Just got my homeowner's insurance policy renewal information today.
We paid $526 last year, and this year it's up to $819!! An increase of 56%!
They raised the dwelling limit (reconstruction cost) to $417,000 from $397,000 it was last year, claiming cost of reconstruction materials and labor has increased. While I understand that these costs do rise from year to year, the increase of $293 for the premium seems like quite a lot.
This is through Homesite insurance through Progressive, and I have auto insurance bundled with it (not included in the numbers in this post).
Is this a typical insurance procedure? Low ball you on the first year's rate, and then stick it to you in year 2?
Anyone have recommendations for insurance companies? Looks like I'll be shopping around for rates to see if I can do any better.....