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Started By
Message
Homeowners Ins: Rate increase is too much
Posted on 7/29/14 at 9:27 pm
Posted on 7/29/14 at 9:27 pm
The period button on my keyboard doesn't work so bear with me
Our homeowners rate has risen sharply this year with AllState
What are some better choices out there for insurance going forward? We live in Mandeville
TIA
Our homeowners rate has risen sharply this year with AllState
What are some better choices out there for insurance going forward? We live in Mandeville
TIA
8
Posted on 7/29/14 at 9:36 pm to WylieTiger
Open internet browser
Search home owners insurance
???
Profit
Seriously, just search the internet for the well known companies and compare prices.
Search home owners insurance
???
Profit
Seriously, just search the internet for the well known companies and compare prices.
Posted on 7/29/14 at 10:14 pm to LSUSUPERSTAR
Homeowners insurance is a loss leader in most states for insurance companies. That basically means you should get the best deal bundled with your car policy (Insurance companies lose money on home insurance and offer it mostly as a marketing effort to cross lines of insurance).
Some companies look to throw out cheap policies and gobble up market share. Allstate is one of those. If rate is all you care about, switch elsewhere and then shop Allstate again in the future.
I don't know the LA market. But Nationwide and American Family appear to be growing. They may be depressing rates to buy market share as well.
Keep in mind that insurance is a big balloon. The companies squeeze prices down somewhere and have to make the revenue up elsewhere (sometimes in large rate-hikes).
I personally like AmFam, Liberty Mutual, and independent agencies (Encompass, Safeco, Auto Owners, and Cincinnati).
Good luck.
Some companies look to throw out cheap policies and gobble up market share. Allstate is one of those. If rate is all you care about, switch elsewhere and then shop Allstate again in the future.
I don't know the LA market. But Nationwide and American Family appear to be growing. They may be depressing rates to buy market share as well.
Keep in mind that insurance is a big balloon. The companies squeeze prices down somewhere and have to make the revenue up elsewhere (sometimes in large rate-hikes).
I personally like AmFam, Liberty Mutual, and independent agencies (Encompass, Safeco, Auto Owners, and Cincinnati).
Good luck.
Posted on 7/29/14 at 10:18 pm to WylieTiger
You could always raise your deductible.
Posted on 7/29/14 at 10:18 pm to meansonny
quote:
AmFam
I don't think they write in Louisiana.
quote:
Encompass
Is Allstate's premium insurance brand, normally for higher end properties...
Posted on 7/29/14 at 10:29 pm to meansonny
Some insurance companies raised their HO rates by 40%.
Posted on 7/29/14 at 10:30 pm to wickowick
Good info.
I don't think Allstate has any other brand written through independent agencies besides Encompass.
You can call it a premium brand, but most agency policies throw in a bunch of 'premium' coverages to help stand out in the agency market. Average home sizes in Georgia are over $200k to rebuild. I don't know if that puts Encompass in the average or premium market. But rates are competitive right now, and I don't hear any complaints (unlike Allstate which carries the worst home claims reputation in Georgia at the moment)
I don't think Allstate has any other brand written through independent agencies besides Encompass.
You can call it a premium brand, but most agency policies throw in a bunch of 'premium' coverages to help stand out in the agency market. Average home sizes in Georgia are over $200k to rebuild. I don't know if that puts Encompass in the average or premium market. But rates are competitive right now, and I don't hear any complaints (unlike Allstate which carries the worst home claims reputation in Georgia at the moment)
Posted on 7/29/14 at 10:33 pm to meansonny
Allstate uses Occidental
Posted on 7/29/14 at 10:33 pm to Paul Allen
quote:
Homeowners Ins: Rate increase is too muchSome insurance companies raised their HO rates by 40%.
It wouldn't surprise me if they still lose money after that rate hike.
Loss ratios have been over 200% in many parts of the country for several years.
I would expect more rate hikes (15-30%).
Posted on 7/29/14 at 10:34 pm to WylieTiger
Try ASI. Call Eagan Insurance they can write an ASI policy. They have an office on the north shore now.
Posted on 7/29/14 at 10:36 pm to Paul Allen
quote:
Homeowners Ins: Rate increase is too muchAllstate uses Occidental
Good to know.
I don't think Occidental is in the Georgia market.
Allstate, Encompass, and Esurance are all that I've seen.
Posted on 7/29/14 at 10:42 pm to WylieTiger
The market for homeowners in south Louisiana is pretty slim. Which is one reason the rates have been continuously increasing. State Farm and Allstate are looking to price people out. Especially those who only have homeowners with them. Like someone said previously, it's all about the bundling.
How long have you had the Allstate homeowners policy?
How long have you had the Allstate homeowners policy?
Posted on 7/29/14 at 10:43 pm to meansonny
quote:As well as NorthLight Speciality. Owned and operated by Allstate now.
Allstate uses Occidental
Posted on 7/29/14 at 10:51 pm to Shadowlink
quote:
As well as NorthLight Speciality. Owned and operated by Allstate now.
Yep, they tend to have higher deductibles...
Posted on 7/29/14 at 11:04 pm to wickowick
Nationwide went up 100% on me last year. My policy comes up on October and I get screwed every year
Posted on 7/29/14 at 11:24 pm to wickowick
quote:If the home is in Orleans or Jefferson parish. They have stricter guidelines in those areas.
Yep, they tend to have higher deductibles...
Posted on 7/29/14 at 11:41 pm to WylieTiger
Posted on 7/30/14 at 12:44 am to WylieTiger
I'm not sure if they are still writing new policies, but try Liberty Mutual on Pinnacle Pkwy...ask for Flo. They had the best price/policy when I was shopping. Also have good rates on auto insurance.
This post was edited on 7/30/14 at 12:52 am
Posted on 7/30/14 at 6:04 am to WylieTiger
Unfortunately I don't have any homeowner's suggestions for you better than what's been posted. But I can help with this:
Highlight this period right here .
Then copy and paste where needed.
quote:
The period button on my keyboard doesn't work so bear with me
Highlight this period right here .
Then copy and paste where needed.
Posted on 7/30/14 at 6:19 am to foshizzle
Thanks for all of the responses
We do bundle auto and home and we will look into other companies
I've dealt with ASI before and have no complaints with them
Foshizzle: Thanks for the copy and paste advice as I've been doing that for about a year until I spilled water on the trackpad about a week ago! No more copy and paste
We do bundle auto and home and we will look into other companies
I've dealt with ASI before and have no complaints with them
Foshizzle: Thanks for the copy and paste advice as I've been doing that for about a year until I spilled water on the trackpad about a week ago! No more copy and paste
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