Homeowner insurance cost question

I’m in SWLA so not necessarily close to you but I have slightly more coverage and I’m paying about $3800/yr. There’s a lot that goes into these calculations. Age of home, type of building materials etc., previous claims…. I fought tooth and nail to get my carrier to lower my replacement value to around $480k. They had it around $650k with a $8k/yr premium. I don’t have a mortgage so I had more wiggle room than most people.

I was paying close to nothing before 2021. Company went insolvent and now I'm paying double what I originally paid but I'm actually covered for more than what my home was valued at. Rates went up because of storms the last few years and will probably go up as more carriers decide not to make policies in Louisiana. They're trying to get ahead of the curve and recoup their future losses at a higher rate of return.

I convinced my agent/friend to come walk around the house and yard with me. I have 6+ acres in the city limits and my house was built in the early 60s and is about 4k-sqft. I showed him my appraisal and we discussed why the house was valued around $400k (I paid less than $300k) and not so much more. I somehow convinced him that if we were forced to rebuild, we’d go much smaller and the value of our place was in location/land/60yr old oaks.

It took some very creative work on both our parts. In reality the cost of building anything new now would probably have me just sell the place and move because the current job situation for us is WAY different than when we bought and interest rates were less than 4%. No way I could afford to buy this place today. Two car notes/teenager insurance, two in college, wife’s job changes… we’re blessed to have what we have but we are in over our heads in today’s market.

TLDR:Basically he was able to convince the carrier that replacement cost in our area was substantially lower than typical and he lowered their value to a number and we chose to insure the lowest percentage of that they would allow.

Was in same situation in metairie, reached out to Brightway insurance group and got SageSure to quote me $3300 a drop from my previous premium of 7k

Got got my renewal yesterday. $1950 for 535K dwelling coverage. Home was built in 2022.

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I convinced my agent/friend to come walk around the house and yard with me. I have 6+ acres in the city limits and my house was built in the early 60s and is about 4k-sqft. I showed him my appraisal and we discussed why the house was valued around $400k (I paid less than $300k) and not so much more. I somehow convinced him that if we were forced to rebuild, we’d go much smaller and the value of our place was in location/land/60yr old oaks.

It took some very creative work on both our parts. In reality the cost of building anything new now would probably have me just sell the place and move because the current job situation for us is WAY different than when we bought and interest rates were less than 4%. No way I could afford to buy this place today. Two car notes/teenager insurance, two in college, wife’s job changes… we’re blessed to have what we have but we are in over our heads in today’s market.

TLDR:Basically he was able to convince the carrier that replacement cost in our area was substantially lower than typical and he lowered their value to a number and we chose to insure the lowest percentage of that they would allow.

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this story is hilarious.

Moved to Covington 6 years ago, basically different carriers every year, especially after Ida.

3700 sq ft, insured for $700k on dwelling, It's $4200 this year through Homesite. Last year was $2800 through Homesite.

I've paid from $2500 in 2018 to $4500. I'm dreading the year I can't hop around to something under $6 or $7k.

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Was in same situation in metairie, reached out to Brightway insurance group and got SageSure to quote me $3300 a drop from my previous premium of 7k

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im with sagesure now lol. goes show you how scattered all this is.

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Coastal living is getting more difficult to justify....

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Three years ago I really wanted to live on or near the beach or on a lake. The logistics of lake living was not desirable. Coastal living was too expensive due to housing, insurance and taxes.

I live in the backwoods of Broussard La with all that comes with that...