Home and Auto in OH?

vic120

Guru
5000 Post Club
8,668
OH
Who 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
 
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
 
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


It was a combo

They claim that they originally had my home at a value 35K more then I bought it

And now they value it at an additional $125 K more on top of that
which sounds shady to me

But I am looking to see if another agent can do better or is this actual reality
 
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.
 
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.

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
 
Who 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
Heard They have been monitoring your posts on this forum & deemed you to have a riskier lifestyle
 
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
Cost to rebuild a newly constructed modern house, not cost to buy another similar used house.

Any chance your agent undersized your square footage & now after inspection it is accurate? Ask a local builder what it costs today to build per sq foot & I think you will be shocked. $760K (Assuming from your math) is what it would cost to build a 2500 to 3000 Sq ft home today depending on custom/non custom stuff
 
Back
Top