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Posted: 6/10/2021 7:18:05 AM EDT
Apparently, everyone's rates are going up. Are you using a broker? Are they getting you decent rates? Mind sharing their contact info?

Link Posted: 6/10/2021 8:25:07 AM EDT
When home values go up, so do insurance rates.
Link Posted: 6/10/2021 8:31:27 AM EDT
My tips on insurance, every 2-4 years ask your broker you shop your policy. Texas has had quite a few big claims on both homes and vehicles due to Harvey, the freeze, latest hail storms.

Put together with your agent what you need as minimum level of insurance, have them shop that so you can compare apples to apples not apples to oranges
Link Posted: 6/10/2021 9:42:42 AM EDT
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Originally Posted By r-2-k-b-a:
When home values go up, so do insurance rates.
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yep, i get that. I just went through this 10 months ago and upped all the values across the board. now, they barely increased coverage and its going up by another 500 bucks. that in itself wouldn't be an issue but my broker is being a total dick so he has to go. im looking for a recommendation.
Link Posted: 6/10/2021 9:43:03 AM EDT
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Originally Posted By DonofKalifornia:
My tips on insurance, every 2-4 years ask your broker you shop your policy. Texas has had quite a few big claims on both homes and vehicles due to Harvey, the freeze, latest hail storms.

Put together with your agent what you need as minimum level of insurance, have them shop that so you can compare apples to apples not apples to oranges
View Quote



im on board. i guess i should have just said i need a new broker.
Link Posted: 6/10/2021 10:36:37 AM EDT
[Last Edit: 6/10/2021 10:40:31 AM EDT by Bigger_Hammer]
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Originally Posted By r-2-k-b-a:
When home values go up, so do insurance rates.
View Quote


Your HOME is still valued (by the insurance company) at the policy cap.  

However as the COST of MATERIALS & LABOR to repair - rebuild your house after a major loss soars, then your insurance rates have to rise to match or your policy amount would be insufficient.

Have a fire / tornado / "incident" and only get 2/3rds of your home rebuilt? ...   Yeah you'd be raging on TV that Insurance Company "X" somehow "ripped you off" because they didn't gladly pay "more" than your policy amounts ...  So Rates Rise to Match the Cost to Rebuild.

BIGGER_HAMMER

Link Posted: 6/10/2021 11:12:57 AM EDT
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Originally Posted By Voland:



im on board. i guess i should have just said i need a new broker.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Voland:
Originally Posted By DonofKalifornia:
My tips on insurance, every 2-4 years ask your broker you shop your policy. Texas has had quite a few big claims on both homes and vehicles due to Harvey, the freeze, latest hail storms.

Put together with your agent what you need as minimum level of insurance, have them shop that so you can compare apples to apples not apples to oranges



im on board. i guess i should have just said i need a new broker.


Sit down have a talk with your broker first, many times when you keep paying the premium they think you are happy. Most broker/agents sell for other companies even if they are say a Nationwide Agent.
Link Posted: 6/10/2021 11:39:41 AM EDT
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Originally Posted By Bigger_Hammer:


Your HOME is still valued (by the insurance company) at the policy cap.  

However as the COST of MATERIALS & LABOR to repair - rebuild your house after a major loss soars, then your insurance rates have to rise to match or your policy amount would be insufficient.

Have a fire / tornado / "incident" and only get 2/3rds of your home rebuilt? ...   Yeah you'd be raging on TV that Insurance Company "X" somehow "ripped you off" because they didn't gladly pay "more" than your policy amounts ...  So Rates Rise to Match the Cost to Rebuild.

BIGGER_HAMMER

View Quote



yep, i get this. My point to them was that i JUST went through this 10 months ago and my TV certainly didnt go up in value. Replacement  value of the house was set high already to account for exactly what you are describing because I told them that I wanted to do it. The replacement value of the structure didnt go up at all because it was JUST adjusted. So if thats the case, why is my policy being lumped in with everyone that was undervalued? This is what I'm trying to get an answer to and "well, we had a freeze" during which I didn't fil a claim is not good enough answer. Thus, looking for a new broker.
Link Posted: 6/10/2021 11:40:37 AM EDT
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Originally Posted By DonofKalifornia:


Sit down have a talk with your broker first, many times when you keep paying the premium they think you are happy. Most broker/agents sell for other companies even if they are say a Nationwide Agent.
View Quote



I did. Their answer was equivalent to "because it is" which is why I want to find a new broker.
Link Posted: 6/10/2021 2:47:16 PM EDT
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Originally Posted By r-2-k-b-a:
When home values go up, so do insurance rates.
View Quote


This.  But unfortunately they're going up even faster than that.  Increases in costs for claims due to things like weather damages and property crime are adding to the increases.
Link Posted: 6/10/2021 3:32:47 PM EDT
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Originally Posted By Voland:



I did. Their answer was equivalent to "because it is" which is why I want to find a new broker.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Voland:
Originally Posted By DonofKalifornia:


Sit down have a talk with your broker first, many times when you keep paying the premium they think you are happy. Most broker/agents sell for other companies even if they are say a Nationwide Agent.



I did. Their answer was equivalent to "because it is" which is why I want to find a new broker.


They are not doing their job, I understand that some companies had huge losses but not all do, it depends on their customer base.
Link Posted: 6/10/2021 8:47:56 PM EDT
i have SafeCo (subsidiary of Liberty Mutual) insurance through Parker Insurance Agency.  They're really nice people and I like SafeCo. I have 1% deductible on everything.  I've had 2 hail damage claims in the last 5 years and have never had an issue getting an inspection and cutting a check. Their inspectors are pretty thorough, I got new roof, gutters, and fence. I'm about to have them check for hail damage again, but since i'm not seeing any leaks right now, i'll wait till the end of the season to give them a call.
Link Posted: 6/14/2021 1:35:19 PM EDT
sent you an IM OP.  My son works at Goosehead Insurance.  They are independent and can shop rates at a lot of major companies.  Saved me 400 bucks.


Link Posted: 6/14/2021 2:19:26 PM EDT
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Originally Posted By r-2-k-b-a:
When home values go up, so do insurance rates.
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You have to insure based on the replacement costs.  

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