[sr1436]

I just got my homeowner renewal for January and nearly fell over, a 26% premium increase. I have USAA and have been member for 35 years. Called them and they are saying due to across board rate increases. Reviewed my coverages with them and nothing exceptional. 26% increase is crazy.

Anyone else having like rate increases? Recommend other providers?

[graciegirl]

Maybe because the value of our homes is going up?

[Bogie Shooter]

A new report ranks Florida as the most expensive state in the nation for home insurance, a dubious distinction that is straining homeowners' budgets and increasingly threatening the state's economy.

http://www.gainesville.com/article/2...home-insurance

[hema54]

I would shop around. It happened to us before. We were able to get the same coverage at a lower premium. Good luck.

[billethkid]

is this your first renewal....second year?
A usual game they all play to some degree is get you signed up (bait) then at rrenewal time, switch.

Go shopping and there is no doubt you WILL find a better rate.

There is no such thing as loyalty in the insurance game anymore.

After almost 60 years with State Farm and they screwed around with rates here until I finally dumped them. They hit me with 50% increases.

Now it is the cheapest bidder with a triple a rating.

[CFrance]

Originally Posted by billethkid

is this your first renewal....second year?
A usual game they all play to some degree is get you signed up (bait) then at rrenewal time, switch.

Go shopping and there is no doubt you WILL find a better rate.

There is no such thing as loyalty in the insurance game anymore.

After almost 60 years with State Farm and they screwed around with rates here until I finally dumped them. They hit me with 50% increases.

Now it is the cheapest bidder with a triple a rating.

Okay now I will be the sacrificial lamb. What is a triple A rating and how do you determine if a company has it?

[billethkid]

I think I crossed company credit standings with insurance ratings.

The AAA is a best for companies, banks, countries, etc.

There is an AM Best rating for insurance companies that most insurance brokers have for each provider. And I cannot remember the scale. Call your insurance broker or AAA (auto club insurance) they have the ratings/rankings.

btk

[784caroline]

SR 1436

Absolutely agree with you ...it appears that USAA does not care about members who have been with the comapny 40 plus years!!! We have sen increase 20% more per year last 3 years adn it was NOT due to increased home values...in many respects the coverage has declined..ie Sinkhole going form 2% to 10% deductible,

The problem we face is that most of us who have been with USAA for 30-40 or more yars have had great results with this company and are afraid to ask questions and god forbid change companies....You need to write USAA and voice your concerns in wrting

See prior posts at Unites Services Automobile Association (USAA) Current & Former members

[billethkid]

don't let the years you have had get in the way of good judgement.
It is very easy to change companies. The insurance brokers at The Villages Insurance or AAA will help you get exactly what you want and save you $$$.

It is not as ominous as you might think.

[Cajulian]

Just a little inside info for you. I recently turned ownership of an Allstate Agency over to my son.

Even as an owner of a major brand Insurance carrier, I incurred significant increases occasionally on my homes or vehicles. Insurance works on "the Law of large numbers". What that means is that all of their insurance products are priced based on the volume of people insured for a like product. This is to spread the cost over a large base of people to keep the product affordable and risks low to the company.

However, in any given year, an Insurance carrier may sustain major losses due to what they call catastrophes. That may be something like floods, hurricanes, tornados, wildfires, and even growing substantial fraud in many states.

This can happen anywhere in the country they do business and the price changes will be spread to all insured's even if you have a spotless claim record and many loyal years as a customer.

It is sad, but that is how The Law of Large Numbers work. There are good years and bad years. This year at Allstate, some pricing is actually going down.

It does pay sometimes to shop around. But if you have a very good agent that constantly watches out for you, sometimes it is worth it to ride out the increases.

I know this info doesn't make it feel any better when you get hit with a price increase, but Agents aren't out to screw you. When you are not happy they lose their livelihood and customers. A good agent will bend over backwards to find every discount you deserve and identify strategies and alternatives to make sure the most important things in your life are covered properly.

[sr1436]

Thanks all for the info. Altho I have been a loyal USAA member for 35 years, now, as I have shared with them, their radical rate increase, is forcing me to take radical actions. I will be shopping them. Cajulian's reply regarding insurance agents is an interesting one and I agree. Interesting part is that USAA does not have agents "looking after my interest". Their agents, my experience, is to try to justify the USAA rate increase and quality of their company. When I asked the customer service reps/agents if they are getting a 27% salary to justify my 27% rate increase they don't have much to say.

The increase is not due to value increase. USAA tells me it is nearly all due to a rate increase.

Thanks all for info.

[CFrance]

We have never once, in 40 years, seen a decrease in home owner's insurance. I'd sure like to know where that is happening at Allstate. Can you be more specific?

[Skybo]

Just be aware that if you have sinkhole coverage now and change your homeowners insurance, you may not be able to get sinkhole coverage with the new company.

[justjim]

Originally Posted by Cajulian

Just a little inside info for you. I recently turned ownership of an Allstate Agency over to my son.

Even as an owner of a major brand Insurance carrier, I incurred significant increases occasionally on my homes or vehicles. Insurance works on "the Law of large numbers". What that means is that all of their insurance products are priced based on the volume of people insured for a like product. This is to spread the cost over a large base of people to keep the product affordable and risks low to the company.

However, in any given year, an Insurance carrier may sustain major losses due to what they call catastrophes. That may be something like floods, hurricanes, tornados, wildfires, and even growing substantial fraud in many states.

This can happen anywhere in the country they do business and the price changes will be spread to all insured's even if you have a spotless claim record and many loyal years as a customer.

It is sad, but that is how The Law of Large Numbers work. There are good years and bad years. This year at Allstate, some pricing is actually going down.

It does pay sometimes to shop around. But if you have a very good agent that constantly watches out for you, sometimes it is worth it to ride out the increases.

I know this info doesn't make it feel any better when you get hit with a price increase, but Agents aren't out to screw you. When you are not happy they lose their livelihood and customers. A good agent will bend over backwards to find every discount you deserve and identify strategies and alternatives to make sure the most important things in your life are covered properly.

Spoken like a competent insurance agent and as a one who worked insurance many moons ago---very good advise.

I would only echo your point about shopping around and finding an Agent who cares. Your Agent is perhaps the most important part of your insurance package. GOOD LUCK!

[JRW8219]

Originally Posted by Cajulian

This can happen anywhere in the country they do business and the price changes will be spread to all insured's even if you have a spotless claim record and many loyal years as a customer.

If you are in the business then you know that they can't just raise the premiums based on their broad book of business. Each state has insurance regulators who must allow the increase to happen. Yes catastrophes can hurt the companies bottom line but they are not allowed to just pass this on without regulation.

At least that was the case in the states that we did business with (not sure about FLA).