Homeowner's Insurance Policy

[Chris Fore]

Hi, this is actually a question from a family friend that I wanted to post here in the forum.  Their homeowner's insurance policy jumped up 25% yoy without any claims made on the policy.  Is this normal?  Seems like a huge hike.  The home is fully paid off and they've been with the provider for over 30 years.  

Should they simply shop around for a different provider?  Is there a limit to the increase a company can charge like an insurance usury law (i know it's not interest but you know what I mean).

Have you seen this before?

Thanks!

[John Mocker]

Chris,

If the friends are located in FL, the increase may not be a result of the claim.  FL has been seeing many companies leaving the market and large increases by those that remain.  

Melanie's advise for them to shop around is their best bet.  I would however suggest that they look to quote with an Independent Agent(s) that represent multiple carriers.  Those agents can shop many companies for you friends without them making multiple calls.