When I got my home policy, I insured my home for $330k with an extension of $66k for a total of $396. 2 years later, I now have to file my first claim ever. I see they have changed my home value to $368k with an extension of $37k for a total of $405.

The total insured value only increased $9k so you may say no big deal. However, my deductible is based without the extension, therefore, my claim is going to cost me an additional $775 in deductible.

This is the reason insurance companies get bad publicity. How can they raise the value without consent? It is paid through escrow so I didn’t notice until I filed. Typical insurance BS. Rant over.

I understand inflation, but the total insured value increased 2.26% while the dwelling (what determines the deductible) went up 11.5%. It is smoking mirrors.

You’re right. I misread your original post. My fault. Good luck with the situation, I hate dealing with insurance companies.

Take it out of escrow and pay it yourself. Then you can shop it around.

ive always had a flat fee for the deductible.

Man I really hate it for you.

Insurance policies around here have a hurricane deductible that is a percentage of the homes value .

I can't imagine spending $300k on a house. Damn.

I can't imagine having $300k to spend on a house

You don't live in a "wind" zone.

Get your agent to rerun a replacement cost estimate. Most policies have an inflation guard which automatically increases the dwelling limit every renewal.

Also, find a company that doesn’t have a % deductible. Most of the companies I write with do not have a % deductible.

On the coast?

Someone is getting their lease prices increased to cover this mess!!!

Living south of I-10 and hurricane deductibles can be a beyotch.

Problem is you did not insure for a fixed amount and selected replacement value. Unfortunately, it's on you and they can reassess replacement value annually if they want and the premiums are adjusted accordingly. With building costs like they are, i'm honestly shocked that it wasnt more like a 20-25% increase.

If so, I need a name and phone number please.

I gotta tell ya, I'm not sure I'm following along

When you say "extension", I'm guessing you're talking about an extra percentage above the dwelling limit shown on your policy? Like most policies pay "up to" 100% of the dwelling limit, but some can be endorsed (or some just automatically provide) an additional percentage (usually 125% for example).
It should be a standardized percentage, meaning if your dwelling increases X amount, then the extension increases parallelely (I just made that word up :D). And your deductible should be X% of the dwelling limit shown on your declarations (not including the extension--unless that's just the way your company does it?).

Are you certain it's not just a miscommunication?

It shows dwelling and dwelling extension. The dwelling extension is a fixed dollar amount and not a percentage. The deductible is based on the dwelling amount only.

If you live in a $360,000 house you should be able to find 700 bucks on the washing machine

Doubt it. I didn’t realize this was a coastal risk.