Home insurance rates?

[Vince4Heisman]

I live in Harris County and just got my renewal in the mail...I have insurance through Nationwide....and the rate just went up 33%....dont they have to get state approval to raise it like that and wouldnt I see a notice somewhere? i cant find anything on it...seems like that kind of increase would atleast require a phone call from my agent...thats BS

 

[AustinTejasFan]

33% seems a little extreme, but the Texas coastal areas just experienced $12-15 Billion in homeowners/windstorm losses, so everybody near the coast should expect some kind of rate increase.

Homeowners insurance rates in Texas are “file and use”, meaning an insurer may file its own rates and may use them immediately. These rates are reviewed by Texas Department of Insurance’s (TDI) actuaries to ensure they are not excessive, inadequate or unfairly discriminatory.

What changed on your policy besides the premium? Did the amount of coverage on your home increase? Credit for discounts go down or go away?

If Nationwide is not forthcoming with a reasonable explanation, file a complaint with TDI's Consumer Protection Division. The Link

 

[zork]

I left nationwide this year due to a not as drastic rate increase. Liberty mutual took over Safeco which has decent rates for the DFW area. Not so sure about hurricane area Houston.(apparently Nationwide got hammered in the SE Texas area)

There was a Longhorn on here not too long ago, former shortstop, who is working for Liberty now. Give him a ring.

edit: found the thread: Todd West(part of the 2001 CWS squad)
The Link

 

[gohorns00]

The easiest thing would be to fax your renewal page to Todd West @ 512-249-5512. If you don't have access to fax, I would need the following info:

*Names:
*Address:
*Date of Birth:
*Phone Number:
*Year Built:
*Purchase Year:
*Construction Type:
*Dwelling Coverage:
*Deductibles:
*Current Policy Expiration Date:

We also offer a 25% discount on the home if you would be interested in switching your auto as well. Shoot me an email at [email protected] or give me a ring at 512-258-1267. Hook Em!

 

[AustinTejasFan]

Check this out if your shopping: The Link

 

[gohorns00]

If your going to shop online through a service like that, just be ready for what's ahead. You will be called from probably 15-20 different insurance companies and probably receive 50 different emails with a quote on insurance. It does get a little overwhelming with the sheer amount of people that will call you if you put your info online.

 

[Vince4Heisman]

Yes they did increase the coverage on my house...they kicked it up from:
Covarage A - was 239,500 now 248,100
Coverage B - 23,950 now 24810
coverage C- 167650 now 173670
coverage D 239500 now 248100

1% deductible of Coverage A all peril
2% wind and hail

Discounts for :
CLAIM FREE
HOME/CAR
HOME PROTECTIVE DEVICE
HOME PURCHASE
NEW HOME
Discount went from $2466 in 08 down to $1791 ?? WTF



This is the note I got back from my agent when I asked for a letter from the state board or something supporting this kind of increase....my premium went from 1644 to 2123

"We do not get a copy of the request for increase in rates that is submitted to the State Board of Insurance. The rate increase you are seeing is
for the increase in coverage and the rate change. Please let me know if I can help in any other way. "

Well you can start with explaining how it went up 33%...


When I asked about how we could get it down..she indicated by reducing back to 08 levels would only save me 50 bucks or so...but increasing my perils % to 2% would get it back to around 1700....

 

[Sangre Naranjada]

Yeah, the basic idea is your insurance company doesn't want to be as heavily exposed in your particular county/zip code. So they jack their rates up expecting a percentage of people will shop the policy and insure their homes with somebody else (or will just pay the higher rate). This is one way the company can more evenly spread their risk over a wider geographic region, making losses more predictable.

Shop that policy until you find a solid insurance company that isn't trying to limit their exposure in your zip code.

 

[NickDanger]

That isn't even close to my experience with ATF's link. It was a truly righteous referral for me.. Saved a ton (more than 50% on auto) and wasn't pestered by anybody.

 

[Vince4Heisman]

If you file a claim does that lock you into a certain company for so long? Home insurance and/or auto?

 

[NickDanger]

Huh? Why would you think that?

 

[Vince4Heisman]

Some douche bag told me that today..that since he filed an expensive claim on his home owners policy it locked into a 3 year agreement? Didnt think that was the case but damn figured i would ask as i am filing a claim now and plan on switching insurance next month....he said something about it being over a certain amount..still sounded wrong to me.

 

[NickDanger]

Nyah. His carrier might have tried to buffalo him so they could make back some money, but even as jaded as I am I would be dumbfounded if his carrier did that.

A big claim may affect your rates because of experience, but that is up to the carrier. They typically send out a notice that they can, but don't have to, cancel you (or non-renew, I forget) if you file another non-weather-related claim within a cerain period, but that's as close as anything I can think of.

 

[NCAAFBALLROX]

For comparisons with different carriers, an easy search can be done via the Texas Department of Insurance's website. ALL the carriers are required to publicly publish their rates (same applies for other types... how do you think Progressive can say "we'll even give you the rates of other companies"?).
Also, the TDI site also has a section called the "Homeowner's Bill Of Rights" & in it, it specifically states that a homeowner's policy can neither be declined for renewal nor rates increased unless you file more than 3 years in any 3 year period (1) & in determining the # of claims filed, WEATHER RELATED CLAIMS may NOT be used as a basis for determination(2).

I have some homes in the Austin area that I re-roofed due to hail 2 years ago & they got hit by hail AGAIN just 1-1/2 months ago. They should NOT expect to see their policy canceled or rates increased. Not one plug cent. *Exception: Published rate increase across the board to ALL users in a certain area... they just can't redline or be claim filer specific.

 

[NickDanger]

They also have to send you a notice advising you of their right to cancel or non-renew if you file another claim before the period ends or they can't exercise the right.

 

[Vince4Heisman]

ok thanks guys....i just found out i have a roof leak probably related to hurricane ike but didnt discover it till we received heavy rain in houston 3-4 weeks ago....since then a couple of roofers have said the shingle seals are torn, broken and have been pulled up....so basically need a new roof as no way to repair a 10 year old roof without the patches look.
Problem was I plan on moving insurance companies at the end of May when my policy expires so didnt want to get any shocks....

on top of that, my wife had a car accident saturday...plan on switching that insurance in june as well..so hopefully this claim doesnt alter that plan either