Homewowners Insurance: got a big increase!

Damn. My new premium seems outrageous to me. $2935.00

I had one small claim in the past 10 years (1 year ago) and my premium almost doubles?

Worse yet, in looking over the bill, it appears that they have my home under-insured based on a market evaluation that was done not too long ago. My policy is with State Farm. The home is under 4000sq ft. They give me discounts for the alarm system and for being near a water source.

Anyone know if this is 'fair' or if I'm being totally hosed by the insurance company???

I think I'm going shopping!

I'd be having a cow ........... I have 3400 sqft log home. I do have discounts because all my insurance is with one company. My home insurance is less than $800 a year and it was never over that even when not umbrella'ed. Now I'm sure with real estate considerably less here, I'm sure your home is appraised much higher. I'm insured for the value of the home ($225K) plus complete replacement with a $500 deductible.

Our house is a 4900 square foot rambler finished up and down. Roughly 2500 per level with a 3 car attached garage. We just changed companies, and our old company was 2200 per year and our new company is 1600. Big difference and our boat is included in our house insurance now where before it was not.

Bob check around some

I'm with State Farm too.

2300 sq ft home on 5 acres and my premium just for the house and personal items is about 1/3 of yours. Do you have any extra riders for jewelry , the gun collection in the lake, farm equipment?? Maybe umbrella liability, professional insurance? With those my policy is a little over 1/2 of yours.

I'm looking at Farm Bureau insurance. With State Farm (even though Farm is in their name) They didn't have a way to add liability for farm tractors that would be off property. (cleaning out ditches, plowing snow and the like require trips out on the county road beside and in front of our place. Right now both tractors are on the auto policy for @$22 each a month.

Jim

Nope to all the questions regarding riders. Guns are not on that policy. No lake. No riders for farm equipment. I do have a $500,000 umbrella with them for personal liability, which is subordinate to another umbrella policy I have but still, that type of insurance is dirt cheap to add.

I have no clue why the premium is so high but I've already talked to my business agent about homeowners so he is going to be getting me a quote.

I think some insurance companies took a beating with Katrina and various other disasters and are passing their losses on to their loyal customers.

I would shop around.

I need to do it too. My neighbor just got a really low rate from Allstate and I have been procrastinating on getting some more estimates done.

B_Skurka said:

I do have a $500,000 umbrella with them for personal liability, which is subordinate to another umbrella policy I have but still, that type of insurance is dirt cheap to add.

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Bob,

Your umbrella can he break that out for you. I use to have a 2 million umbrella because of the business. It use to be dirt cheap through my homeowners. Way cheaper than for my business insurance to handle it. About three years ago it increased so bad we dropped it and took it back to the business side. I think I use to pay something like 200 a year for it and it went up to about 1200 overnight.


murph

Bob,

Sounds about right. I have half the square footage you do and my premium increased at renewal this month to $1597 per year. I'm insured for north of $300K replacement cost with a $1K deductible and personal property coverage is $175K. Three years ago my premium was $860. My insurance company blames it on the tornados, ice storms, hail storms and high winds we've had in Kansas the last two years!!!

I've shopped other companies and found nothing for less than $2,000.

Oh, and they cover my guns and accessories up to $5,000 in the base policy, I can purchase a marine-inland policy and increase that coverage for pennies on the dollar. Out building are also covered up to 10% of the house valuation with no additional cost.

K

Shop around! I have a farm policy which covers the new house(2000sf),new barn(3200sf) my backhoe($18,000),skid loader($15,000),RTV900($10,000),John Deere($3500),Satoh($1800),$300,000 liability and $150,000 on contents of house plus a bunch of farm equipment and farming liability. Cost me $1280 per year.

New bid on my insurance saga. $2230.00

Higher than I'd like, but included more coverage than the other policy at a price that is $700 less expensive.

Still shopping