Home Insurance

[GGorman04]

Has anyone else noticed the increase in home owners insurance the last few years? With no claims, my premium has increased 30% in four years. I am currently with Erie Insurance with multiple policies (auto, business).

Does anyone have another company to recommend?

 

[Quattro Pete]

I'm with Liberty Mutual, and ours has been creeping up every year as well.

 

[GGorman04]

So maybe its an industry wide dilemma. Strangely, my business insurance has gone down each of the last three years.

 

[simple_gifts]

Insurance is shared risk; if other policy owners have filed claims say for large outbreaks of severe weather, you might feel the pain. Tropical storm Irene in the Northeast is a good example.

Rebuild costs seem to have gone up; I've increased my coverage more that 2 fold on one property and 5 fold on another due to the fact the policies were written decades ago and "stuff has changed"

 

[Tdbo]

I am with Erie also and have noticed the rate creep on the household policy as well. This past July I cross shopped five different companies and found that the only way that I was going to save money was in making compromises in coverage. For instance, one company was $150/year cheaper but offered 50% of replacement value on the home and that savings was predicated on discount for them carrying Auto. When the Auto was added into the home, this company was $300 more a year for less coverage.

Only way for you to find out for sure is to fond an independent agent and get some quotes. I doubt you will find much (if any) difference.

 

[GGorman04]

I agree Tdbo. It seems fair to think if you did not file any claims it would not creep up, but they penalize you if other areas are hard hit by things like hurricanes and you are forced to take the hit as well.

 

[Tdbo]

That is basically what insurance is, a risk management pool. If a company has to pay out a bunch of claims, they are going to recoup it from those whose risk they manage.

I have been with Erie for 18 years and price shop every two years. Only one time was I able to beat their rates (truly comparing apples to apples.) That was with Liberty Mutual (through my College Alumni Association) and that would have saved me $50./year on home and auto combined.

Two years ago, I went to a State Farm agent to get a quote. Once I told him that I was with Erie, he said that he would be glad to give me a quote but there was no way he could beat their rates. After about ten minutes of conversation, he admitted that he carried his own personal policies through Erie.

 

[carwreck]

If you are over 50 years old, join AARP.org and use their links for Hartford Insurance. (You don't need to be retired to get the discounts).
I had Liberty Mutual, but they they raised their rates several times.
My Hartford Insurance through AARP is less than half of Liberty Mutual rates for the same coverage.
______________________________
1999 Olds GLS
1987 Toronado

 

[Dave Hess]

Stay out of FL if you don't want to pay crazy home owners insurance rates.

 

[HerrStig]

AMICA. The better a company is at not paying BOGUS claims, the better the rates will be.

 

[simple_gifts]

+1 AMICA. "Mutual" assures they are focused in on the task rather than appeasing others.

 

[Barkleymut]

look for something like this in your state http://www.mutual-assurance.com/

I pay 1/3 of what most of my neighbors pay for the exact same coverage.

 

[Cutehumor]

I have metlife auto/home. rates have gone up the past two years. no claims on either policy. will be doing price checking in april when renewal time comes. i use the internet for price quotes

 

[JHZR2]

Nope. We have a local mutual that has always had very reasonable rates, no gimmicks, and whatnot. Plus not needing to cover the southeast likely helps...

 

[demarpaint]

They've been on the rise a few years now, and they all suck. But you gotta have Insurance, unless you don't have a mortgage and can afford to cover a loss yourself.

 

[John_K]

Originally Posted By: Tdbo
I am with Erie also and have noticed the rate creep on the household policy as well. This past July I cross shopped five different companies and found that the only way that I was going to save money was in making compromises in coverage. For instance, one company was $150/year cheaper but offered 50% of replacement value on the home and that savings was predicated on discount for them carrying Auto. When the Auto was added into the home, this company was $300 more a year for less coverage.

Only way for you to find out for sure is to fond an independent agent and get some quotes. I doubt you will find much (if any) difference.


I have been with Erie 25 years, they are hard to beat.

John

 

[97f150]

My insurance went up 35% for wind and hail in the last 3 months alone. No option to move else where as this is the only insurance available for wind and hail coverage in my area. They are also planning on another increase next year.
http://www.houmatoday.com/article/20120529/OPINION/120529653