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HomeBlog Blog“Why Did Cost Of My Homeowners Insurance Just Go Up 25%?”
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“Why Did Cost Of My Homeowners Insurance Just Go Up 25%?”

February 11, 2013 by National Debt Relief

Woman holding glasses and reviewing credit card statementI recently saw this question posed by a person who had made no claims against her homeowner’s policy and had made no changes in her coverage. Yet, her annual premium was increased by 25%.

Almost doubled

This same woman said that she had changed companies a few years back because they offered her a good rate. However, when it came time to renew her policy, the company nearly doubled her cost. Again she had filed no claims and made no changes to your coverage.

Should she make another change?

The woman was unhappy that her annual premium had been increased by 25% and wondered if she should shop around again for another insurer. She was also concerned that the same thing would happen to her again – that at the end of the policy year she would see another big rate hike.

It’s not for life

If you get a great rate when you buy homeowner’s insurance from a new company, don’t think that this will last for life. There are almost always insurance companies interested in expanding their market share so they lower their prices to attract new customers. They then raise their premiums if their claims costs go up or if they just want to cut their risk. This actually happened to me this year. I hadn’t filed any claims or changed our coverage but our premium increase significantly due to wildfires that devastated several of our towns.

It’s that old adage

In our case it was that old adage, “there is no such thing as a free lunch” or even a cheap one. Our insurance company had suffered serious losses due to the wildfires and had to raise all of their policyholders’ premiums to recoup their losses.

It never hurts

It never hurts to shop around even if your premium hasn’t been increased dramatically. That’s the only way you can find out if you’re getting a really good deal. But before you change companies, be sure to check your state insurance department’s complaint survey. This will show you which insurance companies have the best and worst reputations.

The lowest cost might not be the best

Trying to buy the lowest-cost insurance could be just a short-term win. You might be better off choosing an insurer that charges a bit more but that is more stable, more consumer friendly and has better customer service.

How to reduce the cost of your homeowners insurance

If you’re interested in reducing the cost of your homeowner’s insurance without changing carriers, you might increase your deductible. If you were to raise it from, say, $250 to $1000, you could probably lower your premium by 25%. For that matter, you should pay for any small damages yourself because if you file a number of small claims, it’s likely that your premium will be increased.

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National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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"When I first decided to go with National Debt Relief and I..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/17/2021 Charlotte: Our call may be recorded. What actually made you decide to work with our National Debt Relief as opposed to other providers? GLYNN: Well, when I first decided to go with them and I talked with the representative, I got a favorable impression of him. And since we've gone with him, we've had very good experience with them. Charlotte: Can you tell me about the program that our National Debt Relief signed you up for? GLYNN: It's a debt consolidation program. Took our credit cards and then working to pay them off. So far, they paid one of my wife's off and one from me. Took the harassing phone calls that we were getting and got them to stop and got creditors to wait on their payments so we could get money to pay them. Charlotte: What did you think about the enrollment process you went through? GLYNN: Enrollment process? Well, it was, I guess... Charlotte: Like how easy or difficult did you find the enrollment process to be? GLYNN: It was no [unclear 0:02:52], just what we could do, and looking at our financial situation, what we was able to do. It's just that, mainly, I was the point where I was fixing to go bankrupt and I didn't want to do that. And this was a way to, I guess, not to go bankrupt. But it still left that option open. Charlotte: In what ways would you say that this program has worked for you? GLYNN: Well, I guess the biggest thing is it stopped the harassing phone calls that we have been getting sometimes five or six times from the same creditor a day. It gave us an opportunity of being able to, I guess, set up a fund that we can use to eventually pay off our credit cards and our debts. Charlotte: About how far would you say that you were in at this point? GLYNN: At the time we signed up? Charlotte: At this point right now. About how far are you in the program? GLYNN: Well, it's, [0:05:00] I guess, about -- I would say I think I was like nine months. And like I say, they were able to pay off one of my wife's credit cards and are working on another one and was able to pay off one of my credit cards, and hopefully be able to pay off another one. Charlotte: Walk me through the interaction with your National Debt Relief negotiator. Give me a little insight on what that experience was like with that representative. GLYNN: Well, he helped us go through and get signed up on a program. He helped us with the getting, I guess, a financial report to establish a savings account to be able to use to start paying our debts off. We didn't know what to do or how to go about doing it. Charlotte: Is there anything about your National Debt Relief negotiator that really stood out and impressed you at all? GLYNN: Yeah, his manner and I guess he was polite and he didn't put down on us. And he led us and showed us the direction we need to go. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? GLYNN: No, not really. Charlotte: If you had to rate this experience on a scale of one to five, and five is that you would recommend to friends and one is you were pretty dissatisfied, how would you rate it? GLYNN: I would rate it at a 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? They just like to know what their customers felt about... GLYNN: If you think they're good enough to post. [chuckles] Charlotte: I will send over a link so that you can have it as a record for yourself also at glynncoates@gmail.com. How would you say that your life has been impacted by working with National Debt Relief? GLYNN: Well, it's taken off a lot of the burden off that we were under. We was to the point of, "Just go ahead," and getting a lawyer to file bankruptcy. But this has given us an opportunity to pay some of our debtors back. We made the debts under good face and circumstances beyond our control, it got out of hand. And so, we were trying to -- we wanted to pay them back, [0:10:00] or as much as we can so that, I guess, more ease in our minds. Charlotte: If a friend or a family member were asking you about National Debt Relief, what would you tell them? GLYNN: I'd tell them if they was needing, that they were good to work with and they continued to try to help and work with us. Charlotte: Our call is recorded.

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