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Not an Ohio Guy...
60% seems like a lot and not sure if that is a combo of your home and auto - or just the home.
I think you meant to say "they claim my home is [now] worth more then 25% higher then when I bought it one year ago"
Home insurance coverage is based off of rebuild values not the zillow or resale value. But for it to go up 25% in a year is quite a bit, but in the first year - that sometimes is not surprising.
Lots of agents write the minimum dwelling A coverage and if and when they do the inspection, especially the first inspection, and they find the house quality higher or the sq footage more - that can trigger a higher valuation.
So - have you opened all of your insurance mail during the policy period? Was their a notice that they reevaluated the property during this time?
That might not be the total reason for the increase. Insurer could have increased rate or you lost a discount, etc - you might have to call your agent or insurer to find out more.
Best of Luck
Vic, we've got some good markets here in OH. Feel free to drop us a line.Our websiteWho here is good in OH for home and auto,
I just got my annual renewal up over 60% increase and they claim my home is not worth more then 25% higher then when I bought it one year ago
Vic, we've got some good markets here in OH. Feel free to drop us a line.Our website
I don't think it sounds shady if they recharacterized parts of the house during the first [initial] year. It happens all of the time.value it at an additional $125 K more on top of that
which sounds shady to me
I don't think it sounds shady if they recharacterized parts of the house during the first [initial] year. It happens all of the time.
The insurer thought it had a Rolled Roofing and it has Steel Roofing with Solar Panels. The insurer thought it was 2,100 sq feet with 8 ft ceilngs and it is 3,100 sq feet with 11 foot ceilings. People buy houses and literally dont know anything about it.
I think the real question is How Much would it cost to Actually rebuild your house in your Zip Code. Start there and shop intelligently.
Heard They have been monitoring your posts on this forum & deemed you to have a riskier lifestyleWho here is good in OH for home and auto,
I just got my annual renewal up over 60% increase and they claim my home is not worth more then 25% higher then when I bought it one year ago
Cost to rebuild a newly constructed modern house, not cost to buy another similar used house.The price they are saying is more then I paid for the house by $160 K or more
I dont feel I got a steel on the house by any means
and the houses are running about the same as they did around here
Seems strange But I I have seen stranger things so, If I can do better then great if not then I know
Have you seen his posts & my posts? Not sure we are capable of doing that. LOLshop intelligently.