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Grrrrrr... Homeowners Insurance Renewal

 
Old 02-11-2019, 05:55 PM
  #1  
mardyn
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Default Grrrrrr... Homeowners Insurance Renewal

North East Texas area, no claims, renewal for next 12 month period is 30+% higher than last time.

Safeco Insurance Company. I shopped around and could not really find anything better.

Anybody else getting premiums jacked up?

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Old 02-11-2019, 05:57 PM
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Murray Anderson
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Maybe you were paying lower than you shoulda been
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Old 02-11-2019, 05:59 PM
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my primary went up 64%.
second was obscene including flood, afraid to see what it will be this year.
Real estate taxes went up 58% on secondary. Thx NJ.
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Old 02-11-2019, 06:03 PM
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Originally Posted by Murray Anderson View Post
Maybe you were paying lower than you shoulda been
this has been discussed at length here. Anytime there is a major hit, the insurers split the exposure, then raise rates across the board to cover it. life sucketh, get a helmet. Its still cheap for what you get. your 500k home burns down they replace it. even at 2000 per year, its 250 years worth of premiums to protect your investment. most homeowners move every 7 years or so on average.
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Old 02-11-2019, 06:09 PM
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Mine went up 49% last summer.
Got a letter a couple months ago that our insurance carrier is no longer going to write policies in my state.

And they're transitioning me to Safeco.

I have checked a couple other places myself, and they are even higher.
I even checked Geico, and they were more for house and vehicles.
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Old 02-11-2019, 06:12 PM
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Gordon Shumway
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Originally Posted by flange View Post
this has been discussed at length here. Anytime there is a major hit, the insurers split the exposure, then raise rates across the board to cover it. life sucketh, get a helmet. Its still cheap for what you get. your 500k home burns down they replace it. even at 2000 per year, its 250 years worth of premiums to protect your investment. most homeowners move every 7 years or so on average.

Somewhat true, but not entirely true. What happens in FL stays in FL, and likewise what happens elsewhere stays there as well, as far as we are concerned. The rest of the country has no exposure to FL weather bombs.
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Old 02-11-2019, 06:21 PM
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mardyn
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We did have a tornado come across and do a lot of damage 2 years ago, but that was about 10 miles from our location.

Between auto insurance, health insurance and homeowners coverage, we're spending a lot of green each year.

Not sure if there is a better solution.... Are any CFOT Ballers "Self Insured"?

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Old 02-11-2019, 06:31 PM
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Gordon Shumway
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Originally Posted by mardyn View Post
We did have a tornado come across and do a lot of damage 2 years ago, but that was about 10 miles from our location.

Between auto insurance, health insurance and homeowners coverage, we're spending a lot of green each year.

Not sure if there is a better solution.... Are any CFOT Ballers "Self Insured"?

mardyn
I'd be reluctant (to put it mildly) to self-insure my home, but if I had some older vehicles that were long in the tooth, I'd certainly consider dropping everything but liability.
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Old 02-11-2019, 06:41 PM
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One good thing about IL is that we seem to have low property and auto insurance.
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Old 02-11-2019, 06:42 PM
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Different company, and in TN, but my insurance has been the same for the last 3 years, paid in the month of June every year.
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Old 02-11-2019, 06:50 PM
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I recently switched home,auto,and umbrella from Metropolitan to AAA.
Total savings $1,340.00
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Old 02-11-2019, 07:18 PM
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Notreadyforprimetime
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Article in the WallStreet Journal today about home owners insurance in California. Evidently a lot of insurance companies are no longer issuing new policies or renewing existing ones due to the wildfires every year. Those that are still writing policies are raising rates significantly
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Old 02-11-2019, 08:00 PM
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Originally Posted by Gordon Shumway View Post
I'd be reluctant (to put it mildly) to self-insure my home, but if I had some older vehicles that were long in the tooth, I'd certainly consider dropping everything but liability.
I dropped everything on the cars too except liability even on the classic cars. I pay about 80 a year per car or less, and if something happens which nothing has in 30+ years then I will eat it.
Edit, and as of really late I stopped registering most of them, and really don't drive them either so no insurance on those.
I am super burned out on paying for things I barely or never use for just sitting there.
As soon as I pay my house off I am dropping HO insurance as well.

Last edited by centuryoldracer; 02-11-2019 at 08:04 PM.
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Old 02-11-2019, 08:11 PM
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Homeowners insurance on my new home is about $1,000 including wind. Flood insurance (although not required where I built) is $450. I believe that is reasonable.

Property taxes should be under $1,500 annually. Electric about $100 monthly. Water & sewer $50 monthly. CATV and internet $100 monthly.

About the cheapest housing expenses Iíve had in a long time.

Woot. Woot.
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Old 02-11-2019, 08:36 PM
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Originally Posted by mardyn View Post
Anybody else getting premiums jacked up?
Mine went up 1250% at the end of last year. I've been fighting it for months and there may not be a damn thing I can do.
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Old 02-11-2019, 08:56 PM
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Mine went up 13% from 2018 to 2019 - USAA.
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Old 02-11-2019, 09:15 PM
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Originally Posted by CurtP View Post
Mine went up 1250% at the end of last year. I've been fighting it for months and there may not be a damn thing I can do.
Damn'.
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Old 02-11-2019, 09:30 PM
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Originally Posted by Notreadyforprimetime View Post
Article in the WallStreet Journal today about home owners insurance in California. Evidently a lot of insurance companies are no longer issuing new policies or renewing existing ones due to the wildfires every year. Those that are still writing policies are raising rates significantly
I'm sure we'll get screwed again next year, I live in the foothills and it isn't going to be pretty. Fk this state and insurance companies
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Old 02-11-2019, 10:05 PM
  #19  
Cool 50th AE
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My HO insurance is almost 5K a year.

They keep jacking up the value of the house to justify a larger premium.
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Old 02-12-2019, 12:07 AM
  #20  
mardyn
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Same here... the “replacement cost” goes up every year along with the premiums.... I’m seriously considering
changing to a stated value and insuring for that amount.... not sure if that will make enough difference but it’s a
topic I’ll be discussing with our agent soon.

mardyn
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