Are 65% increases YoY the new normal?
home owner insurance increases
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73 Replies |
Last: 2 yr ago by Aggie09Derek
Mine is coming up and it terrifies me. Who do you use?
Got mine from USAA last night - 20% increase from last year, translating to about a $50/month higher increase.
I'm on the fence about just taking it or shopping around. I'll probably end up shopping.
I'm on the fence about just taking it or shopping around. I'll probably end up shopping.
Mine went up about 33%. I've got Farm Bureau and they are super easy to deal with. I might ride it out this year and shop around next year if it's another big increase.
Mine went up $2,100 YoY. Guess I'll have my agent start shopping around tomorrow!
Farm Bureau raised mine 50%. I'm going to get a new roof and then get something cheaper.
Shop all of your insurance every year!
Maybe I'm mistaken but when you go through a broker such as Liere Insurance or Gooshead, do they not automatically just shop your policies every year? I just called in to who I utilize and their policy is they only shop if you call and ask them to as it's a soft hit on credit. I was under impression they should be shopping every year.
Goosehead absolutely does not. They'll just let you get renewed - oftentimes for a much higher premium even though there are much better deals out there. They still get their commission, though - so that's good for them.
20% increase from Allstate. Was a member for over 10 years. I asked them to resubmit a new premium proposal or I'd shop around. They declined to resubmit a new proposal, so I left. Used Goosehead who found better coverage, with a (subjectively) better insurer, for less money. Unfortunately, I think insurance will be like electricity and you'll just have to shop for a new plan every year.
All the casualty insurance groups have taken huge losses in Texas. Rates are up across the board. Even Geico jumped almost 40% on mine. I had to shop too.
Neither of those automatically shop without you asking.
Just got numbers back from my broker and switching to Travelers for a "modest" $300 increase from last year
Take it from someone who deals with all the insurance companies on home claims everyday (operate a water/fire/roofing company), you get what you pay for as far as policy and claims experience goes.
I use a broker. A little disappointed they let a 65% increase get to me without warning or even automatically shopping it for me at that level of increase. I'm giving them a week to shop around for similar coverage at a better rate. If they don't help I'll hire someone else and shop around.
At least the power to choose website makes it easier to compare everything.yocod said:
20% increase from Allstate. Was a member for over 10 years. I asked them to resubmit a new premium proposal or I'd shop around. They declined to resubmit a new proposal, so I left. Used Goosehead who found better coverage, with a (subjectively) better insurer, for less money. Unfortunately, I think insurance will be like electricity and you'll just have to shop for a new plan every year.
Try to shop different companies yourself and you're getting spammed every which way. Really shouldn't be as much of a hassle as it is, but I suppose that's by design.
I've just in the last year had long-time Farmer's and Tx Farm Bureau agents tell me that it frustrates them that they're able to offer better rates for 'new' policies than they are for guys who've been with them for years.
It kinda reminds me of banks offering 'high' interest rates on 'new money' only, while their long-time customers just get pissed off about it.
It kinda reminds me of banks offering 'high' interest rates on 'new money' only, while their long-time customers just get pissed off about it.
Hell that's damn near any company nowadays. Cell phone companies, internet, cable, insurance….you name it and if you're a long time customer you'll get shafted versus a new customer.
Add me to the long list of people with a significant increase. Broker I used said everything is up across the board no matter the underwriter.
Allstate up from 3100 to over 4k
Shopping around
I usually change my insurance every year because this **** happens every damn year. It's getting crazy expensive tho
Shopping around
I usually change my insurance every year because this **** happens every damn year. It's getting crazy expensive tho
Everyone thinks they need a new roof every time the wind blows, and we wonder why prices are following suit.
MAS444 said:
Shop all of your insurance every year!
This but it is so incredibly annoying. I feel like I have ti send 50 emails per month about insurance of different types and I am not nearly organized enough to keep up with it.
CS78 said:
Everyone thinks they need a new roof every time the wind blows, and we wonder why prices are following suit.
But when you do need a new roof cause the existing is over 15 years, you don't want the insurance company to say "well - we will only replace 3/4ths of the roof, so you can either find a roofer who will inlay the new shingles next to the old shingles or pay more out of your pocket plus the deductible to get the remaining 1/4th replaced".
Honestly - best to plan for self insuring at the rate things are going with the market.
Bassmaster said:
Neither of those automatically shop without you asking.
I would tell you that no company completely, consistently shops all its customers renewals. It's almost impossible
Also, the captives like SF, Allstate, etc… just have one product.
Interesting. Do insurers offer a policy that excludes roofing but that would cover things like fire and say a tornado blowing the house down?Quote:
Honestly - best to plan for self insuring at the rate things are going with the market.
I wouldn't sweat going bare on a roof, but a fire or tornado on a nice house would be a different matter. I've got an old office that I self-insure and take my chances on, but I wouldn't do it on my house.
I use a broker, they shopped me around, and I still ended up with a 47% increase this year. While on the phone with said broker, he said my 47% increase was still under the average he is seeing.
Ribeye-Rare said:Interesting. Do insurers offer a policy that excludes roofing but that would cover things like fire and say a tornado blowing the house down?Quote:
Honestly - best to plan for self insuring at the rate things are going with the market.
I wouldn't sweat going bare on a roof, but a fire or tornado on a nice house would be a different matter. I've got an old office that I self-insure and take my chances on, but I wouldn't do it on my house.
I do 5% deductibles on all my houses with the plan of never filing a claim. The savings across them all easily pays for the occasional roof. I always get 10+ years more life out of a roof than what a lot of people push for. And best of all, one less reason to fight with an insurance company.
Probably will come a point where the industry excludes roofs completely.
What would be the typical savings with a 5% deductible policy?
On an $800,000 home:
- $8,523 premium (at 2% wind/hail)
- $7,015 premium (at 5% wind/hail)
- $8,523 premium (at 2% wind/hail)
- $7,015 premium (at 5% wind/hail)
CS I believe has a significant size house inventory so it's easier to spread 5% deductibles around. But in the above scenario does anyone want a 40k deductible to save 1500 dollars? That's like not having insurance for a single home owner. Heck 2% will burn a good bit
Does anyone know if insurers will take into account your roof's age or type when calculating premium?. I have a Decra stone coated steel roof that should last a very long time and I wish it was possible to get a discount on my premiums as it shouldn't need to be replaced and has superior wind and hail ratings.
When I talked to Goosehead about finding a lower rate they said if I had a newer roof it would drastically reduce the cost of my home owners insurance.cena05 said:
Does anyone know if insurers will take into account your roof's age or type when calculating premium?. I have a Decra stone coated steel roof that should last a very long time and I wish it was possible to get a discount on my premiums as it shouldn't need to be replaced and has superior wind and hail ratings.
Yes. For sure
Have you called your agent/carrier and asked?
Thanks, I've told my agent but Im guessing it is dependent on the carrier. I'll bring it up again. Thanks all.
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