Are the insurance companies getting ready to try to raise homeowners rates again?

Question

http://www.msnbc.msn.com/id/23982482/

Answer 1

It is quite likely they will, considering the ever-increasing cost of recovering from natural disasters, including wildfires.

Answer 2

YES!

As long as these catastrophes are happening. and the cost of building supplies is going up..it will happen every year

Catastrophes EG: tsunamis, floods, hurricanes

Answer 3

Believe about 2% of what you hear on MSNBC.  My homeowners insurance premium just went down about 8%.  Guess it depends on where you live.

Answer 4

as soon as possible

Answer 5

Wait and see...

Answer 6

Rates vary company to company, region to region.  In the Northeast, homeowners premiums are going down (we are in a "soft" market right now), multipolicy credits are going up.  But, that is not all companies.  If one company has a few bad claims years, they won't be lowering their rates, they will be looking to increase rates.  If a company had a few good claims years, they are more likely to lower their rates so that they can grow their book of business.

Companies don't raise their rates on the spur of the moment & they have to file their new rates & prove to all the states they are licensed in (the ones they want to change their rates in anyway) that their requested rate change is warrented.

Sometimes they only raise their rates in certain states or certain territories.  Sometimes they only raise their rates on rental homes & lower their rates on occupied homes.

Rates are very fluid & change a little here & there.  One day Company A is the most expensive company, Company B is the middle & Company C is the cheapest.  The next day it could be the opposite.