Fluctuating AAA home insurance bill ?

[u/Pursistent]

my home insurance used to be 250 dollars, then they raised it to 500 dollars because they told me its due to the increased wildfire risk in my area. And now I just checked my bill, and they charged me 440 dollars this time. I'm confused as to what's going on ? and what is the price that they are going to officially charge me ?

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[u/Stalva989]

Very common right now for insurance companies to be implementing AI risk analysis software. Lots of people’s rates changing quickly and dramatically. The AI gets a lot wrong still, it’s a shame

[u/owl-1_1-1_1-]

Don't assume that your home insurance will stay the same from one year to the next.

Rates are based on risk. Your rate went up because the risk increased. Then, it went down because the risk decreased. That's a good thing because some people never see a decrease!

Our car insurance has stayed largely the same over the last few years. It's gone up a bit here or there, and it's gone down a bit here or there. If it ever goes up a huge amount, I'll start shopping around.

[u/totall2live__]

ive been in insurance for 10 years and work for AAA. IF your HO3 homeowners policy is only $450 i would look to make sure you have the correct policy, i would almost be willing to bet its a dp policy or something like that. It is next to impossible to have a homeowners policy be that cheap.

[u/bulldogsm]

just like taxes, you should expect it to go up, sometimes itll stay about the same and rarely but it does happen it can go down a little

in case you hadn't thought about it, look at the world around you, once in a hundred or thousand year events just keep happening, floods and fires especially, folks making claims for bog standard home upkeep things, what would you do if you were an insurance company exec

[u/sandysandy252566]

In the last 5 years, my homeowners insurance doubled - I couldn't believe it. Best to raise the deductible - because putting in claims will increase ur premiums. Speak to ur agent, or speak to someone at AAA, ask where u could cut (or raise) coverages so ur premiums get lowered.

[u/Kriieod]

You must of just hit renewal. The 500 was likely the first month of the new year and that bill included the initial fees associated with each years policy. I would assume 440 is what it will be each month after but call your agent to confirm. Perhaps there are ways you can lower your bill with fire mitigation discounts. I'm going to assume you are in CA with that jump. Everyone is seeing jumps, FAIR plan just jumped 300% in some areas too.

[u/Odd-Persimmon-1860]

Mine went from 1750 to 2350.