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home owners ins rate hike?

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    #16
    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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      #17
      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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        #18
        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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          #19
          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 Buffett’s “float”.


          Sent from my iPhone using Tapatalk

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            #20
            This price probably does not include windstorm?

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              #21
              Originally posted by refugioco View Post
              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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                #22
                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 cost a lot of money to operate yachts and private jets

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                  #23
                  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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                    #24
                    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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                      #25
                      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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                        #26
                        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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                          #27
                          Shop your insurance every year like your power company.

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                            #28
                            Originally posted by bbqfan5909 View Post
                            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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                              #29
                              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? I’ve 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 can’t even return a phone call.

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                                #30
                                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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