Home insurance - 27% increase

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  • SURVIVOR619

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    6   0   0
    Dec 31, 2017
    1,882
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    US
    My carrier, USAA, increased mine by 17.3%. Reason: "a change to rates in your state"...
     

    Grumps21

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    Apr 28, 2021
    2,196
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    Houston
    I have Geico for auto and home and Progressive for the bikes. Mine is almost due to renew, so I guess I’ll know in another month or so if mine has increased any
    Whelp, just got my renewal in the mail yesterday. 25.3% increase. I called them to see why and was told replacement cost went up due to the sky high cost of lumber. Oh, and also because my older roof is now another year older. I asked if my premium will go down when lumber prices return to normal and was told “it’s possible”. Time to shop around for another insurance company I guess.
     

    avvidclif

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    3   0   0
    Aug 30, 2017
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    Van Zandt County
    Mine went from 2100 to 2500 and I went to Farm Bureau for 1400 and got a bonus. Guns are considered "Personal Property" and covered up to your PP limits. Mine is $120k.
     

    TexasRedneck

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    9   0   0
    Jan 23, 2009
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    New Braunfels, TX
    Mine went from 2100 to 2500 and I went to Farm Bureau for 1400 and got a bonus. Guns are considered "Personal Property" and covered up to your PP limits. Mine is $120k.

    Yessir - Germania is the same way. Sounds like they MIGHT be just a tad less expensive than FB - but if you've got a good agent, stick w/'em. Ours is outstanding.
     

    Lumberjack98

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    1   0   0
    Aug 26, 2008
    165
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    Katy
    Are you eligible for USAA? Nobody better.
    I've been with Texas Farm Bureau for 23 years now. I looked at switching to USAA for all of our coverages (Home, Auto, Umbrella, additional riders) and it was about $1,500 more per year than Texas Farm Bureau.
     

    Grumps21

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    1   0   0
    Apr 28, 2021
    2,196
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    Houston
    Whelp, just got my renewal in the mail yesterday. 25.3% increase. I called them to see why and was told replacement cost went up due to the sky high cost of lumber. Oh, and also because my older roof is now another year older. I asked if my premium will go down when lumber prices return to normal and was told “it’s possible”. Time to shop around for another insurance company I guess.
    Ended up with Hippo insurance. Never heard of them and wasn’t sure at first. Did a search and they are legit. Best quote by a large margin. My premiums are back to where they were 5 or 6 years ago. Then again, I did put on a new roof two weeks ago, but they were still $375 cheaper than the next best with new roof and $1k cheaper if I had kept the old roof.
     

    tonelar

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    Aug 9, 2009
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    El Paso
    I’m with Farmer’s for home & cars. Geico for the motorcycles. I’ll check to see if Germania and/or Texas Farm Bureau cover home, cars & motos.
    Our policies renew in September.
     
    Last edited:

    OutlawStar

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    3   0   0
    Sep 14, 2017
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    Anna
    I’m with Farmer’s for home & cars. Geico for the motorcycles. I’ll check to see if Germania and/or Texas Farm Bureau cover home, cars & motos.
    Our policies renew in September.
    I can already tell you Farmers is seeing homeowners increases of 25-40%. Just about everyone is raising rates. I've heard everything from inflation, to lumber and building materials, etc. Truth is its a mix of everything and why its not a simple 10% increase. Cost of doing business as an insurance company has gone way up because of workers wages, more litigation and regulations tacked on. Additionally, during the coof people started switching to discount insurance companies, stopped driving as much and sold spare vehicles because they weren't driving anywhere, insurance lost a bunch of policies. With so many first time home buyers through panic buying, a ton of people were buying their first policies. Insurance carriers lose money the first couple years because of the labor cost just to bind the policy. Then if a claim is put in, just to make a claim number costs something like $400.

    Houses are increasingly "open floor plan" so when a pipe breaks in the laundry room, the policy is covering replacement of that floor for the other un-damaged 2000 square feet. And I can't tell you how many times I've heard "my daughter has asthma I can't be in this house while they're replacing the floor like when I was paying for it!" so the hotel is covered. Then the contractor wants to paint the walls because the latex paint tore while taking off the baseboards. Yadda yadda yadda. Plus theres a thing in some places like Dallas that if your roof is over 2 years old a home inspector and roofer will find hail damage and recommend a new roof. Your plain variety roof can easily be $18,000 now. Even if you're paying $2000 a year for an average house in the burbs, thats 9 years to break even on the roof. Most people are replacing their roof every 7-9 years. Thats just not profitable for insurance companies.
     

    Coyote9

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    11   0   0
    Jan 13, 2020
    1,184
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    Granbury Texas
    I have Geico for auto and home and Progressive for the bikes. Mine is almost due to renew, so I guess I’ll know in another month or so if mine has increased any
    and George Soros thanks you for your support!
     

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