One of many things that has been adversely affected by inflation is the cost of new construction which in turn has caused homeowners insurance premiums to increase significantly.
Even though I have never filed a claim on my homeowners insurance policy, Connecticut is a high risk state because of its weather.
I currently have a deductible of $2,500 on my homeowners policy but am thinking of raising it. Any opinions!
Yes, increase deductible. It’s clear you don’t use it for small frivolous stuff.
I think I know the answer but do you have enough spare cash to cover the deductible? If so raise it to what would save you the most.
My homeowners insurance has a half percent of the homes value deductible, I think that’s the lowest State Farm offers. We just had a new roof and gutters due to a hail storm, my contractor split the deductible with me so I only owed him a little over $1,100.
Add a zero to that for us. Our h/o deductible is $25,000.
I had to renew homeowners last July. The company I was with doubled my rate so I shopped around. The lowest ones were a little misleading. I have two deductibles - one is for wind and hail damage and the other is for every other type of claim. The lowest priced one was a little over $8,000 for wind and hail, which was 2% of my homes value,. I lowered it because odds are very good in Kansas that your claim will be wind and hail related.
Yikes, how much are you saving on the yearly premiums? I have a $2,250 deductible and my yearly premium is around $1,500. We just had our roof and gutters replaced after a hail storm, it was over $30,000 and cost me $1,100 (my contractor agreed to accept half my deductible).
I had high deductibles on my house and currently do on my cars. I can eat a few grand for damage, but need help if my $70,000 truck is totaled.
Not enough. We have Chubb and know they’re expensive but excellent on claims. We’re not likely to incur any low cost damage and Chubb waives the deductible if damage exceeds $50K. Thanks to the fires started by the US Forest Service, NM is climbing the fire risk ladder (despite the law likelihood o a fire occurring where we live). As BM stated, due to construction costs the cost to replace our house has skyrocketed.
Thanks for all the helpful advice. I just raised the deductible on my home insurance policy to $5,000.00
Honestly, that still seems low to me. I think mine is at least $5k, maybe $10. And if I had to guess, I’d say my house might have 10-20% the value of yours.
I have never heard of them.
Been around for about 140 years, originally Swiss and US. Stand alone until 8-10 years ago when they were acquired by Ace Insurance Co., a Bermuda company that also owns CIGNA and INA. They’re best known for property and business related insurance, but I think they sell all kinds.
I remember Chubb…they never advertised heavily buy I do recall some ads from them many years ago.
Chubb made the news a year ago when Trump was negotiating with them to post a bond for the Jean Carroll appeal. Chubb initially backed Trump on a 91m bond but wouldn’t back him on a 450m bond. Imagine there was a Trumper boycott.
HOLY SHIT!
Even in the Money category talking about insurance deducts it turns into Trump. LOLOLOLOL
TDS is real, Trump occupies 100% of libtards lives. Pretty sad.
It’s Silly Season after all. In a few weeks we can hopefully forget about the Orange One until he declares for 2028 election. Which might be immediately after he wins or loses.
Some people can’t stop talking about their crush.
You have any opinions on amica?