yikes! Ins increases
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yikes! Ins increases (by Ann [NY]) Jan 16, 2019 3:53 AM
       yikes! Ins increases (by S i d [MO]) Jan 16, 2019 4:54 AM
       yikes! Ins increases (by myob [GA]) Jan 16, 2019 4:59 AM
       yikes! Ins increases (by myob [GA]) Jan 16, 2019 5:03 AM
       yikes! Ins increases (by #22 [MO]) Jan 16, 2019 5:08 AM
       yikes! Ins increases (by nhsailmaker [NH]) Jan 16, 2019 6:05 AM
       yikes! Ins increases (by plenty [MO]) Jan 16, 2019 6:10 AM
       yikes! Ins increases (by AllyM [NJ]) Jan 16, 2019 6:16 AM
       yikes! Ins increases (by Robin [WI]) Jan 16, 2019 7:46 AM
       yikes! Ins increases (by RentsDue [MA]) Jan 16, 2019 8:40 AM
       yikes! Ins increases (by myob [GA]) Jan 16, 2019 10:10 AM
       yikes! Ins increases (by 6x6 [TN]) Jan 16, 2019 10:14 AM
       yikes! Ins increases (by Robert J [CA]) Jan 16, 2019 12:06 PM
       yikes! Ins increases (by Ken [NY]) Jan 16, 2019 4:53 PM
       yikes! Ins increases (by myob [GA]) Jan 17, 2019 6:14 AM
       yikes! Ins increases (by Mtnbunny [CA]) Jan 17, 2019 3:08 PM
       yikes! Ins increases (by Julie [KS]) Jan 17, 2019 4:24 PM
       yikes! Ins increases (by Ray-N-Pa [PA]) Jan 19, 2019 1:33 PM

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yikes! Ins increases (by Ann [NY]) Posted on: Jan 16, 2019 3:53 AM

I can't believe how our property ins rates have increased recently! Have high deducts and it has more than doubled in the last year! I had a big loss a few years ago, (about 70k) but it seems that all properties have greatly risen,..(CLUE report? ) Or are athe fires in west coast and floods on east coast affecting this?

Anyone else getting this? Do you have a better ins company? We called two agents a few months ago but none of them followed up getting back to us.

Do you tell them the rate you pay? I have heard they like to get that to lower it just enough to get you to sign up with them and then you get gradual increases after that. --66.30.xx.xxx

yikes! Ins increases (by S i d [MO]) Posted on: Jan 16, 2019 4:54 AM

I use Shelter Insurance. Rates typically increase 2-3% per year. We carry $1000 deductible per unit (i.e. $1000 for SFH, $2000 for duplex, etc).

In the past 3 years, we've suffered a fire loss (total cash out of ACV policy $30,000) and a large tree feel on roof back in November ($6,700). The first loss was with a property that our Shelter agent had subbed out thru Foremost because it had asbestos siding, so Shelter didn't pay, but they know what happened. Shelter did pay for the tree issue.

I've received two renewals since the most recent incident and nothing significant has changed. Not sure why you got clobbered. Maybe your agent would know?

When I go shopping for insurance, I don't tell what I'm paying now. Don't know if that helps or not, but as with all negotiations I follow the rule that whoever puts out the first number is generally at a disadvantage.

Good luck! --173.20.xxx.xxx

yikes! Ins increases (by myob [GA]) Posted on: Jan 16, 2019 4:59 AM

The 63 policies we have take many hours of attention. Maybe when we had a few we switched around but really the time isn't worth the savings in most cases. Then as you say they nickel and dime you every year with nuisance increase (which is what we should be doing to tenant rent rates). So when we see a rate increase we double it in most case and divide by 12 and add that to the new rent rate (plus other increase) and send the reason to the tenant. They can connect the dots.

Not sure how many here with long term tenants who never see increase can make a decent profit--- all due to "I don't want a vacancy" thinking???? --99.103.xxx.xxx

yikes! Ins increases (by myob [GA]) Posted on: Jan 16, 2019 5:03 AM

SID why such a low deductible? Doesn't appear you make frivolous claims? We carry 5K (max allowed)

Have you ever checked price difference between 1K and 5K ded? --99.103.xxx.xxx

yikes! Ins increases (by #22 [MO]) Posted on: Jan 16, 2019 5:08 AM

I'm at a 2.5 k deduct on most a few 5k.

Dump the ins co. State farm jacked up my rates years ago, said it was market adjustment.... nope..just the agent trying to crank up his income. I made a few calls and got rates half the price the jerk st state farm was charging me. Only other thought - if your credit score took a hit, rates do go up..... --174.234.xxx.xx

yikes! Ins increases (by nhsailmaker [NH]) Posted on: Jan 16, 2019 6:05 AM

40 years ago I was an insurance Broker. I learned the game.

I had a 14% increase this year on a policy. I got in my car with my property information printed out and went door to door of the local insurance agents and gave them a few weeks to get me a quote

Having the printed out property information along with the standard Ins. questions completed is KEY. ie , loss history, construction elements, nearest fire hydrant and fire station, type of fire alarm system , etc etc etc

just lowered that policy $500 a year and doubled the liability to 2M/4M

do your footwork --73.182.xxx.xxx

yikes! Ins increases (by plenty [MO]) Posted on: Jan 16, 2019 6:10 AM

Time for you to follow up with them. Call those back and get your name back on their todolist. --99.203.xx.xxx

yikes! Ins increases (by AllyM [NJ]) Posted on: Jan 16, 2019 6:16 AM

Besides your 70K issue, is there anything they may have seen at your other properties and notified you about that you didn't fix? I just had an insurance inspector of the furnaces and have one new last year and one ten year old and one eight years old. I don't expect an increase in my payment following this inspection. I fix sidewalk when they tell me and get rid of dangerous trees. I would rather improve the property with that money than pay the insurance company more.

Tree limbs over houses, bad stair steps, dropped concrete sidewalk sections called toekicks, cracked sidewalks. Those are things I fixed when the insurance company said to and my rates have stayed pretty much the same. How many of those things did they point out that you didn't fix? Or maybe they didn't notify you. Ask they for their last inspection report. --73.248.xxx.xxx

yikes! Ins increases (by Robin [WI]) Posted on: Jan 16, 2019 7:46 AM

Mine haven't changed much. I'm mostly self-insured, though: ACV, $1000 deductible. --204.210.xxx.xxx

yikes! Ins increases (by RentsDue [MA]) Posted on: Jan 16, 2019 8:40 AM

Mine have greatly increased also and I havenít had any claims. I am shopping for a new agent. Right now the value they have on every property is more than double what they are actually worth. Rebuild is the same. They are arguing that I am wrong about value. They have each valued at over half a million dollars. The town has each assessed at around 200 and a recent appraisal ( because I was going to sell it) puts one a little over 200. --71.10.xxx.xxx

yikes! Ins increases (by myob [GA]) Posted on: Jan 16, 2019 10:10 AM

Robin how are you self insured? Explain please? --99.103.xxx.xxx

yikes! Ins increases (by 6x6 [TN]) Posted on: Jan 16, 2019 10:14 AM

You are dead on myob. My tenants I had stayed 7 years and I only increased the rent buy $50 the last year because I did not wan't to fix what wasn't broke. I now realize they would have paid more. They moved to Georgia in an apartment for 1300 and are happy about it. As for the insurance I agree with Sid not to disclose what you are currently paying. If they will not give me a quote because of that then I need to do business with someone else. --73.120.xx.xxx

yikes! Ins increases (by Robert J [CA]) Posted on: Jan 16, 2019 12:06 PM

As a long term investor and contractor for 40 years, I've seen the difference between "Good" insurance companies and the "Bad" ones. While the premiums and deductibles are important to our bottom line (we want to make a profit), the way the insurance companies treat us at the "time of loss" is just as important.

Even with a dozen polices with the same insurance company and agent they can nickle and dime me to death on each renewal, with zero claims. But when you make a valid claim, the same agent/company treat you fairly and with respect.

While some cut throat carriers sing and dance your way to lower premiums, when you make a claim, they treat you like a criminal and want proof in triplicate. --47.156.xx.xx

yikes! Ins increases (by Ken [NY]) Posted on: Jan 16, 2019 4:53 PM

MYOB,self insured is a fancy way of saying I don't have any insurance --72.231.xxx.xxx

yikes! Ins increases (by myob [GA]) Posted on: Jan 17, 2019 6:14 AM

Ken NY ------------ holy mackerel!!!!! Really no insurance? Why not just say no insurance? I don't think I would be willing to put 35 years of investing on the line with NO insurance.

I was thinking he had some secret weapon? --99.103.xxx.xxx

yikes! Ins increases (by Mtnbunny [CA]) Posted on: Jan 17, 2019 3:08 PM

Look out!

Insurance premiums will go up for all, ask those homeowners in flood, hurricane and wildfire areas. Our SFH rentals in Sierra foothills now impossible to insure except with Lloyds of London for triple what we used to pay, around $2500/yr for class B/C homes worth $3-400K. One of these was cancelled twice in 2018, because of insurers scaling back exposure to fire risk. Our insurance agents (different counties) say companies will eventually spread the risk nationwide.

Our personal residence, built to withstand fire and earthquakes, is 'self-insured'. --24.23.xx.xxx

yikes! Ins increases (by Julie [KS]) Posted on: Jan 17, 2019 4:24 PM

I've been feeling it for 2 years. Have shopped every local agent we've got. They're all within about $50 of each other.

My premiums with State Farm have been going up $150 to $250/yearly. I realize we live in tornado alley but until the last year I've had no claims in the 15 previous. And the claim last year was for a roof.

Shacks that I haven't paid more than $30K for & won't rebuild. ACV, most deductibles at $1K (with our prevalence for monster hail our exteriors can beat to crap quite often). Both State Farm agents advice is to put a metal roof on your house; even if it doesn't need one. Drops my rate by about 40%. Seriously??

It wasn't that long ago that my insurance ran $500/year on a little 2 bedroom shack. Now I'm nudging $1K/year. --104.128.xx.xx

yikes! Ins increases (by Ray-N-Pa [PA]) Posted on: Jan 19, 2019 1:33 PM

Every few years, I think it is wise to revisit all of your expenses to see where you can save some money.

What type of policy do you have: cash, replacement or functional replacement? --72.23.xxx.xx

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