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Message
Another Homeowners Insurance Complaint Thread
Posted on 6/28/23 at 8:26 pm
Posted on 6/28/23 at 8:26 pm
After getting a 40% increase July of 2022, I just got my renewal for this coming July and it is another 45% increase. Oh and my hurricane deductible went from 1% to now 2%. Never a claim before. Anyone have a good broker that can shop rates for the Northshore? I'm assuming this is the new norm but figured I'd give some effort to check around before taking it up the arse.
This post was edited on 6/28/23 at 8:33 pm
9
Posted on 6/28/23 at 8:43 pm to TigerTatorTots
Same here, went from $1100 to $3600 
Posted on 6/28/23 at 10:40 pm to TigerTatorTots
I’m south of I-12, west of 59.
My increase this year was $4600 to $6600. Deductible for named storm went from 1% to some ungodly percentage.
That was the only option before Citizens, which was north of $13,000 per year.
My increase this year was $4600 to $6600. Deductible for named storm went from 1% to some ungodly percentage.
That was the only option before Citizens, which was north of $13,000 per year.
Posted on 6/29/23 at 5:50 am to TigerTatorTots
Billions on billions of dollars to Ukraine, but we can't find some temporary government program/assistance/tax break from the federal government to help our own citizens out...
Posted on 6/29/23 at 6:56 am to Dayman
We are north of I 12 in Abita Springs. Try Allstate.
Posted on 6/29/23 at 7:00 am to John McClane
quote:
That was the only option before Citizens, which was north of $13,000 per year.
Damn, I would just move if my rates got that high. My total mortgage payments for the year aren’t that high.
At some point, people need to just purchase a catastrophic policy for fire and bank the wind and hail premiums in a savings account at 5% interest. In 3 years with no claims you will have nearly 40k in the bank to pay for any needs after a storm. Meanwhile after paying 13k a year in insurance for 3 years a storm comes, and you have 5% or 10% deductible, you get 40k in damages to to your 400k house, you get nothing.
Posted on 6/29/23 at 7:49 am to Tarps99
I don’t think our mortgage companies would allow that
Posted on 6/29/23 at 7:50 am to AndyJ
Then I may just pay off the house. Owe around $28k. Screw paying these premiums.
Posted on 6/29/23 at 8:41 am to TigerTatorTots
Mine went from $2700 2 years ago to $5500 on my most recent renewal. Over 100% increase over 2 years. I just shopped around and ended up bundling as much as I could with USAA. Got my premium down to $3500, which is still a 30% increase from 2 years ago, but much better than $5500. The bundling did save me a few hundred on my car insurance premiums though.
Try bundling as much as you can... I was about to pull the trigger with USAA at a 3700 HO premium, but then the agent suggested I get a VPP plan at like $4 a month, which would bring my HO down to $3500 because of the extra product I bundled... so I pay $48 a year to save $200, no brainer, plus I get insurance for any lost/stolen jewelry.
Oh and PSA to anybody getting quotes with Progressive... I shopped their site first for a bundle and was really impressed with what my rates would've been for auto/HO. Put all my car and house info in, it generated my rates, and I decided to move forward with it. First it had me check out and pay for my 6 month auto premium, which I did... then it takes you to home, but it was only then, AFTER I paid for the auto, that the website tells me it won't insure my zip code. Bunch of BS. So now I have to wait for them to process the cancellation on my auto and send a refund. Total waste of time. The auto rates were still attractive even without the bundle, but unfortunately the only way to get any kind of decent HO is to bring as much shite as you can to bundle.
Try bundling as much as you can... I was about to pull the trigger with USAA at a 3700 HO premium, but then the agent suggested I get a VPP plan at like $4 a month, which would bring my HO down to $3500 because of the extra product I bundled... so I pay $48 a year to save $200, no brainer, plus I get insurance for any lost/stolen jewelry.
Oh and PSA to anybody getting quotes with Progressive... I shopped their site first for a bundle and was really impressed with what my rates would've been for auto/HO. Put all my car and house info in, it generated my rates, and I decided to move forward with it. First it had me check out and pay for my 6 month auto premium, which I did... then it takes you to home, but it was only then, AFTER I paid for the auto, that the website tells me it won't insure my zip code. Bunch of BS. So now I have to wait for them to process the cancellation on my auto and send a refund. Total waste of time. The auto rates were still attractive even without the bundle, but unfortunately the only way to get any kind of decent HO is to bring as much shite as you can to bundle.
Posted on 6/29/23 at 8:59 am to Neauxla_Tiger
Yea my car insurance and umbrella policy is with Progressive. Went through their homeowners quoting process and they won't quote for my zip
Posted on 6/29/23 at 9:10 am to meeple
quote:
Then I may just pay off the house. Owe around $28k. Screw paying these premiums.
That's awesome you have that option.
Surely you understand that the vast majority of people, especially in a place like South Louisiana, don't have that option.
Posted on 6/29/23 at 9:22 am to TigerTatorTots
After Southern Fidelity failed last year, our premium went from $2,400 to $4,470, or an 83% increase. We got our renewals a few weeks ago, and for the same coverage (1% / 2% deductible), our premium would go up to $7,488, or ANOTHER 67%. A total increase from our 2021 renewal of 212%.
They also offered us the same policy, but with a 5% / 5% deductible, for a premium of $5,704. That's still a 28% increase in premiums, plus an insane deductible increase.
We talked with several insurance people and there was only one other company who would look at us... Cajun. They wanted $6,294 for a 3% / 3% deductible.
So we went back to State Farm / Dover Bay and asked them to try again. We ended up reducing some of our coverages down, and going to ACV instead of replacement cost on our roof, under the idea that our roof is only two years old.
Yesterday, I signed off on that, which kept the 1% / 2% deductible and a premium of $5,664, which is still a 27% increase.
So in the end... 27% premium increase for less coverage.
Obamacare has nothing on South Louisiana homeowners insurance...
They also offered us the same policy, but with a 5% / 5% deductible, for a premium of $5,704. That's still a 28% increase in premiums, plus an insane deductible increase.
We talked with several insurance people and there was only one other company who would look at us... Cajun. They wanted $6,294 for a 3% / 3% deductible.
So we went back to State Farm / Dover Bay and asked them to try again. We ended up reducing some of our coverages down, and going to ACV instead of replacement cost on our roof, under the idea that our roof is only two years old.
Yesterday, I signed off on that, which kept the 1% / 2% deductible and a premium of $5,664, which is still a 27% increase.
So in the end... 27% premium increase for less coverage.
Obamacare has nothing on South Louisiana homeowners insurance...
Posted on 6/29/23 at 9:27 am to AndyJ
quote:
I don’t think our mortgage companies would allow that
13,000 a year is a breaking point for most people. That is almost a grand a month that is being pissed away unless you have a claim.
If you have to keep putting that amount of money away for the off chance you are going to need it. One reform I would like to see in the high deductible and high premium market would be cash value build up where a policy holder agrees to pay the high premiums but some of the money is built up like a whole life insurance policy cash value and can be loaned against for small claims and surrendered back to the homeowner if he moves or changes insurance companies.
It is just a thought. Maybe some enterprising insurance company or even the state through an off shoot of Citizens.
Posted on 6/29/23 at 9:28 am to LSUFanHouston
My monthly mortgage will have increased $450 a month in 2 years at this rate. A damn car payment 
Posted on 6/29/23 at 9:35 am to TigerTatorTots
Ours just went from 2900.00 to 5900.00 with farm bureau. My son just purchased a house about same value in Texas and his insurance with farm bureau is 887.00
Posted on 6/29/23 at 9:46 am to TigerTatorTots
quote:
My monthly mortgage will have increased $450 a month in 2 years at this rate. A damn car payment
Same here, man. Sucks majorly.
Posted on 6/29/23 at 9:51 am to TigerTatorTots
1300 to 3300 in 2 years. Just switched to Allstate at 2200. it does have a 5% hurricane deductable, but it looks like most of them do now. I'm 36 miles from the coast though.
Posted on 6/29/23 at 12:46 pm to Tarps99
quote:
One reform I would like to see in the high deductible and high premium market would be cash value build up where a policy holder agrees to pay the high premiums but some of the money is built up like a whole life insurance policy cash value and can be loaned against for small claims and surrendered back to the homeowner if he moves or changes insurance companies.
It is just a thought. Maybe some enterprising insurance company or even the state through an off shoot of Citizens
Honestly, the only solution here is a government backstopped program like the flood insurane program. It could be created for wind/hail coverage, keep fire and liability coverage as a regular policy. But I doubt there is the political appetite for that.
There just aren't enough market participants to create a market here. And with mortgage comoanies requiring policies, the one or two market participants can charge whatever they want.
Posted on 6/29/23 at 12:53 pm to LSUFanHouston
quote:
the one or two market participants can charge whatever they want.
You honestly think that is why rates are high?
Posted on 6/29/23 at 12:58 pm to LSUFanHouston
quote:Look up FEMA’s new risk rating 2.0 and get back to us on how great government run insurance is
the only solution here is a government backstopped program like the flood insurane program
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