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Homeowner's insurance rates going up?
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henningspruth
Mueller Community

Posts: 488
Joined on October 20th, 2007
Homeowner's insurance rates going up?
by henningspruth on November 11th, 2012

I'm using Travelers (through Geico) for my homeowner's insurance. In their letter for the upcoming policy renewal, they are increasing the premium by a cool 40%. The lady I talked to on the phone said that this was mainly due to their "state rate" going up.

Is that typical?

Henning


 
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shelley hiam
Mueller Community

Posts: 56
Joined on June 24th, 2009
Homeowner's insurance rates going up?
by shelley hiam on November 12th, 2012

Mine skyrocketed as well. I haven't called my company yet (State Farm), but when it went up last year, they blamed it on a state rate increase as well. I'm wondering if that's legit. Anyone have any insider info?
 
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Mike Carroll
Mueller Community

Posts: 68
Joined on April 7th, 2010
Homeowner's insurance rates going up?
by Mike Carroll on November 13th, 2012

Henning & Shelley,

Unfortunately homeowner's insurance premiums will continue to increase in our current environment. Though, hopefully not by 40% this does sound high.

As an Independent Insurance Agent I talk to clients about this all the time. There are several factors that carriers use to determine premium. One of those is loss history, and it doesn't have to be YOUR loss history. If you look at our state the last few years we've had a ton of big weather related events. From huge hail storms, to tornados, to the fires across the state, and hurricanes, insurance companies have been taking it on the chin in Texas the last few years. Compound that by the low interest rate environment we've had...think low investment returns...and it's been hard for property carriers to make money on TX homeowner's policies.

So even though you might not have had any losses, you're still being affected by those events.

Historically speaking though our premiums in TX have been very low for a long time. We're starting to see that pendulum swing back the other way now. If you're carrier hasn't risen rates, they've probably raised the minimum deductibles.

One thing I would not do though is cut coverage for the sake of reducing the premium. Because when a loss happens you want to be covered.

Mike
 
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Karen the Red Baron
Mueller Community

Posts: 10
Joined on October 27th, 2010
Homeowner's insurance rates going up?
by Karen the Red Baron on November 13th, 2012

I got a notice from my carrier, The Hartford, that my homeowner's insurance will be going up a whopping one dollar next year. You might want to give them a call.
 
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Kevin McGillicuddy
Mueller Community

Posts: 164
Joined on April 27th, 2010
Homeowner's insurance rates going up?
by Kevin McGillicuddy on November 13th, 2012

I sent an email to my agent, Watkins Insurance, who I've been with for close to 30 years. Following is their reply:

" Yes, industry-wide many carriers have increased their rates. The percentage of increase varies from carrier to carrier, client to client, and location to location. With that said there may be a multitude of factors affecting your neighbors rates. The good news about us is we have contracts with many different carriers so when we see substantial increases on people's policies we always shop the account with our other carriers to see if they are getting the best rate. If they are not we will reach out to the clients and offer to rewrite the policies.

I am more than happy to review your neighbors information and see if we can find cheaper prices while not skimping on the coverage. Feel free to send them my direct contact information and I will happily see what we can do.

I attached some quote request forms that you can have your neighbors complete and return to me so I can work on their quotes. It is best if they include a copy of the current declarations pages so we can create a comparison of the two policies and be sure we are not providing more coverage than they have now or less than they need. Every company has a different type of policy and different “add-on” options so the more information we have the better we can do in explaining all the differences. In lieu of the completed forms they can call me direct and I will get all the information I need to provide prices, either way works for me."

End of quote - I haven't printed out or tried to attach the forms my agent attached, as I think the easiest way to check your alternatives would be to talk to an independent agent, such as Mike Carrol, who replied above, or if you'd like to talk to my agent, he is Ruben Valderas at Watkins Insurance, Ph 452-0999.

My home doesn't come up for renewal until next Spring. Here's hoping rates will moderate by then, although I have to say that when I moved to Mueller my rates declined by probably 40% even though I had about 50% more square footage than in my prior home. That probably had to do with the more fire-resistent construction materials, and oh yeah, the fact that I no longer have that $250 deductible for hail losses and instead my deductible is based on a percentage of the value of the house. Next hail storm will be on me. :-(


"
 
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dhs
Mueller Community

Posts: 179
Joined on January 5th, 2009
Homeowner's insurance rates going up?
by dhs on November 14th, 2012

I too have home insurance through The Hartford, and the rates have stayed pretty constant - just renewed the policy last month. This is an AARP (yes, I am that old ...) plan, and I also use them for my car insurance, so either of these might cause rate changes to be more moderate.
Doug
 
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J. Rector
Mueller Community

Posts: 22
Joined on August 29th, 2012
Homeowner's insurance rates going up?
by J. Rector on November 14th, 2012

Does anyone use USAA? I'm currently building in the neighborhood and will be moving in around year's end and I'm wondering if homeowner's is increasing with them as well.
 
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Megan McNerney
Mueller Community

Posts: 10
Joined on November 21st, 2011
Homeowner's insurance rates going up?
by Megan McNerney on November 15th, 2012

I have my homeowner's insurance through USAA. I did see an increase this year of about 20%. When I called I was told that it was due to state rate increase.
 
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J. Rector
Mueller Community

Posts: 22
Joined on August 29th, 2012
Homeowner's insurance rates going up?
by J. Rector on November 15th, 2012

Okay, thanks!
 
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