I am having if difficult getting ahold of my insurance agent (a different issue) and after doing quite a bit of research wanted to reach out to the sub. Long story short –
I have a property that was a rental which I moved back into. The premium when written as a fire/dwelling policy was ~900/year, no claims on this policy. I moved into the home July 1 and the policy was rewritten as a homeowners and went up to 2000/year. I have one claim from two years ago when my dog bit someone (no longer have the dog or that home).
Curious if others are seeing similar increases in premium in a general sense to homeowners policies? I know insurance has gone up but damn…122% increase. This is in Milwaukee County WI, not the city itself.
Premium more than doubled – State Farm
byu/New_Set983 inInsurance
Posted by New_Set983
4 Comments
A dog bite claim would fall under liability coverage, which is a killer when it comes to claims. No carrier wants to see that someone is a potential liability risk. Consider yourself lucky that they even wrote you a new policy. Even if you no longer have the dog, they still see it on your record for probably 5 years.
I believe dwelling policies are usually cheaper than homeowner policies, so that is probably most of the reason. Hopefully the agent can confirm
It’s the dog bite claim most likely. It’s going to haunt you for a few years. Double whammy of having to put down the dog and then paying more even though the dog is gone. Sorry for your loss, but what you describe isn’t out of line, especially the way the insurance market has been for the last few years. Shop around and see if you can do better.
The landlord policy has a different risk calculation than the homeowners policy. Also, if it has been in place for a while, there could be a cap on how much it can increase. Changing from landlord to owner occupied property is basically writing a new policy under the current underwriting and rating conditions.