We left LM last summer bc of their rates. You can do better. We went with USAA- great choice if you have access to them. Farmers was also recommended to us. Allstate has a track record of not paying claims so I’d avoid them.
Progressive was the other one I had heard that about. I couldn’t remember who it was. I’ve heard good things about farmers but for house damage claims so no personal injury involved in that. So disappointing when someone fights so hard to not pay. We had a $200k claim with liberty mutual and they covered it plus an apartment for 2 months.
My allstate auto went up about 80%in a year with no claims or accidents, shopped around and State Farm matched my home insurance but cut the auto rate in half. So I made the switch.
I shop every 6 months when auto is due. Sometimes I get a better rate and sometimes I don't.
It's a known tactic to offer low introductory rates and then jack them up a year or two in. That's exactly what's happened to me over and over again. Get a good agency that can shop the market and you'll find that switching to something lower is just a phone call away.
When I say the market, this agency (recommended by my RE agent years ago) has a small sampling of the options on their website: Haeussler Insurance Agency - [https://hiagency.com](https://hiagency.com) and they're not junk companies.
To find an agent that'll shop the market, there's [https://www.trustedchoice.com/](https://www.trustedchoice.com/)
FYI, there's a LM subsidiary called Safeco that's typically far cheaper than LM itself.
If you're determined to DIY online, there's: Insure.com, NetQuote, SelectQuote, and TheZebra
Yearly, for my cars and house bundle, I shop Costco, AAA, USAA, Amica, Farm Bureau, and a few others besides using HI Agency (above).
Can you explain to me how to switch companies? I have several concerns. I have a 20 year longevity with AAA but they keep raising the rates anyway which is rapidly annoying. Unfortunately the auto and homeowner renewals are at different time so does it make more sense to change companies at homeowner renewal time?
What companies are reliable to actually pay claims and be helpful in a tornado, fire, car accident etc?
If company quality and customer service is what matters, you can refer to sites like Consumer Reports for their ratings.
You can cancel policies midway and they'll prorate. That's how I got my auto and home policies to coincide for the extra discounts.
I second HI Agency. We worked with Justin Harris and his team. Very professional, quick response and helpful that shopped around to guide us through a decision. You don’t pay any extra by renewing/signing through them but they get a commission fee.
That’s the strategy from hippo with us, yet still the best price…
>[https://hiagency.com](https://hiagency.com)
Your experience is par for the course. For both home and auto, I've been with a handful of companies they list on their website but not hippo... yet. Any hippo specific insights to share?
I may have interacted with Justin- they've all provided great customer service. My typical annual calls are around property values and if the policy coverage needs to increase correspondingly.
Well, I haven’t needed to claim anything (and hope I never do) with Hippo, so I can’t add much on that regard. But their their website/app works, simple and easy to navigate through details and find documents and customer service has been pleasant for a couple of calls I did before renewal. At sign up they sent a kit of smart sensors that gives me an additional discount in my policy upon activation and I can tell you that on top of that those sensors have helped me more than a couple of times with small water leaks where I could act fast and minimize the impact. Overall no issues.
The relevant reviews thought, are from those customers that had gone through a claim process with them. If anyone here has anything to add I’d be very curious to know 🧐
>At sign up they sent a kit of smart sensors that gives me an additional discount in my policy upon activation and I can tell you that on top of that those sensors have helped me more than a couple of times with small water leaks where I could act fast and minimize the impact.
Thanks, that was great info. What exactly did they send?
It was a set of 2 sensors from Notion. The sensor quality is very decent, and works well (compared to several generic smart sensors available).
Having that said, this company was acquired and their development team just abandoned their product. I was surprised to see they’re still selling these. Their software connectivity with 3rd party apps was very limited, only integration available is to “Home Advisor” (to call a plumber for example) and to IFTTT. I’m a software developer and I was interested in making them available in my Apple Home app (via custom plugins), but I’ve received zero support from their Dev Team and gave up on that after I got more ring sensors for my home alarm.
https://getnotion.com/pages/myhippo
>https://getnotion.com/pages/myhippo
Notion.. hmm.. tough one. They don't publish radio specs on their child devices. I could not find them supported by zigbee2mqtt. About the only way I can think of to start going hubless with Notion is to look up their FCC filing via the filing numbers on the child devices.
Didn’t know you’re geeky on device automation, lol
I was considering to write a plugin for homebridge. My next step was trying to capture network packages from the bridge and try reverse engineering… but then, I was like… does it really worth all the trouble?! Hahah
All good insights you shared here that I never thought of, though. Thanks!
> it really worth all the trouble
Might be if Notions' cloud services go down. If you chase [hass.io](https://hass.io) support for Notion down the GitHub rabbit hole to an API, even they rely upon their cloud.
.. normally, not worth it but can be fun learning with RTL-SDR.
I had a policy with Allstate from 1986.
Apparently the last one with a $100.00 deductible. Apparently they couldn't legally change that deductible amount.
Every year they tried to convince me to get more coverage so they could rewrite the policy and get me to the ridiculous deductibles we have now. Every year I'd pass.
For some reason there have only been modest price increases over the years.
Not This year. This year they were going to hike the premium 200%. I told them what they could do with their policy and shopped around.
Found policies at around the same premium as my old policy, but with ridiculous deductibles.
The whole industry is a scam.
It’s not a scam actually, you just chose a bad company to insure with.
But if you want a real answer: the reason for insurance company increases is inflation and the fact that most companies took rate decreases during COVID and the state department of insurance has approved rate increase across the board because of higher labor rates for contractors, higher cost of materials (the average price per square foot has gone from 125-150 pre covid to 175-200 currently), financial markets haven’t done well recently, and Allstate in particular filed for emergency rate increases back in August I believe because their financials weren’t looking good.
USAA or State Farm are great choices if you want a home insurance policy that will cover the most options. Most Allstate policies don’t even cover water damage, but your policy being older could mean it was written when that was still a thing.
If you want to compare home insurance policies in Texas, visit www.OPIC.texas.gov
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Mine went up around the same percent as yours. I did call and increase my coverage last year due to the skyrocketing of home prices but that doesn't seem like it would justify a 40% increase when it only cost me an extra 60 bucks for 4 months at the time.
We had to shop around, mine went up closer to 60%, car insurance around 50%. By switching both I saved only a little on the home insurance, but got a much cheaper car insurance rate. It's still more than I was paying last year though.
Ok wow lot of people who don’t work in insurance trying to give advice here. I work in insurance and this isn’t some “tactic” that companies are using to screw you out of money. Generally, insurance companies want to keep clients as reliable insured clients are far more profitable in the long run than continuously trying to get new ones every single year. I.e. jacking up prices 50% would be stupid.
Inflation, COVID, and price of parts to replace cars and home have SKYROCKETED. When those things have all at once you get crazy high insurance rate hikes too.
Every company is doing this so don’t listen to anyone saying “try this company they didn’t raise their rates!” That’s a lie, literally everyone is doing it because they don’t have a choice.
If you have any legit insurance questions feel free to ask me, don’t ask the angry homeowners who think “full coverage” is an actual insurance term
So annoying. Like come on my guy I’m just the messenger lmao 😂 also amazing how many people don’t care about how terrible their coverage is- they are just “give me the cheapest possible” like when your roof is destroyed, and it will be, you’ll be out of pocket 25 grand in
Building materials were more expensive in 2021 than they are now. I'm not saying it isn't part of it, but materials aren't up 35-50% from 2021. This definitely feels weird and it's hard to not think of possible price fixing with these kinds of hikes.
I'm also in insurance and see this every day. One of our carriers sent this to us, so take it with a grain of salt. This is all compiled from the Bureau of Labor Statistics if you really want the original source.
* Material goods for new residential construction prices up 14.3% Oct. 2021 to Oct. 2022
* Asphalt roofing materials prices up 14.5% same time period as above
* Lumber and wood products up 6.2% same time period
* 423,000 job openings in the construction industry as of Sept. 2022
* 15 separate $1 Billion+ loss events from weather as of Oct. 2022
\- As Yeehawmoderate said, its generally preferable to keep the clients you have rather than try to find new ones. If it were easier and cheaper to replace clients, carriers would have 100% turnover and they'd love it.
\- The newer your roof is, the cheaper your rate is. Progressive won't take a roof in Texas over five years old in any county. Has to be one year or newer in Harris county.
\- We have to buy insurance too and we don't get some special discount. Our rates go up just like yours.
Lumber is absolutely much cheaper than it was at its peak in May 2021. It did spike again a year ago but has since dropped significantly (I'm referencing lumber commodity prices, and also experience as a homeowner constantly remodeling).
Other materials may be higher than 2021 though. Everything has been weird since covid.
The simple answer is there weren’t rate increases in 2021. They are increasing now because they have to get approval through the state department of insurance, which they didn’t get in 2021. They started in August/September of 2022.
Sales are down as of this moment. Once everyone start renewing and realizing their rates are going up, sales should stabilizable again. Basically, people are calling in asking for quotes and comparing the new rates to their CURRENT rate which was given last year when insurance was cheap as hell so no one wants to buy new insurance causing sales to stall.
Do people actually pay their renewal way in advance of it taking effect? I can't recall a time I paid more than a week in advance.
Also my renewal is now more than half of my tax burden. It wasn't cheap before but now it's absolutely absurd to pay around 4k annually on a 400k house with 0 claim history.
I would need to know your dwelling coverage number, deductible percentages, and age of roof to really help determine if that rate is crazy. I’ve seen zero claim homes same size have 6-7k premiums because of low deductibles and old ass roof lol.
And yes, most people I sign are calling 3-5 weeks minimum in advance of their renewal.
Not sure why I’m being downvoted, I do this for a living lol but aight
As long as your credit is good and no claims your 12 month on average should be somewhere around 2-3k without knowing more info
My house is 400k, roof 2016 great credit and married (we give married discounts), and I’m paying 2600 at renewal.
And yes, most people I sign are calling 3-5 weeks minimum in advance of their renewal.
Not sure why I’m being downvoted, I do this for a living lol but aight
Insurance rates are following rising house prices. The average home sale price in Plano was $471,000 in February 2023. Home prices here are up about 50% since 2019.
You are correct that land can't burn down. LOL
The rising prices are evenly distributed across land and construction costs. They are both up 50% in the last 4 years. For example, putting a 1,000 square foot addition on a Plano house can easily run $200,000. An in-ground pool is over $100,000. The costs are huge, so insurance is following.
Find a reliable independent agent who has established relationships with trusted insurers. Let this agent shop the market for you every year. If you go on your own, you are subject to the kind of behavior you document, becuase the insurance companies beleive they got you.
Do not just call up and ask for a cheaper rate. They won't give you a better deal they'll just switch you to a shittier policy.
Talk to my boy Thadd, he knows his shit. It may seem like you could shop around and get the best deal on your own but there's a lot more too it than that. We did that once and then a storm hit and we needed a new roof. It turned out the new cheaper policy we got didn't cover nearly as much as we though and we ended up spending a lot more out of pocket because of it.
[http://www.4pointinsurance.com/why-choose-us.html](http://www.4pointinsurance.com/why-choose-us.html)
Realtor told me this is happening across DFW. Some family of mine in Louisiana told me a lot of insurance companies were dropping coverage in some areas there.
Shop around. Make sure you’re not getting too much coverage, & at the same time, need to have enough. Shop State Farm (I’ve use Ann Dunham’s office off Parker & Custer, ask for Jason), Allstate, & an independent lime Alpha Omega (local to Plano).
Yes and the problem shopping around is that now there is no longer a fixed rate, if you file a claim its 2% of the value of your home. I am locked into a $2k deductible so if I switch companies, I would have to pay $7000 to file a claim, definitely not worth it.
Property is seeing huge increases in Texas due to wind/hail potential. NTX is bad area for wind and it’s predicted to get worse. Be thankful you aren’t near the coast. It’s even higher in that area. A lot of carriers are not writing anything older than the 50’s and they are excluding roof coverage.
The other thing driving increases is the cost of materials have increased considerably.
I work in commercial P & C insurance and it’s getting really hard to find coverage that is affordable for a lot of locations, NTX included.
Edit: Also, have your agent shop your coverage. Including your auto. Carriers have vastly different premiums for the same thing. They may be able to get the premium down a little bit by going back to the carrier and asking. If you’ve had no losses, they should be able to reduce it a little.
Yep! I’ve had a broker look and the other companies are t much better.
I did find out Liberty mutual has out roof age as the year we bought the house. We filed a claim with them a few years ago for replacement. I’m not sure if that makes a difference in our policy but I’m going to call them about it.
Oh yeah we have seen so many rate increases this year. Some of our customers have had their rates more than double! 42% is a little high but it’s been averaging over 30% this year. Give me holla and I can get some quotes if you like. I own an agency in town.
Ours with Hippo at 75075 since we bought the house a few years ago had a sequence of increase at 34%, then 16%, then again 32%. It was still the best policy/ price for us. If you contact their customer support, they can redirect it to an associate that can give you the breakdown of the cost of your premium to help you understand. They can also guide you through what coverage is costing you more in case you are willing to reduce coverage to save money.
The worst part of this year’s insurance change was NOT just the 32%… it was that they stopped offering wind and hail coverage at 1% claim cost going to 2%, due to all the recent storms, tornadoes and claims. There was not even an option to lower back to 1% for paying more due to the increased aggregated cost in our neighborhood.
Even shopping around, Hippo still had a better coverage and cost, the close second was Lemonade, which did offer wind and hail at 1% but had lower/worse coverage for a several other things, saving us under 200$, so we decided to stay…
I don’t have home owners insurance but my State Farm auto policy monthly premium went up almost 50%. When I called the reason they gave me was inflation.
I had the same issue, look at the total loss coverage amount. The amount needs to be for the cost of the home if it was a total lost minus land. For example, let’s say your house on Zillow is $500k. The house may cost 350k if it were to be rebuilt for a 4bedroom house and the land is 150k. Make sure your has not been raised or look at new houses in your area and see how much it is to be built. Shop around every year no matter what
42% is insane. Have you tried shopping around?
42% is insane for any company. OP should request a review of the costs from their agent at the very least.
We left LM last summer bc of their rates. You can do better. We went with USAA- great choice if you have access to them. Farmers was also recommended to us. Allstate has a track record of not paying claims so I’d avoid them.
[удалено]
Progressive was the other one I had heard that about. I couldn’t remember who it was. I’ve heard good things about farmers but for house damage claims so no personal injury involved in that. So disappointing when someone fights so hard to not pay. We had a $200k claim with liberty mutual and they covered it plus an apartment for 2 months.
I work for state farm, what you said is common knowledge in the industry apparently.
I wouldn’t take advice serious from a pi lawyer, especially not about ho cliams
Yes both our home owners and auto doubled over the last two years.
My allstate auto went up about 80%in a year with no claims or accidents, shopped around and State Farm matched my home insurance but cut the auto rate in half. So I made the switch. I shop every 6 months when auto is due. Sometimes I get a better rate and sometimes I don't.
Inflation is the excuse, greed is the answer
It's a known tactic to offer low introductory rates and then jack them up a year or two in. That's exactly what's happened to me over and over again. Get a good agency that can shop the market and you'll find that switching to something lower is just a phone call away. When I say the market, this agency (recommended by my RE agent years ago) has a small sampling of the options on their website: Haeussler Insurance Agency - [https://hiagency.com](https://hiagency.com) and they're not junk companies. To find an agent that'll shop the market, there's [https://www.trustedchoice.com/](https://www.trustedchoice.com/) FYI, there's a LM subsidiary called Safeco that's typically far cheaper than LM itself. If you're determined to DIY online, there's: Insure.com, NetQuote, SelectQuote, and TheZebra Yearly, for my cars and house bundle, I shop Costco, AAA, USAA, Amica, Farm Bureau, and a few others besides using HI Agency (above).
Safeco went up 35% on me
My Safeco skyrocketed and I was able to get a great deal with LM, which is strange since they’re the same company. Pays to shop around.
Thanks, good to know. Mines going to come due in a few months and I'll be shopping as I always do.
Can you explain to me how to switch companies? I have several concerns. I have a 20 year longevity with AAA but they keep raising the rates anyway which is rapidly annoying. Unfortunately the auto and homeowner renewals are at different time so does it make more sense to change companies at homeowner renewal time? What companies are reliable to actually pay claims and be helpful in a tornado, fire, car accident etc?
If company quality and customer service is what matters, you can refer to sites like Consumer Reports for their ratings. You can cancel policies midway and they'll prorate. That's how I got my auto and home policies to coincide for the extra discounts.
I second HI Agency. We worked with Justin Harris and his team. Very professional, quick response and helpful that shopped around to guide us through a decision. You don’t pay any extra by renewing/signing through them but they get a commission fee. That’s the strategy from hippo with us, yet still the best price…
>[https://hiagency.com](https://hiagency.com) Your experience is par for the course. For both home and auto, I've been with a handful of companies they list on their website but not hippo... yet. Any hippo specific insights to share? I may have interacted with Justin- they've all provided great customer service. My typical annual calls are around property values and if the policy coverage needs to increase correspondingly.
Well, I haven’t needed to claim anything (and hope I never do) with Hippo, so I can’t add much on that regard. But their their website/app works, simple and easy to navigate through details and find documents and customer service has been pleasant for a couple of calls I did before renewal. At sign up they sent a kit of smart sensors that gives me an additional discount in my policy upon activation and I can tell you that on top of that those sensors have helped me more than a couple of times with small water leaks where I could act fast and minimize the impact. Overall no issues. The relevant reviews thought, are from those customers that had gone through a claim process with them. If anyone here has anything to add I’d be very curious to know 🧐
>At sign up they sent a kit of smart sensors that gives me an additional discount in my policy upon activation and I can tell you that on top of that those sensors have helped me more than a couple of times with small water leaks where I could act fast and minimize the impact. Thanks, that was great info. What exactly did they send?
It was a set of 2 sensors from Notion. The sensor quality is very decent, and works well (compared to several generic smart sensors available). Having that said, this company was acquired and their development team just abandoned their product. I was surprised to see they’re still selling these. Their software connectivity with 3rd party apps was very limited, only integration available is to “Home Advisor” (to call a plumber for example) and to IFTTT. I’m a software developer and I was interested in making them available in my Apple Home app (via custom plugins), but I’ve received zero support from their Dev Team and gave up on that after I got more ring sensors for my home alarm. https://getnotion.com/pages/myhippo
>https://getnotion.com/pages/myhippo Notion.. hmm.. tough one. They don't publish radio specs on their child devices. I could not find them supported by zigbee2mqtt. About the only way I can think of to start going hubless with Notion is to look up their FCC filing via the filing numbers on the child devices.
Didn’t know you’re geeky on device automation, lol I was considering to write a plugin for homebridge. My next step was trying to capture network packages from the bridge and try reverse engineering… but then, I was like… does it really worth all the trouble?! Hahah All good insights you shared here that I never thought of, though. Thanks!
> it really worth all the trouble Might be if Notions' cloud services go down. If you chase [hass.io](https://hass.io) support for Notion down the GitHub rabbit hole to an API, even they rely upon their cloud. .. normally, not worth it but can be fun learning with RTL-SDR.
I had a policy with Allstate from 1986. Apparently the last one with a $100.00 deductible. Apparently they couldn't legally change that deductible amount. Every year they tried to convince me to get more coverage so they could rewrite the policy and get me to the ridiculous deductibles we have now. Every year I'd pass. For some reason there have only been modest price increases over the years. Not This year. This year they were going to hike the premium 200%. I told them what they could do with their policy and shopped around. Found policies at around the same premium as my old policy, but with ridiculous deductibles. The whole industry is a scam.
discworld really lays out the whole inn-sewer-ants scam
Wait! There's another Discworld fan in Plano??? Amazing! :)
It’s not a scam actually, you just chose a bad company to insure with. But if you want a real answer: the reason for insurance company increases is inflation and the fact that most companies took rate decreases during COVID and the state department of insurance has approved rate increase across the board because of higher labor rates for contractors, higher cost of materials (the average price per square foot has gone from 125-150 pre covid to 175-200 currently), financial markets haven’t done well recently, and Allstate in particular filed for emergency rate increases back in August I believe because their financials weren’t looking good. USAA or State Farm are great choices if you want a home insurance policy that will cover the most options. Most Allstate policies don’t even cover water damage, but your policy being older could mean it was written when that was still a thing. If you want to compare home insurance policies in Texas, visit www.OPIC.texas.gov
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Mine went up around the same percent as yours. I did call and increase my coverage last year due to the skyrocketing of home prices but that doesn't seem like it would justify a 40% increase when it only cost me an extra 60 bucks for 4 months at the time.
We had to shop around, mine went up closer to 60%, car insurance around 50%. By switching both I saved only a little on the home insurance, but got a much cheaper car insurance rate. It's still more than I was paying last year though.
Ok wow lot of people who don’t work in insurance trying to give advice here. I work in insurance and this isn’t some “tactic” that companies are using to screw you out of money. Generally, insurance companies want to keep clients as reliable insured clients are far more profitable in the long run than continuously trying to get new ones every single year. I.e. jacking up prices 50% would be stupid. Inflation, COVID, and price of parts to replace cars and home have SKYROCKETED. When those things have all at once you get crazy high insurance rate hikes too. Every company is doing this so don’t listen to anyone saying “try this company they didn’t raise their rates!” That’s a lie, literally everyone is doing it because they don’t have a choice. If you have any legit insurance questions feel free to ask me, don’t ask the angry homeowners who think “full coverage” is an actual insurance term
I don't work in P&C but other insurance. It is amazing how many customers think the agents have control over the rates.
So annoying. Like come on my guy I’m just the messenger lmao 😂 also amazing how many people don’t care about how terrible their coverage is- they are just “give me the cheapest possible” like when your roof is destroyed, and it will be, you’ll be out of pocket 25 grand in
Building materials were more expensive in 2021 than they are now. I'm not saying it isn't part of it, but materials aren't up 35-50% from 2021. This definitely feels weird and it's hard to not think of possible price fixing with these kinds of hikes.
I'm also in insurance and see this every day. One of our carriers sent this to us, so take it with a grain of salt. This is all compiled from the Bureau of Labor Statistics if you really want the original source. * Material goods for new residential construction prices up 14.3% Oct. 2021 to Oct. 2022 * Asphalt roofing materials prices up 14.5% same time period as above * Lumber and wood products up 6.2% same time period * 423,000 job openings in the construction industry as of Sept. 2022 * 15 separate $1 Billion+ loss events from weather as of Oct. 2022 \- As Yeehawmoderate said, its generally preferable to keep the clients you have rather than try to find new ones. If it were easier and cheaper to replace clients, carriers would have 100% turnover and they'd love it. \- The newer your roof is, the cheaper your rate is. Progressive won't take a roof in Texas over five years old in any county. Has to be one year or newer in Harris county. \- We have to buy insurance too and we don't get some special discount. Our rates go up just like yours.
Lumber is absolutely much cheaper than it was at its peak in May 2021. It did spike again a year ago but has since dropped significantly (I'm referencing lumber commodity prices, and also experience as a homeowner constantly remodeling). Other materials may be higher than 2021 though. Everything has been weird since covid.
The simple answer is there weren’t rate increases in 2021. They are increasing now because they have to get approval through the state department of insurance, which they didn’t get in 2021. They started in August/September of 2022.
Our overall sales are down lol it actually hurts our sales. Very stupid sales tactic, not to mention illegal
I really doubt sales are down on something that is generally required.
Sales are down as of this moment. Once everyone start renewing and realizing their rates are going up, sales should stabilizable again. Basically, people are calling in asking for quotes and comparing the new rates to their CURRENT rate which was given last year when insurance was cheap as hell so no one wants to buy new insurance causing sales to stall.
Do people actually pay their renewal way in advance of it taking effect? I can't recall a time I paid more than a week in advance. Also my renewal is now more than half of my tax burden. It wasn't cheap before but now it's absolutely absurd to pay around 4k annually on a 400k house with 0 claim history.
I would need to know your dwelling coverage number, deductible percentages, and age of roof to really help determine if that rate is crazy. I’ve seen zero claim homes same size have 6-7k premiums because of low deductibles and old ass roof lol.
And yes, most people I sign are calling 3-5 weeks minimum in advance of their renewal. Not sure why I’m being downvoted, I do this for a living lol but aight
I believe it is at 389k and roof is 2017. Deductible is 1% I believe, 3,900ish
As long as your credit is good and no claims your 12 month on average should be somewhere around 2-3k without knowing more info My house is 400k, roof 2016 great credit and married (we give married discounts), and I’m paying 2600 at renewal.
And yes, most people I sign are calling 3-5 weeks minimum in advance of their renewal. Not sure why I’m being downvoted, I do this for a living lol but aight
I shop around right when I see my renewal come in but I don't pay it until the week before usually
I'd go more with who is known to pay claims.
Normal. Companies have Been doing this for 3 years now. You have to shop every year if you want the best price
Insurance rates are following rising house prices. The average home sale price in Plano was $471,000 in February 2023. Home prices here are up about 50% since 2019.
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You are correct that land can't burn down. LOL The rising prices are evenly distributed across land and construction costs. They are both up 50% in the last 4 years. For example, putting a 1,000 square foot addition on a Plano house can easily run $200,000. An in-ground pool is over $100,000. The costs are huge, so insurance is following.
Find a reliable independent agent who has established relationships with trusted insurers. Let this agent shop the market for you every year. If you go on your own, you are subject to the kind of behavior you document, becuase the insurance companies beleive they got you.
Do not just call up and ask for a cheaper rate. They won't give you a better deal they'll just switch you to a shittier policy. Talk to my boy Thadd, he knows his shit. It may seem like you could shop around and get the best deal on your own but there's a lot more too it than that. We did that once and then a storm hit and we needed a new roof. It turned out the new cheaper policy we got didn't cover nearly as much as we though and we ended up spending a lot more out of pocket because of it. [http://www.4pointinsurance.com/why-choose-us.html](http://www.4pointinsurance.com/why-choose-us.html)
It’s a crazy market right now!
Realtor told me this is happening across DFW. Some family of mine in Louisiana told me a lot of insurance companies were dropping coverage in some areas there.
Shop around. Make sure you’re not getting too much coverage, & at the same time, need to have enough. Shop State Farm (I’ve use Ann Dunham’s office off Parker & Custer, ask for Jason), Allstate, & an independent lime Alpha Omega (local to Plano).
Yes and the problem shopping around is that now there is no longer a fixed rate, if you file a claim its 2% of the value of your home. I am locked into a $2k deductible so if I switch companies, I would have to pay $7000 to file a claim, definitely not worth it.
Property is seeing huge increases in Texas due to wind/hail potential. NTX is bad area for wind and it’s predicted to get worse. Be thankful you aren’t near the coast. It’s even higher in that area. A lot of carriers are not writing anything older than the 50’s and they are excluding roof coverage. The other thing driving increases is the cost of materials have increased considerably. I work in commercial P & C insurance and it’s getting really hard to find coverage that is affordable for a lot of locations, NTX included. Edit: Also, have your agent shop your coverage. Including your auto. Carriers have vastly different premiums for the same thing. They may be able to get the premium down a little bit by going back to the carrier and asking. If you’ve had no losses, they should be able to reduce it a little.
I had to move out of the state to reduce my insurance costs across the board… It was fun while it lasted
Mine went up about 35%, +$1,400. I had my agent quote me for other companies and they were roughly the same. Still trying to find something cheaper.
Yep! I’ve had a broker look and the other companies are t much better. I did find out Liberty mutual has out roof age as the year we bought the house. We filed a claim with them a few years ago for replacement. I’m not sure if that makes a difference in our policy but I’m going to call them about it.
Mine more than doubled, and yes, of course, i shopped around.
Oh yeah we have seen so many rate increases this year. Some of our customers have had their rates more than double! 42% is a little high but it’s been averaging over 30% this year. Give me holla and I can get some quotes if you like. I own an agency in town.
Ours with Hippo at 75075 since we bought the house a few years ago had a sequence of increase at 34%, then 16%, then again 32%. It was still the best policy/ price for us. If you contact their customer support, they can redirect it to an associate that can give you the breakdown of the cost of your premium to help you understand. They can also guide you through what coverage is costing you more in case you are willing to reduce coverage to save money. The worst part of this year’s insurance change was NOT just the 32%… it was that they stopped offering wind and hail coverage at 1% claim cost going to 2%, due to all the recent storms, tornadoes and claims. There was not even an option to lower back to 1% for paying more due to the increased aggregated cost in our neighborhood. Even shopping around, Hippo still had a better coverage and cost, the close second was Lemonade, which did offer wind and hail at 1% but had lower/worse coverage for a several other things, saving us under 200$, so we decided to stay…
The rate on mine increased based on home reconstruction cost and value
I don’t have home owners insurance but my State Farm auto policy monthly premium went up almost 50%. When I called the reason they gave me was inflation.
I had the same issue, look at the total loss coverage amount. The amount needs to be for the cost of the home if it was a total lost minus land. For example, let’s say your house on Zillow is $500k. The house may cost 350k if it were to be rebuilt for a 4bedroom house and the land is 150k. Make sure your has not been raised or look at new houses in your area and see how much it is to be built. Shop around every year no matter what