Homeowners insurance.........this is getting outta hand!😖
62vld2042
Member Posts: 1,198 ✭✭✭✭
Lately.......here in the far north Cross Timbers area of Texas.......I've been getting many new offers of homeowners insurance.
Last Thursday I found out why. My State Farm policy renewal showed up in the mail. They're gettin' serious now.........as, in the last 24 months, my premium has increased by 49.452%!!😭 At those rates, I could put a nice new roof up every 5 years!!🧐
Scare tactics/commercials not withstanding....…"they" statistically KNOW that nothing will happen to our house. Yet, they feed on our insecurities.......and we fall for it.
One bright light though. A few weeks ago, I read that the number of paid-off homeowners, who have decided to forego insurance, had risen to 18%. One in five seems a bit high to me........but, maybe we're seeing the beginnings of how much straw it takes to break THIS camel's back.
Surprisingly......to me anyway.......I'm seriously mulling it over.
Besides.........how many homes, in my neighborhood, have burned down.....…in the last 30 years???......
Zip.........😎
Comments
A company canceled my home owners insurance because I am in SC and they were canceling all coastal states because of hurricanes.I am about 250 miles from the coast in the far northwest corner.I can be in NC in about 15 minutes and there has never been a hurricane in this area.
I intend to do some shopping around in the next insurance cycle. State Farm has raised my homeowners and car/Truck and farm insurance every year…. I have checked it out a little and I know I can save some bucks changing to another company.
The only time I ever hear from SF is just before payments are due telling me I need more coverage or whatever new product they are trying to sell….
I've found over the years that if your insurance company has "State" in it's name (there's quite a few) you need to run for the hills and don't look back. Although I'm sure many on here love'em and if so then good for you, just my personal & business experiences speaking, I've found much better in all aspects, they're out there.
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
Insurance company's are in to make huge profits even more so over the last 10 years or so
Each of us pay for all the damage no matter where it ocures so the insurance company still makes profit. It is the bottom line they really have no risk as the customers pay for it anyway
I am sure some small part is where we live and the risk factor in but not enough
they will make a profit no matter even if you or i have filed a claim we pay for all the claims and get canceled for being a risk in there bottom line
I dropped SF probably 7 or 8 years ago because after being with them on both home and cars for over 20 years they would not stop raising usually many times more than cost of living and never had a claim with them, Used several different companies since through an independent agent, then finally about six months ago completely dropped the homeowners, just no longer felt is was worth it. It would hurt to have to rebuild, but I'm taking that chance. They seem to almost double the cost each year so I decided to just save that in an account that earns interest. Still have minimum required on vehicles. My house is made of very little combustible materials so damage from fire is not an issue, tornados different story but that's life….
State in insurance policy lingo=snake.
Honestly, home construction cost have risen, roughly 50%, under Biden-nomics. Thus the increase in insurance coverage.
I know, been building them for 50 years and no I am not a insurance agent, although I do support several agents.
The only thing worse than having insurance and never using it, is having insurance and using it.
Lot a food for thought here. Would be nice not to have to pay just over a thousand dollars a year now, that’s what I pay, and that’s a $1,000 deductible. I’m with State Farm, last 3 or 4 years now it has gone up.
My dad was a fireman on the fire department. One thing I learned from him over the years he was a fireman: even a cement building will burn.
Houses just cost to much to replace these days. I’d be afraid to just drop my insurance and take a chance. I don’t have the answers. I guess that is another reason to keep a bottle of tequila around.
$1000 a year! Come down to South Florida. My old neighbor got his renewal notice recently……$18,000 to insure his 3br, 2 bath 1500 SF home. He’s not even on the water, but is at least 20 miles inland.
As you might imagine, he’s opting to self-insure.
Insurance companies are not the boogey man most people think, consider the price of building materials has more than doubled in this Biden error. Inflation has nearly doubled the cost of labor and lets not forget compliance regulations for building have changed depending upon location.
Compliance regulations (Going Green) adds considerable costs: Courtesy of the federal government. Further, adding to the problem is the high cost of transportation. If you finance your home, you must have insurance or you will not get a loan.
BTW, in the Biden error, interest rates have more than doubled. Elections have consequences.
I too had State Farm for many years but dropped them for AllState. AllState kept going up and I started searching for cheaper insurance and found Farm Bureau. FB just started selling insurance in WV last fall. They have sold in neighboring KY for quite a while. FB saved me $4500 a year on auto and home with deductibles cut in half and more coverage. I asked the agent if this was an introductory rate to get their foot in the door and he said no. If they start raising rates I will look elsewhere
I have had Farm Bureau for half century. They have saved me 10 of thousands of dollars over the years. I would get aggravated at them and shop around, prices elsewhere were almost double. I would tell them that I could not find cheaper ins. Reply of course, we what to keep your business.
2 cents, no matter who you have insurance with the agent is the one who makes the insurance work for the client.
Everything has gone up crazy in such a short time. I hate to do without insurance. I will under insure before I completely drop as mine has gone up with Farm Bureau, but not that much yet.
Rate with Travelers went up 75% from last year and never once filed a claim. Agent at insurance company said that some rates in the Billings area went up 98% due to extremely high incidences of hail damage.
I am over one hundred miles inland from the coast . Several insurance companies, state farm for one , now classify me as living in a coastal county. You just cannot win .
We are with USAA….we shopped around to get a better rate, Alpha had a better rate, so we switched. They sent someone out to look at our place and we got a letter stating we were being dropped because of the trees near our home. I swear, we are happy with USAA…..they are wonderful when you have anything happen. I wasn't happy with what they estimated my car was worth when it was totalled, but that is just part of the game. I'd rather have a bit higher premium and know they will be there when the time comes.
Thanks for ALL the comments guys.......and supermodel.😉 They are ALL appreciated.
Now.......to get some quotes......including Farm Bureau.
Then........to make a tough decision.
Thanks again........
I had two houses and truck with Hartford for decades. Warned them about creepage. They would not listen so dumped them about 10 years ago for Travelers. Every six months Travelers pulls same thing. $200-$300 increase on my Ram. Never a accident and truck is 4 yr old now. Bill just came $1340 for six months. Premium on both houses seems ok but I feel they are raking me over the coals on truck.
Every week I get mail from Hartford "Please come back" . Tonight I will give Hartford a shot again. House in Virginia is paid thru Dec. Will try to get better quote on truck and ny house. I am afraid they will low ball me on truck and loose my multi policy discount on house. Bunch of thieves. ——————Ray
PS: I have 3 acres 5ft grass in Virginia and Travelers wants me to stop and take defensive driver course. I never have accidents and this is all BS.
@4205raymond It's good to hear from you.
About 15 years ago I tore down and removed a mobile home on back lot of my property in Virginia. Called Loundon Ins in Culpepper and informed them. They cancelled me immediately. Cost a fortune to insure land (lability)with no dwelling. I had septic, electric, deep well, telephone and a 10 x 20 shed made in Rural Retreat. They don't care. Tough, a bunch of crooks. Lawyer told me to put up no trespassing signs. What else could I do? They called my beautiful shed a nusiance and possible theft target. no way to get pass my neighbors 9mm or sxs double 12 ga.
Can understand why many here are seriously thinking about cancelling home owners policy. Sad state of affairs. ————————Ray
Before we started having the house built in Va., State Farm covered the property for free on my existing home owner's policy in another state. I just raised the outbuilding amount to cover the dock and shed.
Toolman286, glad to hear something nice happened to a Insurance Customer. Just spent one hour back and forth with Hartford with my hearing problem. They are beating Travelers on Ram insurance but off the charts on my NY home. Still waiting for a accurate quote on Truck/NY home.
if I dump Travelers I am afraid they will come back at me for more money on Va home that expires in Dec. regard multi policy discount.
My ears have listened to too much gunpowder/chain saws. No wonder us old timers don't have the patience to switch. ———————————Ray
Hartford beats Travelers by $630 a year on 2020 Ram. Travelers beats Hartford by $278 on NY home. Who knows what happens to my multi-policy discount on Virginia house. What a can of worms! ———————————Ray
10 years ago here in central Florida our home insurance was 800 , now it’s close to 6000. No claims and no damage. Just redickulas . 60 miles to the ocean .
I wasted hours of my valuable time with quotes and my bad hearing and ended up staying with present company. I think most of them are crooks.
DR is spot on. We all pay for the misfortunes of others.——————Ray
I have been saying for decades……Insurance is a racket….
I found out today mine is going up 47% and never had a clam, 45% for auto
Thanks to insurance our almost paid mortgage went from $660 to 825.
I met with an agent yesterday and drastically cut the coverage on our farm policy. It had gone from $2600 in 2021 to $6000 now so something had to be done. No claims in 35 years, and only minor ones in the 15 years prior to that. The agent told me that now whenever anyone has a claim they will be dropped, even for storm damage and other acts of God which a person has no control over.
When I was getting quotes i got after my insurance company because i kept telling them to take my deceased wife's name off them for several years but they don't listen. Yesterday i got three large packets in mail with name change on three policies and all that wasted postage. A ton of paper.
Why not one page/one paragraph saying we changed the name on all your policies. What a waste of money. Just don't get it.——————-Ray
State Farm cancelled my home owners insurance on the hunting cabin. We had insured with them for 50 plus years with just two small claims in that time period. We have wood heat in the cabin. State Farm did not like that.