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Started By
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Insurance Rates...as a result of Harvey and Irma Discussion
Posted on 9/15/17 at 12:47 pm
Posted on 9/15/17 at 12:47 pm
How bad do you all think the Property Insurance rates and Flood insurance rates will go as a result of these last two hurricanes?
Just opening the inevitable discussion.
Just opening the inevitable discussion.
5
Posted on 9/15/17 at 12:48 pm to NASA_ISS_Tiger
14.32%
Posted on 9/15/17 at 12:49 pm to NASA_ISS_Tiger
quote:
How bad do you all think the Property Insurance rates
nvm, read the OP wrong
Houston Mayor wants to increase property taxes by 9%, but I have no idea on insurance.
This post was edited on 9/15/17 at 12:50 pm
Posted on 9/15/17 at 12:49 pm to deeprig9
quote:
14.32%
That's a pretty precise number. Any reason you picked it?
Posted on 9/15/17 at 12:50 pm to NASA_ISS_Tiger
property rates probably won't be hugely affected. It may help firm up what has become a very soft market. Flood is a whole other discussion. Not really a true insurance company/market.
Posted on 9/15/17 at 12:53 pm to NASA_ISS_Tiger
quote:
That's a pretty precise number. Any reason you picked it?
It just feels right. Not too high, not too low.
Posted on 9/15/17 at 12:53 pm to Chad504boy
quote:
Flood is a whole other discussion. Not really a true insurance company/market.
As someone who has a mother in La who has flood insurance..that's a racket. Her flood insurance has skyrocketed in the last years. Like almost doubled since Rita (I don't have the exact numbers...but it's bad).
Posted on 9/15/17 at 12:54 pm to NASA_ISS_Tiger
quote:
As someone who has a mother in La who has flood insurance..that's a racket. Her flood insurance has skyrocketed in the last years. Like almost doubled since Rita (I don't have the exact numbers...but it's bad).
so what. if its bad, its likely she's going to flood or has at some point so its worth every penny.
Posted on 9/15/17 at 12:54 pm to deeprig9
quote:
It just feels right. Not too high, not too low.
Mine went up 6% on it's own last year...I don't recall many storms. I have USAA.
Posted on 9/15/17 at 12:56 pm to Chad504boy
quote:
so what. if its bad, its likely she's going to flood or has at some point so its worth every penny.
True. They got 1" in the house back after Ike...it's not the cost that gets you...it's when you have to fight to get things paid for after you've paid into the system for 30 years or more...and the adjuster is standing in the water too while arguing with you.
Posted on 9/15/17 at 12:58 pm to NASA_ISS_Tiger
quote:
it's when you have to fight to get things paid for after you've paid into the system for 30 years or more.
well that's just life i guess, having to fight for things. nobody likes handing over money even though its not even the adjusters' monies.
Posted on 9/15/17 at 1:01 pm to NASA_ISS_Tiger
quote:
Mine went up 6% on it's own last year...I don't recall many storms. I have USAA.
USAA is not the company they were 23 years ago when I joined. They started expanded their risk pools in the late 90's in the name of profit. Customer service is above average but their real product value versus cost has been in a steady decline. I may have to start looking at other options.
Posted on 9/15/17 at 1:03 pm to NASA_ISS_Tiger
quote:
As someone who has a mother in La who has flood insurance..that's a racket. Her flood insurance has skyrocketed in the last years. Like almost doubled since Rita (I don't have the exact numbers...but it's bad).
As bad as it has increased, if Flood insurance was a private insurance company it would be 2-3 times more then it is now. Through FEMA's flood insurance policy we are supplementing true insurance costs. they pay out more then they take in...
edit:
and for this reason and since more and more greater then 100 year flood events, they will start mandating everyone in 500 year flood zones get insurance....
This post was edited on 9/15/17 at 1:05 pm
Posted on 9/15/17 at 1:32 pm to RTRinTampa
quote:
USAA is not the company they were 23 years ago when I joined. They started expanded their risk pools in the late 90's in the name of profit. Customer service is above average but their real product value versus cost has been in a steady decline. I may have to start looking at other options.
I agree on all points but one. Customer service is not at all what it used to be either. I purposely stay away from the Tampa Bay call center whenever possible. My wife was in a wreck that wasn't her fault and we did the right thing and called USAA and the claims adjuster from TB immediately tried to put her at fault without seeing the police report. I called back later that night and talked to someone in Denver....lot easier to deal with and understand. That's one situation with TB that I've had. Mom had many...Dad had to ask the adjuster they sent after Rita to leave due to his attitude and rudeness.
Posted on 9/15/17 at 1:41 pm to Chad504boy
quote:
property rates probably won't be hugely affected. It may help firm up what has become a very soft market. Flood is a whole other discussion. Not really a true insurance company/market.
This.
FEMA will enlarge the flood maps to include much more area plus they will increase rates. They have to enlarge it to include areas that have never flooded and will never flood or this thing won't work. Same for rate increases, they have to increase the rates. Sucks for anyone who gets caught in a flood map change that will never flood.
Posted on 9/15/17 at 1:49 pm to NASA_ISS_Tiger
Sadly, my first thought after these storms was we are going to get hosed with increased insurance. Those companies aren't in it to break even.
Posted on 9/15/17 at 1:58 pm to MBclass83
quote:
Sadly, my first thought after these storms was we are going to get hosed with increased insurance. Those companies aren't in it to break even.
Insurance is regulated so if it goes up that means the risk has gone up. If you live in a hurricane area it is a wonder you can even get insurance for it or flood.
Posted on 9/15/17 at 2:10 pm to NASA_ISS_Tiger
quote:
I agree on all points but one. Customer service is not at all what it used to be either. I purposely stay away from the Tampa Bay call center whenever possible. My wife was in a wreck that wasn't her fault and we did the right thing and called USAA and the claims adjuster from TB immediately tried to put her at fault without seeing the police report. I called back later that night and talked to someone in Denver....lot easier to deal with and understand. That's one situation with TB that I've had. Mom had many...Dad had to ask the adjuster they sent after Rita to leave due to his attitude and rudeness.
I live less than a mile from the TB call center in Tampa Palms. They have always been courteous and respectful but maybe its a locale thing. When I joined only military officers were members. They didn't even have risk pools.
Posted on 9/15/17 at 2:16 pm to NASA_ISS_Tiger
It's far from a racket. It's subsidized like crazy
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