Homeowners’ insurance premiums are rising faster than inflation

[1srelluc]

Homeowners’ insurance premiums are rising faster than inflation

You can add the cost of homeowners’ insurance to the list of life’s necessities that keep getting more expensive.


We recently wrote that homeowners should review their insurance policies to ensure they have enough coverage to offset the effects of inflation. Now, it turns out the cost of the insurance policy itself is going up.

A new report from Policygenius shows that the cost of a home insurance policy outpaced the inflation rate from May 2021, to May of this year. While the official inflation rate clocked in at 8.6% during that time, home insurance premiums rose much faster – at 12.1%.

The study found that the cost increase for the typical policy increased faster than inflation in all but one state. Thirteen states saw the average premium rise more than 50% higher than the current inflation rate.

I heard a guy at the morning eatery a few days back complaining about a near 25% increase and figured that he must have higher risks or something but it seems he's not alone.

You might want to check your plan to make sure it will cover the increased costs of a rebuild/major repair.

 

[JGalt]

Not again, I hope? Mine went up by $75 just this Spring.

 

[1srelluc]

Not again, I hope? Mine went up by $75 just this Spring.

May was when the article was written.....The only newer ones I could find were area specific but they all are showing like increases.

 

[JGalt]

May was when the article was written.....The only newer ones I could find were area specific but they all are showing like increases.

Guess we might as well get used to it. Nothing ever significantly goes down in price, everything just gets higher and higher. Wish I had ten of those Mausers like the one I bought mail order for $15 back in '67.

 

[1srelluc]

Guess we might as well get used to it. Nothing ever significantly goes down in price, everything just gets higher and higher. Wish I had ten of those Mausers like the one I bought mail order for $15 back in '67.

In '67 I worked for a surplus store back in the "barrel-o-mausers" days.....A uncut/cleaned K98 was $10.00....A cut down one (deer rifle) was $12.00. The owner would pay us $2.00 each rifle to clean off the cosmo and cut the stocks down and then pass the cost on.

As far as home insurance goes it's always a good idea to review it every 3-5 years but given the Tater economy a review now would be in line.

 

[BasicHumanUnit]

Check your taxes. Those are rising just as fast, and let's not mention electric bills.

Rumor has it some of these increases are specifically targeting certain groups only. A Trump supporter could be paying twice what his Biden supporter neighbor is paying.

 

[Harpy Eagle]

Homeowners’ insurance premiums are rising faster than inflation

You can add the cost of homeowners’ insurance to the list of life’s necessities that keep getting more expensive.


We recently wrote that homeowners should review their insurance policies to ensure they have enough coverage to offset the effects of inflation. Now, it turns out the cost of the insurance policy itself is going up.

A new report from Policygenius shows that the cost of a home insurance policy outpaced the inflation rate from May 2021, to May of this year. While the official inflation rate clocked in at 8.6% during that time, home insurance premiums rose much faster – at 12.1%.

The study found that the cost increase for the typical policy increased faster than inflation in all but one state. Thirteen states saw the average premium rise more than 50% higher than the current inflation rate.

I heard a guy at the morning eatery a few days back complaining about a near 25% increase and figured that he must have higher risks or something but it seems he's not alone.

You might want to check your plan to make sure it will cover the increased costs of a rebuild/major repair.

Capitalism at it finest.

Roughly 66% of home owners have a mortgage and thus have to maintain insurance no matter what.

The companies know this and take advantage of it.

Smart business move by the insurance companies

 

[Harpy Eagle]

Check your taxes. Those are rising just as fast, and let's not mention electric bills.

Rumor has it some of these increases are specifically targeting certain groups only. A Trump supporter could be paying twice what his Biden supporter neighbor is paying.

How the living fuck would an insurance company or the power company know who is a Trump supporter and who is a Biden supporter?

 

[1srelluc]

How the living fuck would an insurance company or the power company know who is a Trump supporter and who is a Biden supporter?

Equal opportunity capitalism.

 

[task0778]

Everything is going up faster than inflation. My car insurance is going up about 30% over 6 months ago. I'm gonna go find me a cheaper insurer.

 

[Harpy Eagle]

Everything is going up faster than inflation. My car insurance is going up about 30% over 6 months ago. I'm gonna go find me a cheaper insurer.

stop getting those speeding tickets and that won't happen

 

[task0778]

stop getting those speeding tickets and that won't happen

I haven't had a speeding ticket in over 25 years, so that ain't it. Didn't change the coverage either, or have any accidents.

 

[Harpy Eagle]

I haven't had a speeding ticket in over 25 years, so that ain't it. Didn't change the coverage either, or have any accidents.

Then you are being ripped off and should change companies.

I have had USAA for 31 years and have not had any changes to my premiums over the last 2 years