Corporations taking advantage of "inflation"

[WItoTX]

It is if you don’t own it outright.

Technically you never really do. Try not paying property taxes for a year.

But please, don't tell the government, because they will try and require home insurance, because they gotta protect their property they let you live on *cough* I mean just looking out for you.

[kyle1974]

I understand mortgage companies require it, but I've already considered dropping home insurance the day my main house is paid off. in 20 years of owning homes, I've made ONE claim, and it was for a hail storm that damaged my roof.

20 years of insurance premiums back vs one "free" roof that I still had to pay roughly 35% of the cost of the roof anyway from the deductible?

house fires are extraordinarily rare (and insurance companies know that). I'm not going to flood (insurance companies know that), and where we're planning to retire the chance of a hurricane or tornado is slim (and insurance companies know that).

I'm so worn out with these mandated payments to everyone and everything...

[sharpstick35]

a big reason is because people will file a claim for every little thing. if more people would do basic maintenance and take care of small repairs themselves the rates wouldn't be as high.

[tx_basser]

Yes, I get irritated when after paying for so many years without a claim, then have to get into complete street fight with them on a small claim. It finally got to the point I called my agent and said, "I'm tired of this BS and this gets resolved or I move my house, boat, and 4 vehicles to another carrier". I literally had to threaten that type of response to get a 3K claim handled on my daughters car.

[kyle1974]

a big reason is because people will file a claim for every little thing. if more people would do basic maintenance and take care of small repairs themselves the rates wouldn't be as high.

I don't think that's accurate. deductibles are 1-3%. for a 350K home you're looking at a minimum of a $3500 deductible.

not only that, my insurance company has my home value set way above any other appraised value out there, because "rebuild is so much more expensive than new build".

what's ironic about talking to them about this value (roughly 30% above market) they set on my home was they referenced my total appraised value... including the lot.

I'm still waiting to hear how my lot can be destroyed.

[Throwin Darts]

a big reason is because people will file a claim for every little thing. if more people would do basic maintenance and take care of small repairs themselves the rates wouldn't be as high.

This right here. 90% of America is broke and files a claim for everything on a house and a door ding on a car.

[kyle1974]

a big reason is because people will file a claim for every little thing. if more people would do basic maintenance and take care of small repairs themselves the rates wouldn't be as high.

I don't think that's accurate. deductibles are 1-3%. for a 350K home you're looking at a minimum of a $3500 deductible. I don't think people are paying out $3500-$7000 to get a little extra insurance money on top.

not only that, my insurance company has my home value set way above any other appraised value out there, because "rebuild is so much more expensive than new build".

what's ironic about talking to them about this value they set on my home was they referenced my total appraised value... including the lot.

I'm still waiting to hear how my lot can be destroyed.

[brokeno]

My dad sold insurance for years. He said everything there is a major disaster or building cost increase the insurance companies are going to increase their rates to cover their losses or future losses. They are in the business to make money.

[kingranch]

I refuse to use friends or others bc its setup for failure not if but when they hike the rates and wont cover a claim.

I had a guy on here wont name call but he did this to me and wouldn't cover a claim.... bs dropped him and all the extra policies I had him sign my family members with. I have never made a claim in 20 yrs of home ownership

[BrianL]

What was your house value 2018 vs today? I would shop around. I got mine thru JT Howard here on TBH and been very pleased with the coverage and price. It has gone up some as the value has gone up but within reason.

[CaptainDave]

I don't know. Own your home alright and self insure if you would like. Why the heck wouldn't a first lien holder on your mortgage require your home to be insured? The home is the collateral afterall and if your house burns down, are you going to pay the mortgage comany in full the unpaid principle on your loan?

I hate insurance premiums like anyone else. However, one signficant claim on your home can be the equivalent of serveral years worth of premiums. My FIL does some public adjusting on the side and the dollar amounts on some claims are eye opening. The amount of damage that can be caused by something as simple as a busted pipe in an attic or a leaking toilet or water heater is crazy.

Auto insurance is a different thing all together as we obviously pay additional premiums for all of the kind people that don't bother having any. Regardless, it's still commical to hear people complain about an auto insurance premium, while driving around a 3/4 ton Ford Platinum or equivalent they neither own outright or even really need.

For the record, I'm not in the insurance industry and hate paying premiums like anyone else.

[TeamAmerica]

How do you think Buffett made billions? GEICO and other insurance companies. The good ones "never" go out of business. Plenty of agents on TBH can give you quotes. I'm with Allstate and they have been good. Progressive stopped coverage in Corsicana for our ranch house so had to shop anyway.

[WItoTX]

I don't think that's accurate. deductibles are 1-3%. for a 350K home you're looking at a minimum of a $3500 deductible. I don't think people are paying out $3500-$7000 to get a little extra insurance money on top.

not only that, my insurance company has my home value set way above any other appraised value out there, because "rebuild is so much more expensive than new build".

what's ironic about talking to them about this value they set on my home was they referenced my total appraised value... including the lot.

I'm still waiting to hear how my lot can be destroyed.

Find a better agent then. Ours was low enough that I had to ask for support for why our new house insured value was so low. He came with a binder full or supporting information, and supported his value for our house.

I don't have patience for lazy people like you reference, and I am **** sure not giving them my money if they can't do what my agent did.

[kyle1974]

Find a better agent then. Ours was low enough that I had to ask for support for why our new house insured value was so low. He came with a binder full or supporting information, and supported his value for our house.

I don't have patience for lazy people like you reference, and I am **** sure not giving them my money if they can't do what my agent did.

it was USAA. Working on switching now.

[friscopaint]

My car insurance keeps going up because half of harris county no gotty licensia. My homeowners insurance keeps going up because of all the folks overpaying and driving values up. Health insurance has gone crazy because people think eating 4 whole chickens and a coke is normal and that others should pay for their care. Corporate greed is real, but stupid people are the common denominator.

and white toast....