home owners ins

just got my statement for my house and sheds ins. went up 1200.00 bucks guess its time to start shopping around again

grizzly wrote:

just got my statement for my house and sheds ins. went up 1200.00 bucks guess its time to start shopping around again

its likely up the same anywhere you go, also be careful if you find a cheaper price that its covering the samething…

You’ll find it cheaper somewhere else with similar coverage (definitely double check that as stated above). They bank on people being too lazy to switch sort of like cable companies.

i use goosehead insurance, they are a broker and basically reshop each year. just saved me 1000 bucks a month ago for the next year.

I just went through this. We did end up switching but our roof now is pro rated for storm damage. Our deductible is a little higher now too but we are saving over $2500.

JoeMX1825 wrote:

<div class=”d4p-bbt-quote-title”>grizzly wrote:</div>
just got my statement for my house and sheds ins. went up 1200.00 bucks guess its time to start shopping around again

its likely up the same anywhere you go, also be careful if you find a cheaper price that its covering the samething…

1000% agree Ask a crap load of questions specific to finding out what is NOT covered or what has caps on value. You may have $200K for personal property, but they capped jewelery at $x or like a big shock I found out was the cap on firearms. Most of the time when everything is adjusted to be apples to apples, insurance companies are very close to each other in price.

Did this again and again they low ball the other guy , but coverage is not equal

Pretty much every policy has a cap on jewelry, firearms, and cash.

If you want extra coverage on these items, you can generally add a rider to the main policy, or take out a completely separate one.

I have riders on mine, specifically for firearms and jewelry because of my wife’s wedding ring.

Insurance companies are just about as greasy as it gets.

I’ve opted to insure through a lifelong family friend and have him skip the nonsense, and tell me exactly what he would do given our age/assets/financial situation. In exchange for him picking up every phone call or responding even when he doesn’t work, I’ve not shopped around regularly to save a few bucks here or there.

we this crap is just getting stupid high. over 5300.00 bucks a year its bullshit

The increase in premiums for various types of insurance is well documented here. I believe we have some agents that regularly post here too to confirm all this.

The problem is that the exteme weather even in another state can affect increasing premiums overall for everyone, which I think is BS. I’ve never submitted a claim for homeowners in my entire life owning a home, and mine go up too. Everyone pays more because of the percentage of people who submit claims.

Reminds me of the affordable care act. Everyone pays more so a small percentage can pay less.

People switching and saving money up front are looking at ACV on roof and siding. Save up front but pay later when you have a claim and only get 40% of the $40k they need to replace due to age and Actual Cash Value

your deductible is one of the Biggest factors of insurance premium. Always carry the highest deductible you can afford without it causing you a financial hardship. Over time the premium savings will more than pay for the higher deductible if you do have a claim. I hear people say all the time I have never had a claim. I tell them them they might as well had the highest deductible possible. That said keep in mind, if the next month after you raise your deductible there is a claim you will probably be upset your deductible is higher. Its all a matter of the amount of risk you are willing accept. Like I said in a past post. Lots of changes coming to home insurance in Minnesota for most if not all companies. Watch those renewals and if shopping new insurance look over the policy coverages real closely. Things like how roof claims are handled:

Full replacement cost or a depreciated replacement cost?
If full replacement for how many years after the roof was replaced?
If there is a split deductible for wind and hail – Often these are a % of your homes replacement cost, Some as high as 3%. On a home with a 400,000 Replacement that deductible would be 12,000.

Everyone should meet with their agent at least once a year to review your policy to see if any changes are needed or anything can be adjusted to lower the premium. Take the time – It often will save you some nice $.

Before shopping I’d start with meeting your agent to discuss things. They can often tell you how your current policy may be rather different from some of the low $ companies. Like most things – You often get what you pay for. The last thing anyone wants is to be standing in their driveway with their family while their house is burning and say ” I hope that cut rate insurance we have will cover all of this “

One discount that is rather new with some insurance companies is for a water leak detection system. If on city water there is a rather inexpensive one called Flume. It is self installed. this discount is often a sizable one. If not on city water I believe Moen offers several models. These are more expensive and require more work to install. Reach out to your insurance agent and ask them if there is a discount for these and if so how much it will lower your premiums.

I’m with Farmers and my agent found me a different policy within Farmers that ended have similar coverage and not much more then current

As others have said, meet with your agent to see what types of discounts are out there. When we built in 2021-2022, we found out that a new house on acreage that was twice the size of our flipped home in town (~20 years old) was quite a bargain to insure comparatively speaking. Our agent and family friend said that there’s nothing worse statistically to insure than a 40+ year old house that’s been added onto, had DIY renovations, surrounded by mature trees, and so on.

We got breaks for having LP Diamond Kote siding (more hail resistant), upgraded shingles (more hail resistant), a connected security system, alarms associated with septic system and water, bundling other vehicles and umbrella policy, and for having no trees within a certain distance of the home’s footprint. I’m sure there’s far more out there too.

It’s all expensive and ridiculous, but every dime saved counts.

I would highly suggest everybody check your hail policy coverage. They have wide varity from cheap to expesnive coverage.

Get used to big $ preium increases. Minnesota is a high-profit state for insurance companies due to relatively low occurrences of large natural disasters and our higher quality construction codes.

So we will continue to subsidize states like Florida and Texas that continue to allow residents to build and rebuild on “land” that is inches above sea level and with an ocean view besides. These “no tax” states have painted themselves into a corner because to keep up the charade of no income tax, all their income depends on property taxes. And big money mansions with ocean views and high end condos on canals net the highest property taxes. So in the midwest, expect to keep subsidizing the hurricane zone with much higher premiums for the foreseeable future.

In the midwest, your best chance at finding insurance that will have lower year on year increases is to seek out companies that have pulled out of states in the disaster belt. Florida, North Carolina, Texas, Mississippi, Alabama, etc are all high-loss states, so you have a better chance at lower increases by doing business with companies that have pulled out of these high-loss markets.

gim wrote:

Pretty much every policy has a cap on jewelry, firearms, and cash.
If you want extra coverage on these items, you can generally add a rider to the main policy, or take out a completely separate one.

This^^^^.

Artworks are another big one that is almost always capped. You might not think of yourself as much of an art collector, but some policies cap this loss at a very low level and art can add up quickly. I happen to collect English sporting prints from the early color printmaking era of the 1700s and even though each one is not tremendously valuable on its own, if the whole collection were to be lost it would add up quickly so I had to get a rider for extra coverage on art.

Basically, any item that you may own several of that has a high value per item will almost certainly be capped.

Wonder if mounts count as ‘artwork’? That could add up quick for a lot of folks here, though there’s no replacing that sentimental value.

FinickyFish wrote:

Wonder if mounts count as ‘artwork’?

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No, they are generally listed as taxidermy and there is often a cap on these items as well. Many hunting groups like Safari Club Internatinoal offer separate insurance policies to cover taxidermy because even if you can’t replace these mounts, the cost of buying even similar mounts to approximate the lost ones would be huge.