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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 04-18-2013, 08:28 AM
 
Location: Somewhere
699 posts, read 678,795 times
Reputation: 1055
Default Homeowners Insurance Increase (USAA)!

I've been with USAA my entire life and have never filed a homeowners claim. There have been no changes to my home nor policy EXCEPT that this year USAA decided to increase my premium almost 20%! When I called them to ask them why, they could only tell me that my state approved the increase.

I know recently that NC Dept of Insurance approved an increase effective July 1, 2013 however each region within NC will increase by a different rate. The Raleigh Durham area is only 2.8%. The coastal areas are approx 20%. I explained this to USAA and they said all we can tell you is that your state approved it (this was by multiple reps). So today I called the NC Dept of Insurance and he said that he has heard this about USAA and some other companies and that I can file a complaint to find out specifically why my policy has increased. I plan to do so as well as request quotes from other companies. It just makes me so mad that over the past 7 years my rate has doubled and to jump 20% in one year with no reason just pisses me off (sorry to be so blunt)!!

Has anyone else seen a big increase in HO's insurance this year? Does anyone else have USAA and did this happen to you?

I would also love to know of some other good companies (Amica, etc.). You can DM me this info if not allowed per TOS. And just to note...I have both my HO's and 3 cars under USAA.

Thanks!!
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Old 04-18-2013, 09:06 AM
 
Location: Cary, NC
1,094 posts, read 1,295,499 times
Reputation: 1343
State Farm was going to jack up our rates by 30% a couple of years ago, so we switched to Amica, which offered essentially the same price as what State Farm was charging before the increase. Believe our increase on Amica was about 5% this year.
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Old 04-18-2013, 09:07 AM
 
Location: Somewhere
699 posts, read 678,795 times
Reputation: 1055
I also wanted to add something that I think is kind of shady on USAA's part.....

I never was even notified ahead of time that the policy rate was increasing! Out of all the homes I've owned I have never had an escrow account and have paid USAA directly. Now only when my rate increases drastically do they send the bill to our Mortgage company so that when I'm finally alerted about all of this (of course Mortgage company refuses to pay bill) the policy has already renewed. Of course I can cancel...but had they sent me the notice/bill ahead of time like they usually do I could have shopped around BEFORE my new rate went into effect!!! Does anyone else think this is kind of shady???
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Old 04-18-2013, 09:17 AM
 
Location: Apex, NC
2,077 posts, read 4,312,791 times
Reputation: 1257
Well that sucks. I also have USAA and just moved into a new home a few weeks ago. The rate is very competitive, so I hope we won't be getting a 20% increase right off the bat.
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Old 04-18-2013, 09:31 AM
 
2,015 posts, read 2,003,422 times
Reputation: 1676
I just called USAA, They said they changed the boundary lines for our area and some people will be seeing an increase but others will not. What part of town do you live in?
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Old 04-18-2013, 10:07 AM
 
Location: Durham, NC
1,557 posts, read 3,148,283 times
Reputation: 2189
We saw an increase due to adding a garage-apartment; otherwise almost no increase this year.

However we've grown less satisfied with their insurance coverage over the years and are considering switching. I've had their products since 1992 so it's hard to even consider having a different insurer.
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Old 04-18-2013, 05:40 PM
 
441 posts, read 816,983 times
Reputation: 361
I just looked at mine and it went up in April ($75 a year, from 699 to 774). That's about a 10% increase. Maybe I should shop around and see what other rates I can get.
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Old 04-18-2013, 06:49 PM
Status: "Never have a battle of wits with someone who is unarmed." (set 5 days ago)
 
Location: Chapel Hill, N.C.
22,685 posts, read 14,320,073 times
Reputation: 28202
My insurance on some rental property in Chapel Hill doubled this year. I was in shock. When I called the agent I was told that he had no control over the rates, it was set by corporate and all HO rates have gone up because of foreclosures, loss of business and too many claims by homeowners for thefts or metals, ac units, etc. This is with State Farm. Never a claim in over 50 years of ownership on rental property which I think is pretty rare.
We have USAA on our cars because they stopped covering rental property about 5 years ago. I admit I, like most people, do not shop around once we get established with a company.

Now I think I will do some comparison for both cars, home and investment property.

So who do you suggest we look at?
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Old 04-18-2013, 07:28 PM
 
Location: Raleigh, NC
1,318 posts, read 1,970,248 times
Reputation: 860
We have homeowner's insurance through Geico and it was the lowest price we found (we compared probably 4-5). I already had it on my car and was very impressed with how they handled a wreck, that was my fault, a few years before. Surprisingly, they have great customer service. So it made sense to use them for multiple reasons.
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Old 04-19-2013, 11:09 AM
 
Location: Somewhere
699 posts, read 678,795 times
Reputation: 1055
Thanks everyone for the feedback! I'll definitely be getting quotes from other companies. Just hate to change since I've had them my whole life for autos and homes :-(
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