Home Insurance in Knoxville>Question Details

Ray Gaudet, Real Estate Pro in Knoxville, TN

Are you seeing an increase in home insurance rates since the storms of 2011?

Asked by Ray Gaudet, Knoxville, TN Wed Oct 24, 2012

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4
Dustin Teske’s answer
Hi Ray,

I'm not only in Real Estate but my wife owns an Allstate. I can tell you that not only has Allstate homeowners rates been increasing but so has our competition. All rates are increasing because of the catastrophe losses insurance companies are taking. As a result, we have noticed our competition is going away from replacement costs and going to actual cash value. In addition, our competition is also requiring homeowner to carry 1% deductables to help with controlling these claims. Rates are definately on the rise as storms increase, and the cost of materials, for making said repairs, is increasing.

Dustin Teske
Coldwell Banker Wallace & Wallace
865-257-1448
0 votes Thank Flag Link Thu Oct 25, 2012
Ray,

Most of my clients have definitely seen an increase in insurance rates since the storm from April 27th 2011.
0 votes Thank Flag Link Thu Oct 25, 2012
Hello Ray,

I had to have my roof replaced do to the April 2011 Hail Storm. I recently received my premium notice and my annual premium did increase. It was not earth shattering, just under $100.
Are you seeing something different?

Catrina Foster
Keller Williams Realty
865-414-9901
0 votes Thank Flag Link Wed Oct 24, 2012
Hey Ray, I think it depends on your area.
0 votes Thank Flag Link Wed Oct 24, 2012
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