Another thread on homeowner's insurance increases

[Buckeye]

Quote:

Originally Posted by wrigley Funny....I live in Florida and my wife and I are both retired military. I have shopped around and have found USAA to be one of the highest. One thing I will give them koodos for is that they WOULD insure my home if I wanted them to unlike so many other insurance companies that say "NO" right off the bat as soon as you tell them you want to insure your home in Florida! I have used a couple independent brokers and have had limited success. I have been with my current company for about 4 years now and although I'd like to pay less, I am really happy that I actually have homeowner's insurance. On a weekly basis I hear from neighbors, co-workers, and friends that live in Florida who tell me their policies have been cancelled! Mike

We have USAA as our 'agent' but our insurance is from Tower Hill. You might ask them to shop your policy to their other providers. USAA was at least $1,000 more than Tower Hill because they quoted at my 2023-2024 renewal. When we first moved into this house in Central FL, USAA wasn't writing any policies in our area and 'sent' us to one of their partner providers.

[teej1985]

My USAA auto renewal went up from $713 to $720 for 6 mos. Renters won't renew until May but has been $145 annually.

[wrigley]

Quote:

Originally Posted by Buckeye We have USAA as our 'agent' but our insurance is from Tower Hill. You might ask them to shop your policy to their other providers. USAA was at least $1,000 more than Tower Hill because they quoted at my 2023-2024 renewal. When we first moved into this house in Central FL, USAA wasn't writing any policies in our area and 'sent' us to one of their partner providers.

I had Tower Hill for about 7 years. The first 3-4 years they were consistent with what I thought were fair premiums and annual increases. The last 3 years were this:

2019 = $1530.00
2020 = $1785.00
2021 = $2416.00
2022 = $3001.00

Hope I didn't jinx you!

Mike

[meleana]

Just got our renewal in New Hampshire. Our's went up close to $100 for the year. It's with Progressive (Homesite)

[Catawba Chuck]

I purchase the insurance for our condo complex in FL (Gulf Side). Our rate has TRIPLED in the last three years. And we escaped most of the Ian damage.

[OldGuy]

Another USAA member (53 yrs & counting)...
USAA effectively left Florida 3-4 years' ago after IRMA, so they now broker our HO-6 coverage to Progressive and act as the agent of record. Progressive is much more likely to modify coverages than USAA was when they actually underwrote homeowners' insurance.
We've greatly reduced our furnishings coverage, increased deductibles and leveraged the age of our building (10+ years) and the fact that post-Andrew everything is built like a brick outhouse. Hurricane coverage is bundled with P&C coverage, so we're seeing an 18.5% increase this year. MUCH BETTER than what our COA was able to negotiate for their parts of the buildings, which is going up 40%+ in 2024. Can't wait for 2-25, post-IAN and -IDALIA!
All in, better than a sharp stick in the eye, but we've played with deductibles, add-ons, etc. to keep premiums within reason (whatever that is these days).
YMMV.

[Buckeye]

Quote:

Originally Posted by Global Wizzo Interesting. I had USAA quote a HO policy in FL. Compared to State Farm. The quote was nearly 1K more than SF policy. Very high deductible. My current policy has a minimal flat deductible including hurricane damage. USAA would also not recognize the hurricane damage mitigation for a discount. They really aren’t the company they were in the 70s.

Or they are they are actually correctly pricing the risk and taking care of the owners of the company...us!

[Buckeye]

Quote:

Originally Posted by wrigley I had Tower Hill for about 7 years. The first 3-4 years they were consistent with what I thought were fair premiums and annual increases. The last 3 years were this: 2019 = $1530.00 2020 = $1785.00 2021 = $2416.00 2022 = $3001.00 Hope I didn't jinx you! Mike

We're just all happy to have a policy we can pay a premium on, right!

2019: $1,410 $344,000 dwelling coverage, $1,000 deductible
2021: $1,698 $387,000 dwelling coverage, $1,000 deductible
2023: $2,019 $460,000 dwelling coverage, $5,000 deductible

[Buckeye]

Quote:

Originally Posted by SecondCor521 I get refunds too, but not that big. I will hit 40 years with USAA sometime in the next few years. Not sure if I qualify for the member account thing since I am a (former) military dependent and thus not "real" USAA. I should probably ask about that.

The extra bonus that comes at 40 years is nice. I think it was double or triple the regular bonus last year, my first year of the senior bonus.

[Buckeye]

Quote:

Originally Posted by ShokWaveRider We have a 3,200 sqft Concrete home with a concrete tile roof, built in 2002, 1.5 miles from the beach in NE. Fla. Our home insurance went up $100 to $1,336 this year, Flood is $600.

That's a really good price! $100,000 deductible?

[marko]

Quote:

Originally Posted by tulak For b, I use an independent agent and pay the insurance company directly. Does this vary by state? I’ve used an independent agent since 2015. Since then, I’ve been insured with two different companies, three different times. I’ve always used the same company for home/auto/umbrella coverage. I prefer to keep them all with one company to make it easier, plus you usually get a discount. Regardless if you stick with USAA, it doesn’t hurt to talk to an independent agent and see what they can offer.

+1. Since the days of my grandad our family have used the same insurance agent. A few years ago they saved us over $1700 by switching to a different homeowners company (we lived oceanfront at the time and some underwriter got nervous about rising tides.)

This coming year our homeowners went up $3 a month.

An added plus: they also go to the DMV for you at no charge for most registration issues. A chore that I'd rather have root canal.

[frank]

my home and car insurance went up from 2400 in 2022 to 3600 in 2023 and my agent said the premium for 2024 was going to be 4600. I got quotes from two other insurance companies that were 1200 dollars cheaper. Does anyone here use cincinnati insurance or american family insurance and what is your experience with them? thanks for any input.

frank

[Teacher Terry]

Quote:

Originally Posted by frank my home and car insurance went up from 2400 in 2022 to 3600 in 2023 and my agent said the premium for 2024 was going to be 4600. I got quotes from two other insurance companies that were 1200 dollars cheaper. Does anyone here use cincinnati insurance or american family insurance and what is your experience with them? thanks for any input. frank

I have used American Family in the past and they were excellent.

[teej1985]

Quote:

Originally Posted by marko +1. Since the days of my grandad our family have used the same insurance agent. A few years ago they saved us over $1700 by switching to a different homeowners company (we lived oceanfront at the time and some underwriter got nervous about rising tides.) This coming year our homeowners went up $3 a month. An added plus: they also go to the DMV for you at no charge for most registration issues. A chore that I'd rather have root canal.

I would imagine that you are not in Florida?!?!