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Anyone checked their homeowners insurance lately?

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Elite Member
Super Moderator
Got my new bill for homeowners insurance. Last year I paid $250 for a year. Total this year: $520. WTF? Supposably it's because of 9/11. My insurance is through all state, and I live in rural Iowa. I'm going to be calling in to question this on Monday.

Has anyone elses homeowners insurance skyrocked since the attacks?
 
My yearly homeowners insurance went up $12 last year to $873 through Shelter Insurance. That's not too bad and they are pretty good about not wildly raising rates. They raised the rates dramatically on one of my cars two years ago and I raised hell about it and they finally backed down. Their reasoning was that my car was now considered a collectible and thus needed a higher rate.
 
My friend recently called CitiBank about his VISA and before hanging up they asked if he'd be interested in a homeowner's insurance quote? He said sure, turns out they quoted him a rate of 30% less than his previous insurance company and earthquake insurance was available for a good price also.

It's worth checking out, could save you $.

http://www.citibank.com/us/cards/financial/trh_jump.htm
 
I am a farmer by trade but have worked on the side with insurance for some time because I need money.🙂

If your agent has told you your premium went up in Iowa due to 9/11 they are full of crap as most agents are. The only changes in premium as a direct result of the attacks would be for risks that may be subject to attack. Most personal policies have exclusions for terrorist attack, war defined or undefinrd, civil disturbance, etc. If Mohammed Atta had flown a plane into your house your company would have kindly explained you were SOL. The only reason many of the personal claims were paid out in NYC were because the eyes of the world were watching. No company in their right mind would deny a claim there. it would be business suicide.

Next time it will be different. More policy language is being inserted concerning this weekly. All insurance companies "insure each other" through what is called reinsurance. So, every company paid out big due to 9/11 whether they actually had their name on a policy or not. Your rates may go up to replace some dollars in the companies pot, but, it is not for the reason that your risk has went up. it's because the reinsured poorly.

Home rates across the US will be going up around 30% this year everywhere with everybody. Its just easy for them to lay it off on 9/11 cause most people then nod their head thinking it makes sense when its bullsh!t. Hope that helps a little.
 


<< Got my new bill for homeowners insurance. Last year I paid $250 for a year. Total this year: $520. WTF? Supposably it's because of 9/11. My insurance is through all state, and I live in rural Iowa. I'm going to be calling in to question this on Monday.

Has anyone elses homeowners insurance skyrocked since the attacks? >>



Mine's not up yet. We'll see what the next quote is. I'm through Allstate as well.

amish
 
Funny, I just got a quote on a policy since I'm settling on my first house in 2 weeks. The quote came to $320/yr. I don't know the complete coverage details but the mortgage is for $105K and the policy covers replacement value. I didn't think this was high at all because my good faith estimate says $500/yr for homeowners. This is from Erie Insurance and comes with a 10% discount because I have an auto policy with them (which will also get a 5% discount from adding homeowners).
 
I work for Mercury Insurance and I know their homeowners will be taking a steep hike in the middle of May. It seems to be a universal thing at the moment, though I'm not sure why. I'm just a tech support guy. 🙂
 
Yeh, this quote is for May. My home is valued at 123k, and is a townhouse. We've got a 15% discount on it already for having our car insurance with them.
 
Holy cow, I never heard of homeowner's rates so high! We have an HO-5 (all risks, kind of) policy from Prudential, about $150K coverage, full replacement value, for $300/year. It just renewed in December so I assume any bogus 9/11 increase would have already hit.
 
There is definitely something wrong if your homeowners insurance more than doubles. I can see no justification UNLESS your old rate was ridiculously low. Perhaps what's happening is similar to when a county reassesses all of its property: some find their house is worth a lot more than the old assessment and they pay a ton more taxes. You don't have an assessment issue, but it could be something similar: $250/yr could be less than it "should have been".
 
Mine went up from $600/year to $1000/year. They said it was because of some kind of black mold epidemic. Anyone else heard anything about this?
 
I have apartment renter's insurance to cover fire and theft and all that and I recently renewed. Rates were exactly the same.
 


<< I work for Mercury Insurance and I know their homeowners will be taking a steep hike in the middle of May. It seems to be a universal thing at the moment, though I'm not sure why. I'm just a tech support guy. 🙂 >>



i concur. My girlfriend works at Allstate, and they seriously jacked up prices for homeowners. In michigan, the main reason is that a new bill was passed that raised ALL insurance, as all michiganders sound know by now 🙂
 


<< Mine went up from $600/year to $1000/year. They said it was because of some kind of black mold epidemic. Anyone else heard anything about this? >>



If there's any truth to this, it's probably confined to your local area ... that would suck.
 


<< I have apartment renter's insurance to cover fire and theft and all that and I recently renewed >>

.

Renter's insurance is a pretty different policy than homeowners IMHO. The real question would be if your landlords insurance policy went up.



<< << Mine went up from $600/year to $1000/year. They said it was because of some kind of black mold epidemic. Anyone else heard anything about this? >> >>



Mold can be both devistating to your basement, as well as lifethreatening to you. Mold will start collecting and piling up in the walls of your basements, eating away at the structural integrity of the wall, as well as making it a health risk for those that live in the house. The mold spores can be deadly if inhaled.

There have been several instances where houses are condemed because of mold infestations.

Sounds dumb, but it is a legitimate threat if you are in an area where the mold can thrive.
 
Insurance companies are in the business of taking in money. If they have to pay some out, you can be certain they're going to get it back from someone. Me and you.

iamwiz82, I'm just up the road from you in Ortonville. What bill are you referring to. My car insurance went down a little. My homeowners is up for renewal in June.
 
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