Oklahoma Nesties
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How much does your house insurance increase every year? Does it increase every year?
I'm in shock at the difference between this year and last year, so I'm just curious if I should flip out (I already did a little lol) or if this is to be expected. We did file a claim last year for the first time--for wind/hail damage to our roof--but seriously, this is ridiculous.
Re: House Insurance ?
Luzern, Switzerland
Bios
Adventures of A. Cook
We will get our statement next month but I called to get a quote a couple of months ago when we got the statement for our cars (which nearly tripled and we didn't have a claim) and it went up quite a bit. I don't remember how much though.
It makes sense. Insurance spreads the costs across all parties and the risk. The alternative is to not have insurance. We would have paid $35K out of pocket over the last two years after getting our roof totaled twice. But since the bank owns part of our house, they want us to keep it in good condition so that means we need insurance.
That is what they told me too, but it still doesn't really make sense to me. I mean a small percentage increase I understand (5-10%) but 60%! We pay higher premiums becuase we live in an area with bad weather. Why isn't that what covers them in the event of damage?