Comments on: Homeowners Insurance Renewal…Yuck!

By: kazan_nola

kazan_nola — Tue, 29 Jun 2010 15:52:40 +0000

Susan,

Can you tell me who your provider is? I’m in the process of buying a home (that didn’t flood but is in a flood zone) in the marigny and the lowest I have found is $3400. It’s an older home so that may be part of the problem. Also, have you looked into having a wind inspection to reduce your rate?

Courtney

By: Nolasusan

Nolasusan — Sat, 19 Jun 2010 21:36:52 +0000

Insurance rates are rediculous, period. I don’t care where you live, something could always happen. Yes, we are more at risk where I live in Mid City of New Orleans:

Prem. in 2002: $1700.00
2004: $1800.00
2005: $1850.00
2006-08 Under construction
2008-09 $2700.00
2010 $3100.00

Granted, the house only flooded ONCE in 100 YEARS.

Personally, I think the risk belongs to all of us. We would all pay less if we had the risk spread out over the US. But, this will never happen because of BIG INSURANCE COMPANY CROOKS!

BUT, REMEMBER ALL OF YOU OUT THERE: THE FEDERAL GOVERNMENT (CORPS OF ENGINEERS, ESP.) AND THE CITY GOVERNMENT (S&WB) CAUSED THIS DISASTER.

IT IS MY CHOICE TO LIVE IN NEW ORLEANS, BUT AT THIS RATE, WHO CAN AFFORD TO? NOW WE NEED TO PONDER:

“WILL MY FLOOD INSURANCE COVER OIL CONTAMINATION?”

GUESS WE’LL HAVE TO SEE.

Susan

By: WhoDat

WhoDat — Thu, 01 Apr 2010 06:00:06 +0000

Funny how these morons like to claim $105 billion in damages from Katrina. Ask the homeowners insurance companies how much of that they paid. FLOOD INSURANCE covered most of the losses in Katrina because piece of crap insurance companies cover hurricanes, but not floods CAUSED by hurricanes. You got that? Be careful because just because you are covered for fire doesn’t mean you will get paid. If a candle caused the fire, you better buy candle insurance!

By: Hermi14

Hermi14 — Tue, 23 Feb 2010 16:38:38 +0000

Oops, I meant to say that my hazard insurance went up by over $200/YEAR last year, not by over $200/mo. (that would be for living on the moon, where there are major hazards), LOL.

By: Hermi14

Hermi14 — Tue, 23 Feb 2010 16:37:39 +0000

Hi. My escrow account just sent me a notice saying my mortgage payment will increase and the line-item breakdown indicates that my “hazard insurance” went up by over $200/month last year (2009).

This is maybe $200k of insurance for a $155k house purchased 7 years ago in Columbus, OH and maybe 500-100 deductible, never a claim. (Can’t remember the exact amounts but will look it up when I get home.)

Well, the insurance co. says that this was actually the two-year annual rate increase, b/c my rate had not increased the previous year, i.e. each year the rate went up by $113. I accepted that as standard until I asked my coworker and he said his insurance doesn’t go up every year. He of course lives in the same metro area that I do, but his house is newer. Mine is 1928 and closer to the city.

Any tips?

By: Home Owner David

Home Owner David — Fri, 24 Jul 2009 07:09:44 +0000

The same thing has been happening to us. I can’t give you all the details because my wife handles all of that but she told me last week about how it is going up again.

By: JLP

JLP — Mon, 13 Jul 2009 17:17:38 +0000

The other night there was a local newstory about homeowner’s insurance premiums going up in our area. HOWEVER, they said the average increase was 10% – 12%…NOT 20.1%!

By: swm

swm — Mon, 13 Jul 2009 03:13:40 +0000

You can add the Alabama Gulf Coast to the list of highest rates. Our company just dropped our wind and hail coverage, to cover basically only fire now, and still increased our rates to around $2000 for a $200,000 house. We had to find another small company (there are only 2 small companies that I know of who will insure the area) at an additional increase. We have lived in the same area for 9 years, never filed a claim, built a new house in 2007 under new, stricter building codes which were designed with insurance in mind, were told we would be fine since we spent the thousands of extra dollars on hurricane straps, window coverings, and other things stipulated under the new codes, and we were still dropped and rates increased. We also live 30-40 miles from the coast, not in a flood plane. A lot of the money spent included in those figures spent by the insurance companies after hurricanes include figures for flood which is an additional cost. Regular insurance does not cover flooding.

By: Esko Kiuru

Esko Kiuru — Sun, 12 Jul 2009 23:00:37 +0000

JLP,

I’m hearing that the Eastern seaboard and Florida have seen similar increases because of the hurricane threat. Some insurance firms have pulled out of certain markets. However, it’s also reported that insurance companies spread the risk throughout the world, so rates go up somewhat even in low-risk areas when another area gets hammered often, like the Gulf Coast.

By: Jim

Jim — Fri, 10 Jul 2009 23:09:35 +0000

“Why should I pay more just because I live in a certain area even though I have never filed a claim?”

Because the area you live in has higher risk. Or maybe cause your insurance company is gouging you and you haven’t shopped around.

Texas, Florida and Louisiana have the 3 highest rates for insurance.