Friday, March 27, 2009

Insurance Coverage

So I got my annual tax assessment in the mail the other day and since 2006 the value of my house has decreased close to 40k.

The upside of this decrease is that even with the referendums we passed in the last election my taxes are going down.

I started to think about that though for the last three years my property taxes have gone down...but my insurance has gone up slightly?

Just wondering if anyone has had their property hazard insurance rates reduced?

I called my guy but he gave me speech I have heard from him before about my high risk self and I believe him since he has done some amazing things for me on the insurance side:)

But wondering if anyone else has seen a decrease or if they work in insurance: how much does the value of the home figure into the rate?


~Sheila~ said...

I don't know anything about that stuff.

I'm an idiot.


Rocketstar said...

I would assume you are reducing your coverage value as well but that may not decrease it much.

Jodi Bluebird said...

only a portion of your hazard insurance cost comes from value of the home (and I think then you have to find out if they're taking the tax value or the market value--most from my experience take market value, which is usually higher than tax value...for now anyway). The rest of it comes from what all is covered, risk of person (age, marital status, fico score), type of home, and history of home. This is just my experience as a real estate agent.

All in all, it's bullshit, really; they're doing what they have to do to make the mulah. :)