Insurance is so tricky. About 2 1/2 years ago, I had a huge claim (over $250k) at my Philadelphia PA area house. I was in Up State NY overseeing the building of my new house. A pipe burst in my PA house! Yikes! I was glad I had really good insurance through USAA. They covered almost everything, but the process was a little rocky. It took two years to get my PA house redone and back to normal!
I heard horror stories from my contractors about other insurance companies and how little these insurance companies would pay, denials, etc. After the loss, people found how little they had insurance for and all those exclusions!
Prior to Sandy, I was the only one in my neighborhood that had flood insurance. USAA recommended it and it was about $250 a year. I just added it. Sandy pounded our area. I had a loss of about $30k due to trees, etc. Almost all of my neighbors had losses ranging from $10k-100k, mostly due to flooding. Now that same coverage is about $600 annually.
Then after a loss or an event in your area, the cost of coverage sky rockets! It doesn’t surprise me to hear insurance coverage costs are jumping.
It’s a case of where you need to decide whether to take your chances or buy coverage. I was happy to have the flood insurance.