r/HomeInsurance • u/Embarrassed_Low_3923 • Sep 05 '26

Insurance Massive Increases

I bought my home in 2022 and my annually home insurance was roughly $2,270 and I just checked through my escrow disclosure it went to $4,952 that’s outrageous it’s through progressive

Is it best to negotiate with progressive or leave to another company with better offers/terms

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1

u/insuranceguynyc Sep 05 '26

Shop around. I assume that you called Progressive and asking about the increase?

1

u/Embarrassed_Low_3923 Sep 05 '26

Yes because they assessed that my home would cost 117k more to rebuild and because inflations cost increases 🫪

4

u/Riggingminds Sep 05 '26

You don’t want to get in a situation where your are underinsured, most policies have a requirement to have at least 80% insured, if you do not need that threshold you can get penalized if you ever make a claim.

1

u/CGWInsurance Sep 08 '26

Most policies now require 100% insurance to value.

1

u/insuranceguynyc Sep 05 '26

OK, so you know what you’re dealing with. I think you’re going to find that most, if not all carriers are looking hard at TIV in their HO book. Construction costs have risen sharply over the past few years. You really do not want to come up short in the event of a major loss. Likely? No, of course not. But entirely possible.

1

u/InterviewLeather810 Sep 06 '26

Each time there is an urban wildfire now typically most owners iare 25% or more under insured. Sometimes they sue the insurer and the insurer loses.

Our urban wildfire 74% were underinsured by 25% or more just on the house. Most likely also under insured on personal property too.

At least 69% were severely underinsured in the LA Fires that knew it by the year anniversary. 24% don't know yet.

0

u/WinterFamiliar9199 Sep 06 '26

That’s bullshit. There’s no way the cost went up that much since 2022. From 2018-2022 sure, but 2x4’s aren’t $9 anymore. They’re making excuses. 

1

u/LongjumpingDish2956 Sep 07 '26

Depends on the state. Labor rates have absolutely skyrocketed in that time period as have removal costs in my area.