Many Vineyarders are frustrated, and are struggling to not only find an insurance company to protect their home, but to pay for the ever-increasing costs of homeowners insurance. And that has been evidenced in a new, informal survey created by The MV Times.
According to the survey results, about 30 percent of respondents said that they had been dropped by an insurance provider over the past several years. As for cost, a third of respondents said that it had increased below 30 percent; 42 percent said that their insurance had increased between 30 and 50 percent; and a quarter of respondents said it increased by more than 50 percent, while only 2 percent said that their insurance has not increased. Nearly 300 people completed the survey.
The survey was released in the MV Times’ Minute newsletter on Thursday, as part of a story reporting on a U.S. Senate Budget Committee report showing that Martha’s Vineyard had one of the highest nonrenewal home insurance rates in the country, the growth of which has been fueled by wildfires and stronger storms across the country. Insurance agents on the Island say that there are a number of reasons why the Vineyard is rated so high in the Senate report — including complicated modeling techniques and the threat of a major hurricane. They also say a few major insurance providers recently left the area, including Naragansett Bay and Plymouth Rock, but that communities across the country are also dealing with high insurance costs. The Senate report and local agents say that ultimately the reasons come down to climate change: Stronger storms and wildfires are increasing costs country-wide.
Part of the survey included an option for residents to share a short narrative about any firsthand accounts they have had trying to maintain or renew insurance policies. Here are some of your responses that are anonymous:
“I live on Social Security. I have to start scraping money together six months before [insurance] is due. That cuts down on food, and cancels any participation in ‘fun’ such as a movie or lunch. It isolates.”
“My insurance has gone up each year for the past three years, with this past year being an increase of 43 percent. I have never had or made an insurance claim, but I have been dropped. And now I am paying a fortune to insure my home. We on M.V. get slapped with insurance hikes due to the hurricanes down South. Very scary with how things are trending.”
“Our insurer dropped us in 2024, and we did find a new one through our broker, but the rate went up $1,000 over the previous year. The price you pay for quality of life.”
“My insurance premium has increased by 330 percent over the past five years.”
“I’ve dropped hurricane (named storm) coverage.”
“Luckily, I have MV Insurance Co., and they were able to find us house insurance. However, being that my husband and I are retired, and on a fixed income, it has been a struggle paying premiums that have nearly doubled in less than two years.”
“I have lived in the same home for more than 50 years. I get home inspections every year for insurance. I have paid it in full with each renewal. Last year they decided my roof needed new asphalt shingles, as there was some moss on the roof. The cedar shingles ‘looked gray,’ and both would need to be replaced; $70,000 later, they offered a renewal for $11,600 for the year. Previous year the cost was $3,200. I have had one claim in 50 years for damage from a lightning strike. I live about 1 mile from the water, and I am within 300 feet of the Chappy fire station. We finally got a horrible policy for $6,000. I’m on Social Security, and the $6,000 is half of my year’s earnings. I have no idea how I’m going to be able to get a renewal this year.
“I have been with Amica for almost 50 years; they will no longer insure me. I signed up with USAA (the military one); they will not insure me. USAA reached out to several companies, and none of them would pick me up because of “coastal risk.” My insurance went from $2,400 when I purchased my home three years ago to $6,100. I am on a fixed income — this is not good! Thank you for asking.”
“Barnstable Insurance Co. nonrenewed my homeowners policy in 2023. Fortunately, I found coverage with USAA. I wonder if Dukes County can form a group captive on behalf of homeowners as a potential solution?”
“Simply grind my teeth and pay the bill.”
The Times is interested in pursuing this story further. If your insurance wasn’t renewed recently, or if you are struggling to afford coverage, send us an email at editor@mvtimes.com or sam.houghton@mvtimes.com.