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#Post#: 568--------------------------------------------------
Insurance is killing me!
By: Arks Date: July 2, 2024, 7:39 am
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Insurance on my building used to be $3850/year. That insurer
went bankrupt a couple of years ago, so I looked around and
found a new company that specializes in BnB-type properties.
They charged $4,800 in 2022. Last year it went to $6,200. Just
paid my 2024 bill: $8,630!!
I'm going to HAVE to raise room rates again. It's the only
option!
#Post#: 569--------------------------------------------------
Re: Insurance is killing me!
By: gillumhouse Date: July 2, 2024, 12:31 pm
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I get my surprise in November. I have commercial insurance,
liability, a Rider for the Historical Association, and my
homeowners rolled into 1 policy. It went over $2k last year. I
do not have the usual "B & B Package" - employee/loss of
business/full replacement - because I truly need none of that. I
have enough on the house to build a house for me - the reason
the rate keeps going up is THEY keep raising the value of my
house.
Wonder if I could actually sell it for what they value it for.
Doesn't matter because I am not about to get my side of the
house For Sale ready. The kids can hire a couple dumpsters.
#Post#: 570--------------------------------------------------
Re: Insurance is killing me!
By: Generic Date: July 2, 2024, 1:33 pm
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To be honest, we are supposed to have a revenue maximum on our
policy. The revenue amount hasn't gone up in years.... that,
they don't adjust for inflation!
#Post#: 574--------------------------------------------------
Re: Insurance is killing me!
By: Thebeachhouse Date: July 3, 2024, 8:02 am
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Ours went from $3000 to $13000 in one jump. They claim it is
because we are near the water. Stupid. Shopping for something
else and no one will work with us.
#Post#: 575--------------------------------------------------
Re: Insurance is killing me!
By: gillumhouse Date: July 3, 2024, 9:03 am
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I left James Wolfe in 2006 when the premium for my 3 rooms went
to $2500. I called Erie and they not only took me, but we
created my "package". Rather than full replacement, I insured
the house for enough to rebuild a house for me to live in (I was
old enough even then to not worry about replacing the business B
& B). The contents, outbuilding (shed), and liability plus the
rider for the log house use did not hit the $2k mark until last
year. I am not being forced to pay for things I do not need (no
employees so why pay employee theft coverage?) and since I am
not in a tourist mecca not enough business to claim "loss of
business" and I rarely have power outages to lose the contents
of my freezer. The tome my freezer died, I was lucky enough to
get it in time to cook and refreeze - even replacing the
contents would not break me since the whole pig is only $600.
The venison I would have to wait until the next hunting season
to replace but not catastrophic financially.
November will be interesting when the next statement arrives.
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