My HO's ins went up almost 20% this year with travelers for no good reason other than they jacked the replacement value excessively. I looked around and ended up with Hartford at about the same price as the previous years travelers policy for the original replacement value.
I watched the Major League Baseball All-star game the other day. I couldn't believe all the advertising and sponsorship State Farm had with the game. They donated several hundred thousand dollars to charity during the home run derby alone. They got to make that money back somehow.
Hey, wasn't that you apologizing to BP for Obama making them pay for the oil spill?
Years ago I had an "Independent" insurance agent, theoretically shopping for the best deals on my behalf. After a number of years of being overcharged for my business, home, and auto policies, it turned out that they were shopping for the best deals for their profit. This is of course one agent, and not necessarily applicable to all independent agents. About 18 years ago, I did several insurance renovation jobs, for State Farm and was so impressed at how well they stood by their customers, when they were in need, that I switched every insurance policy I had including auto, truck, business liability, home, and life. My premiums were drastically lower than I had been paying, plus they continually give me discounts for things like low mileage and combinations of policies. In almost 20 years, I don't believe any of my policies have increased, and if they did, only by a small amount. I would just check other companies in your area, and keep in mind, any company can offer you a discount to switch, then incrementally increase the premiums over time, and it's important to know you're dealing with a company that will stand by you, if and when you need them.
Nope. You might want to check out Amica.
I've been using them for years -- originally looked at them because they have very high customer satisfaction on actual claims. I go price shopping every couple years but never find anyone who can beat their rates for the same coverage.
Highly recommended. I never thought an insurance company could be this good.
Ours went up 33% (yes, THIRTY-THREE) across the board this year. The agent invited us to shop around and blamed it on greensburg and osawatomie (KS) claims. We are shopping. ELEVEN thousand just for home insurance is a might bit ridiculous.
Eleven THOUSAND? $11,000.00 ???? One house?
LOL! No, nine. But 8 are rentals with no content ins.
That sounds like a bargain. In Florida a $3000-$4000 insurance bill for one house is not uncommon. (with wind and flood) State Farm, Allstate and the other big guys simply canceled everyone.
No, I'm actually very comfortable, and financially insulated and secure.
Steve
visit my blog at
Hey, wasn't that you apologizing to BP for Obama making them pay for the oil spill?
Huh?
State Farm is one of the companies that decides occasionally where it wants to do more or less business and uses the rates charged to add or delete clients, I've always suspected. They're a darn good company when it comes to claims, service and policy features, but I always felt that the premiums were more volatile than with some other companies. What people don't understand is that all insurance companies are in the business to make money. When you have disasters clear off the bell curve, like NOLA, it puts a kink in the works. Compound this with posturing and puffing politicians "demanding" coverage for non-covered events like flooding and someone has to pay. The Midwest, where I'm from, has always had flooding, tornados and an impending earthquake (New Madrid Fault) hanging over the insurance company heads.
In our troubled economy, arson can be used to get out of debt. HO premiums are based upon EXPECTED cost of rebuilding and not what it was last year. Many are fearing horrible inflation, which can increase the risk of more payout following a loss that was budgeted. Insurance Commissioners are elected officials, but generally cater to the insurance companies rather than the voters.
In the case of the fellow with the bigger premium, has he considered (with the lender's permission), increasing the deductible?
Nonny
We live on rural property and were insured by State Farm for years. Then we got a notice that they would no longer be covering farms in Maryland. I suggested that they change their name to State No Farm but never got a response.
they don't care about earthquakes. I don't know of any insurers that don't specifically exclude quakes. The two most important things in setting premiums is recent losses (they have to make them back) and the economy. If they are making money off their investments they can play fast and loose with the underwriting and go for market share. When that goes away and they actually have to make their money on insuring things, then the rates head north again.
Although when they do cater to the voters (see FL for instance) they tend to ignore the laws of economics.
Much better than a 100% increase or dropped completely which is what happened to almost every HO in FL after the '04 hurricanes whether you had a claim or not. Not to mention that almost all deductibles are now $1000 and not $500.
Read your policy again. Your windstorm policy deductible is between 4% and 10% of the insured amount, depending on what you are willing to pay. That is more like an $8,000-10,000 deductible.
I dropped my windstorm.
Nope. 2% for *hurricane* damage.
How did you drop something that is required by law in the state of FL if you have a mortgage?
"RBM" wrote
Was hoping someone would say it for me! Yes, although I have seen increases over time (to be expected) but the few times I have needed them, the service was above and beyond any reasonable expectations. They literally *helped me* maximize claim values after a renter did a lot of damage here. Most wasn't claimable (just not legal, no track on when it happened) but they even found dates of wind storms that could account for damages in a recent enough time to account for things (I was out of the country). Really exceptional service.
If I get in trouble, I can count on them to have the money to help me fix it unlike a small company that may go chapter 8 as some experienced after Katrina.
I don't have a mortgage. Where are you that you got the 2%. Must be inland. They wanted almost $3000 for flood and wind with the 4% deductible (Royal Palm)
It's time you pay your fair share. You've been under-paying for years.
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