Frogs1983
Full Member
Service( especially Claims) has dropped with All Carriers. After Covid, they can't hire enough people to properly staff areas needed IMO.
OT: homeowners insurance
- Thread starter Paul in uhh
- Start date
Sweat Equity
Tier 1
Eight
Member
that doesn't include carriers that either pulled out of florida last year, went bankrupt, or were acquired
only state that might be worse right now is the boot
Hoosierfrog
Tier 1
So they aren‘t charitable groups set up to pay plaintiff lawyers what they demand like they say they should be?
The Artist Formerly Known as PhormerPhrog
Full Member
You are the extreme exception. I work with a lot of insurance brokers and they're stressed out to the max. Premium increases over 75% are common. Last week I had one tell me folks he's had for several years and it's never been over $1800 but now $3200 is the lowest he can find for them. I'm dreading my renewal bc it's usually around $2400 so no telling where it will be.
This underscores the importance of the property tax relief the Texas house and senate agreed to yesterday.
Frogs1983
Full Member
Markel is a very good Carrier. Have used them for Commercial Insurance for a long time.
An-Cap Frog
Member
Property tax wise...I'm paying 2.17% of my Zillow MV estimate.
fanatical frog
Full Member
I'm one of those who never paid much attention to insurance premiums....and I'm just eyeballing here but I'm pretty sure our homeowners has roughly tripled over the past four to six years. Significant increases every year. Our renewal won't be due until Sept but I'm getting kind of nervous about it.
An-Cap Frog
Member
This topic needs a trigger warning!
Paul in uhh
Active Member
Just got a mailer from another insurance company (all state) estimating my annual premium with them to be 1/2 of what I paid travelers in 2022. Prob too good to be true but I’m wondering…
Eight
Member
you can proactively shop and not wait for the renewal dste
Eight
Member
most of those are crap, cut corners on coverages and deductibles, don't use accurate descriptions of your home, and will include every possible discount available without pulling reports and insurance history (which they won't until the end, but can have an impact)
the goal is to get you to call them and not be accurate in the pricing
nothing wrong with shopping coverages, would compare captive agency (i.e state farm, liberty mutual, amica) with independent agent/ broker like 83
most people don't want to put in the time, but for most this is your biggest single asset unless you are doc and then you can claim being the funniest poster on killerfrogs
UltimateFrog
Active Member
For the first five years of owning a home, it was always within a couple $100. Two years ago it increased 40%, last year another 40%. I've already gotten a letter from my homeowners insurance that someone drove around my neighborhood and I have to cut down large portions of my trees or they won't renew my policy next year. I live in The WOODlands.
Inflation has been painful on everyday items, but what's hurt the most is that I'm paying $1,500 more/year for homeowner insurance, $600 more/year auto, and $2k more/year for property taxes. It's great my property value is increasing, but I won't see a benefit for at least 14 years. And the only reason prop taxes aren't up more is because it's capped at 10%... so I've got a large gap between my appraised value and what prop tax is based on, guaranteeing another 10% increase next year and almost certainly the next.
I've filed ZERO auto or home claims in my entire life. ZERO.
Inflation has been painful on everyday items, but what's hurt the most is that I'm paying $1,500 more/year for homeowner insurance, $600 more/year auto, and $2k more/year for property taxes. It's great my property value is increasing, but I won't see a benefit for at least 14 years. And the only reason prop taxes aren't up more is because it's capped at 10%... so I've got a large gap between my appraised value and what prop tax is based on, guaranteeing another 10% increase next year and almost certainly the next.
I've filed ZERO auto or home claims in my entire life. ZERO.
fanatical frog
Full Member
Yeah, I guess I will....I just hate messing with crap like this.
Eight
Member
83 and others can toss in their experiences, but there has always been to some degree of disparity between the market value of a home, the tax appraisal, and the estimated cost to tear down-haul off-rebuild a home (aka dwelling coverage in your homeowners policy)
can't recall where there has been such a disparity between the dwelling coverage and the other two and i have seen some in the last 6 months that have an absurdly large gap
Frogs1983
Full Member
Agents mail these "generic" quotes out all the time, to hopefully entice people to respond. These "quotes" never include any claims history, always just include bare bones coverages, usually little or no water damage or foundation coverages. Usually, when it's all said and done, actual quote is always much higher. It is too good to be true.
A Client sent me a copy of an " offer" he recently received in the mail from Allstate , offering $404.000 Dwelling Coverage at $845.00. I told him if he can actually get that, he better run with it! He emailed me a few days later, "finalized" quote from Allstate was around $3,000.00 .
Paul in uhh
Active Member
At the risk of looking like a poor amongst the TCU crowd I’m looking for $415k and travelers just quoted me 6500 annually. Never made any claims and the house is built in 1982
Does that seem high?
YA
Active Member
Is that the renewal or new coverage?
Eight
Member
another piece of advice
DO NOT GO ONLINE, FACEBOOK, TICKTOCK, ETC...and put your contact information in any site that claims they will do the searching for you for free
that is what an independent agent/broker does and they do get paid via commissions
those sites that say they will do it for free are data farmers who are going to sell your info to anyone who will buy it
BEWARE.....if you go that route be prepared to be bombarded by phone, text, and email
DO NOT GO ONLINE, FACEBOOK, TICKTOCK, ETC...and put your contact information in any site that claims they will do the searching for you for free
that is what an independent agent/broker does and they do get paid via commissions
those sites that say they will do it for free are data farmers who are going to sell your info to anyone who will buy it
BEWARE.....if you go that route be prepared to be bombarded by phone, text, and email
