Insurance increases and what are you doing to cope?

[Sam Faas]

It's 2024, and I received renewal notices on 2 SFH properties with a 33% and 28% increase respectively, without any claims over the life of the policy period. This is after a double digit percentage increase last year.

The only 2 options, if I want to hang on to these properties, are:

1) increase deductible

2) change carriers, to a lesser reputable carrier (think rated B or lower on AM best)

Is there anything I am missing and how are you coping?

[Stuart Udis]

The entire property insurance industry experienced re-pricing over the past few years. Construction costs are up significantly and as a result so are the replacement costs the underwriters rely upon in formulating your policy / premium. It can never hurt to seek additional insurance quotes. Some carriers tend to be more aggressive in certain markets. This is something your insurance broker should understand & be able to assist with.