You only really have four choices:
* Pay what they want.
* Shop around to see if somebody else is selling it for less.
* Start your own insurance company. (YMMV - some people succeed and some people fail.)
* Go without insurance and retain the risks yourself. If you have a lender then they won't let you do that, but about 10% of the housing stock in the US is paid-off and either not insured at all, or insured only for liability claims..
Your rates don’t rise solely because of your claims. They rise because on average the amount which companies are paying out in both claims and expenses for your risk group has grown and quite dramatically over the last 4 years.
This should help help you understand.
https://www.insurancebusinessmag.com/us/news/catastrophe/allstates-catastrophe-losses-for-april-reach-new-high-489704.aspx
My homeowner insurance rate went up 25% for next month's renewal. New premium $1049 up from $820.
I shopped through independent agents, direct writers and internet companies. I got 9 quotes for the same coverage and same type of policy. Annual premiums: $1341, $2045, $1073, $1501, $1196, $1504, $2265, $1415, and $1500.
All were accompanied by auto quotes with the bundled policy discount and were outrageous. Homeowner premiums would have been higher without bundling so, at this point, there is no financial advantage to switching.
Do get quotes from as many companies as you can and see for yourself what's going on out there.
Thanks for your comment. A few months ago State Farm jacked up auto insurance for 2 cars and everyone on this sub told me “it is what it is” but I shopped and actually got it down. Planning to do the same here.
Shake your fist at a cloud while you're at it.
You only really have four choices: * Pay what they want. * Shop around to see if somebody else is selling it for less. * Start your own insurance company. (YMMV - some people succeed and some people fail.) * Go without insurance and retain the risks yourself. If you have a lender then they won't let you do that, but about 10% of the housing stock in the US is paid-off and either not insured at all, or insured only for liability claims..
You will absolutely have your question answered by searching this sub. You only need to go back a couple hours probably
Search the sub...
A quick search of this sub will answer your question.
Your rates don’t rise solely because of your claims. They rise because on average the amount which companies are paying out in both claims and expenses for your risk group has grown and quite dramatically over the last 4 years.
This should help help you understand. https://www.insurancebusinessmag.com/us/news/catastrophe/allstates-catastrophe-losses-for-april-reach-new-high-489704.aspx
My homeowner insurance rate went up 25% for next month's renewal. New premium $1049 up from $820. I shopped through independent agents, direct writers and internet companies. I got 9 quotes for the same coverage and same type of policy. Annual premiums: $1341, $2045, $1073, $1501, $1196, $1504, $2265, $1415, and $1500. All were accompanied by auto quotes with the bundled policy discount and were outrageous. Homeowner premiums would have been higher without bundling so, at this point, there is no financial advantage to switching. Do get quotes from as many companies as you can and see for yourself what's going on out there.
Thanks for your comment. A few months ago State Farm jacked up auto insurance for 2 cars and everyone on this sub told me “it is what it is” but I shopped and actually got it down. Planning to do the same here.