Have my home insurance with one of the big three insurance companies in MS. We have been with this same company for 31 years (wife used to work in their claims department).

No claims on this house, ever, and it is 24 years old. We have $1000.00 deductible with replacement coverage. Our rate went from $2410 last year to $2999 this year.

I called my agent and he said everyone’s rates increased between 18% to 27% because home replacement costs have increased over the past 18-24 months and because MS had two different major disasters in 2022 (and in his words - When this happens every policy holder is affected by these natural disasters).

What hurts my feelings is the difference could have purchased, or at least come close to purchasing, another gun, ammo, or more importantly a couple of new flashlights.

Anyone else receive their 2024 home insurance estimate yet and if so did it go up like mine?

I’m waiting for the hammer to drop on my policy here in the FL a panhandle near Pensacola. Here it’s roofs. The hurricane portion of my policy is Obscene.

It's inflation, the absolutely nothing you've been getting for your money all this time now costs more.


I asked why it goes up every year, I was told the same, because of price increases, the replacement cost is greater. But... my policy is for X amount. What difference does it matter if it would cost XX, or XXX to replace my house, if you're only going to give me X anyway?

quote:

Have my home insurance with one of the big three insurance companies in MS. We have been with this same company for 31 years

If you're gonna start a thread about it, why not just post what insurance company we're talking about here? Seriously...

16% on my home in Ohio.....Grange Insurance. It's all part of 3.5% inflation.

Try increasing the deductible from $1000 to $5000 and the bill should decrease noticeably.

quote:

Originally posted by nhracecraft:

quote:

Have my home insurance with one of the big three insurance companies in MS. We have been with this same company for 31 years

If you're gonna start a thread about it, why not just post what insurance company we're talking about here? Seriously...

Good point nhracecraft - It is ALFA Insurance

I hesitated because I did not know if it was acceptable by Para to call this company by name. Para - if this is not acceptable please delete this post and accept my apology for my error.

quote:

Originally posted by cas:
It's inflation, the absolutely nothing you've been getting for your money all this time now costs more.


I asked why it goes up every year, I was told the same, because of price increases, the replacement cost is greater. But... my policy is for X amount. What difference does it matter if it would cost XX, or XXX to replace my house, if you're only going to give me X anyway?

Higher likelihood of a maximum claim slightly, but overall claim cost will go up on average. They probably hardly pay the full maximum value of the contract, but if average claim goes up, so does premium.

My house insurance went up dramatically but my car insurance when up a ridiculous amount considering I retired two years ago and don’t drive half as much as I used to.

Everyone I know had big jumps in car insurance despite more people working from home than ever before.

My Insurer is Amica and I've been with them for Home and Auto for 17 years. My Homeowners policy effective 11/22/23 had a premium increase of 12.8%. They increased the coverage for the replacement cost of the Dwelling (Limit of Liability) by 8.5% and they increased the Personal Property coverage by the same amount. There was an increase of coverage(s) on the last renewal as well, but I don't have the data handy. Amica is VERY proactive is ensuring that the policy coverage is adequate for the insured property.

quote:

No claims on this house, ever, and it is 24 years old. We have $1000.00 deductible with replacement coverage. Our rate went from $2410 last year to $2999 this year.

^^^^^^^^^^^^^^^^
You ought to see the crap they pull with hurricane deductibles. They are also depreciating your roof. Many people forgo insurance having paid off the mortgage. They just put the money aside if repairs are needed.

.
BOHICA.

(Bend Over Here It Comes Again).
.

quote:

Originally posted by tsmccull:
Try increasing the deductible from $1000 to $5000 and the bill should decrease noticeably.

Years ago when I inquired with Allstate, my deductible was $500! The person on the phone was shocked it was that low. They said by raising it to $1k it would save me money. Which it did, for two years. Then it was right back up to where it had been before.

A very close friend of mine had his insurance go up nearly 100%…with no claims other than I *think* a windshield. Certainly no major house or car claims.
Bundled plan, home, cars, ATV, camper, etc - the price used to be reasonable.
He had made friends with his insurance guy and told said insurance guy, “Sorry but I’ve got to drop your company.”
The insurance guy said, - (paraphrasing by memory) - “Well since you’re not a client anymore I can tell you. Companies raise the prices gradually and most people will stick with them until it isn’t bearable anymore. It’s just getting what they can until the client cries Uncle.”
My friend will be shopping for insurance WAY more often from here on.

It pays to shop. If you buy your insurance from one company for many years (Allstate, State Farm, Amica, USAA, etc.), you will waste thousands of dollars on premiums. Find an independent agent or two with a wide array of carriers and shop it at least every few years. Your risk profile changes, company underwriting appetites change, etc. and the company who has the best deal for your current situation is highly unlikely to have the best deal for your sitation five years from now.

Home - + 8%
Car - + 19%

Claims - 0
Accidents - 0
Tickets - 0

State Farm

USAA raised car insurance recently. That has mw worrying about the home insurance.

In my part of Colorado residential real estate values went up 12% over the past year. Replacement cost (new construction costs) are up 20%-plus.

Purchased our current home 8 years ago for less than half the current value. Same house, same neighborhood, the only thing that has changed is the value of the dollar.

I doubt there are many places where claims have stopped coming in. Hurricanes, tornados, wildfires, hailstorms.

Cheer up, that premium dollar you are paying is only worth about 89 cents compared to last year's purchasing power.

quote:

Anyone else receive their 2024 home insurance estimate yet and if so did it go up like mine?

Yes, but it was because I asked them to reassess my replacement value. I have a garrison colonial with baseboard heat and aluminum siding, among other oddities that were all the rage in the 1960’s. I can’t imagine the cost of a single 4” copper vent-stack, let alone the 5 I put boots on when I roofed the place in 2016.

Lo and behold my replacement value was 210% what we paid for the home in 2015.

I’m glad I made the call though. I can’t imagine trying to replace my home in this market/economy.

It sounds like, out here, we are going to be forced to eliminate trees and shrubs near the house that might remotely be a fire risk. Anything within 5 feet of the house and / or above the roof line. Even with tiles. Even if they are mature and have been there for decades. Under threat of rising rates and or policy cancellation.