Home Insurance Renewal Sticker Shock

[CarnivalGal]

Originally Posted by ipott

Yeah, I've heard good things about Amica, will get quotes

My sister-in-law is a lawyer. One of her specialties is insurance law. She told me that by far, USAA and Amica are the best. Like not even close to the others when it comes to paying out and handling claims.

We are eligible for USAA, but it was really expensive. Not so much the homeowners portion, but the auto was much higher. So, we went with Amica. They were actually one of the least expensive for us, but a lot of that depends on your zip code.

Bonus, Amica is a mutual insurance company, so it pays dividends. I know they can't guarantee it, but we've received dividend checks every year that are about $150 - $400. The last few years, they've hovered around $150 - $200. Not a ton of money, but it's still better than nothing.

[Ice_Major]

Originally Posted by Trainwreck20

Eh, Texas has always had one of the higher home insurance rates. The hail/wind damage is not new or worse than it used to be. Hurricanes have always been an issue. We had big ice storms back in the 90s and the 00s. For the most part, it is just inflation, I suspect, although yours sounds a bit extreme and you really should look around. The change from the flat deductible to the percentage is painful, but has become industry standard over the last 15-20 years.

Yes, Texas weather has always sucked, but what is different now is the frequency and location of the bad weather. We had a winter storm hit the entire state. In the past an insurance company could offset DFW hail/wind and the coastal areas hurricane exposure by writing more in Central, East, or South Texas. Now if those areas are getting hit harder, it makes it more difficult to balance the risk. Not to mention there are millions of more people living here which means more homes, cars, and businesses for storms to destroy. Percentage deductibles are only utilized at catastrophe prone areas. I wouldn't call them industry standard. A course inflation does play a factor. Labor and material cost are increasing.

[ipott]

Update - ended up with Texas Farm Bureau, much higher than what I paid last year with Allstate but gave me the best rates.