Last year we went to a Cinco de Mayo celebration at our neighbors home. The hot topic of conversation was how every one's home insurance had jumped. I recall one homeowner had a 35% increase. I wasn't sure at the time what my increase had been but knew it was pretty reasonable. Well the insurance police found me this year and yup, I had a serious jump. My homeowners policy rose 50% over last year. Good thing I didn't have any claims and there were no hurricanes, floods, fires, earthquakes, tornadoes, ice storms, boll weevil infestations, burning bushes, parting seas, or mudslides. I guess the odds are that we will have another hurricane because after all, the last two years have been mild.
Also renewed my boat insurance. Now, that stayed about the same...except the policy is written with so many restrictions and clauses (e.g. if the moon is in the first phase when sunspot activity declines but Uranus burps)...well you know...huge weasel room. I strongly suspect that insurance companies now hire ex-politicians.
Oh, and since my yacht is getting older, I had to have it hauled and surveyed with resultant things like - replace fire extinguishers, flares, new battery $300) for the EPIRB (even though the old one is fine) etc. etc. Cost for the survey and changes were more then the policy. Trouble is, if I shopped around, the other companies would want it surveyed too - and last time I got quotes, they were a third higher. The devil you know.
Anyway, with costs like that I will henceforth call Drambuie a yacht! And my home is a mansion! Psst, don't tell the IRS.
1 comment:
I think I heard a news report where insurance premiums are increasing in housing markets that are seeing significant decline in values. Apparently, some homeowners have realized that setting fire to their house (and not getting caught) help them get out of upside down mortgages.
Just a thought.
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