Got my new HO insurance bill. It's $4000. Last

[leftyladyfrommo]

Year it was $3000.
They have added wind and hail damage.

I have never had a claim in 45 years. My little house is 750 sq. Feet.

There goes my house payment up another $100. My P and I is about $250.00. My house payment is now $700 due to taxes and insurance. Now I can figure on about $8000 when my payment changes next March.

Lowering the interest rates won't help people. That's not the problem. With every increase more and more people can't qualify for a loan.

[leftyladyfrommo]

1. I meant $800 not 8,000.

[surfered]

2. My advice, go back to your agent and ask how to reduce the premium and then shop around with other carriers.

[sarisataka]

3. Call your agent

Find out what they have as the rebuild cost of your home, there is no reason to insure for more than the rebuild cost. Also have them review your deductible and if the roof is covered at replacement cost or depreciated value.

You can then decide are they covering you at what your home is worth or are you willing to lower your rate in exchange for a higher deductible. My advice would be if you are not covered at full replacement value, shop around.

[Ritabert]

4. When I left Florida my home insurance was $7000

And that was with Citizens the state-run option. Private insurers were worse. The house was no mansion but a mile from the ocean.

[mitch96]

7. I left So Fla in 2020, 3/2 under 2k sq ft and insurance with citizens was about $3,000. 6 miles from the Atlantic

and a whopping 9 feet above sea level...
m

[Ritabert]

14. We were 9 feet above sea level too.

[leftyladyfrommo]

5. It doesnt do any good. And here isxwhat happened to one elderly woman who called ask

why her premium was high. They sent out an inspector who told her she needed $20,000 in repairs before they would renew her insurance. Companies are using drones to ck on roofs and trees.



It's such a racket now. Didn't used to be that way. Fortunately I've managed to keep my utilities low.

[SonOfNebanaube]

6. self insure

You could be paying that much into your own retirement account.

[hamsterjill]

8. How do you self insure when you have a mortgage?

Serious question. Not familiar with that.

[Old Crank]

10. If you owe less than a certain percentage of your homes value

You may not need to carry insurance.
You would have to check your loan documents.
Then make a calculation to decide if the exposure to risk is okay for you.
You could save on insurance. But even $300 per month saved and put into your own personal disaster account only gives you less than $4k per year.

[hamsterjill]

12. I thought that applied to mortgage insurance ("PMI"); not homeowners insurance.

Hmmm...

Thanks.

[Old Crank]

13. I believe homeowners

Covers losses so that they can recapture the value of the outstanding loan also.

But the housing insurance markets in FL are not sustainable.
That goes for insurance in CA for loses from fire. CA has a state run insurance for earthquake.

[littlemissmartypants]

9. 📌 Article: Does your credit score affect home insurance rates?

https://www.policygenius.com/homeowners-insurance/how-your-credit-score-can-affect-your-homeowners-insurance-rates/

I pay just under $500/month combined auto and homeowners and it seems outrageous to me. I've been with the same company for more than thirty years and I'm ready to compare elsewhere. Although, I'm afraid that I'm going to be disappointed.

[waterwatcher123]

11. You might want to switch insurance providers.

Insurance is a racket. They do not reward loyalty (usually exploit it).