.

My property tax on a brand new 1800 sq. ft. 3/2 house is ~$1700/year, and full coverage insurance with all the bells and whistles is $1100/year. (Of course, it helps that we don't get hurricanes here, but damage from tornadoes or hail is common.)


Texas gets hit extra hard on property taxes, as a tradeoff for not having state income tax.