What is the name of your state (only U.S. law)? Florida.
What are the range brackets for dwellings in Homeowners Insurance.
Example: I insured my home for 150,000. My rates are based off a certain value bracket like 145000 to 155000.
Where did you get that idea from?
It's been decades since I used any policy rate manuals but I recall that policy premiums were based on a rate per $100 of value, further adjusted by liability limits and other options.
When will the practice of automatic inflation guard raise my rates unnecessarily because of putting me in a new bracket?
If you are talking about the automatic increase in property value on each renewal, yes, it's quite likely that your rates go up a bit.
But let's put this into perspective. The following are my premiums and coverage for the last 4 years with the same insurance company.
2013 174,000 $399
2014 174,000 $411
2015 208,000 $437
2016 208,000 $480
I suggest you be more concerned with having your house insured for the proper value than with the differences in premiums.
And if you get a substantial increase for your next renewal you can shop around with other companies and see if you can get more competitive rates.
Yes, I am familiar with Florida's windstorm and hurricane insurance issues. I am a retired claim rep and Florida was in my territory.
While my policy premiums might be ridiculously low in comparison it's the percentage differences in your own premiums that you should be looking at.
PS: You can elect to have the Inflation Guard option removed from the policy though many companies make it mandatory if you are getting preferred rates. If you can get it removed, you'll have to pay closer attention to your house Replacement Cost each year and do your own calculations for inflation, which I recommend that you do anyway.
Your insurance agent may have a Replacement Cost program or you can find several on the internet.
Here's one that I've used in the past. It's very comprehensive:
http://www.building-cost.net/Valuation/Start
