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Old 07-12-2022, 03:13 PM   #1
Greenheadless
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Question Home Owners Insurance advice

Didn’t want to hijack the other thread.

Received my renewal review for this year. Current policy with current company is going up +60%.

Also, commented the following when looking for alternatives: “ Foremost/Farmers, Progressive, State Auto, Travelers, Bankers, UPC, and Safeco are not writing new business in our area.” (Harris County Texas)

Lastly, came up with an option that actually would be cheaper, commented it was part of a ‘reciprocal exchange’. Never heard of such.

Thoughts, advice, comments?

Thanks in advance.
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Old 07-12-2022, 03:18 PM   #2
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Reach out to Cale Staton here on TBH. Use to be BeetleGuy but I believe he is The Insurance Guy now.

cale.staton@rolloinsurance.com
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Old 07-12-2022, 03:22 PM   #3
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Values are up, replacement costs are up, crime is up in HC as well. We are seeing alot of carriers pulling out of HC for those reasons and when things calm down they will be agressive on writing in the area again... get with an independent agent in the area and let him/her shop the markets that are still writing in HC. We write home and auto in HC and all surrounding counties every day.
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Old 07-12-2022, 04:38 PM   #4
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Thanks guys, I already have an independent guy.

I was just checking here for a second opinion and hopefully some feed back on the ‘reciprocal exchange’.
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Old 07-12-2022, 04:44 PM   #5
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60% from what?
Like mentioned already. Values have gone up and replacement cost are through the roof. No matter what it cost it’s a better value than property taxes. Hopefully you will find a policy that suits you
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Old 07-12-2022, 05:10 PM   #6
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Everything is going through the roof. Electrical rates, fuel, etc...those that have not felt inflation yet, you will soon.
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Old 07-12-2022, 05:14 PM   #7
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You really ought to get a quote from Texas Farm Bureau.
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Old 07-12-2022, 05:26 PM   #8
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Avoid Hippo/Spinnaker.
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Old 07-12-2022, 07:03 PM   #9
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Reciprocal inter-insurance exchanges are unincorporated associations, meaning that they do not go through the legal process to become companies and are not legally separated from their owners. This makes sense since subscribers are both the customers and owners of the exchange. This also means that legally speaking, reciprocals are not considered reciprocal insurance companies—they are simply exchanges of insurance contracts between members.

Similarly to mutual insurance policyholders, subscribers will choose the organization’s board of governors, which acts as an advisory committee. Since subscribers both own and are served by the reciprocal insurance exchange, reciprocals need a third party to sign contracts and act as an underwriter. The board of governors is then in charge of choosing an attorney-in-fact (AIF), an individual or corporation paid to handle these day-to-day operations of the exchange. This means that the AIF is in charge of issuing policies, handling claims, and managing the underwriting (price-setting) process. Attorneys-in-fact have power of attorney through the inter-insurance exchange. And AIFs may either be owned by the reciprocal insurer, known as proprietary reciprocals or contracted through a third party, known as non-proprietary reciprocals.

Reciprocal insurance exchanges most often issue what are known as nonassessable policies. These insurance policies ensure that if the reciprocal’s operating costs end up being higher than expected, subscribers will not be charged more to offset these costs. (While some reciprocals will issue assessable policies, they are far less common.)

A subscriber’s insurance policy through a reciprocal insurance exchange determines more than just the amount of insurance coverage they have. The cost of a subscriber’s insurance premium—known by reciprocals as a premium deposit—will affect the subscriber’s amount of coverage, how much they receive in annual dividends (if distributed), and even how much they are subject to lose when another subscriber files an insurance claim.

Another major difference between mutual insurance companies and reciprocals is who—or what entity—takes on risks. In mutual companies, the insurance company takes on any risks or losses caused by policyholders’ insurance claims. But since reciprocal insurance exchanges are meant to divide risk management and indemnity among subscribers in case of potential losses, each subscriber protects the others, meaning that the risk is on the subscribers. This also means that when one subscriber takes a hit and has to file an insurance claim, the other subscribers pay for this loss through the cost of their premium deposit.
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Old 07-12-2022, 07:06 PM   #10
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Great explanation, thanks a bunch for taking the time to write that.

Much appreciated.
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Old 09-20-2022, 11:51 AM   #11
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Quote:
Originally Posted by RascalArms View Post
Reach out to Cale Staton here on TBH. Use to be BeetleGuy but I believe he is The Insurance Guy now.

cale.staton@rolloinsurance.com
Just emailed him...
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Old 09-20-2022, 11:55 AM   #12
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Mine has never gone up much if any....WHY???!!!

Because I shop it every 1-2 years and there is always someone who will come in substantially lower on home or auto. I also do not bundle, its cheaper

Pay in full for auto for 12 months at a time

My brothers college baseball teammate owns his own company and shops alot of different suppliers
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Old 09-20-2022, 12:02 PM   #13
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My home coverage went up 26% this year due to home value increase/replacement cost.
Just sat down and went over my auto policy with my agent and we will change to a different carrier. Current carrier was going up 30% and new carrier went down $4 for the same coverage.
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Old 09-20-2022, 12:03 PM   #14
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Quote:
Originally Posted by gingib View Post
Mine has never gone up much if any....WHY???!!!

Because I shop it every 1-2 years and there is always someone who will come in substantially lower on home or auto. I also do not bundle, its cheaper

Pay in full for auto for 12 months at a time

My brothers college baseball teammate owns his own company and shops alot of different suppliers
Not bundling seems more costly when I look.

I use Cale also. Even if I found a little cheaper I wouldn't change. Why? Because peace of mind having an insurance guy that can answer a zillion questions and make sure your arse is really covered. Last thing I want is to pay in for 30 years and then be told...Oh you needed this other type insurance or some other BS excuse.

But Cale was far cheaper for us anyway.
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Old 09-20-2022, 01:41 PM   #15
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Originally Posted by kmitchl View Post
Avoid Hippo/Spinnaker.
I would avoid them on name alone!

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Old 09-20-2022, 01:47 PM   #16
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Quote:
Originally Posted by gingib View Post
Mine has never gone up much if any....WHY???!!!

Because I shop it every 1-2 years and there is always someone who will come in substantially lower on home or auto. I also do not bundle, its cheaper

Pay in full for auto for 12 months at a time

My brothers college baseball teammate owns his own company and shops alot of different suppliers
Been with Allstate 28 years and we shop every year but haven't been able to find a substantial enough saving to switch until this year. Allstate finally increased on us too much and we switched to Travellers. We bundle and saved about $2500 for the year and actually increased coverages.

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Old 09-20-2022, 01:48 PM   #17
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Originally Posted by Pineywoods View Post
You really ought to get a quote from Texas Farm Bureau.
I`m headed to Farm Bureau in about 30 minutes. My Germania went up 35 plus % on home and autos. No claims and no tickets. It doesn`t hurt to check prices no matter what. At least you did all you can to try and get a good quote.
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Old 09-20-2022, 01:50 PM   #18
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Quote:
Originally Posted by RiverRat1 View Post
Not bundling seems more costly when I look.

I use Cale also. Even if I found a little cheaper I wouldn't change. Why? Because peace of mind having an insurance guy that can answer a zillion questions and make sure your arse is really covered. Last thing I want is to pay in for 30 years and then be told...Oh you needed this other type insurance or some other BS excuse.

But Cale was far cheaper for us anyway.
100% agree. I got a guy like Cale also. Answers any questions and has become a buddy. Its very helpful

The last 3 years it has been cheaper to not bundle. Paid $935 a year for 2 trucks on our plan for a year of coverage, paid in full. And home was cheaper thru another buddy
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Old 09-20-2022, 02:15 PM   #19
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I told my wife, "the thing about saving on insurance premiums is that you don't really know if you're saving anything until it's time to use it. Then, and only then, will you know if it really was a better value or not"

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Old 09-20-2022, 03:18 PM   #20
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Vote Republican

my policy doubled last month
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Old 09-20-2022, 03:58 PM   #21
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I’ve been with State Farm for over 35 years. In the past no one has been able to beat them for the same coverage. I’ve reached out to a couple of insurance guys here on TBH and they were honest and said they couldn’t do better.

They have ALWAYS handled my claims in a fair and timely manner. I’ve never found a reason to leave.


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Old 09-20-2022, 04:26 PM   #22
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Quote:
Originally Posted by rolylane6 View Post
I told my wife, "the thing about saving on insurance premiums is that you don't really know if you're saving anything until it's time to use it. Then, and only then, will you know if it really was a better value or not"

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Bingo!
I had Allstate from 1975 to 2009 and they decided they didn't want to insure our mobile home in 2009. I moved all my policies to Farmers 30 days before Hurricane Ike wiped our home out.
Lady with Farmers drove up to the house, climbed up on the roof, looked in the windows, and wrote me a check for twice what we bought our home for. Told us to send her a list of contents and cost and she would send us another check for that. She did. We are still with Farmers.
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Old 09-20-2022, 07:34 PM   #23
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Quote:
Originally Posted by Johnny Dangerr View Post
Just emailed him...
Good for you.
Quote:
Originally Posted by RiverRat1 View Post
Not bundling seems more costly when I look.

I use Cale also. Even if I found a little cheaper I wouldn't change. Why? Because peace of mind having an insurance guy that can answer a zillion questions and make sure your arse is really covered. Last thing I want is to pay in for 30 years and then be told...Oh you needed this other type insurance or some other BS excuse.

But Cale was far cheaper for us anyway.
Cale will work for you and having access to so many different providers just makes sense. His agency is basically a Co-Op. He has helped us quite a bit over the years. Sometimes we save by bundling but not always. Bottom line....I trust him.
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Old 09-21-2022, 10:40 AM   #24
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pitchforks and torches are in order.

Abbott is not your friend when it comes to his insurance carrier donors.
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Old 09-21-2022, 11:04 AM   #25
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Originally Posted by Mike D View Post
I’ve been with State Farm for over 35 years. In the past no one has been able to beat them for the same coverage. I’ve reached out to a couple of insurance guys here on TBH and they were honest and said they couldn’t do better.

They have ALWAYS handled my claims in a fair and timely manner. I’ve never found a reason to leave.


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WOW! Shocking

State Farm has always been one of the highest around me! Gotta pay for all their commercials
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Old 09-21-2022, 11:05 AM   #26
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Originally Posted by Tmag View Post
Bingo!
I had Allstate from 1975 to 2009 and they decided they didn't want to insure our mobile home in 2009. I moved all my policies to Farmers 30 days before Hurricane Ike wiped our home out.
Lady with Farmers drove up to the house, climbed up on the roof, looked in the windows, and wrote me a check for twice what we bought our home for. Told us to send her a list of contents and cost and she would send us another check for that. She did. We are still with Farmers.
Thats awesome!

Especially on a depreciating asset that loses value quickly
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Old 09-21-2022, 11:10 AM   #27
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Originally Posted by Mike D View Post
I’ve been with State Farm for over 35 years. In the past no one has been able to beat them for the same coverage. I’ve reached out to a couple of insurance guys here on TBH and they were honest and said they couldn’t do better.

They have ALWAYS handled my claims in a fair and timely manner. I’ve never found a reason to leave.


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Quite honestly, that’s laughable.

How many claims have you had?

If State Farm was my ‘good’ neighbor….I’d move.
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Old 09-21-2022, 01:25 PM   #28
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Quite honestly, that’s laughable.

How many claims have you had?

If State Farm was my ‘good’ neighbor….I’d move.
I am with you!!! Awful dealings with them from every person I heard.

Including my neighbor who lost his court case last week
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Old 09-21-2022, 01:57 PM   #29
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Default Home Owners Insurance advice

Quote:
Originally Posted by Atfulldraw View Post
Quite honestly, that’s laughable.

How many claims have you had?

If State Farm was my ‘good’ neighbor….I’d move.

Over that entire time maybe 3 collision auto claims, several comprehensive ones.

Homeowner, 2 lightning strikes and 1 plumbing leak. They are currently subrogating the plumber for the leak.

Over those years I’ve moved from MS to LA and now TX.

My TX agent has always been awesome.


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Old 09-21-2022, 05:51 PM   #30
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Just bought my first home at the beginning of this year and not sure I got the best deal I could've for home insurance but needed something quick to close. Do you wait till your current policy is about to end to shop another one? Goosehead Insurance shopped for me and I went with a Safeco (Liberty Mutual) policy.
Definitely will reach out to Cale when I can.
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Old 09-21-2022, 06:11 PM   #31
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I will say this, cheaper doesn’t mean you should go with a company! We had SF with EVERY endorsement they offered. Feb ‘21 our pipes froze, blew out and damaged our foundation bad. Even though we had an endowment to cover such an event, they denied the claim, twice. After six months of battling them we paid to fix the house ourselves. We now have an independent guy who looks at payout ratings as well as service/price.



Micheal
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Old 09-21-2022, 08:11 PM   #32
Mike D
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I will say this, cheaper doesn’t mean you should go with a company! We had SF with EVERY endorsement they offered. Feb ‘21 our pipes froze, blew out and damaged our foundation bad. Even though we had an endowment to cover such an event, they denied the claim, twice. After six months of battling them we paid to fix the house ourselves. We now have an independent guy who looks at payout ratings as well as service/price.



Micheal

What was their reason for denying your claim?


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Old 09-21-2022, 09:11 PM   #33
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What was their reason for denying your claim?


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He already said it was State Farm

They don't need a reason....I handle literally hundreds of their claims every year, and they are the absolute worst bully in the business. They do it because they can.

It takes a PA or an attorney to get to them move of their high horse once they lock down on a claim.
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