• Go to page :
  • 1 2
  • Text Only
Voting History
rated:
I believe I was quoted around $800 annually for the deductible-level I wanted in early 2010 when I first purchased my house. I believe I saw my premium come in for 2013.. It was well over $1300. I have not submitted one claim. The Agent I use assured me (last year) that all companies were increasing. They proactively sent me an e-mail yesterday insuring me that they are going to be looking for better rates. I have a home & 3 cars under Traveler's. Is this happening to anyone else? Seems like I left Farmers a few years ago, because they lure you in with low rates & gradually jack them up.. hoping you won't notice. I think Traveler's is doing this too, which leads me to believe EVERY company does this, and you just have to keep moving your policies every 2-3 years?

Any recommendations would be greatly appreciated.

Member Summary
Most Recent Posts
Depending on the visibility of the cameras, there may be some deterrent value. We had a few break-ins in our building an... (more)

BostonOne (Jan. 17, 2013 @ 6:52a) |

Scary to rookies? Possibly.

But effective at apprehending perp or recovering property undamaged? No.

And that's why it do... (more)

BEEFjerKAY (Jan. 17, 2013 @ 6:59a) |

I agree, I just know if you combine a burglar system with a surveillance system.. along with 12V landscape lighting and ... (more)

jnheinz (Jan. 17, 2013 @ 12:56p) |

Thanks for visiting FatWallet.com. Join for free to remove this ad.

Shop your policies every 2 years. Once you endure the pain of doing it once (figuring out everything you need to do it)....its much easier the next time.

IMO - everyone lures you in and then graudually increases rates.

Check your state department
Of insurance

Most states have premium comparison charts online

Shop around. I too had Farmers jacking my rates annually for no reason in the past.

What state are you in? Sometimes insurers in a state get hit big a big natural disaster and then turn around and jack rates to compensate for their loses. Least thats my understanding.

My insurance hasn't gone up much at all lately.

I am in Minnesota.

jnheinz said:   I am in Minnesota.

What's your home worth?

I moved from Travelers to Amica and saved mony. Also look at the home value and replacement cost value. Some companies add X% every year without any real reason. That increase in protection translates to increase in cost.

I moved from Travelers to Amica and saved mony. Also look at the home value and replacement cost value. Some companies add X% every year without any real reason. That increase in protection translates to increase in cost.

I moved from Travelers to Amica and saved mony. Also look at the home value and replacement cost value. Some companies add X% every year without any real reason. That increase in protection translates to increase in cost.

dcg9381 said:   jnheinz said:   I am in Minnesota.

What's your home worth?


Depends what you are asking.. It's worth around $193,000 at the moment per the city.. Purchased for $221,500. They claim the replaceable value is $303000.. 3 years ago it was $270000.

jnheinz said:   dcg9381 said:   jnheinz said:   I am in Minnesota.

What's your home worth?


Depends what you are asking.. It's worth around $193,000 at the moment per the city.. Purchased for $221,500. They claim the replaceable value is $303000.. 3 years ago it was $270000.


Wow, this is expensive.
Replaceable value should be your (house value - land value).
For reference, I am in Ohio, $400K house, annual rate is $452, Liberty Mutual.

minggang said:   jnheinz said:   dcg9381 said:   jnheinz said:   I am in Minnesota.

What's your home worth?


Depends what you are asking.. It's worth around $193,000 at the moment per the city.. Purchased for $221,500. They claim the replaceable value is $303000.. 3 years ago it was $270000.


Wow, this is expensive.
Replaceable value should be your (house value - land value).
For reference, I am in Ohio, $400K house, annual rate is $452, Liberty Mutual.


I don't think that is necessarily correct. Perhaps someone else can chime in. When I filled out the Liberty Mutual application, it magically figured out my house's replaceable value as $273000 or something.

The insurers typically use the same actuarial analysis to get the home replacement value.

You live in Minnesota. The state has no consumer group to protect home owners insurance policies. You have the Department of Commerce if you want to call for help. Why not ring Lori Swanson? She goes after every gouger in the state so long as they don't contribute to her campaign.
Have you looked at improvements you can do to your home to reduce your rates? Add a security system? Install a shed in the back corner of your lot and move all flammable materials to it. How far are you from the fire station? How far from the fire hydrant? These things all matter as insurance premiums are just math.

The Star Tribune had a couple of stories about insurance premium increases last year.
http://www.startribune.com/local/175089161.html
http://www.startribune.com/local/172979991.html

noledude said:   everyone lures you in and then graudually increases rates.

Not true.

minggang said:   Replaceable value should be your (house value - land value)

Not necessarily true.

evanm said:   Some companies add X% every year without any real reason.

LOL.

That's not the way things work.

Beef , please we gotta do some auto and home insurance threads

Maybe A LOT of Traveler's customers in your area filed claims.

I see. We had some wind damage this year, nothing too terrible, but I bet it generated a fair amount of claims.

So everyone knows.. I paid $760 for my annual premium in 2010.. I am being offered for my annual 2013 renewal at $1370. They have raised my dwelling coverage from $275000 to $303000 in 3 years.. My house has not changed, nor have I filed a claim. I just really don't recall my Agent asking if I have fire extinguishers, deadbolts, or anything.. when I initially started my policy. I e-mailed her about that today, no response yet.

Im in Chicago have a smalk condo. No one came close to shelter insurance.. Easy to work with and are very competitive

SUCKISSTAPLES said:   Beef , please we gotta do some auto and home insurance threads

Do you recall the thread(s) from a while back where we discussed the recent history and future of homeowners insurance rates?

There no doubt were a few different threads. The one I'm thinking about was the one where I was talking about the coverage no longer being sufficient to protect the collateral ... and my prediction of a slow migration of homeowners to the 2% of insured value level on an all-risks basis.

It might have been as long ago as 2007 or 2006. And it might have been from that other guy who did those bad things and got banned.

I am in a similar boat. I am in PA, homeowners insurance renews in mid-Feb, am sure rates will go up due to Sandy. Not that they need a reason to go up. I have ended up changing 2 companies in the last 4 years due to rate increases for both, home and auto. I have never had luck with the organizations that offer group discounts, have raised my deductible to 1k, wish there was a FW way to save money on insurance. Good luck OP!


tajar96 said:   I remember a couple of topics from a few weeks back

You get to my age, remembering topics from years ago sometimes seems easier than remembering last week.

I am considering putting my deductible to $2500.. I seriously can't see a reason why I'd need it at $1000. I have my car at a $750 deductible.. I've always been a fan of a higher deductible anyways.. have yet to use any deductibles in my 7 years since leaving the Army.

Waiting to see what my Agent says.. she deals with lots of different companies, so I know they have flexibility to move my home + 3 car policies around.. they just gotta not be lazy and do the quotes for me.

Btw, I have shopped around.. I am seeing hope at other companies, and that's without a multiple policy discount for my cars.

FWIW, you'll could well be looking at a decade of steadily increasing homeowners insurance prices.

Some increases will be disguised by way of additional exclusions, increased dollar deductibles, or a shift to percentage deductibles. But the short- to medium-term trend is definitely upward.

And that's before you consider that current homeowners policies arguably do an inadequate job of securing the mortgage's collateral. Once lenders start to care about that, all bets are off.

BEEFjerKAY said:   FWIW, you'll could well be looking at a decade of steadily increasing homeowners insurance prices.

Some increases will be disguised by way of additional exclusions, increased dollar deductibles, or a shift to percentage deductibles. But the short- to medium-term trend is definitely upward.

And that's before you consider that current homeowners policies arguably do an inadequate job of securing the mortgage's collateral. Once lenders start to care about that, all bets are off.

We should expect price increases every year of our life though.

If you expect that on average over a 100 year period, homes move up in value, even if just due to inflation, then the total losses an insurer will have to pay you back for from weather events or any other type of loss like theft increase as well. If the insurer's costs move up, then they have to pass that onto the consumer as increased premiums.

Due to even 1% inflation alone, we should always expect insurance prices to go up. It's happened for the last 100 years and I would be shocked if it doesn't occur for the next 100 year. Will we have a few years where they don't, or few years where they move faster than before? Absolutely. I'm no good at predicting those though.

ankitgu said:    Will we have a few years where they don't, or few years where they move faster than before? Absolutely. I'm no good at predicting those though.

Let me clarify. I would not be surprised if the cost of insuring a home rises at 2-3x the inflation rate for the next 5-10 years.

There's more to it than the "we should expect price increases every year of our life" aspect.

There's been a fundamental shift in the underlying price drivers.

I've been able to get my HO insurance at rates 75% less than my parents were paying 30 years ago, for more coverage .

Pore through your dept of insurance premium comparison list and find the carriers with the best rates in your state

SUCKISSTAPLES said:   I've been able to get my HO insurance at rates 75% less than my parents were paying 30 years ago, for more coverage .

Pore through your dept of insurance premium comparison list and find the carriers with the best rates in your state


For CA residents, this is the site:

http://www.insurance.ca.gov/0100-consumers/0010-buying-insurance...

One thing you can do is lower your coverage amount. You can choose any coverage amount you want - the one they recommend usually comes with some kind of bonus ie: if you insure at this level you get 120% of the insured amount to rebuild.

You can also ask them to reassess your home. When I tried to lower the coverage amount, pointing out the rebuild cost was more than I paid for my house, the agent triggered a manual reassessment, which obviously dropped the rate by a large amount.

I suppose they make money by people not paying attention.

Now if I could just get an accurate rebuilding cost estimator I'd be all set.

OP whos your agent? I live near you and would also like to shop around. Thanks.

BEEFjerKAY said:   SUCKISSTAPLES said:   Beef , please we gotta do some auto and home insurance threads

Do you recall the thread(s) from a while back where we discussed the recent history and future of homeowners insurance rates?

There no doubt were a few different threads. The one I'm thinking about was the one where I was talking about the coverage no longer being sufficient to protect the collateral ... and my prediction of a slow migration of homeowners to the 2% of insured value level on an all-risks basis.

It might have been as long ago as 2007 or 2006. And it might have been from that other guy who did those bad things and got banned.

No don't recall that one . Beyond "trends of the industry " type threads fw really seems to need some basic threads on what the various ho and auto insurance coverages actually cover , how to select limits and deductibles etc

Anybody have experience with Insweb or similar?

My Agent is Jansen Insurance in Burnsville, MN.

http://www.jansenins.com/Contact_Us.shtml

Well, they basically said I have any and all applicable discounts for fire extinguishers, dead-bolts, smoke detectors, being within 1000 feet of a fire hydrant (funny my house actually has one ON the lot in my front yard), and being within so many miles of a fire station..which I am. I have a surveillance system that would be considered unmonitored... CCTV cameras with infrared (for night vision) hardwired going to a DVR in my basement to a 250GB DVR...currently only 2, but I have plans for 4 more. A crook would have a heck of a time finding the DVR. I guess security motion lights and 12V landscape lighting don't count for anything. I have the theft element of my home covered. Hard to believe I'm being quoted at $1350 with a 10% discount already in place, in addition to a multiple policy discount.. This policy would cost like $2000 with no discounts. I have $500,000 in liability on it.

What are the most reputable 10 home insurance companies? I got decent rates from a quote at Amica.. Nationwide, not so much. Haven't tried others yet.

Quote from Agent, I found they had me listed as 100% wood siding, which is incorrect. I am 90% vinyl 10% brick, so I believe I was over-covered a little bit for dwelling anyways there. They also knocked the "automatically increasing dwelling coverage" down back to almost where it began in early 2010. Apparently this is a "feature" that Traveler's uses.


-------------

I updated the replacement cost with 90% vinyl and 10% brick on frame and it makes the dwelling 279,804. If we change it to that with the current 1,000 deductible, it brings the premium down to $1,296.37

1,500 = 1,249.07

2,500 = 1,170.56

-----------------

They checked several other companies, they found some lower rates.. but in order to get them, they'd need a multiple policy discount, and she claimed my cars were WAY more expensive there. So that got flushed.

Honestly, this is a pretty chaotic time in my life right now to be shopping around for new insurance. I am thinking of jumping to the $2500 deductible and calling it a year. I want to see what happens next year, if we actually have good weather this year.

jnheinz said:   My Agent is Jansen Insurance in Burnsville, MN.

http://www.jansenins.com/Contact_Us.shtml

Well, they basically said I have any and all applicable discounts for fire extinguishers, dead-bolts, smoke detectors, being within 1000 feet of a fire hydrant (funny my house actually has one ON the lot in my front yard), and being within so many miles of a fire station..which I am. I have a surveillance system that would be considered unmonitored... CCTV cameras with infrared (for night vision) hardwired going to a DVR in my basement to a 250GB DVR...currently only 2, but I have plans for 4 more. A crook would have a heck of a time finding the DVR. I guess security motion lights and 12V landscape lighting don't count for anything. I have the theft element of my home covered. Hard to believe I'm being quoted at $1350 with a 10% discount already in place, in addition to a multiple policy discount.. This policy would cost like $2000 with no discounts. I have $500,000 in liability on it.

What are the most reputable 10 home insurance companies? I got decent rates from a quote at Amica.. Nationwide, not so much. Haven't tried others yet.


Why is the fire hydrant thing funny? You either get the discount or you don't. Theres no 'hydrant on my lot' rate.

Amica is a highly rated insurer. We use them and we're happy. They may not be the cheapest in the world but they have good service.

Here is JD power list of the top home insurerswhich lists Amica #1 service.

Just an update.. I am now sending my policies to a State Farm agent to see if they can conjure something that is better priced and is apples-for-apples as far as coverage goes. Now that I have a fax cover letter basically made, along with all the policies in a stack. I might as well just send this out to all the local Agents here and have them e-mail me back quotes. I seem to always fail at letting things go like this, when I know there's a better deal out there.

Skipping 4 Messages...
I agree, I just know if you combine a burglar system with a surveillance system.. along with 12V landscape lighting and a motion detecting security floodlight, you have a really effective combination of theft deterrence.. but correct, insurance companies don't give a crap.



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014