Illinois
I finished building a home this winter. It was an 18 month build. Had insurance with AmFam from breaking ground. At 18 months removed builders risk added sump pump coverage… no change in premium. I’m up for renewal in June and just received the quote. The quote is 40% more than it was 2 years ago. No claims, brand new house. The first renewal was 21% more than previous year. I was self building didn’t wanna deal with it so let it go. Now with the renewal coming up I’m much more engaged. 16.7% this year…. 40% over two years. I understand there is inflation and all but as I understand rates have gone up an average of 10-12% annually over past four years. Am I out of touch? Or do I need to look for a new provider?
Extreme increase in property insurance costs.
byu/HawkfishCa inInsurance
Posted by HawkfishCa
5 Comments
Both. You are out of touch and you should shop around. It’s the only way to find out if you can do better. But be aware that homeowners insurance premiums have risen pretty dramatically over the past half decade in many places.
It never hurts to shop. There’s virtually no benefit to sticking with a company, unless there’s something about the experience you particularly like.
no reason to be loyal to one company. shop around and if you can package it with your auto company too that provide savings but if you have your auto with amfam then you need to take into consideration the new homes premiums + loss of home discount on your auto policy as well. But if the savings switching the home is much lower then its worth moving.
Cost of building materials never really goes down. Was there a large difference in Dwelling Limit year over year?
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