Just wondering what everyone is seeing in regards to their homeowner insurance renewals and rate increases.
Just got my renewal, and it was up 51% over last year. Yikes. Now they did increase my valuation by 10%, which is fair and explains some of the increase. And I realize building products have increased. And I understand Iowa has had some weather related issues over the past year, but that is every year (though I realize derecho year was worse)
I've heard there have been increases, but that seems really high, considering I've lived in this house for 6 years with no claims. Though over the years, I have seen bumps in about year 3 or so, with my assumption that companies think they can slide that by, after you have been a renewal customer for a couple years.
The company I have is Auto Owners Insurance (they do homes too). Prior to 3 years ago, I had Selective for maybe 8 years or so and was generally happy but my agent recommended Auto Owners. Oh yeah, Auto Owners bumped by auto my 21%.
So anyway, what you seeing out there in the world?
PS, one friend said it was because I lived on the western shore of Little Wall Lake, it was due to increased chances of hurricanes. So that is a possibility.
Just got my renewal, and it was up 51% over last year. Yikes. Now they did increase my valuation by 10%, which is fair and explains some of the increase. And I realize building products have increased. And I understand Iowa has had some weather related issues over the past year, but that is every year (though I realize derecho year was worse)
I've heard there have been increases, but that seems really high, considering I've lived in this house for 6 years with no claims. Though over the years, I have seen bumps in about year 3 or so, with my assumption that companies think they can slide that by, after you have been a renewal customer for a couple years.
The company I have is Auto Owners Insurance (they do homes too). Prior to 3 years ago, I had Selective for maybe 8 years or so and was generally happy but my agent recommended Auto Owners. Oh yeah, Auto Owners bumped by auto my 21%.
So anyway, what you seeing out there in the world?
PS, one friend said it was because I lived on the western shore of Little Wall Lake, it was due to increased chances of hurricanes. So that is a possibility.
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