Homeowners Insurance On The Rise? (Houston, Spring: 2015, how much, home)

[2peaches2oranges]

My situation is similar for HO insurance this year.

2021 - $1800 w Safeco
2022 - $2000 w Safeco
2023 - $2800 w Safeco

I had my agent shop around and he signed me up with Progressive for $1800.
My renewal is in March.

[dd1153]

Had my insurance broker shop the policy and got $1,786 with Safeco - same coverage with a lower deductible on the home!

Went ahead and shopped my auto policies which also provided some savings, I am going to shop my investment homes now as well.

[96tahoe]

Originally Posted by dd1153

Had my insurance broker shop the policy and got $1,786 with Safeco - same coverage with a lower deductible on the home!

Went ahead and shopped my auto policies which also provided some savings, I am going to shop my investment homes now as well.

Wow, who is your broker if you don't mind sharing? Mine isn't doing jack to find me a good rate and my homeowners insurance went up 25% vs last year and 52% the year before so in two years it went up by almost 100%. Finding no luck in getting a cheaper rate.

[Dopo]

Originally Posted by kreeyax

Roofing companies are partly to blame for that, going door to door telling people they can get their roof replaced because it has hail "damage"

I blame the lack of government regulation
I don't know that much about roofing but a few years ago I had my roof done

Let's just say ... it's very easy for roofers to make lots of money with sketchy work.

[H'ton]

I wonder when Home Owner's are pushed to the point where it doesn't make sense to carry HIGH insurance costs because based on your risk either A) you're not going to need it or B) the hassle of battling the insurance when you do have a claim is too great.

I'm talking about home insurance rates that keep creeping to $5K , $7.5K $10 K a year + a HIGH DEDUCTIBLE!

You'd be better self insuring yourself EACH YEAR because the % of people who ACTUALLY files a claim against their home insurance company is very low.

If you need it, by saving paying insurance claims, you'd be building up a HUGE emergency funds to cover something in the event something happens.

The alternative..throwing your money away to the insurance company each year so they can invest it into their investment projects, like movies, real estate, etc.

[gwarnecke]

I personally know several homeowners (with paid-off homes, mind you) who have been pushed past that point and self-insure.

I carry insurance, but with the highest deductible my mortgage co allows (will see if I can go higher once the house is paid off). Maintain enough cash to cover "everyday" home damage + invest in measures to reduce the probability of a loss (timely trimming of nearby mature trees, leak alarms near leak-prone appliances, proactive replacement of aged attic-located water heaters, generator to keep house powered during outages, etc).

[Jack Lance]

Originally Posted by H'ton

I wonder when Home Owner's are pushed to the point where it doesn't make sense to carry HIGH insurance costs because based on your risk either A) you're not going to need it or B) the hassle of battling the insurance when you do have a claim is too great.

I'm talking about home insurance rates that keep creeping to $5K , $7.5K $10 K a year + a HIGH DEDUCTIBLE!

You'd be better self insuring yourself EACH YEAR because the % of people who ACTUALLY files a claim against their home insurance company is very low.

If you need it, by saving paying insurance claims, you'd be building up a HUGE emergency funds to cover something in the event something happens.

The alternative..throwing your money away to the insurance company each year so they can invest it into their investment projects, like movies, real estate, etc.

If it was just property damage that these policies cover, I would agree with you but for me the liability coverage is why I carry homeowners' insurance. But I'm only paying about $1800 a year to protect a 250k SFH on a zero-lot line.

[WRM20]

Originally Posted by H'ton

I wonder when Home Owner's are pushed to the point where it doesn't make sense to carry HIGH insurance costs because based on your risk either A) you're not going to need it or B) the hassle of battling the insurance when you do have a claim is too great.

I'm talking about home insurance rates that keep creeping to $5K , $7.5K $10 K a year + a HIGH DEDUCTIBLE!

You'd be better self insuring yourself EACH YEAR because the % of people who ACTUALLY files a claim against their home insurance company is very low.

If you need it, by saving paying insurance claims, you'd be building up a HUGE emergency funds to cover something in the event something happens.

The alternative..throwing your money away to the insurance company each year so they can invest it into their investment projects, like movies, real estate, etc.

Why do you think only a few people file claims every year?

Insurance companies have to invest the premium cash to have enough in reserve to pay out in bad storm years.

If you think you can save the premiums and come out ahead, you are fooling yourself. How long would it take to save enough to cover an entire house replacement after a fire?

If you think rates are too high, have you considered creating your own insurance company with lower premiums? You would have thousands of customers immediately. And would go broke the first bad year.

[Jtxg]

Originally Posted by H'ton

I wonder when Home Owner's are pushed to the point where it doesn't make sense to carry HIGH insurance costs because based on your risk either A) you're not going to need it or B) the hassle of battling the insurance when you do have a claim is too great.

I'm talking about home insurance rates that keep creeping to $5K , $7.5K $10 K a year + a HIGH DEDUCTIBLE!

You'd be better self insuring yourself EACH YEAR because the % of people who ACTUALLY files a claim against their home insurance company is very low.

If you need it, by saving paying insurance claims, you'd be building up a HUGE emergency funds to cover something in the event something happens.

The alternative..throwing your money away to the insurance company each year so they can invest it into their investment projects, like movies, real estate, etc.

Well, unless the house is paid off, they don't have the option to quit paying insurance

[2sleepy]

We have Hippo homeowners insurance and it went up $10 and that was after we filed a claim for two trees that fell in our yard during a storm.