Home Insurance

E

Eugene

501 Club
Our home insurance jumped from $1200- a year to a bit over $2200- a year. Shock! We are not in any natural disaster zone except for maybe a tornado.

Called around and found another insurance provider with the same basic coverage for $1200-. During the call there was a pause while the agent did a Google Earth Street view of the property. Provided the insurer with a written physical description of the house including its construction.

Wife received a call from the insurer's building inspector last week stating that he had 4 Missouri houses to inspect. Call this morning to schedule the inspection on 2 October. Said he was going to measure the house and take photos of each room.

Thinking. Expensive to send an inspector out of state to inspect our house, then travel around to inspect 3 more houses.
 
Home insurance, like most other types of insurance, works on a shared risk principle. Meaning that claims from all over the country factor into determining policy premiums. What happens in your local area is pretty much irrelevant in determining your premium.
 
I have heard that Ohio is know for relatively low insurance rates. Must be the case because my house would list for a little over $400,000 and I’m paying $575 per year for homeowners insurance and the deductibles aren’t real high. Also, any insurance company can send a representative by to look at the house exterior, but they aren’t allowed to come inside unless, for some reason I don’t understand, the homeowner invites them inside. I’m honest about the inside when I provide information and it is pretty nice for a basic house. Seems like they always mention the roof age when giving a quote so I called them back after I had a new roof put on. Surprise!!!! There was no reduction in my premium but, I’m not complaining.
 
We got our renewal, the other day, it has increased a considerable amount, over the past couple years but nothing like Eugene’s rates have. They are always interested in the roof because roof damage is their most frequent claim. Our new metal roof is being installed as I sit here. A crew of 6 on the roof right now! New roof on my shop last week.
 
We built our house in Ohio about 8 years ago, Insurance was so cheap initially I questioned my agent. It has increased annually, as expected. But the last couple years it's increased significantly. It's about 4X what I started with.
My place in Nebraska has also increased at about the same rate, but it jumped up quicker. I'm now paying about the same amount for both places, but my Ohio home is easily valued at more than 10X what the Nebraska place is.
I've shopped around and the first question is, how old is the roof? It's 10 years old (Nebraska) and they offered a small discount if I replaced it, more if I go with metal.
I agree with Don, I think we're about to really see some crazy increases.
 
The insurance inspector showed up yesterday. He took photos of the living room, kitchen, both bathrooms, furnace, water heater, and the electric panel. He also took photos of the full dimension 2 x 12 oak floor joists. Also ask about the original flooring which is 5/4" southern yellow pine. Ask the age of the furnace and water heater.

The inspector lived in St Louis, Mo, and a retired building contractor. Interesting individual and very knowledgeable.
 
Furnaces and Water heaters have dates of manufacture on them. These are generally close to the install date.
Those dates are often more reliable than human memory!
 
Today in the mail, the insurance company's replacement cost of the house, $378,000.

That is considerably more than the selling price of local homes, $170,000 to $250,000.

Outdoor4ever's post, above. I knew the age of the furnace and hot water heater, do it yourself jobs. I purchased a shell of a house. I did all of the interior and exterior work on the house. The only thing I didn't do myself was instill the metal roof.
 
our ins. bill here doubled and nothing was ever changed! Nuttin added OR taken off! Trucks went up a little but not like the farm/house did.
 
Ins. companys just look for excuses to raise rates! Its the biggest scam on the planet! Also the fine print gets them out of giving you a dime if you ever had a claim so they pocket that money for themselves! ---- Went down that road before!!
 
In Ohio....mine was cheep until the fire departments started fighting....Marshallville is closest,but the township is 3 times as far...so there went my insurance...doubled...still ain't to bad....$800 a year...est worth is around $270 th...I think its worth $135..hahahahahah!!!
 
Kevin, I really relate to your last sentence! I see the appraised value of my property and think, no way! I’ve been here for 50 years and in that time have really lost track.
 
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