I have lived in the same house for 11 years and I've used the same insurance company for homeowners' coverage the entire time....Amica.
Over that 11 year period, the coverage amounts for the dwelling, loss of use, personal property, and other structures have all increased equally - 3.76% per year. My premium cost has increased 6.71%. The premium growth includes a reduction from changing my deductible (in 2012).
The dwelling coverage is now significantly more than the market value of the home...$150,000 more. And the market value of the home includes the land. If my house burned down tomorrow, I wouldn't have to buy the land all over again...I'd only have to replace the house itself.
Does this seem reasonable or typical? Can I challenge the valuations? Are my only real options to reduce my premium costs to (a) quote another insurance company or (b) raise my deductible?
Over that 11 year period, the coverage amounts for the dwelling, loss of use, personal property, and other structures have all increased equally - 3.76% per year. My premium cost has increased 6.71%. The premium growth includes a reduction from changing my deductible (in 2012).
The dwelling coverage is now significantly more than the market value of the home...$150,000 more. And the market value of the home includes the land. If my house burned down tomorrow, I wouldn't have to buy the land all over again...I'd only have to replace the house itself.
Does this seem reasonable or typical? Can I challenge the valuations? Are my only real options to reduce my premium costs to (a) quote another insurance company or (b) raise my deductible?