My problem with my HOI (AAA) is the house valuation. I feel it is way overvalued vs what it would ever sell for. When trying to get them to lower it they said it has do be valued at what they say for replacement coverage. They wouldn't quote me ACV. My premiums would be much lower if I could insure it for closer to what it would probably sell for. Their valuation is 100K over what Zillow has it valued at.
Surging home insurance costs could force families to leave these 10 states (OK is one)
- Thread starter chuter
- Start Date
Mine went up almost 100%. Renewal premium almost $6300, old was $3400, no claims. New insurance company will be $4k after discounts, plus my auto dropped significantly. Old insurance bought me a new impact resistant roof which is where some of my discounts are coming from.
That means we are do for a big one.
Working with insurance companies has turned into the same annual horse pucky we do with our TV provider. Every year they Jack up the rates and someone else wants your business so they give a realistic price. That is until the next year when the whole process starts all over again. I’ve worked through Geico the past 4 years but think I’m going to contact an insurance broker I work with for my health insurance.
So replacing roofs do to summer heat, which hasn't been really out of the ordinary, is making premiums go up exponentially?
My roof is 4 years old so that shouldn’t even be a factor. Besides, I thoughts roofs weren’t even covered under a normal policy for anything but hail damage, not sure how heat factors into the equation.
For some reason I keep picturing Leo Gets in Lethal Weapon.
For some reason I keep picturing Leo Gets in Lethal Weapon.
I switched from USAA to AAA due to an increase in premiums but I'm going to go back to USAA because USAA literally inspects everything in the event of hail damage and they are more trustworthy and back their clients. Then too, I had an impact resistant roof- class 4 installed recently which will reduce premiums.
When we built our house in 2015 our premiums were $1450. This year they’re just shy of 2800. Friends who’s an independent insurance agent said rates are on track to skyrocket.
On top of the annual 3% tax increase. Luckily tax is capped at 3%/year.
On top of the annual 3% tax increase. Luckily tax is capped at 3%/year.
USAA left me very unimpressed. I jumped through all their hoops just to get a quote and they were higher than what I was already paying. Then the gal on the line said “I can lower your coverage to reduce the premium”. I told here “well I suppose my current carrier could do the same right?”
Keep in mind homeowner insurance also typically covers contents too, in the event of a total loss. Many times that can be nearly as much coverage as the dwelling.
We are with State Farm and our rates only went up like 1.7%. I asked our agent why so little. We are slowly losing our new home discounts which are prorated down every year.
Combining home and auto can usually garner a reduction as well as things like home alarm systems. So, you may want to ask if there are discounts that may be available and what you can do to get them.
We are with State Farm and our rates only went up like 1.7%. I asked our agent why so little. We are slowly losing our new home discounts which are prorated down every year.
Combining home and auto can usually garner a reduction as well as things like home alarm systems. So, you may want to ask if there are discounts that may be available and what you can do to get them.
