Just received my homeowners insurance bill from Farmers ins. in the mail. It went up 49% 
and I haven’t even filed any claims in the last 5 years. It was $1098 in 2012 and now they want $1640. Looks like I will shopping around and changing insurance companies. Any suggestions? 
If you qualify for it check out USAA, I’ve been with them for over 10 years,had other companies offer quotes and none have come close.
Find an independent agent.
I did check out USAA on line and they were high. Didn’t call and talk to anybody though.
I went through the same process with American Family but my homeowners jumped “only” 20% from 2012 to 2013. When I did the math I think mine has doubled in 4 yrs…Just like you no claims.
When I called my insurance guy up he said there was “an article in the paper” about storms in the Twin cities area and everybody’s homeowners rates went up. My response was 1) I don’t believe what is written in the Star Tribune 2) Last I checked we also had storms 5 and 7 yrs ago and weather events are not a new phenomenon in the Twin Cities.
Bottom line in my case is that I was had too much coverage for the value of my house. I was insured over and above the value of my house. I was able to reduce my premium about 20% and cover full replacement for what my house was worth. In my case, I looked at increasing my deductible but it just didn’t seem to make sense for what I would save.
There is an insurance guy on IDO; hopefully, he can provide better insight.
Our insurance was alot higher this last go around in Illinois also,plus car insurance was higher. Sometime I think we are help paying for the bad weather out east-coast floods and fires. 
A few of the places I have checked out want to over insure me by about $60,000-$80,000. My current ins. is for $280,000 which is realistic, but some want to write it for $340-360,000. Even at the peak of the market that would have been high.
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A few of the places I have checked out want to over insure me by about $60,000-$80,000. My current ins. is for $280,000 which is realistic, but some want to write it for $340-360,000. Even at the peak of the market that would have been high.
In my case, I had coverage about $50k over the value of my house. I had them re-write the policy for what I thought the actual value was and it saved me 20%.
Have them quote you actual market value. You can always change it later.
I’m going through the same thing with Farmers with my auto insurance. My annual premium jumped 40% from last year. I called and complained that I hadn’t had an insurance claim in more than 15 years. Their response was that due to all the hail damage in Wisconsin last year everyone’s premiums went up. Ya right!! It’s time to go looking again
Make sure to find out why it jumped up. My homeowners almost doubled this year. When I called they indicated that I was over 5 miles from a fire station. It didn’t seem to matter that I have lived here for 9 years.
Problem was, when I checked I was 7 miles from Hudson’s FD but just 4 miles from Roberts. So I called them back and told them this.
That dropped it some. So I shopped it, dropped it to less than what it was previously with State Farm. When I called to cancel, they offered to re-write a new policy matching State Farms. That really pissed me off. They got the boot.
So bottom line, insurance company raised my rates due to lazy research, refused to lower and back credit, lost me, then tried to match for less than what it was the previous year. Really?
ET
I have had farmers for years and told them I was switching. All my polices somehow dropped in price. Seems you have to shop every few years.
Where is Justin when a guy needs him?
Right here BK!
Hookem, check your PM’s 
Unfortunately, homeowners insurance rates have taken quite an increase over the past few years.
The amount of hail claims in the past five years has forced most insurance companies to either increase rates, increase deductibles or decrease coverages in an effort to become profitable again on the homeowners insurance side.
The best thing one can do is to shop around for quality coverage at an affordable price. By contacting an independent agent, you can actually shop numerous insurance carriers with one agent.
Ok, everyone sing along….
Like a good Ido Member Justin Schneider is thereeee.
I think being in Iowa the last two days has had an effect on me.
I know, don’t say it…I suck. 
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decrease coverages in an effort to become profitable again on the homeowners insurance side.
The best thing one can do is to shop around for quality coverage at an affordable price.
I went through the exact same thing a couple years ago and Justin was one of the agents I worked with. I learned way more than I ever care to know about insurance when I bid that all out 
But just a FYI on shopping out insurance. ASK A LOT OF QUESTIONS about what is AND what is NOT covered. Its a freak’n nightmare to really compare most policies. You have your basic coverages $$$ that get tossed around for your home and personal belongings. Then what the companies don’t make a point to tell you is that they only cover $1,000 for firearms, X amount on jewelry, $5,000 total for anything in your basement,….and so on.
As many on here can testify to, Justin will jump through a lot of hoops for your business and will be a very straight shooter on information. But you have a responsibility to tell him more specifics on what you have and how much you have covered. He was a wealth of information for me!
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Unfortunately, homeowners insurance rates have taken quite an increase over the past few years. The amount of hail claims in the past five years has forced most insurance companies to either increase rates, increase deductibles or decrease coverages in an effort to become profitable again on the homeowners insurance side.
Thanks for the clarification and reply…
My insurance guy told me the same thing about increases in Summer weather storms and I understand the rationale; however, it just seems we have the same amount of storms now vs. 5 or 7 yrs ago. Maybe I am wrong but that is my perception.
I geuss the big question is can we expect 20% insurance premium increases (10 times the rate of inflation) going forward into 2014 and beyond?? Any insights??
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I geuss the big question is can we expect 20% insurance premium increases (10 times the rate of inflation) going forward into 2014 and beyond?? Any insights??
Short answer..Some companies yes, Some companies no. It’s difficult to say what the future holds in terms of weather. If the insurance companies were able to predict that, we wouldn’t be in this predicament in the first place, as they could have charged the ample amount of premiums to prepare for such losses.
No two insurance companies are the same either. They all have different pricing strategies,rate increase strategies, target markets and asset mmanagement goals. All these factors lead to profitability, which will ultimately influence insurance premiums.
Keep in mind that cheaper insurance may end up biting you in the back side if you need to make a claim. It can really vary what one insurance company will cover and what another will cover. I could have been burned last summer with a trailer issue that was thankfully covered. A friends wife works for a different insurance company and she said there was no way her company would have paid for the damage I had.
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Where is Justin when a guy needs him?
Late this last fall Justin pre-warned the wife and I that our current insurance carrier (Travelers) was planning some very significant premium increases after the first of the year in an effort to recoup some of their losses due to storm damage the last couple years. Long story short, he had a replacement policy with matching coverages already pulled together for us before the increase could ever effect us… and he saved us $400/annually across our combined insurance policies (home, auto, liability umbrella, etc.) while doing it.
Now THAT’S the way all insurance agents should work. If you’ve not talked with Justin yet about your insurance needs… the only thing you’ve got to lose is your higher premiums.
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Where is Justin when a guy needs him?
Late this last fall Justin pre-warned the wife and I that our current insurance carrier (Travelers) was planning some very significant premium increases after the first of the year in an effort to recoup some of their losses due to storm damage the last couple years. Long story short, he had a replacement policy with matching coverages already pulled together for us before the increase could ever effect us…
I was looking at a $350 increase with homeowners and auto for 2013 before I had my policies re-written for essentially less coverage to cover the $350 increase.
Wish my agent would have pre-warned me about the increase so I had a chance to shop around before the policies expired. Too bad I am all paid up through 2013. Maybe next yr I can follow up with Justin.
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Ok, everyone sing along….
Like a good Ido Member Justin Schneider is thereeee.
I think being in Iowa the last two days has had an effect on me.
I know, don’t say it…I suck.
It’s not from being in Iowa pal – if anything that would make U 
I resemble that.
I wish Justin would save me some money. 
My professional guide insurance is at the lowest rate possible and the deductible drops each year I don’t have a claim. 
If a person fishes tourney’s or guides, I haven’t found any company better…PLUS he knows how to fish!
Yeah, I just got the notice my Travelers policy is going up 77%. So with the theory that we have a couple hail storms in Minnesota I take it insurance in places like New Orleans must be like 10K on their dumpy houses.
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. So with the theory that we have a couple hail storms in Minnesota I take it insurance in places like New Orleans must be like 10K on their dumpy houses.
Most of the insurance policies in costal areas such as New Orleans exclude wind damage. A stand alone wind policy can be very expensive however.
Most of your coastal states within so many miles of the shoreline have to purchase wind coverage seperate from their basic policy. This wind coverage is usually purchased from a state owned insurance coverage…at least it was like this in Florida during the 2004 hurricanes and mississippi in 2005 for katrina. If I remember most of the wind policies in these areas are 20% deductibles and non replacement cost and EXPENSIVE.
I would agree that we probably have no more storms now than we did 5-7yrs ago. The thing that has changed is the cost of repairing a home now vs. 5-7 yrs ago. Cost of 1sq of roofing has doubled in the last 3 yrs in my area. These costs get passed down to the consumer…Just like most products you buy.
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I would agree that we probably have no more storms now than we did 5-7yrs ago. The thing that has changed is the cost of repairing a home now vs. 5-7 yrs ago. Cost of 1sq of roofing has doubled in the last 3 yrs in my area. These costs get passed down to the consumer…Just like most products you buy.
Something that I forgot to add although very true.
Another issue that has come to light lately is contractors who negotiate paying a clients deductible in exhange for their business. Most of the time this deductible ends up getting factored into the replacement price to repair the damages and the insurance companies end up paying for it in the long run, thus effecting the bottom line.
Give whatever reasons you want but a 77% increase is obscene. I’m sure their actuaries have determine how much to raise it and how many customers will leave (like me), but I have a feeling they know that all companies are cranking up the rates so they might be able to hold on to a few people. I got my agent looking for a better deal. If I can’t find one it is going to smell a bit like collusion to me.
Darn near every roof in my neighborhood has been replaced. None of them leaked and none looked damaged. Roofing scam. They told people to reference a storm date to replace substandard tar paper shingles. AND they wouldnt give you a price. They wanted everything the insurance company offerered which was more than the job was worth. Some of these guys are still running around town replacing roofs when they should be in jail.
Things like that increase all of our rates.
Never hurts to shop around. I’m in the insurance industry and I do it every other year.
Each company has a different underwriting philosophy…you just never know whose philosophy matches up with you best. You will be able to tell when company x and company y offer the same policy to you for a different price. The ‘matchup’ may be reversed for your neighbor…who knows.
But I do know that without checking it out you will never know.
Good luck with your search…I hope it works out for you.
Another thing that is funny. If you are on the east coast, they say their rates go up because of midwest storms…same with the west coast. If you are in the midwest, its the dang hurricanes on the east and wildfires on the west. ha ha.
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