It shouldn’t be surprising with how inflation keeps rising, but our homeowners insurance just went up by 140%! We live in a small, old ranch-style home on less than an acre, no pool, no fancy stuff.
Has anyone else seen an increase like this? Is this a state or national issue? We haven’t filed any claims either. My husband and I are definitely shopping around, but is there even any point?
There’s definitely a point in shopping around. You’ll likely get a better rate if you switch providers every few years. Sadly, there’s no incentive for loyalty these days.
Ziv said:
There’s definitely a point in shopping around. You’ll likely get a better rate if you switch providers every few years. Sadly, there’s no incentive for loyalty these days.
Exactly what I did! I was with Geico for 7 years and they doubled my rates. I switched to a new provider, and the new rate matched what I had with Geico before the hike.
@Rebel
Same here! Geico increased my home insurance by 65% over two years. I switched to State Farm, and now my rate is lower than what I originally had.
Jai said:
@Rebel
Same here! Geico increased my home insurance by 65% over two years. I switched to State Farm, and now my rate is lower than what I originally had.
Ugh, State Farm ripped me off for years. Their replacement policy is a joke.
@Rebel
Geico is terrible.
Ziv said:
There’s definitely a point in shopping around. You’ll likely get a better rate if you switch providers every few years. Sadly, there’s no incentive for loyalty these days.
Switching providers every few years can backfire. It’s better to find a broker to manage your policy rather than just chasing prices. The short-term savings can sometimes lead to higher rates later.
@Bryce
How so?
It’s something insurance professionals talk about often. Carriers need to make money to cover claims. Customers who jump between companies every few years are seen as higher risk and often get rated unfavorably. I’ve done a few videos about this on my Instagram.
@Bryce
So, the takeaway here is to let them overcharge you now, or they’ll overcharge you later? Ridiculous. If they want my loyalty, they should incentivize it, not jack up rates for no reason. No claims, no changes—just higher rates.
But hey, the system needs to make more money!
@Ziv
There’s always the option to self-insure, but most people can’t afford that.
Definitely time to shop around.
It’s mostly happening in coastal areas. Rates are spiking across the state, but with that increase, it sounds like you’re close to the beach. You should shop around, but expect to see some increases no matter what.
@Winter
We’re actually two hours from the beach.
Which county are you in?
Scotland. There’s nothing here but trees and meth.
Eli said:
Vine said:
@Winter
We’re actually two hours from the beach.
Which county are you in?
Scotland. There’s nothing here but trees and meth.
They should put that on the welcome sign.
@Bran
Come for the trees, stay for the meth?
Dallas said:
@Bran
Come for the trees, stay for the meth?
Meth for the trees, stay for the fun!