has anyone else's insurance went up? mine has gone up more than double, i am now looking for other insurance. they told me it's gone up all across the country, i think thats  bullshit they're trying to capitalize on 9/11

They did a study and home owners insurance in Texas is the highest in the country. The rates for almost everyone here have doubled and trippled. The companies are taking advantage of current situations(9-11 and natural disasters) to rack us over the coals. The industry has been a scam for years and needs total reform.

Here in So. Calif., we had have 2 homeowner insurance companies actually get out of the homeowner because of the heavy losses suffered during the earthquake of 1992, actually my insurance company almost went out of business due to the losses from the earthquake. I have had to scramble to find other insurance. Also, the coverage is less.  The insurance companies don't like uncertainty, but isn't it the nature of their business?

Mine doubled this year, and I had several quotes from other companies that were in the same ballpark (also double).

Its has VERY little to do with 911. With that said the MAIN cause for rate increase is CLAIMS. Case in point, wind, hail, fires, fraud, all contribute to higher rates and there has been an overwhelming amount in the last 10 years.

Also credit scoring is use to determine your premium, if you have crappy credit expect higher rates, if you have great credit your rates should be lower. While I won't going into the many reasons, I'll say this. Statical data indicates people with bad credit have higher claim frequence and amounts.

Think about this, an average fire loss is 100k that's 200 policies @ 500.00 year without a claim just to break even.

Finally insurance company average homeowners loss ratio is 123 percent. There not making money until the ratio at 91% so it easy to see why your insurance premiums are increasing.

Does it suck? HELL yes. But if you look at the potential payout amount, and the amount you pay in premium its a no brainer. Your other choice is payoff you home then your not required to buy homeowners insurance, and how many of us would take that risk.  

 

This response is not toward anyone in particular...

Didnt your mum teach you not to assume anything?  Insurance companies are not raking anyone over the coals in any case, and Sept 11 has very little to do with the insurance rate hikes.  Notice that the whole insurance industry has taken a hit, not just one company.  People have forgotted what insurance is all about.  Just because you pay in $1000 does not mean you are entitled to "your" $1000 later on.  If you have a $500 deductable,... FOR YOUR SAKE DO NOT TURN IN A $550 CLAIM!!!!  People are turning in every claim they can and that only hurts them.  Those small claims, and the frequency of them, is the culprit behind the rate increases, NOT Sept 11th.  Bottom line is this:  Insurance is there to protect against large and "un-selfinsurable" losses; house fires, major car crashes, personal injury, etc, etc.  NOT to fix the broken window that your son through a baseball through, NOT the dent in your car that your daughter caused by riding her bike into it, and NOT the brken TV that your wife dropped he plant on.  Those are all inherant risks.        

Call around for a better "rate".  If I were you, I would be more concerned about having an insurance agent that is truthful, loyal, and knows what they are talking about.  Ask them to explain the coverages.  If you leave one company and go to another to save 5 bucks a month, you are leaving for the wrong reason.
If you jump from company to company, it shows on your credit report and it does not look good.    
 
Here is my advice:  Have all your deductables on your cars and home at bare minimum at $500.  Take the extra money you save in premium and put away for teh day you need to make that $500 repair.  It is quite simple.  more later if need be.

How do I know all this?  I am an agent for Farm Bureau Financial Services in Sioux City, Iowa.  If you have any questions (or complaints), I would be happy to help you (a fellow gunner) out.  Call me at my office at (712) 276-2856.  And dont worry, I cant insure anyone accross state lines, so there will be no "sales pitch".

Jason

Increased litigation also causes rates to go up; too many people, too many frivilous claims, too many dum juries, too many lawyers.