Home Prices Down, Insurance Premiums Up??
Property taxes aren’t the only expense pegged to real estate values that should be dropping in sympathy — so should insurance rates.
In fact, given a nationwide average drop in home prices of 25%-plus from the peak, you’d expect a similar drop in home insurance premiums.
Instead, speaking for a population of one (me), my insurer bumped my rate by almost one-third this year (or is trying to), and has almost doubled my rates in the last five years.
What could account for that?
The only claim we’ve submitted — along with most of the Twin Cities — was for roof damage in a horrific storm two Springs ago.
Have all underwriters raised their premiums a similar amount?
I’m about to find out . . .
I've had several different claims (not my fault) on both home and auto and haven't seen rates move. I use Edina Realty Insurance as my broker, though both of my policies ended up with Travelers. Can't complain about the service or the prices. Give a call to Scott Teece if you haven't looked at them before.