Holy moly, such an increase in the homeowners' insurance

[MillCreek]

I received notice that my homeowners' insurance would be going up from $ 1950 per year to $ 3400 per year. The reasons cited were increased fire exposure and credit score data.  Washington state recently outlawed insurance companies using credit score in their underwriting.  There is data showing that people with high credit scores tend to have lower rates of property/liability claims.  The state thought that was discriminatory so insurance companies can no longer use credit scores in setting a premium.  The insurance companies responded by a global rate increase for most personal lines of insurance.  In regards to the fire exposure, our development and most of the houses in this area are surrounded by cedar, Doug fir, western hemlock and red alder trees, and wildfires have certainly picked up in the West over the past few years.

[dogmush]

Ouch.  Yeah it seems like everyone just gets the rates of low credit score folks now.  Equity!!

[Ben]

Being in a neighboring wildfire state and having a high credit score, your post has made me both sad and anxious. I did all my renewals a few of months ago and the house/property went up $120 to $1075 (I have super duper coverage with a $3mil umbrella, but Idaho insurance is really cheap). That doesn't sound like a credit score "adjustment". Now I'm worried about my next renewal in FEB23.

[K Frame]

Yikes, that's quite the hike.

but, I'm sure that every homeowner in Washington is more than happy that the state legislature "leveled the playing field" for everyone...

Waiting for the legislators to start screaming greedy corporate greed in 3, 2, 1....

[MillCreek]

I can hardly wait to see the renewal rates for our auto coverage this year, since it will also be impacted by the credit score issue.

[K Frame]

I'm really surprised that Virginia's communists... er.... Democrats didn't try to pass that crap during the two years they were in charge of the state.

I'm not sure how much I pay Erie for homeowner's insurance right now, but I think it's still under $1,000.

[Ben]

Washington state recently outlawed insurance companies using credit score in their underwriting.  There is data showing that people with high credit scores tend to have lower rates of property/liability claims.  The state thought that was discriminatory so insurance companies can no longer use credit scores in setting a premium. 

So wait, rereading the OP, this is WA state only? I thought I read some time ago something about not using credit scores nationally - either through legislation or the insurance companies were just going to stop using it themselves. Am I confused again?

[MillCreek]

I know of the credit score prohibition in Washington state; I don't know if other states have adopted this nor have I heard of any Federal prohibition. 

https://www.insurance.wa.gov/news/kreidler-adopts-rule-temporarily-banning-credit-scoring-proposes-rule-increase-transparency

[Jim147]

Maybe the insurance company is trying to make up the losses in some of the mostly peaceful cities.

[sumpnz]

Our insurance is going down marginally, in spite of the large increase in replacement costs due to the booming property market.  Apparently we got our no claims bonus back.

[charby]

2 big derechos in and a f*ck ton of tornadoes in 20 and 21 is probably going to jack the rates in Iowa too.

[HankB]

Homes were reappraised in the greater Austin, TX area, with an average increase just over 50%. This bodes ill for both taxes and insurance. 

[Ben]

Homes were reappraised in the greater Austin, TX area, with an average increase just over 50%. This bodes ill for both taxes and insurance. 

After I posted above, I dug into my old statements, and that's the reason mine has been going up. Real estate prices are ridiculous here right now and I saw my home value on the insurance statement was jumping $100K/yr.

It kind of evens out for me as the state has been making some fairly hefty cuts to property tax rates because of the crazy real estate prices.

[K Frame]

OK, my homeowner's insurance was $826 last year, and that's what's being figured for this year, although that will probably creep up based on what I'm hearing from a lot of people.

A couple of weeks ago I did fish around to see what GEICO homeowners would cost me. I got GEICO car insurance after Erie's insurance rates went up in 2015 or 2016 pretty much without provocation and without explanation. I'm talking nearly 40% increase over two years. I tolerated the first one, but the second one is when I told them to FOAD.

Anyway, when I did a price check GEICO would cost me just shy of $1,500 a year for what I'm paying $826 a year for right now.

[Kingcreek]

Cost of roofing and building material is still sky high. Our is going up and our state still allows credit score in the formula. Our credit score is excellent and insurance went down 1/3 when they started it here.
I’m waiting on replacement of a hail damaged roof. 1st claim in over 20 years. Estimate is $26k

[Ben]

1st claim in over 20 years. Estimate is $26k

Slight tangent, but what I hate most about paying for all my insurance is that in 44 years of carrying it, I have never filed a single claim. By now they should be paying ME at renewal time for all the profit they made investing my money, instead of me continuing to pay them.

[Boomhauer]

With the cost of building materials I had to greatly increase my coverage.

[sumpnz]

Chatted with the gal at the agents office we usually deal with and she said for our area, and not a super fancy house, replacement construction costs were around $270/sf.

[Fly320s]

Being in a neighboring wildfire state and having a high credit score, your post has made me both sad and anxious. I did all my renewals a few of months ago and the house/property went up $120 to $1075 (I have super duper coverage with a $3mil umbrella, but Idaho insurance is really cheap). That doesn't sound like a credit score "adjustment". Now I'm worried about my next renewal in FEB23.

Idaho isn't that stupid.  You'll be fine.

[WLJ]

Putin's fault

[K Frame]

Cost of roofing and building material is still sky high. Our is going up and our state still allows credit score in the formula. Our credit score is excellent and insurance went down 1/3 when they started it here.
I’m waiting on replacement of a hail damaged roof. 1st claim in over 20 years. Estimate is $26k

YIKES! How large is your roof?

I had my roof replaced in 2019. Had to, it was falling apart. I have a simple 10-12 square roof, no dormers, no valleys, and only 2 vent stack penetrations and it cost me a bit over $5,000 for the quote I accepted. A couple were over $2,000 more than that.

That's here in Washington, DC, metro. I don't even want to know what it would be today.

[MillCreek]

Safeco has clearly lost money on my homeowners': A $ 26,000 claim when the washing machine overflowed all night and flooded the ground floor, and a $ 70,000 claim on this house when the neighbor's tree fell on it.

[dogmush]

YIKES! How large is your roof?

I had my roof replaced in 2019. Had to, it was falling apart. I have a simple 10-12 square roof, no dormers, no valleys, and only 2 vent stack penetrations and it cost me a bit over $5,000 for the quote I accepted. A couple were over $2,000 more than that.

That's here in Washington, DC, metro. I don't even want to know what it would be today.

My roof was 22k in summer of 2020 with a bunch of wood included.  My neighbor (pretty much same house) is getting his roof done this week, just paper and shingles, no extra wood, and non dimensional shingles is 30k.

[Lennyjoe]

Yea we had Allstate and my rating went from a 4 to an 8b here in Ohio which drove my homeowners insurance from $1400 annual to $3780.  We realized that when our mortgage payment went up $600 last month.  Not sure if credit rating made a difference because in in the high 700’s.

Needless to say, we shopped around ended going with the Lemu Emu folks from Liberty Mutual.  Made sure we had acceptable coverages and a couple add ins for pool and such so we’re good to go now.

[Kingcreek]

YIKES! How large is your roof?

I had my roof replaced in 2019. Had to, it was falling apart. I have a simple 10-12 square roof, no dormers, no valleys, and only 2 vent stack penetrations and it cost me a bit over $5,000 for the quote I accepted. A couple were over $2,000 more than that.

That's here in Washington, DC, metro. I don't even want to know what it would be today.

43 square incl 2 dormers, roofed porch with a wrap 52’ x8’, several ridge and valleys, and the attached garage.