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Old 07-18-2007, 07:56 AM
 
Location: western East Roman Empire
6,143 posts, read 10,201,364 times
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Hi Folks,

I have been reading in this forum on some recent severe weather back in April and again this summer. It seems the most recent discussion on home owners insurance in the Ft. Worth area was before that, in March.

From that discussion I gathered that a ballpark figure for a 2000 sq.ft. house worth around $180k is around $1,000 per year. Is that about right?

After the recent severe weather, however, does anyone expect HOI rates to increase? A little (10%-50%), significantly (two, three times)?

Thanks.
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Old 07-18-2007, 08:39 AM
 
27,682 posts, read 45,221,330 times
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article in paper/news about insurance co that applied for pretty big increase in rates and state board said they would not approve the increase--
think ins co should only get rate increased when they have gone 2 quaters w/no increased earnings--they always cry wolf and then have big quarters so stock looks great---we just subsidize all their risk and failed investments when the state board rubberstamps their increased rate requests...
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Old 07-19-2007, 01:05 PM
 
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good info loves2read
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Old 07-19-2007, 01:19 PM
 
Location: Rural Central Texas
3,585 posts, read 9,037,535 times
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You will find that your homeowners rates will vary wildly based on geographic area (crime, propensity to hurricane/tornado/flooding, etc), credit worthiness, past claim history, and market competition.

I have gotten quotes for a 2500 sq home valued at $210K ranged from $1147 to $2290 per year. I have had other areas with slightly lesser priced homes produce quotes ranging from $690 - $1800 for the same sized property.

I also noticed that after an extended period of unemployement in the 2001, due to company downsizing, that my renewal price jumped 30% due to my lessor credit score. No claims, no geographic changes, only credit rating.

So, to answer your question...The weather event is an anomaly that may be used to justify a rate increase, but it is only a small portion of the formula for determining rates. Unless your area was devastatingly hit or you have claims personally, it is not that big a factor compared to everything else.
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Old 07-19-2007, 04:40 PM
 
Location: western East Roman Empire
6,143 posts, read 10,201,364 times
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Quote:
Originally Posted by johnrex62 View Post
You will find that your homeowners rates will vary wildly based on geographic area (crime, propensity to hurricane/tornado/flooding, etc), credit worthiness, past claim history, and market competition ....

So, to answer your question...The weather event is an anomaly that may be used to justify a rate increase, but it is only a small portion of the formula for determining rates. Unless your area was devastatingly hit or you have claims personally, it is not that big a factor compared to everything else.
Very informative post, thank you!
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