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Joined: Dec 2008
Posts: 576
Campfire Regular
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Campfire Regular
Joined: Dec 2008
Posts: 576 |
I moved from USAA last week, when mine went up 30 percent. When I called, they merely said they are keeping up with inflation? I do know that USAA had a negative year this last year? I movd to progressive
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Joined: Feb 2010
Posts: 16,189 Likes: 5
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,189 Likes: 5 |
Any of you Progressive folks ever file a claim? How’d that go?
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Joined: Dec 2005
Posts: 4,189 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: Dec 2005
Posts: 4,189 Likes: 1 |
"Funny how insurance pretty much tracks housing increases, my house more than doubled in value over the last 2 1/2 years and so did my insurance."
Did your Dwelling Coverage A go up 2 1/2 times, or just the annual premium?
Most insurance companies have the Dwelling Coverage A increase on auto-pilot, using whatever matrix they have. They don't want you underinsured anymore than you do, but, most insurance companies are using 1-2 year old Replacement Cost figures, so they are behind the times to begin with.
In December, 2021, in the span of about 24 hours, the Marshall Fire in Superior/Boulder County, Colorado, wiped out about 1,050 homes and buildings. After the smoke cleared, many of the homes were under-insured. That is one conversation I never want to have with my client.
If your house costs $300,000 to rebuild, but you insure it for $350,000, you will pay a few bucks more each year for coverage.
On the flip side, if it costs $300k to rebuild and you have $200k in coverage, that will cost you ten's of thousands of dollars. No question about it. I'm sure you have the same discussions with insureds that I had with them regarding deductibles. Honesty is the best road to take. Some folks simply cannot save, nor do they have the funds set aside for ANY emergency. Big deductibles can lower rates but potentially put the insured on thin ice. Insure to value!
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Joined: Dec 2019
Posts: 3,106 Likes: 7
Campfire Tracker
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Campfire Tracker
Joined: Dec 2019
Posts: 3,106 Likes: 7 |
In addition to lowering premiums, a benefit of a higher deductible is that filing fewer claims means much less time wasted dealing with insurance agents and adjusters. Just by banking the premium savings a person can often come out ahead on both counts.
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Joined: Dec 2006
Posts: 28,172 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Dec 2006
Posts: 28,172 Likes: 1 |
Visit your local independent insurance agent. Be prepared to also shop out your auto/boat/umbrella coverages too, as getting the best rates often requires multi-policy discounts.
Compare apples to apples. Watch the coverage amounts and stated values closely.
All homeowner/landlord policies have increased significantly in every market. In my market alone, my primary residence has increased $1000 over the last two renewal periods without claims activity. Good advice, but, I am an independent broker. I find many people have very low deductibles, and by increasing the deductible, you can usually save a good amount of money. Consider raising your deductibles on the cars as well, then put the savings in the 'cookie jar'. If you look at the last time you had a claim, you night find that you would have saved a lot of money going with a higher deductible on everything. Most insurance companies will also pay the homeowner the same rates they pay a pro, such as a plumber, painter, etc., so with some 'sweat equity', you can justify a higher deductible, especially if you are handy. And, yes, here in the Front Range of Colorado, I am seeing double digit increases, especially on homes. Absolutely correct!! For over 40 years I worked as a captive agent, independent agent, underwriter, or a claims adjuster. Companies survive by staying ahead of rising cost of doing business, pure and simple. If you shop, make sure you have the quotes reflect current values; you need to insure to value, and that might increase premiums that you were paying, since sometimes the dwelling and other structures values have not been increased on the policy to reflect todays costs. Also, re: liability coverages, go over your net worth with your agent, and have him tune liability coverages to reflect your net value...everything you own and all your cash and investments.
Hunt with Class and Classics
Religion: A founder of The Church of Spray and Pray
Acquit v. t. To render a judgment in a murder case in San Francisco... EQUAL, adj. As bad as something else. Ambrose Bierce “The Devil's Dictionary”
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Joined: Oct 2021
Posts: 11,077 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2021
Posts: 11,077 Likes: 8 |
Friends below the Interstate 10 and 12 areas are getting hammered with homeowners insurance costs.
One in Boutte saw his climb from $3800/yr to $9600/yr and that was after he doubled his deductible amounts.
Another duck hunting buddy in Mandeville who has a really posh place saw his go from $4800/yr to a little over $12,900/yr. His deductible remains the same.
Outlandish stuff.
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Joined: Sep 2014
Posts: 22,001 Likes: 13
Campfire Ranger
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Campfire Ranger
Joined: Sep 2014
Posts: 22,001 Likes: 13 |
Yep.
The ones you hear advertising on the radio frequently save you money by
selling you LESS insurance.
And they aren't there to help you when you NEED insurance(claims).
Adding a kid and a car, I was talking with our agent about the cost.
She mentioned that I did have very low deductibles, "not that it is necessarily bad".
So we run some numbers, and by raising the deductible, I saved the amount of the new deductible in just over a year! Those low ones were put on 25 years earlier when
I couldn't easily afford a big hit. That's not an issue now, and I welcomed the savings.
Point being, cut rate companies will make those changes then pretend they are
saving you money. They really aren't.
On homeowners.
One should read the total policy every few years, there is a tremendous amount of
losses covered under a good policy. The kind of stuff most folks would just pay and never consider it to be covered.
Parents who say they have good kids..Usually don't!
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Joined: Nov 2004
Posts: 10,091 Likes: 15
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2004
Posts: 10,091 Likes: 15 |
I find I have to shop insurance every few years. They get you in with a good rate and then start cranking it up within a few years. I just had to go from farm bureau to All-State but it cut my rates almost in half.
Bb
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Joined: Oct 2021
Posts: 11,077 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2021
Posts: 11,077 Likes: 8 |
Looks like Farmers Insurance company is now pulling out of Florida like was done in California.
Shedding risks.
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Joined: Dec 2019
Posts: 3,097 Likes: 6
Campfire Tracker
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Campfire Tracker
Joined: Dec 2019
Posts: 3,097 Likes: 6 |
Getting your home insured in Florida just plain sucks. I have shopped around trying to save a few bucks. My insurance has still doubled in the last 5 years.
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Joined: Mar 2010
Posts: 12,197 Likes: 62
Campfire Outfitter
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Campfire Outfitter
Joined: Mar 2010
Posts: 12,197 Likes: 62 |
My USAA homeowner's insurance went up over 75% after we renewed. We can no longer afford it.
What company should I be looking at to get good insurance for a reasonable price? What has been your experience?
All help appreciated. Thanks Most of them are doing this. Farmers tried to hit us with a 50% increase. We dumped them and switched to Donegal. Insurance companies are crooks
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Joined: Oct 2021
Posts: 11,077 Likes: 8
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2021
Posts: 11,077 Likes: 8 |
My USAA homeowner's insurance went up over 75% after we renewed. We can no longer afford it.
What company should I be looking at to get good insurance for a reasonable price? What has been your experience?
All help appreciated. Thanks Most of them are doing this. Farmers tried to hit us with a 50% increase. We dumped them and switched to Donegal. Insurance companies are crooks Champ in addition to what you’ve said, I don’t know how or if this affects you folks but you should hear the gnashing and wailing going on in the Gulf coast states where flood insurance is required by the lenders. FEMA redid their risks assessments and assigned new parameters for flood insurance by areas. Gulf coast states legislatures are pushing back hard but for naught. Folks with this flood insurance issue are getting double hammered.
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Joined: Jul 2011
Posts: 1,818 Likes: 2
Campfire Regular
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Campfire Regular
Joined: Jul 2011
Posts: 1,818 Likes: 2 |
Shelter Insurance has covered almost everything I own since 1989. In today's world and living south of Highway 90 in Louisiana my rates are still reasonable, but that is subject to change.
I just paid nearly $3000 for flood insurance on my home. I never flooded not even for Rita which in my area is the high water mark. In the next several month I plan to list my home, the new owner will likely pay around $1200 per month for flood, homeowners, and property.
My new property will not require flood insurance, but homeowners will be expensive. I would drop wind and hail before paying $10,000 a year for insurance.
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Joined: Oct 2004
Posts: 26,770 Likes: 28
Campfire Ranger
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Campfire Ranger
Joined: Oct 2004
Posts: 26,770 Likes: 28 |
I’m not even sure what is a high rate for home owners insurance anymore. We own a 2218 square foot brick home, built in over sized garage, and a 1,000 square foot workshop that is finished as nice as a home, inside and out. Our annual premium is $1400.
High? Low? Average? That's encouraging. How far are you away from the nearest fire station?
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Joined: Aug 2010
Posts: 28,738 Likes: 13
Campfire Ranger
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Campfire Ranger
Joined: Aug 2010
Posts: 28,738 Likes: 13 |
Friends below the Interstate 10 and 12 areas are getting hammered with homeowners insurance costs.
One in Boutte saw his climb from $3800/yr to $9600/yr and that was after he doubled his deductible amounts.
Another duck hunting buddy in Mandeville who has a really posh place saw his go from $4800/yr to a little over $12,900/yr. His deductible remains the same.
Outlandish stuff. You don’t have friends or a buddy. Plus you don’t hunt. Stop lying.
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Joined: Aug 2010
Posts: 28,738 Likes: 13
Campfire Ranger
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Campfire Ranger
Joined: Aug 2010
Posts: 28,738 Likes: 13 |
I’m not even sure what is a high rate for home owners insurance anymore. We own a 2218 square foot brick home, built in over sized garage, and a 1,000 square foot workshop that is finished as nice as a home, inside and out. Our annual premium is $1400.
High? Low? Average? That's encouraging. How far are you away from the nearest fire station? No hurricane policies here , Paula.
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