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$350 in 2008, just looked it's $2400 15 years later with zero additions/changes to home save for a new roof (insurance paid, yeah I jumped on bandwagon) two years ago. Dwelling is covered @ $319,000 with a 25% increase if needed.
USAA
Thinking about upping deductibles. I have $1000/$1000 (covered / wind & hail), if I update to $2500/$5000 it drops it $600/year. That includes $300,000 in liability coverage as well, wondering if that is normal/enough.
My normal rule of thumb is insurance is for catastrophic loss not every little thing that could happen. Example, I had a leak in a 2nd story shower. It leaked into the ceiling of my kitchen. We noticed early on and let it dry completely, then I went back in and replaced the leaking drain and sealed and painted the ceiling about a month later. Took me about a half a day to do everything.
My neighbor had the same thing happen but filed a claim.
Our HO insurance is going up about $11 per month. All attributed to the increased cost to rebuild the home. No increase on our Umbrella or separate personal property policies. I haven't gotten the auto policy renewal yet, but based on prior years, I don't expect anything major. Erie Insurance.
WheelUp, I've quoted your post because we were with USAA for 50+ years. USAA premiums had been creeping up every year, and I compared costs nearly every year, and paid more to stay with USAA. The auto policy was cheaper with USAA, but the savings on homeowners, umbrella and personal property saved us about $700/year when I finally switched to Erie two (three?) years ago. Bundled coverage with both. I tried to match the coverage as much as possible, including deductibles, but there are differences in the way the two companies handled personal property.
Access to USAA and a nice cat were the only valuable things I got from my first marriage, and after all those years and several claims, I was VERY hesitant to give it up. But that much money, and a reasonable expectation of continued increases, made me put the trigger. The excellent online reviews and quite a few neighbors was very reassuring.
Just got another door-to-door visit from a guy telling me I could likely get my roof and siding entirely replaced for $1,000 because of a "September hail storm" that I am certain did not affect my neighborhood. Maryland phone number on the truck. He couldn't believe I wasn't interested.
Exactly. I unfortunately know many co-workers that have taken people on this. ...I would ask if they remember the storm, and the answer is always no. Some of these supposed storms took place a few years ago. No physical defects in the siding or roof, but get it all replaced anyway. It is a major driver of this crap.
If I were looking right now I'd be looking at Erie, Amica and Farm Bureau. Utica if they sell in NC but I've never had a claim with them so I don't think they do.
Exactly. I unfortunately know many co-workers that have taken people on this. ...I would ask if they remember the storm, and the answer is always no. Some of these supposed storms took place a few years ago. No physical defects in the siding or roof, but get it all replaced anyway. It is a major driver of this crap.
We did have a major storm run through my neighborhood around that time. Winds of 100 MPH the storm lasted just a few minutes. I lost a few shingles which I had someone replace cost just under 400 bucks. Assorted companies have replaced about a half dozen roofs some with more than minor damage. I know some are abusing this.
We did have a major storm run through my neighborhood around that time. Winds of 100 MPH the storm lasted just a few minutes. I lost a few shingles which I had someone replace cost just under 400 bucks. Assorted companies have replaced about a half dozen roofs some with more than minor damage. I know some are abusing this.
When we paid for our new roof, 9.5 years ago...
The roof was 20-21 years old. 20 year shingles.
The whole neighborhood had the same shingles.
I.e., the entire neighborhood roofing had served the typical design life.
And house after house got full new roofs, including replacing any damaged sheathing, for paying their $500--$1000 deductible, assuming the roofers didn't "pay" the deductible.
Short street. 10 houses, not including the three of us whom I know paid out of pocket. Average $9,000. So about $99,000 replacing roofs at the end of their service life.
Insurance is a catastrophic loss compensation vehicle, not a maintenance plan.
Anyone fussing about premiums should clearly mention if they got a beat-up, worn-out roof replaced a FREEEEE roof from their insurance company. More likely, they should pay the premium and call it fair.
The roof was 20-21 years old. 20 year shingles.
The whole neighborhood had the same shingles.
I.e., the entire neighborhood roofing had served the typical design life.
And house after house got full new roofs, including replacing any damaged sheathing, for paying their $500--$1000 deductible, assuming the roofers didn't "pay" the deductible.
Short street. 10 houses, not including the three of us whom I know paid out of pocket. Average $9,000. So about $99,000 replacing roofs at the end of their service life.
Insurance is a catastrophic loss compensation vehicle, not a maintenance plan.
Anyone fussing about premiums should clearly mention if they got a beat-up, worn-out roof replaced a FREEEEE roof from their insurance company. More likely, they should pay the premium and call it fair.
I'm confused. If you pay for home insurance that covers damage to your roof, and your roof is damaged, why would you not make an insurance claim? The age of the roof shouldn't matter, depending on how the insurance agency wrote the legal policy you both signed. For a roof, if you both agreed to a full restoration of the roof if damaged, and you have been paying your premiums over the past 20+ years, and said roof is damaged, why wouldn't the insurance company cover the repairs? They'll send out an appraiser to verify the damage, and make sure your claim is valid. If, after that occurs, why would you pay out of your pocket to fix the roof covered by your last 20 years of insurance premiums?
I'm confused. If you pay for home insurance that covers damage to your roof, and your roof is damaged, why would you not make an insurance claim? The age of the roof shouldn't matter, depending on how the insurance agency wrote the legal policy you both signed. For a roof, if you both agreed to a full restoration of the roof if damaged, and you have been paying your premiums over the past 20+ years, and said roof is damaged, why wouldn't the insurance company cover the repairs? They'll send out an appraiser to verify the damage, and make sure your claim is valid. If, after that occurs, why would you pay out of your pocket to fix the roof covered by your last 20 years of insurance premiums?
Why? Because most hail claims are bogus, and many storm chasers are dishonest.
Some people focus too much on the costs of living life and doing the right things in life.
There was no hailstorm. There was no hail damage on my street.
I brought in an honest roofer that I had known and respected for nearly 20 years and used to work with. He found NO signs of hail damage.
We did a proactive roof replacement with an eye on existing conditions from the time the roof was installed, shingle wear, and responsible homeownership.
I sold roof work after Fran and after Floyd.
The whole roofing scam world is ridiculous.
Insurance companies should prorate shingles just as manufacturers prorate shingle warranties. Insurance companies should not pay for replacement of rotten sheathing due to pre-existing failures. This approach would solve a LOT of the fraud and dissembling about roof condition and many homeowners would be happy to allow their roofs to serve for several more years.
It would also remove the jubilation of homeowners feeling like they hit the lottery with a FREEE Roof.
Roof shingles present a maintenance issue.
I wrote quotes for roofs that had trees tomahawk a house roof into two pieces. That is a catastrophic loss well beyond a maintenance issue.
I also dealt with homeowners who wanted a whole new roof because two or three shingles blew off, often because they were improperly installed.
Some of these companies are gonna go out of business if they don't raise your rates and start putting the kibosh on the hail claims.
My company is extremely conservative and our combined ratio is 120. That's the equivalent of Black Monday in the insurance world.We don't play with those roofing claims. You better have damage that warrants replacement and you better have been under that hail storm. Hail is EXTREMELY local and the location can be easily verified.
Be careful who you insured with lest they aren't here in five years.
Some of these companies are gonna go out of business if they don't raise your rates and start putting the kibosh on the hail claims.
My company is extremely conservative and our combined ratio is 120. That's the equivalent of Black Monday in the insurance world.We don't play with those roofing claims. You better have damage that warrants replacement and you better have been under that hail storm. Hail is EXTREMELY local and the location can be easily verified.
Be careful who you insured with lest they aren't here in five years.
What?
Are you tellin' me that cheap rates, low reserves, and high payouts aren't a great thing?
If my humble abode is decimated by a bolt of lightning, the last thing I want to hear from State Farm is, "Sorry. We broke from paying for all those FREEEEE Roofs. But, thanks for playing!"
Why? Because most hail claims are bogus, and many storm chasers are dishonest.
Some people focus too much on the costs of living life and doing the right things in life.
There was no hailstorm. There was no hail damage on my street.
I brought in an honest roofer that I had known and respected for nearly 20 years and used to work with. He found NO signs of hail damage.
We did a proactive roof replacement with an eye on existing conditions from the time the roof was installed, shingle wear, and responsible homeownership.
I sold roof work after Fran and after Floyd.
The whole roofing scam world is ridiculous.
Insurance companies should prorate shingles just as manufacturers prorate shingle warranties. Insurance companies should not pay for replacement of rotten sheathing due to pre-existing failures. This approach would solve a LOT of the fraud and dissembling about roof condition and many homeowners would be happy to allow their roofs to serve for several more years.
It would also remove the jubilation of homeowners feeling like they hit the lottery with a FREEE Roof.
Roof shingles present a maintenance issue.
I wrote quotes for roofs that had trees tomahawk a house roof into two pieces. That is a catastrophic loss well beyond a maintenance issue.
I also dealt with homeowners who wanted a whole new roof because two or three shingles blew off, often because they were improperly installed.
I'm not confused.
The insurance company sells insurance that covers the roof, including full replacement if necessary. They send their appraiser to look at the roof and determine if it is damaged. So the insurance company has taken payment to cover possible damage for years/decades and agrees that it is damaged and requires replacement. The insurance company could structure the policy in a way to prorate hail damage, but they choose not to and instead receive higher premiums. Seems pretty cut-and-dry.
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