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Many home insurance premiums are rising faster than inflation
Lumber prices, supply chain disruptions and climate change are driving costs upward.Ken Hoagland was surprised to see his monthly mortgage payment increase recently.
I noticed that our mortgage had gone up $100 on a $1,250 mortgage, he said. So, I looked into it. First, I called the mortgage company and they said, Its costing a lot more to insure your house. Talk to [the insurance company]. So then I called USAA and said, Whats going on?
Across the country, homeowners renewing their policies are discovering that rising material costs, supply chain disruptions and climate change are combining to drive premiums up by an average 4 percent to an average annual premium of $1,398, according to the Insurance Information Institute, a nonprofit organization known as Triple-I that provides information on the insurance industry. Triple-I uses data from Standard & Poors Global Market Intelligence for its analysis.
Since 2017, premium rates are up 11.4 percent on average, which means they are rising faster than inflation and insurance experts expect that the rates will stay high.
https://www.washingtonpost.com/business/2021/12/27/rising-home-insurance/
Insurance on my Florida home went up 70% over last year. Thanks DeSantis.
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Many home insurance premiums are rising faster than inflation (Original Post)
Zorro
Dec 2021
OP
Texas rates are going to be sky high bc of the freeze, just like our utilities now.
Comfortably_Numb
Dec 2021
#5
jimfields33
(16,070 posts)1. I pay 1575 a year for home owners insurance
Florida has gone up especially in central Florida because of fraudulent roof appraisals.
PXR-5
(522 posts)2. And they don't cover much anymore
Other than fire, burglary, and a tree falling on your house, I don't think mine covers anything else.
MiniMe
(21,722 posts)3. Mine is $982
That was for this year, we'll see what it is for next year
rso
(2,273 posts)4. Homeowner's insurance
I pay almost 4k in South Florida, with an 8k deductible for wind damage.
Comfortably_Numb
(3,844 posts)5. Texas rates are going to be sky high bc of the freeze, just like our utilities now.
I think Texas is at the top of electricity rates, or very best.