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Old 04-10-2018, 03:41 PM   #1
kingranch
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Default home owners ins rate hike?

my house rate doubled since last yr is this typical? its a contracted geico company I have had for 7 yrs no prob...

Their explanation was the hurricane claims caused it to go up across the board- anyone else or is this bs?

brazoria county
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Old 04-10-2018, 03:44 PM   #2
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PM Sent
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Old 04-10-2018, 03:45 PM   #3
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Its typical with all insurers. When they pay out due to hail, tornadoes, hurricanes, rates go up. This has been my experience.
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Old 04-10-2018, 03:46 PM   #4
BrandonH
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I'm I'm Brazoria county too and mine went up, but not double. I expected it based on the amount the insurance companies paid out last year.

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Old 04-10-2018, 03:50 PM   #5
kingranch
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to be clear ive been paying about 450 with 3% deduct.

my new premium is 900$

2244sqft home built in 2002 typical cookie cutter home in pearland-
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Old 04-10-2018, 03:51 PM   #6
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So what happened to all the money they took in for the years that there wasn't a large payout due to natural disaster.
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Old 04-10-2018, 03:55 PM   #7
bownutone
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never hurts to get other quotes.
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Old 04-10-2018, 03:57 PM   #8
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Originally Posted by Texastaxi View Post
So what happened to all the money they took in for the years that there wasn't a large payout due to natural disaster.
This is my question......it goes up when they need it to, but will it go down when they don't need it?
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Old 04-10-2018, 04:03 PM   #9
Roy D Mercer
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Quote:
Originally Posted by kingranch View Post
to be clear ive been paying about 450 with 3% deduct.

my new premium is 900$

2244sqft home built in 2002 typical cookie cutter home in pearland-
how much is it insured for?
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Old 04-10-2018, 04:08 PM   #10
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Originally Posted by Texastaxi View Post
So what happened to all the money they took in for the years that there wasn't a large payout due to natural disaster.
There isn't one! As far as homeowners insurance goes there's years they lose money and years they lose LOTS of money! If it wasn't for your auto nobody would offer homeowners in Texas.
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Old 04-10-2018, 04:11 PM   #11
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Mine went down this year, which was a first for me. But I'm in West Texas and insured through farm bureau.

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Old 04-10-2018, 04:18 PM   #12
dbwilson
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I'm in DFW area and mine went up by almost 25% when I called and asked they said it was because of the recent hail storms. I'm shopping around.

On another note my houses in College Station were almost the same as years past.
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Old 04-10-2018, 04:24 PM   #13
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Typical, you will get punished for those that live in high risk zones!
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Old 04-10-2018, 04:29 PM   #14
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Originally Posted by Slew View Post
There isn't one! As far as homeowners insurance goes there's years they lose money and years they lose LOTS of money! If it wasn't for your auto nobody would offer homeowners in Texas.
Said the insurance guy!! Lol
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Old 04-10-2018, 04:38 PM   #15
kingranch
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how much is it insured for?
270k
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Old 04-10-2018, 04:40 PM   #16
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Originally Posted by Texastaxi View Post
So what happened to all the money they took in for the years that there wasn't a large payout due to natural disaster.
What year was that?
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Old 04-10-2018, 04:40 PM   #17
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Originally Posted by Texastaxi View Post
So what happened to all the money they took in for the years that there wasn't a large payout due to natural disaster.
They paid it out when hit with the hurricane claims!
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Old 04-10-2018, 04:42 PM   #18
flywise
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If you were only paying 450 and now paying 900 for a 2200sqft home i think your doing really really good.
Something does not see right
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Old 04-10-2018, 04:44 PM   #19
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Originally Posted by Texastaxi View Post
So what happened to all the money they took in for the years that there wasn't a large payout due to natural disaster.


It is used as Warren Buffettís ďfloatĒ.


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Old 04-10-2018, 04:47 PM   #20
refugioco
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This price probably does not include windstorm?
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Old 04-10-2018, 04:54 PM   #21
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This price probably does not include windstorm?
correct-

i also always go with higher deductible, as if something happens I will just fix it myself or pay out of pocket and no claim..
if house burns down well then ill have ins step in.
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Old 04-10-2018, 05:09 PM   #22
Charles
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So what happened to all the money they took in for the years that there wasn't a large payout due to natural disaster.
It cost a lot of money to operate yachts and private jets
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Old 04-10-2018, 05:12 PM   #23
Roy D Mercer
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Quote:
Originally Posted by kingranch View Post
correct-

i also always go with higher deductible, as if something happens I will just fix it myself or pay out of pocket and no claim..
if house burns down well then ill have ins step in.
Do you have replacement cost coverage? something is not adding up.
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Old 04-10-2018, 05:50 PM   #24
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Mine almost doubled...DFW area. Between tornados in 2015 and Hurricane s last year, insurance has taken a big hit lately.

oh look...what is that?
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Old 04-10-2018, 06:10 PM   #25
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Insurance....just like when you need a Cop....easy to gripe (as we all do) until you need it! By the way, depending on the different specs on the original OP, I just WISH my premium was less than $1K a year!!
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Old 04-10-2018, 06:36 PM   #26
tex4k
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The tax district appraisal is factored in there also, I'm in W Texas, my insurance came very close to doubling this year also, told the agent I'd insure for less, they said "as policy they wouldn't insure a property for less than appraised value", so I'm on the hunt for another provider, I told the agent as a matter of personal policy, they could get bent and would never get another dime from me!
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Old 04-10-2018, 07:10 PM   #27
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Shop your insurance every year like your power company.
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Old 04-10-2018, 07:40 PM   #28
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Shop your insurance every year like your power company.
This also contributes to the cost of insurance. On a first year policy, the insurance company makes little or no profit. They have to pay the agent a larger commission than on renewal. They have to pay an underwriter to access the risk. They have to pay an inspector to look at the property. They have to pay a clerk to process and a copy of the policy to the insured, the agent, and mortgagee if there is one.

While this may seem like a good idea to you, and you may better yourself by doing it, it does contribute to the cost of operations. And like any business, an insurance company has to make a profit to stay in business.

When more money is paid out than taken in, rates have to adjust. Otherwise, there won't be money there when you need to claim a loss.

I've been in the business for over 40 years and I know better than anyone that insurance is expensive, but so are shingles, building materials, and labor. It all has to figure into the premium to be adequate.
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Old 04-10-2018, 07:52 PM   #29
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Originally Posted by trailboss View Post
This also contributes to the cost of insurance. On a first year policy, the insurance company makes little or no profit. They have to pay the agent a larger commission than on renewal. They have to pay an underwriter to access the risk. They have to pay an inspector to look at the property. They have to pay a clerk to process and a copy of the policy to the insured, the agent, and mortgagee if there is one.



While this may seem like a good idea to you, and you may better yourself by doing it, it does contribute to the cost of operations. And like any business, an insurance company has to make a profit to stay in business.



When more money is paid out than taken in, rates have to adjust. Otherwise, there won't be money there when you need to claim a loss.



I've been in the business for over 40 years and I know better than anyone that insurance is expensive, but so are shingles, building materials, and labor. It all has to figure into the premium to be adequate.


So what you are saying they should drop my rate the second year if I were to switch? Iíve been with the same company for 8 years. I will be shipping next year since my agent retired and sold her book of business to some da girl who has no idea what she is doing. She canít even return a phone call.
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Old 04-10-2018, 08:58 PM   #30
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I am an independent agent and would be happy to help any of you who want to shop your rates. Been in business for 28 years and it is definitely worth shopping your rates every few years.
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Old 04-11-2018, 07:44 AM   #31
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Same old story... last few years went from $950 > $1100 > $1250 >$1600. Never filed a claim
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Old 04-11-2018, 07:51 AM   #32
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Insurance for lack of a better term is a risk pool...if there was no pool you would not have the option for insurance at all. You would assume the entire risk. So when your 200k house burned down and you still owed 150k on it.....you eat it
People should Quit whining about something they should appreciate
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Old 04-11-2018, 08:16 AM   #33
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Originally Posted by Bowhica View Post
This is my question......it goes up when they need it to, but will it go down when they don't need it?
Insurance is legal theft.
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Old 04-11-2018, 08:16 AM   #34
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Insurance for lack of a better term is a risk pool...if there was no pool you would not have the option for insurance at all. You would assume the entire risk. So when your 200k house burned down and you still owed 150k on it.....you eat it
People should Quit whining about something they should appreciate
You must be an insurance salesman
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Old 04-11-2018, 08:18 AM   #35
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Originally Posted by 8mpg View Post
Same old story... last few years went from $950 > $1100 > $1250 >$1600. Never filed a claim
And when you swap they will ask why....
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Old 04-11-2018, 08:22 AM   #36
flywise
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Insurance is legal theft.
SELF INSURE. Why would anyone partake in something they see as an abuse?

Last edited by flywise; 04-11-2018 at 08:33 AM.
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Old 04-11-2018, 08:33 AM   #37
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My homeowner stayed the same, but my auto insurance went up for no **** reason.


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Old 04-11-2018, 08:34 AM   #38
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My homeowner stayed the same, but my auto insurance went up for no **** reason.


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There are a million reasons why it went up...Think Houston and floods
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Old 04-11-2018, 08:36 AM   #39
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There are a million reasons why it went up...Think Houston and floods


I didnít file a claim and actually have never filed a auto claim.

Itís a freaking racket.


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Old 04-11-2018, 08:36 AM   #40
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Originally Posted by flywise View Post
SELF INSURE. Why would anyone partake in something they see as an abuse?
Bank requires that I have insurance. Not everybody can afford to pay cash for their house, thus borrowing money. So itís safe to say I canít afford to self insure either. Itís a matter of you need it, they have it and can charge what they want. At least I can shop around though.
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Old 04-11-2018, 08:39 AM   #41
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Originally Posted by flywise View Post
There are a million reasons why it went up...Think Houston and floods
People whose home didnít flood shouldnít be punished.
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Old 04-11-2018, 08:40 AM   #42
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People whose home didnít flood shouldnít be punished.
I agree.. I dont live in Houston or anywhere near the ocean.
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Old 04-11-2018, 08:40 AM   #43
flywise
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Bank requires that I have insurance. Not everybody can afford to pay cash for their house, thus borrowing money. So itís safe to say I canít afford to self insure either. Itís a matter of you need it, they have it and can charge what they want. At least I can shop around though.
" They" have to get approval from the state to increase rates
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Old 04-11-2018, 08:42 AM   #44
flywise
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Insurance for lack of a better term is a risk pool...if there was no pool you would not have the option for insurance at all. You would assume the entire risk. So when your 200k house burned down and you still owed 150k on it.....you eat it
People should Quit whining about something they should appreciate


Referr back to the above^^^^^
Quote:
Originally Posted by drbonner View Post
People whose home didnít flood shouldnít be punished.
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Old 04-11-2018, 08:43 AM   #45
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" They" have to get approval from the state to increase rates
And "they" send more money lobbying than any other organization.
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Old 04-11-2018, 08:44 AM   #46
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Referr back to the above^^^^^
I used to sell insurance but I still dont agree. Why am I subsidizing the costs of a hurricane in Houston? Im hundreds of miles away. My risk for hurricane damage is way way less than Houston. People who live in high risk areas should be responsible for higher insurance premiums to support these issues...not the entire state of Texas
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Old 04-11-2018, 08:57 AM   #47
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Ill trade your insurance premium increase for my property tax increase next year- Got a deal in mail my raw land went from $32k and acre to right at $55k and acre. Wish someone would give me that for it
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Old 04-11-2018, 09:04 AM   #48
Etxbuckman
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Bank requires that I have insurance. Not everybody can afford to pay cash for their house, thus borrowing money. So it’s safe to say I can’t afford to self insure either. It’s a matter of you need it, they have it and can charge what they want. At least I can shop around though.
So what you're saying is that if your home is destroyed by a fire or something you can't afford the $100k+ to rebuild it, but you're complaining about a couple thousand dollars to make sure that you're not left homeless with a mortgage on a home you can no longer live in? Makes sense.


Has anyone complaining about insurance premiums on here not seen any of the recent hail damage threads in THE DALLAS AREA?? Dallas gets hammered every year, and people act like it's Houston causing the problems.
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Old 04-11-2018, 09:07 AM   #49
flywise
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I used to sell insurance but I still dont agree. Why am I subsidizing the costs of a hurricane in Houston? Im hundreds of miles away. My risk for hurricane damage is way way less than Houston. People who live in high risk areas should be responsible for higher insurance premiums to support these issues...not the entire state of Texas
There are many more auto, hail related claims than hurricane claims.
Wonder how many folks from houston took to TBH to gripe about auto insurance going up when they had increases when the huge hail storms took out north and central tx in 2014-15.....my guess, a bunch.
It all balances out.
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Old 04-11-2018, 09:21 AM   #50
TeamAmerica
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If you were only paying 450 and now paying 900 for a 2200sqft home i think your doing really really good.
Something does not see right
my deductible is 1%, his is 3%. that is the reason i am guessing. they know that anything less than ~$10K and he is paying his own way. very few things would go over that (even a new with some depreciation may not).
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