Home insurance cost

[Dusty Britches]

I got a huge shock yesterday - my home insurance went up by 17% per month!

Ouch! I called and asked why and they explained that while there was a slight rate increase the biggest portion of the increase was due to rising replacement cost due to material cost.

The part that really got me was when I said, "oh, so since this is supposedly a temporary thing, when the material cost drops my insurance will drop too?" She said, "maybe ... maybe not" and did not elaborate.

Luckily for me a few months ago, I had some other costs drop by, ironically, the exact same amount. That makes me think, God sure knows what he's doing. Timing is perfect!

[gingib]

Weird. Always shop it every 2 years.

I got a new free roof put on, and my premium dropped 50% and i got a check in the mail for my prorated difference. Win win

[rferg84]

I got a huge shock yesterday - my home insurance went up by 17% per month!

Ouch! I called and asked why and they explained that while there was a slight rate increase the biggest portion of the increase was due to rising replacement cost due to material cost.

The part that really got me was when I said, "oh, so since this is supposedly a temporary thing, when the material cost drops my insurance will drop too?" She said, "maybe ... maybe not" and did not elaborate.

Luckily for me a few months ago, I had some other costs drop by, ironically, the exact same amount. That makes me think, God sure knows what he's doing. Timing is perfect!

It's a real issue, when materials double or triple costs have to go up.

I'm in the business and it's amazing how roofs that were 5k in 2005, were 12k in 2015, and now are more like 16-17k.

At least that's my anecdotal evidence.

[bbqfan5909]

Shop the rate, it sucks but its needed every year.

[Fordnandez]

Maybe I am ignorant but what does the price of materials has to do with insuring a home? I thought they were insuring a value that you have placed on the home and the contents not what it takes to build it back. Now that I think about it I guess there is stuff like roof repair and what not but I would assume their biggest risk which in turn dictates the cost of the insurance is a total loss.

[KRB]

Maybe I am ignorant but what does the price of materials has to do with insuring a home? I thought they were insuring a value that you have placed on the home and the contents not what it takes to build it back. Now that I think about it I guess there is stuff like roof repair and what not but I would assume their biggest risk which in turn dictates the cost of the insurance is a total loss.

You insure your home for replacement cost, not home value. If it burns down you have to be able to rebuild, it will cost more.

[S-3 Ranch]

It's a real issue, when materials double or triple costs have to go up.

I'm in the business and it's amazing how roofs that were 5k in 2005, were 12k in 2015, and now are more like 16-17k.

At least that's my anecdotal evidence.

Yep, wife is a Usaa insurance representative and lots of losses
Fires and mud slides on west coast, tornado and flooding in the center of country
Gulf & east coast hurricanes and flooding keep the supply side stretched
We had a hailstorm here that damaged our 10yo roof @ 16k
Because home deductible is based on replacement cost our part was $7000
The big freeze of 2021 has my going hum on climate change

[Etxbuckman]

Maybe I am ignorant but what does the price of materials has to do with insuring a home? I thought they were insuring a value that you have placed on the home and the contents not what it takes to build it back. Now that I think about it I guess there is stuff like roof repair and what not but I would assume their biggest risk which in turn dictates the cost of the insurance is a total loss.

Theres probably millions of non-total loss claims that get filed annually, and those add up to costing billions. Really those “smaller“ claims are the bigger problem because they happen much more frequently than total losses. And it’s all a pool everybody pays in to, even if some people take more out.

[BLee15]

17% per month is crazy. I have a year old 1800 sq ft house and it only went up 100. I think we paid 1100 for the year with State Farm

[The Insurance Guy]

I got a huge shock yesterday - my home insurance went up by 17% per month!

Ouch! I called and asked why and they explained that while there was a slight rate increase the biggest portion of the increase was due to rising replacement cost due to material cost.

The part that really got me was when I said, "oh, so since this is supposedly a temporary thing, when the material cost drops my insurance will drop too?" She said, "maybe ... maybe not" and did not elaborate.

Luckily for me a few months ago, I had some other costs drop by, ironically, the exact same amount. That makes me think, God sure knows what he's doing. Timing is perfect!

Material cost is a big part of the problem but the year Texas had with the freeze, covid refunds, and other natural disasters the carriers seem to be getting some of their money back. I’ve seen rate increases across the board.

I’m happy to shop your rates around to all my carriers for you. I am still having success finding better rates most of the time. Feel free to PM me or send me an email if you would like

Cale.staton@rolloinsurance.com

[Bucknaked]

I got a huge shock yesterday - my home insurance went up by 17% per month!

Ouch! I called and asked why and they explained that while there was a slight rate increase the biggest portion of the increase was due to rising replacement cost due to material cost.

The part that really got me was when I said, "oh, so since this is supposedly a temporary thing, when the material cost drops my insurance will drop too?" She said, "maybe ... maybe not" and did not elaborate.

Luckily for me a few months ago, I had some other costs drop by, ironically, the exact same amount. That makes me think, God sure knows what he's doing. Timing is perfect!

So it wasn’t Luck Or Irony but blessings

[Johnwayn34]

Weird. Always shop it every 2 years.

I got a new free roof put on, and my premium dropped 50% and i got a check in the mail for my prorated difference. Win win

Who do you use? Very interested!

[gingib]

Maybe I am ignorant but what does the price of materials has to do with insuring a home? I thought they were insuring a value that you have placed on the home and the contents not what it takes to build it back. Now that I think about it I guess there is stuff like roof repair and what not but I would assume their biggest risk which in turn dictates the cost of the insurance is a total loss.

[ccallarman]

If I had to guess, it sounds like you're with a company who rhymes with "Lift"

[Dusty Britches]

I have shopped around for insurance and I've never found anyone that beat the rates I get. Many come close but they don't offer the discounts for multiple polices. I shopped around every year for 15 years and finally decided I was just spinning wheels. Last year I asked an independent agent to shop around for me and he said the same thing - I have the best rates available and the discounts only improve the view.