Home Insurance

[Spokane2303]

Just received our yearly Home insurance renewal from Nationwide..

We live just outside of Vancouver WA on 5 acres.

We've had the same coverage for 8 yrs, no claims, no changes.

Premium went up slightly over +50%!

We called for an explanation and were told that our area of WA had an overall rate increase in February and that other increases are due to rising cost of construction.

Seems a little high to me!

Seeking quotes from competitors to keep them honest....

 

[OldShooter]

Just give copies of all your policies to a couple of independent agents and ask them to shop the package.

 

[Montecfo]

Great time to seek an independent insurance broker. They will get bids every year if you want to.

After my existing insurance company rolled out a renewal rate increase which seemed excessive, my agent found a replacement which resulted in about a 10 percent decline. Same high quality type company.

 

[Qs Laptop]

Just received our yearly Home insurance renewal from Nationwide..

We live just outside of Vancouver WA on 5 acres.

We've had the same coverage for 8 yrs, no claims, no changes.

Premium went up slightly over +50%!

We called for an explanation and were told that our area of WA had an overall rate increase in February and that other increases are due to rising cost of construction.

Seems a little high to me!

Seeking quotes from competitors to keep them honest....

That's a crazy increase. Wow. Sometimes it takes something like that to jolt us out of our comfort zone and go shopping. In my case it was our current insurance company denying me a hail damage claim on my roof when ALL MY NEIGHBORS got new roofs. And I don't even have trees that partially shelter my 2-story house roof, the roof is wide open to the elements.

I just went through this entire process of getting quotes, both homeowners and auto insurance, from American Family, Auto-Owners (our current company), Geico, Liberty Mutual, Nationwide, State Farm, and Safeco. I was careful to be sure to compare equivalent coverages, same liability limits, same deductibles, same options. One thing that's important to me here in hail damage country was full roof replacement, not actual cash value.

Good luck with your search. I'm starting to think that insurance should be shopped and quoted perhaps every three years or so because there are significant savings to be had.

 

[Qs Laptop]

How independent are "independent agents"? I had a couple of them do a search for me and the result was they had quotes from one big-name company and quotes from several smaller companies I'd never heard of. I suspect they have favorable terms from the big-name companies and try to steer you into them, while providing you with quotes from lesser companies to "round" out the selections.

 

[Montecfo]

How independent are "independent agents"? I had a couple of them do a search for me and the result was they had quotes from one big-name company and quotes from several smaller companies I'd never heard of. I suspect they have favorable terms from the big-name companies and try to steer you into them, while providing you with quotes from lesser companies to "round" out the selections.

Not knowing the companies is fine. That's why they are cheaper, they are not trying to build a retail brand.

But you SHOULD make sure you know the company's AM Best rating. That is important.

And a good question to ask the prospective agent for is what companies they write for and their ratings.

 

[Fermion]

Washington state has had some serious spikes in insurance. Our umbrella policy went from $350 to $500, no claims.

I don't know if it is that Washingtonians sue a lot or maybe it is the homeless crisis, wildfires, Rainier going to blow or what.

 

[COcheesehead]

We’ve gone the independent agent route and make them do the work. We switch about every two years on average and have driven our insurance costs down - significantly.
We love our agent, but we are not in love with any one insurance company.

 

[street]

Insurance has gone up around the US with all the destruction that has happened in the last few years.
Mine has also but not that much. I need to make time to get some quotes also and to keep them honest in these premium highs.

 

[pacergal]

Ours went up a bit over 10%, not bad as it hadn't increased in about 5 years.

 

[fh2000]

We have auto, umbrella, home insurance thru Geico. The first two stayed relatively the same this year, but home has increased 60%. I called them up and asked their retention department to review. After I told them we replaced our roof last year, they were able to find another partner for home and even knocked it down 12% from last year.

 

[Bamaman]

If you're seeing 50-60% increases, it's just the company's way of telling you they don't want your business any longer.

Then it's time to move on. Unfortunately, other companies are quick to give you a teaser rate to get your business, especially if they're getting your auto policies. Look up 3 years, and your homeowners' coverages will be 2x what it cost to rebuild your home and your car insurance will be out of sight.

We have 3 cars and 2 houses, and insurance is our largest monthly expensive.

 

[Sunset]

Washington state has had some serious spikes in insurance. Our umbrella policy went from $350 to $500, no claims.

I don't know if it is that Washingtonians sue a lot or maybe it is the homeless crisis, wildfires, Rainier going to blow or what.

You forgot the Big earthquake, YellowStone Volcano, and the Tsunami, otherwise no worries..

 

[aja8888]

With the crazy increases in house values in the Pacific Northwest, replacement costs have certainly gone way up. No wonder property insurance coverage has gone up.

 

[VanWinkle]

Just give copies of all your policies to a couple of independent agents and ask them to shop the package.

Many of the newer competitive companies are not available through an independent agent. You may want to do your own comparison along with an agent's captive companies.

VW

 

[rodi]

I shop every year or so. My issue is that only two companies I've found will cover us. SoCal has fire risk and we are within 100 yards of 'fire risk' zone. The joy of living in an area of canyons and mesas. The folks on the top of the mesas pay less and have more options... Those of us towards the canyon rim pay and get cancelled by insurers.

Prior to my current insurance company (Farmers) we had AAA. We had them for more than 10 years. My dad had them for over 20 years. Same house, since we bought the house from my dad. They have non-renewed everyone on our street and many in our larger neighborhood citing fire risk.

As I said - I check every other year or so and from what I can tell there are only 2 companies that will insure our older, established, tract home neighborhood.

 

[Piper20]

We have Nationwide in SE Pa. Home, Auto, and Umbrella. Up 10% over last year but this is the third year with Nationwide. Previous was CNA, they turned into robbers.

 

[jazz4cash]

If you're seeing 50-60% increases, it's just the company's way of telling you they don't want your business any longer.

That’s my take as well. It’s not personal, it’s bizness.

We are in MD and have Nationwide. They were 50% cheaper than State Farm when we switched. Over an 8 year period they crept up but nothing extraordinary. We get an extra discount for joining the MD Farm Bureau even though we’re just a suburban lot. Two years ago we had a roof replaced due to wind. The claims process was excellent. The premium went up a bit more than usual but I shopped the policy and could mot match Nationwide. This year it’s another 20% so I figured surely someone will beat this rate. Nope, not even close (so far). We even unbundled our auto coverage. My take is that Nationwide REALLY wants our business.

 

[rk911]

ours went up by quite a bit, also. we've been with State Farm since 1975 when we bought our first home. the agent told us much of the increase was due rising costs of building materials increasing the cost of replacing the house as it is. we were able to lower the premium well below the renewal amount simply by increasing our deductible from $100 (like i said...50-years) to $1000.

 

[Dash man]

We have USAA and it went up about 10% this year. They have an option to get a discount if you set up 2-4 water leak detection devices plus a camera in your main living area. That last one means a firm “NO!”

 

[COcheesehead]

ours went up by quite a bit, also. we've been with State Farm since 1975 when we bought our first home. the agent told us much of the increase was due rising costs of building materials increasing the cost of replacing the house as it is. we were able to lower the premium well below the renewal amount simply by increasing our deductible from $100 (like i said...50-years) to $1000.

Your agent should have been more consultative and pointed out the advantage of increasing the deductible years ago. That $900 in coverage cost you a lot over the years.

 

[CatinKS]

Our Independent Agent switch us last Fall to Overly. Nationwide had raised our rates 24%.. The savings was 38% though they don't cover auto. Agent quote from progressive for auto only was cheaper than Nationwide also. Bundling isn't always cheaper apparently. Vehicles are 2018 and 2019.

 

[brett]

We’ve gone the independent agent route and make them do the work. We switch about every two years on average and have driven our insurance costs down - significantly.
We love our agent, but we are not in love with any one insurance company.

Ditto.

Moreover I believe that loyal customers will pay more for insurance than a new customer.

Our rates went up 25 percent last year. Among other things, we went to the on line site of our insurer and got a quote for the same specs. It was 23 percent less than the renewal.

When I called the excuse was...oh you got a quote on a different system for new customers. They agreed that it was a same for same quote. I gave them a choice. Treat me like a new customer or I would become a new customer for another insurance company. They reluctantly agreed.

My understanding is that this practice was so widespread in the UK than is now no longer permitted.

We shop the market periodically on all our insurances and monthly expenses. Just had our monthly coms cost reduced by $80. and the service level increased. It took ten minute phone call that started by asking the agent what the end dates of our monthly bill so we switch to a competitive provider.

 

[braumeister]

Just to show the huge variation in this stuff, I looked at our recent renewals.

Home policy increased 2%
Auto policy increased 0.5%
Umbrella policy no change

This is USAA, so rates were already good.