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Forum
-> Household Management
-> Finances
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amother
OP
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 Thu, Jul 25 2024, 1:21 am
Yes we had to make a claim about a year ago. It was literally the kind of thing insurance is meant for. Then our insurance went up $500 a month!!! We reached out to a broker and the other quotes we got are even more!
How are we supposed to do this? Is there no going back, this claim is going to follow us around forever? And go up again if anything else happens? We used to be able to afford our mortgage but this is a very significant increase and I just don't get how it all works. Is this life now?
I feel like we would have been better off taking a loan to fix the house and not having insurance! We'll be paying for this forever!
Is there something I'm missing? Other than $500 a month which actually I am missing pretty badly right now
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amother
Melon
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Thu, Jul 25 2024, 1:41 am
Yes, home insurance in general shot up and if you put in a claim the premiums could be really high.
You're right that this is what insurance is intended for.
We had water damage my Dh called an adjuster we worked with in the past, he advised not to put in a claim since the premiums will sky rocket.
I own a condo and one unit owner put in a claim the premiums went from $4500 annually to $50,000 with a huge deductible and we were rejected by a lot of carriers.
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amother
Aubergine
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Thu, Jul 25 2024, 2:52 am
| amother OP wrote: | Yes we had to make a claim about a year ago. It was literally the kind of thing insurance is meant for. Then our insurance went up $500 a month!!! We reached out to a broker and the other quotes we got are even more!
How are we supposed to do this? Is there no going back, this claim is going to follow us around forever? And go up again if anything else happens? We used to be able to afford our mortgage but this is a very significant increase and I just don't get how it all works. Is this life now?
I feel like we would have been better off taking a loan to fix the house and not having insurance! We'll be paying for this forever!
Is there something I'm missing? Other than $500 a month which actually I am missing pretty badly right now |
Home insurance shot up across the board. I take care of a bunch of buildings and all our buildings went up, some even doubled (and I’m talking 9k- 18k)!
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