Metroplex
Sponsored by

North Texas HO Ins Rates

1,758 Views | 20 Replies | Last: 3 yr ago by CraigSmithAllen
jtraggie99
How long do you want to ignore this user?
AG
Yeah, I know rates are insane with the annual hail storms, but I just got my renewal and it just keeps going up. I live in McKinney, 2,000 sqft house, current appraisal by the county is around 285k. My renewal from USAA is now at around 3,600. That just seems really high to me. I've been with USAA forever, and have always gotten great service from them (I know some have had different experiences). I'm a little leary of switching to someone else, unless it would be a decent to substantial savings, and I've heard too many horror stories from others getting claims processed and repairs done.

Just curious what kind of rates others in the area are getting and who they are with and what their experiences have been.
Hincemm
How long do you want to ignore this user?
AG
i get the usaa loyalty. trust me...love their customer service. but the rates suck. i'll figure out what mine is and follow up. been with safeco for over 8 years, and they've been nothing but great. had to replace a roof about 3 years ago.

and i believe uses 2% deductible on their policies, whereas most home policies use 1%. somebody correct me if i'm wrong on that.

love my agent if you need a referral.
East Dallas Ag
How long do you want to ignore this user?
AG
What's the dwelling value of the home, I am guessing not much above $300,000 if that. $3,600 does sound high, especially so if you have a 2% deductible. While rates in NTX as a whole are going up, there likely are better options. I'm in the industry and can take a look if you like.
jtraggie99
How long do you want to ignore this user?
AG
East Dallas Ag said:

What's the dwelling value of the home, I am guessing not much above $300,000 if that. $3,600 does sound high, especially so if you have a 2% deductible. While rates in NTX as a whole are going up, there likely are better options. I'm in the industry and can take a look if you like.
They actually have the dwelling at 372,000. This sounds really high to me. I just did a refinance last year and my appraisal was around 280,000 and the county currently has it at 285,000. And I have 2k wind and hail and 1k on everything else. I played with adjusting the deductible to 2k for both and it did not have a big impact.
jtraggie99
How long do you want to ignore this user?
AG
Hincemm said:

i get the usaa loyalty. trust me...love their customer service. but the rates suck. i'll figure out what mine is and follow up. been with safeco for over 8 years, and they've been nothing but great. had to replace a roof about 3 years ago.

and i believe uses 2% deductible on their policies, whereas most home policies use 1%. somebody correct me if i'm wrong on that.

love my agent if you need a referral.
Thanks! Feel free to pass it along. I'm going to do some comparisons.
East Dallas Ag
How long do you want to ignore this user?
AG
Insurance really doesn't care what the appraisal or county assessed values are, it only is concerned with what it will cost to replace the home in the event of a total loss. At $372,000 that's definitely on the high end for a 2,000sf home in McKinney, but construction costs are going up dramatically. ~$150/sf seems like it would be adequate if you don't have a lot of custom features. All carriers make regular inflationary increases to the dwelling value, but if you've been with a carrier for along time, sometimes those outpace reality.
Hincemm
How long do you want to ignore this user?
AG
my "rate" is .55% of dwelling coverage.

my agent is bentley; email is cfitch (at) twfg.com

doesn't hurt to shop, whether it's with him or someone else.

fwiw, i annually pay less than 2900 on a house that is appraised higher than the one to which you're referring. it tells me that your suspicion of the renewal rate "being high" is a correct one

redeyeone
How long do you want to ignore this user?
AG
I have been with USAA for a long, long time. When it came to buy our house in North Texas I automatically assumed I would go with them. When my wife showed me the USAA quote compared to other insurance I was shocked. USAA wanted twice the cost. I forget the name of the original one we compared it against. But, overall USAA was much higher than any of the companies we looked at. After we bought the house I went back and compared my auto insurance. Once again, USAA was much higher than the other companies. I was just always told they were cheaper and I accepted it for years. Now, I only maintain a cheap personal property insurance through them. Mostly because it is actually cheap and I still keep my years of membership.
Carlo4
How long do you want to ignore this user?
AG
$320,000 coverage and $1,100 a year. Tarrant County. 2018 energy efficient home.

Had a $375,000 coverage in Collin County on a 1999 home that had been remodeled to be energy efficient and was $2,400 a year. This differences are just crazy to me. Collin County is one of the most expensive in the area from what I hear.

cadetjay02
How long do you want to ignore this user?
AG
That seems oddly high. I'm in Frisco in Collin County as well. I have 3,300 sqft and over $520,000 of coverage and pay about $3,000 a year. I've always had USAA.
CraigSmithAllen
How long do you want to ignore this user?
Local independent agent that would gladly shop your home insurance to see if there is something better.

Craig@smithallen.com
Absolute
How long do you want to ignore this user?
AG
Unfortunately insurance seems to have changed. They are now like cable TV or cell phones. They want new customers and diacount them to an extreme. Then they turn around and jack up existing customer's rates. As a consumer you have no choice but to shop around every few years or pay more than you should.
DallasAggie89
How long do you want to ignore this user?
AG
Allen - USAA

3900 square feet. Dwelling coverage of $714k. $3468
jtraggie99
How long do you want to ignore this user?
AG
Just now getting back to this, and I greatly appreciate all of the responses. As I suspected, I am definitely on the high side. No question there. I'm gonna shop around and do some comparisons.
Yesterday
How long do you want to ignore this user?
AG
USAA has never given me good rates. I agree with the poster above about shopping around. Now if we can just get people to stop automatically buying a new roof every time there's a hail storm. Or better yet get roofers to stop telling them they need one.
CraigSmithAllen
How long do you want to ignore this user?
Homeowners are required to pay their deductible now by law, which should help, but evidently some roofing companies are still getting around this.
Yesterday
How long do you want to ignore this user?
AG
CraigSmithAllen said:

Homeowners are required to pay their deductible now by law, which should help, but evidently some roofing companies are still getting around this.
They are no doubt getting around this. I own numerous properties in DFW commercial and residential. I talked to a roofer a week ago about two properties and he straight up told me that he would do his best to help me avoid the deductible. Because of this I'm having issues getting around 5% wind/hail on my commercial properties.
Matsui
How long do you want to ignore this user?
AG
$100 a month thru progressive. Tarrant county. $310k house
Matsui
How long do you want to ignore this user?
AG
Drop usaa. Way too high.
Post removed:
by user
duck79
How long do you want to ignore this user?
AG
Universal North America. $1200 for 540k coverage. 3100 sq ft
CraigSmithAllen
How long do you want to ignore this user?
Yes, there are some really great rates to be had out there.

With that said, please look over your policy at two specific items. Make sure that your wind/hail deductible isn't anything outrageous. Lots of companies are moving to 2% or even higher for wind/hail claims.

Also, make sure your roof is covered at replacement cost, and not on some sort of "schedule". Insurance companies have not been very transparent with this, and many clients find out (after it's too late) that their roof will only be covered up to a certain percentage.

As always, happy to discuss, shop or review your home insurance needs.

craig@smithallen.com
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.