I feel like if you are located where natural disasters occur regularly your rates will skyrocket...one large hurricane can cause billions in damage..w rebuilds high from inflated prices
You can attribute MOST of that increase to the increase in costs of materials to rebuild or repair your home. Any visit to Home Depot to compare today's prices of lumber, dry wall, mortar, PVC pipe, plywood... anything in fact, to prices only a couple of years ago and you'll see huge increases. Also, labor costs are up.
So to cover those potential costs if the insurance company has to replace or repair your home, that's why premiums are going up. I feel your pain, my home insurance is way up too, and I live in relatively safe east Tennessee.
Mine continues to rise , im in San Diego we don’t have storms . Mine went up last month, I’m close to 4K a year and pisses me off third time they raised my mortgage , I got a check sent to me because I had 247.00 extra in my escrow acct but mortgage was raised because I didn’t have enough in escrow account to foresee more ins hiked , I was fkn furious , I’ve been sending extra every month so they would have Enough in account after they eased mortgage last year .
Mine has gone up every year for the last 4 years. Muh home values they say.
Its a racket
They re-insure your insurance, they divest your premiums in bonds and other instruments. If investment returns are down rates go up, if claims are up rates go up. There is no scenario where rates go down. Best case, they remain stable if P/L meets objectives.
Those in insurance will not agree. Insurance is a form of gambling. The table always wins. self insuring (which is not possible for the common man by laws and or loan requirements) there is a Delta where you win. BTW, the money you borrow to buy something that is required to be insured is likely backed by an insurance company's investment.
Is there a lot of crossover between companies that provide health insurance and homeowner insurance? That would be one way to try and scrape back some of those losses for the jabbed dropping like flies.
Basically no weather event short of a tornado is a threat if you build properly. That means:
You must build on high ground on well drained soils. I'm on a sandy hill 40 feet above surrounding terrain and 1650 feet above sea level. I can drain a hurricane (7 inches an hour).
You must build out of a non-combustable material. I'm masonry and metal.
You must not any nearby trees or poles tall enough to fall on your home.
You must not have anything combustible within 100 feet of your house (no bushes, no tall brush, etc). 200 feet is even better.
Ideally there should be no sources of combustion in your home (no gas appliances, no automobiles or anything with internal combustion engines in them or fuels stored in an attached garage). Any large batteries are also best stored in a non-attached building.
I feel like if you are located where natural disasters occur regularly your rates will skyrocket...one large hurricane can cause billions in damage..w rebuilds high from inflated prices
Yep, I'm in the south, hurricanes, bad storms and tornados.
Our home insurance rates went up AGAIN recently, over $900! Just 4 months ago it went up almost $80, and it will probably be the same again now.
You can attribute MOST of that increase to the increase in costs of materials to rebuild or repair your home. Any visit to Home Depot to compare today's prices of lumber, dry wall, mortar, PVC pipe, plywood... anything in fact, to prices only a couple of years ago and you'll see huge increases. Also, labor costs are up.
So to cover those potential costs if the insurance company has to replace or repair your home, that's why premiums are going up. I feel your pain, my home insurance is way up too, and I live in relatively safe east Tennessee.
Yup, my HO insurance went up almost $600 this year. It is attributed to an increased replacement cost of $150k.
Mine continues to rise , im in San Diego we don’t have storms . Mine went up last month, I’m close to 4K a year and pisses me off third time they raised my mortgage , I got a check sent to me because I had 247.00 extra in my escrow acct but mortgage was raised because I didn’t have enough in escrow account to foresee more ins hiked , I was fkn furious , I’ve been sending extra every month so they would have Enough in account after they eased mortgage last year .
Using home insurance increases to offset the losses from life insurance due to sudden death.
Mine has gone up every year for the last 4 years. Muh home values they say. Its a racket They re-insure your insurance, they divest your premiums in bonds and other instruments. If investment returns are down rates go up, if claims are up rates go up. There is no scenario where rates go down. Best case, they remain stable if P/L meets objectives. Those in insurance will not agree. Insurance is a form of gambling. The table always wins. self insuring (which is not possible for the common man by laws and or loan requirements) there is a Delta where you win. BTW, the money you borrow to buy something that is required to be insured is likely backed by an insurance company's investment.
Mine too!
Is there a lot of crossover between companies that provide health insurance and homeowner insurance? That would be one way to try and scrape back some of those losses for the jabbed dropping like flies.
Basically no weather event short of a tornado is a threat if you build properly. That means:
don't forget to have a blue roof.