By JLP | July 9, 2009
I received our homeowner’s insurance renewal this afternoon. Our new annual premium is…
Yes, I realize that we live on the Gulf Coast and that our area has been hit with two hurricanes in 3 years. But…we have never filed a claim. Never.
Looking through our old insurance renewals, I noticed a trend:
2005 – $1,430
2006 – $1,528 (6.9% increase and this was a year after Hurricane Rita)
2007 – $1,655 (8.3% increase)
2008 – $1,725 (4.2% increase)
2009 – $2,072 (20.1% increase!!!!!!!!!!!!!!!!!!!!!!!!)
And, that premium includes a couple of discounts. Now, along with those increases there were increases in the limits of liability, which is $228,000 for our home. We also have a 2% deductible for our dwelling.
It also didn’t help that we had the mold fiasco of the early part of this decade. People were getting their entire homes gutted and re-done and their insurance companies were footing the bill. Talk about a scam!
I put in a call to our insurance agent to see if some adjusting can be done. I’m not optimistic.
How much are you paying for homeowner’s insurance? What does it cover? What is your deductible?