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Home Insurance Rates
I'm just curious if anyone has experience a dramatic increase in home insurance rates due to the inordinate amount of claims due to hurricane Irma.
I was quoted a $1913 rate, up from $1173, That is a 63.4% increase. :eek: I was also informed some insurance companies have gotten out of the home insurance market! I was wondering if anyone is willing to share their insurance rates and with whom they have their insurance with. Thank you in advance for your replies. :smiley: |
10% increase from State Farm this year. I called and was told that they had to increase the amount to rebuild our house, since houses are more expensive, these days, to build.
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My rate with Progressive/ASI through The Villages Insurance is $755. Only minor annual increases over 5 years. I wouldn't believe anyone who tells you why your rate increased. I think rates are determined using many different factors, none of which are shared with agents or customers.
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It’s simple - inflation. The price of lumber alone is up 288% since April 2020. It costs A LOT more to rebuild. I can’t imagine what the price of shingles are - given the high cost of oil.
It’s economics. Lumber prices 2021 chart: Why is price of lumber up 288% even with U.S. wood production at its highest levels since 2007? | Fortune |
Progressive ASI, went up 34 dollars from last year.
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Property and huricane insurance. No separate sinkhole. $700. From AAA.
You might mention the value of your home. |
Our insurance went from 1600 to 2400. Needless to say we are changing to different insurance company. Our neighbor was dropped; her company does not insure in FL any more.
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25% increase from American Integrity , am now with Farmers at a better rate and same coverage. Farmers rate is lower than Americans before the increase.
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House insurance
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Some insight can be found here
Too Little, Too Late? Breaking Down Florida’s Latest Property Insurance Reforms |
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House insurance
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Insurance companies have to file and get approval from the state for rate increases. They have to show that the rates warranted in order to cover past and projected future claims.
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