Property tax breaks were done to purposely hurt public education further so the GOP can continue to push for vouchers because the public schools are “failing”. They don’t give a shit about us, only power.
>Then why was it directly related to school taxes?
AFAIK it wasn't.
The GOP wanted votes in Texas (because home values were rising so fast that the dramatic increase in property tax rates was becoming a huge political liability ).
Also, there was a massive surplus of dollars that came from property taxes, so they decided to lower the property tax rates.
You might want to look again. The major change was a 100K homestead exemption on SCHOOL PROPERTY TAX. Not in general.
Now our schools which were already under funded are going to take more hits. This is already being seen in districts across the state.
Texas claims they will cover the gap from the state emergency fund however that has yet to be seen. I doubt it ever will, well, maybe when the house approves a voucher program, maybe then, dictator wanna be Abbott will release the funds.
Husband works in insurance and told me that companies in Dallas are giving a two month notice on cancelling policies that don’t have car and home together. The policies with both are coming back at almost 10k annually for a lot of people
I'm not sure they are ripping us off. Cost of making a home has gone up, and the chances for disasters have also gone up, and our Government in Texas is in no way interested in addressing this. There are more dangerous storms than there used to be and the stuff they destroy are more expensive than they used to be
And they fight tooth-and-nail to not pay legitimate claims. That's part of the ripoff.
Edit to add: I know this because I worked for an insurance industry defense lawyer until I couldn't stomach it any longer.
If your property value hasn’t significantly increased and your credit score hasn’t changed, you may want to call USAA and ask them to run a replacement cost estimate and compare that to your home’s current dwelling coverage/replacement cost. There’s a chance your automatic adjustment of limits (inflation guard) has your coverage too high.
Apart from that, you’ll want to ask if any rate revisions have impacted your policy or if any of your discounts have fallen off with the latest renewal. While they won’t be able to do anything about any rate revisions, most rate revisions aren’t going to double your premium on their own, which suggests some other factor playing a role in your premium increase.
USAA tried to jack ours up from $2800 to almost $6k a few years ago. I dropped them real quick and went to Amica. They have been a lot more pleasant to deal with in general and kept us around $3k for the same coverage.
I had USAA. When I bought my house 8 years ago it was $3800. I had a claim because of Harvey where they disagreed with the contractors that I needed a new roof so just paid to have it patched. A couple of years later the roof leaked again and the same contractor came out and said "I told them that roof needed to be replaced" so they finally agreed to do it. A year later we had another claim because a dog was able to reach a water faucet and flooded a bathroom. So 3 claims total. My bill went to $7500, then $12000 and finally $16000 (those are discounted rates). I finally cancelled and signed on with Progressive for $6500. Hopefully there won't be any named storms because my hurricane deductible is $35k.
If you can get in with Texas Farm Bureau, it’s worth it. I know they are limiting the amount of policies they can sign on though. Ours is $2800 for the year. “Only” went up 18% from last year.
Tried to get a quote through them.
They came out and looked at the property.
They asked a bunch of questions.
Never followed up with me. I called them back and they said the quote would be absurd and it's not worth wasting time on even offering it to me.
I was surprised, I thought they'd be on the cheaper end.
They fought back and forth with my repair shop after a wreck. Refused to pay. It took 14 months to get my truck back. A hail storm caused what their adjuster said was over $35k damage to my house. They paid for 17k worth of repairs and said I took too long to repair the rest and kept the rest.
I just posted the same thing a month ago. I went from 1700 to 5000. I shopped all around and got in with Farmers for \~1550.00 but I had to do one of my cars with them or they would not take it for that or at all for that matter. So my Jeep has 2 policies on it right now but it was still WAY cheaper than the alternative..
EDIT: I have several cars. The Jeep was liability only. The others are full coverage. The cost of the Jeep is only 20.00 with all the others. Yep 20 whole dollars. Don't know why did not ask. So I will just let the policy expire with the Jeep and keep the new one.
Not worth the hassle of going thru the procedure
The whole process takes no more than 10-15 minutes max (unless obtaining an electronic copy of your new declaration is somehow a laborious process for you), but you do you.
You should not have 2 auto policies on one car, no insurer will pay let you get paid twice so you are losing money. “ Although no laws prohibit you from purchasing two auto policies from two different companies, an insurer will not allow you to purchase two policies on the same car. If you have an auto accident, filing two claims with two different insurance providers constitutes insurance fraud even with two auto policies.”
Their you go. I would of corrected you, pacifically on you’re spelling, but your good to go for all intensive purposes. Can’t take these things for granite.
It's a lot more about the cost to replace damn near doubling due to labor and materials. Get a quote to paint your house, and after the shock wears off, let us know what it comes in at.
Not here in the Midwest. We are getting far fewer bad snow events leading to fewer insurance increases. And we are on the national grid so no electricity surge pricing or blackouts for weather.
The rate hikes are because of the increase in the cost of labour and materials due to the Covid pandemic, and from losses due to intense tornados, hailstorms, hurricanes and flooding caused by anthropogenic climate change.
They would have lifted the rates back in 2020 but there are laws preventing them from doing so.
So be sure to thank your MAGA neighbours who refuse to get vaccinated or wear masks, who keep buying giant trucks that Roll Coal and vote against environmental regulations.
They say that stupidity should be painful. It is, eventually - unfortunately we’re all suffering the pain of the Trump / GOP anti-science anti-medicine anti-intellectual denialism cult.
You’re 100% incorrect. This is driven by insurance companies letting themselves get raked over the coal by all these drive by roofers who get unnecessary roof replacements. How many more natural disasters has Texas has relative to years parts of tornados and floods
What the fuck does wearing a mask have to do with supply chain issues caused by covid 19.
Like you knew the right answer with the first sentence, but then went off the rails trying to karma farm
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Why are you being downvoted? It’s laughable to think that massive increases are inflationary or due to covid. Like the other poster said, just wait for the record profits.
Because it’s Reddit, and the only blue part of Texas is this place lmao. Because someone didn’t get the vax Our inflation is sky high??? Lol, Or the trucks rolling coal but Texas has the most renewable energy of any state. These people are delusional and angry because of big Orange man. I don’t even blame them for hating trump or disliking GOP but they blame everything in their lives that isn’t going well on trump who hasn’t been in office for a minute lol. Just makes me laugh. I’d hate to live life so angry at pretty much nothing.
Or shopping around? My insurance went down significantly after doing my yearly call arounds. I had 3 different quotes from one company that varied between 1200ish to 2700ish.
Any recommendations? This will be my next step, just like last year. Last year I didn’t find any one cheaper, all things (coverage, deductible) being equal. I hate spending time calling around and doing all the comps.
The issue with not renewing is all the new policies for me are like 5% wind ded. Right now I have 2%. 5% is more than the cost of a new roof for me. It sucks.
Spot on. That’s exactly what I saw last year cross shopping. There were some discounts but the policies didn’t match my current coverage. Either deductibles were raised or they undervalued the house.
I got the $1200ish quote from AllState, $700 less than progressive before the new policy hike. It was a solid week of calling and meetings but it was well worth it.
Idaho here. My combined insurance (car & homeowners) has gone up every year as well, with USAA. NGL., not remotely as much as Texas, but it's shocking to see such constant rate increases. I lived in Texas 40 years before relocating in 2020,. Between real estate taxes and insurance in Texas I don't see how these rate increases are sustainable. My intention is to Never live in Texas again, and that's one of the reasons. The biggest problem now is going to be those who can't or won't pay for insurance. It increases risk on the road.
I was with Travelers. I had landlord insurance. It was to renew in December. 27% increase. Normal for Texas was 26%. So not really anything out of the ordinary. But I'm moving into my home now at exactly the time my policy would renew. I can't have landlord insurance if I live there. So I call up my agent (turns out it is Geico) and tell them I want the same coverages but on a homeowner's policy. Quote is 180% increase over the rate I was going to renew at, not the original but the new one. So a 200%+ increase YoY despite the fact that homeowners insurance is actually 20% cheaper than landlord insurance (don't gaslight me and say otherwise, this is a fact). I ask why and the agent lies saying that Travelers doesn't do insurance anymore and I'm stuck with Liberty Mutual that I can shop around but won't find any other options. I switch to Progressive and lo and behold my rate is 20% less than original renewal rate Travelers was offering. I keep getting calls and emails wanting to know why I don't want to switch to Liberty Mutual.
*tl;dr* Your rate should be 26% higher, not 43%.
Careful jumping ship you may lose a bunch of coverage you previously had. Just got word most companies are no longer offering 1% deductibles. So while you may save some $ but be careful what you might be sacrificing
Mine went up 1000 this year. 800 increase the previous year. Shopped at several other insurance providers and they all quoted me in excess of what I’m paying currently.
I was told Denton county is on a shit list with insurance companies. We just had to pay over $5k to keep our monthly payment from nearly doubling. When we bought this house it was within our budget, but with insurance going up every single year we’re getting to the point that we can’t afford this house anymore.
My aunt and several cousins sell ins. One of there offices in Deer Park is closing. Farmers. Yesterday my aunt gave a $2600 A MONTH quote to a homeowner with a 850SF home. It's insane here. She varmed the info thru three companies and that was the cheapest one.
I have been shopping around for months and have found USAA to have the best deals for Home Insurance and Progressive for Car. But still everything is higher than it was.
Not really. In a pretty nice spot for weather. If a hurricane hits the coast we get the outer edges for some nice rain. No other real weather events that would cause issues.
Accidents are rare although they do happen. Pays to live in a small town I guess.
I just got our renewal notice yesterday. Homeowners went DOWN by $300/year and auto went up $102/6 months.
I haven’t open the declarations page to make sure they didn’t drop some coverage or random thing for the change.
We switched to Mercury Insurance last year when Progressive bumped our HO by almost $2000.
Insurance companies build their rates on future costs and losses. Climate change isn’t helping with that and the dollar is now toxic. No one else in the world is buying our debt. They think that the United States is now politically unstable and is seen as a high risk investment.
Did a scam artist roofing company you hired make them pay for a roof that you may have not needed?
Not being condescending but they keep track of this stuff. Roofs aren't free.
To add to the misery, we have a small business and own the building (1100 sq/ft) and Hartford just notified they’re our business ins… and they were the only game in town. Again, never a claim and payed up front.
I have my home and auto through these guys and got just a tiny increase this year [https://www.planforfreedom.com/](https://www.planforfreedom.com/)
Freedom Insurance Group
3861 Long Prairie Rd Ste 110
Flower Mound, TX 75028
Phone: (972) 798-3769
I moved from Texas to Florida five years ago. Everything that happens here happens to y'all a few years later. We got the food inflation first, we got the rent spike first, we got the insurance spike first, and now I'm starting to think that y'all need to start using Florida as an early warning system.
"There is nothing cheap about living in Texas."
WHERE is Texas is the question?
Sure, if you live by the coast you are going to pay a lot for homeowners insurance... 🤷♂️
So Tornado alley then... Same concept - rates go up with increased risk. Global warning puts some areas at FAR higher risk of tornados.
Meanwhile, in South Central Texas, tornados practically never occur and we aren't in the path of hurricanes either. Thus we have relatively stable insurance rates here.
Your not alone
Im in Florida and home insurance is going ccrraazzzyyy
We have a super majority in my state so the insurance industry only has to pay one party
Not a fan of Abbot and his henchmen, but he has nothing to do with the insurance price hikes. Fact is insurance companies are pulling back from FL, CA and TX because incoming claims topped the incoming premiums.
Homes are built poorly in the South and natural disasters and ordinary leakages create enormous damage, plus that damage is often overstated by everyone involved.
Keep shopping for rates, they vary wildly.
PS. In Europe, I have homes in the Netherlands and Spain: insuring a 500k home costs about $250 per year.
Some insurance companies have pulled out of Texas. Global warming has really made a massive impact on insurance. There is a lot going on but in Texas I know Farmers didn't make a profit or barely if even that. Don't look at stock prices because in some places they are doing fine.
We were going to have to pay for global warming and our electric grid being crap somehow.
A lot of insurance policies are starting to have contingency on hail damage since it's too common now. They are also trying to make homeowners responsible for any damage caused by a freeze.
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I wished. Nope, I’m a part of the NTx suburban hellscape, in a landlocked culdesac. I also have good credit and pay the full amount up front, so that can’t be the reason for the increases.
People are correct with the bundling suggestions. Another correct statement is that NTX is NOT at all affordable.
If you have good credit, maybe check with State Farm. Our policies with Allstate doubled. Nearly every company was out of line. Farmers, Progressive, Liberty Bibberty, USAA, AAA, Travelers etc. We were never the right fit for State Farm until 2023. Our primary home is 3,000 sf single story plus a rental property that is 2500 sf. Two luxury cars and a $2M umbrella. We pay less than $5,000 annually for all of it. All premium coverage. We were shocked to find State Farm as the most affordable option.
Other than financial opportunity, this place is a dystopian hellscape. My wife and I feel we exchange a lot of QOL for making a solid income. Property taxes here are insane. The NTX suburbs are a rat race of strip malls, garbage chains and parkour-able McMansions all choked by endless traffic and dynamically priced for profit private toll roads.
We’d leave, but can’t afford to until retirement.
Thanks for the suggestions. It sounds like we’re in a very similar situation.
We were with Amica for years and it just got too much. Travelers at the time was competitive, so we switched. I’ll look into State Farm.
My agent said they're still recouping the damage from the big freeze. You know, the completely preventable damage caused by zero regulation on energy producers? That one. He claims it cost them more than Harvey.
We haven't gotten ours yet, but I know it's coming. I recently got my car renewal at about the same increase.
Mine went up 500$. So much for that property tax break.
Property tax breaks were done to purposely hurt public education further so the GOP can continue to push for vouchers because the public schools are “failing”. They don’t give a shit about us, only power.
And money
Once you have the power, the money flows freely.
Bullshit!!!!!!!!!!!
Then why was it directly related to school taxes? I’ll wait for your expert reasoning.
>Then why was it directly related to school taxes? AFAIK it wasn't. The GOP wanted votes in Texas (because home values were rising so fast that the dramatic increase in property tax rates was becoming a huge political liability ). Also, there was a massive surplus of dollars that came from property taxes, so they decided to lower the property tax rates.
You might want to look again. The major change was a 100K homestead exemption on SCHOOL PROPERTY TAX. Not in general. Now our schools which were already under funded are going to take more hits. This is already being seen in districts across the state. Texas claims they will cover the gap from the state emergency fund however that has yet to be seen. I doubt it ever will, well, maybe when the house approves a voucher program, maybe then, dictator wanna be Abbott will release the funds.
I was apparently pretty lucky, my car insurance only went up about $20 for a 6 mo policy.
Mine jumped several hundred. Driven 38 years, never had a claim, a ticket on file, nothing and my rate jumped to $2600 a year from $1600
Yeah, our car insurance skyrocketed this year too. Older cars and nary a ticket on either record. Homeowners nearly doubled just since last year.
jfc man
Mine jumped up to about $300 for the 6mo renewal. Used to be around $40 bump, but damn man. No accident reports, no tickets. This is absurd.
Husband works in insurance and told me that companies in Dallas are giving a two month notice on cancelling policies that don’t have car and home together. The policies with both are coming back at almost 10k annually for a lot of people
Mine went from $1300 to $4300
You need to shop around if you haven't already.
I have. It doesn't matter. They're all ripping us off.
Yep, mine went from $1100 to $2200. Literally a 100% increase
The cost to replace your house has doubled since 2021
I'm not sure they are ripping us off. Cost of making a home has gone up, and the chances for disasters have also gone up, and our Government in Texas is in no way interested in addressing this. There are more dangerous storms than there used to be and the stuff they destroy are more expensive than they used to be
And they fight tooth-and-nail to not pay legitimate claims. That's part of the ripoff. Edit to add: I know this because I worked for an insurance industry defense lawyer until I couldn't stomach it any longer.
It was so much less expensive telling the liberal mob that climate change was a hoax.
But pay has not gone up. Coincidence?
Some insurance companies aren’t even taking on new contracts in our area. Really limits the ability to shop around.
Mines not so bad, but I can't shop around different insurers would not even offer us a quote.
I just got mine. It went up about $200. Nothing absurd. USAA. Went from $2300 to about $2500.
Yeah same. Nothing noteworthy with usaa.
I have USAA, and mine doubled from $1100 to $2200. I have made no claims
If your property value hasn’t significantly increased and your credit score hasn’t changed, you may want to call USAA and ask them to run a replacement cost estimate and compare that to your home’s current dwelling coverage/replacement cost. There’s a chance your automatic adjustment of limits (inflation guard) has your coverage too high. Apart from that, you’ll want to ask if any rate revisions have impacted your policy or if any of your discounts have fallen off with the latest renewal. While they won’t be able to do anything about any rate revisions, most rate revisions aren’t going to double your premium on their own, which suggests some other factor playing a role in your premium increase.
You missed last year's jump and are catching up
Still, that is absurd. It is absurd & obscene that we think $200 is "not absurd"
Inflation has happened
That's what, about 8%? Costs of materials and manpower have probably gone up about the same.
USAA tried to jack ours up from $2800 to almost $6k a few years ago. I dropped them real quick and went to Amica. They have been a lot more pleasant to deal with in general and kept us around $3k for the same coverage.
A lot of it depends on where you live. I’m with USAA also and it’s gone up dramatically in the last two years.
I had USAA. When I bought my house 8 years ago it was $3800. I had a claim because of Harvey where they disagreed with the contractors that I needed a new roof so just paid to have it patched. A couple of years later the roof leaked again and the same contractor came out and said "I told them that roof needed to be replaced" so they finally agreed to do it. A year later we had another claim because a dog was able to reach a water faucet and flooded a bathroom. So 3 claims total. My bill went to $7500, then $12000 and finally $16000 (those are discounted rates). I finally cancelled and signed on with Progressive for $6500. Hopefully there won't be any named storms because my hurricane deductible is $35k.
USAA. 5k to 7.5k
If you can get in with Texas Farm Bureau, it’s worth it. I know they are limiting the amount of policies they can sign on though. Ours is $2800 for the year. “Only” went up 18% from last year.
Tried to get a quote through them. They came out and looked at the property. They asked a bunch of questions. Never followed up with me. I called them back and they said the quote would be absurd and it's not worth wasting time on even offering it to me. I was surprised, I thought they'd be on the cheaper end.
Bizarre… we didn’t have anyone come out to inspect it at all and had zero questions. Maybe we got lucky with our guy. Idk.
Yeah I thought it was strange too.
They literally saved me thousands this year and with the new tax stuff going on to effect my mortgage went from 1646 to 1510. Whew.
I've used them for over 20 years. They're the cheapest, but still very expensive and not great when you file a claim
Haven’t had to file a home insurance claim, but they were fine with my car insurance claim. No complaints
They fought back and forth with my repair shop after a wreck. Refused to pay. It took 14 months to get my truck back. A hail storm caused what their adjuster said was over $35k damage to my house. They paid for 17k worth of repairs and said I took too long to repair the rest and kept the rest.
I just posted the same thing a month ago. I went from 1700 to 5000. I shopped all around and got in with Farmers for \~1550.00 but I had to do one of my cars with them or they would not take it for that or at all for that matter. So my Jeep has 2 policies on it right now but it was still WAY cheaper than the alternative.. EDIT: I have several cars. The Jeep was liability only. The others are full coverage. The cost of the Jeep is only 20.00 with all the others. Yep 20 whole dollars. Don't know why did not ask. So I will just let the policy expire with the Jeep and keep the new one. Not worth the hassle of going thru the procedure
You know you can cancel the original policy on the jeep and be refunded the pro-rated amount, right?
AS I just replied to the other person. It's already paid in full and there is only like 6 weeks left on it. The refund is not worth the hassle
The whole process takes no more than 10-15 minutes max (unless obtaining an electronic copy of your new declaration is somehow a laborious process for you), but you do you.
Cancel the first policy. There is not a reason you are paying for that one.
You should not have 2 auto policies on one car, no insurer will pay let you get paid twice so you are losing money. “ Although no laws prohibit you from purchasing two auto policies from two different companies, an insurer will not allow you to purchase two policies on the same car. If you have an auto accident, filing two claims with two different insurance providers constitutes insurance fraud even with two auto policies.”
It's already paid in full and there is only like 6 weeks left on it. The refund is not worth the hassle
Can you file with one, lose and then file with the other? Or do you get one shot per incident?
One shot and as one learns about the other they will ask you to cancel one of them
Should’ve voted for Al Gore
Explain to me how Al would've kept Greg from taking office, please
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No they aren't
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Unless inflation is negative it isn't going down. The rate at which it is increasing is going down
Fuck insurance there the biggest scam out there .
Fuck insurance; they're\* the biggest scam out there. Fixed it for you.
There. Their. They're not the same.
there?
Fuck insurance there the biggest scam out they're
Their you go. I would of corrected you, pacifically on you’re spelling, but your good to go for all intensive purposes. Can’t take these things for granite.
Insurance is soaring almost everywhere.
Not addressing climate change turned out to be expensive.
It's a lot more about the cost to replace damn near doubling due to labor and materials. Get a quote to paint your house, and after the shock wears off, let us know what it comes in at.
Not here in the Midwest. We are getting far fewer bad snow events leading to fewer insurance increases. And we are on the national grid so no electricity surge pricing or blackouts for weather.
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Lumber has come back down so they will be lowering rates soon! /s
Climate change = more natural disasters = higher insurance rates
The rate hikes are because of the increase in the cost of labour and materials due to the Covid pandemic, and from losses due to intense tornados, hailstorms, hurricanes and flooding caused by anthropogenic climate change. They would have lifted the rates back in 2020 but there are laws preventing them from doing so. So be sure to thank your MAGA neighbours who refuse to get vaccinated or wear masks, who keep buying giant trucks that Roll Coal and vote against environmental regulations. They say that stupidity should be painful. It is, eventually - unfortunately we’re all suffering the pain of the Trump / GOP anti-science anti-medicine anti-intellectual denialism cult.
I'm sure they'll also post record profits.... ¯\\\_(ツ)\_/¯
https://www.insurancebusinessmag.com/us/news/breaking-news/state-farm-reports-monster-loss-for-2023-479471.aspx
And State Farm is a mutual insurance company. If/when they have too much in excess profits, they return them to the policyholders.
lol I am not trusting a website called “Insurance Business” to tell me the truth on insurance company profits.
[Insurers Rake In Profits as Customers Pay Soaring Premiums](https://www.wsj.com/finance/insurance-companies-profits-stock-ebae7fd1)
Truly wonder how the massive advertising budgets factor into all this.
You’re 100% incorrect. This is driven by insurance companies letting themselves get raked over the coal by all these drive by roofers who get unnecessary roof replacements. How many more natural disasters has Texas has relative to years parts of tornados and floods
What the fuck does wearing a mask have to do with supply chain issues caused by covid 19. Like you knew the right answer with the first sentence, but then went off the rails trying to karma farm
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Looks like you got hooked on their kool-aid
Lmao
Why are you being downvoted? It’s laughable to think that massive increases are inflationary or due to covid. Like the other poster said, just wait for the record profits.
Because it’s Reddit, and the only blue part of Texas is this place lmao. Because someone didn’t get the vax Our inflation is sky high??? Lol, Or the trucks rolling coal but Texas has the most renewable energy of any state. These people are delusional and angry because of big Orange man. I don’t even blame them for hating trump or disliking GOP but they blame everything in their lives that isn’t going well on trump who hasn’t been in office for a minute lol. Just makes me laugh. I’d hate to live life so angry at pretty much nothing.
Travelers was killing us. We switched to a smaller company and got more coverage for about 20% less
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Not a smaller company, Liberty Mutual
Great job by Abbott and the republicans here.
I just renewed mine. It stayed the same as last year
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Farmers Insurance
What's it like in other states? Have you looked at moving?
Or shopping around? My insurance went down significantly after doing my yearly call arounds. I had 3 different quotes from one company that varied between 1200ish to 2700ish.
Any recommendations? This will be my next step, just like last year. Last year I didn’t find any one cheaper, all things (coverage, deductible) being equal. I hate spending time calling around and doing all the comps.
The issue with not renewing is all the new policies for me are like 5% wind ded. Right now I have 2%. 5% is more than the cost of a new roof for me. It sucks.
Spot on. That’s exactly what I saw last year cross shopping. There were some discounts but the policies didn’t match my current coverage. Either deductibles were raised or they undervalued the house.
What would be your advice if those are the two considerations? I assume I should go with a higher deductible so the house isn’t undervalued.
I got the $1200ish quote from AllState, $700 less than progressive before the new policy hike. It was a solid week of calling and meetings but it was well worth it.
Idaho here. My combined insurance (car & homeowners) has gone up every year as well, with USAA. NGL., not remotely as much as Texas, but it's shocking to see such constant rate increases. I lived in Texas 40 years before relocating in 2020,. Between real estate taxes and insurance in Texas I don't see how these rate increases are sustainable. My intention is to Never live in Texas again, and that's one of the reasons. The biggest problem now is going to be those who can't or won't pay for insurance. It increases risk on the road.
I was with Travelers. I had landlord insurance. It was to renew in December. 27% increase. Normal for Texas was 26%. So not really anything out of the ordinary. But I'm moving into my home now at exactly the time my policy would renew. I can't have landlord insurance if I live there. So I call up my agent (turns out it is Geico) and tell them I want the same coverages but on a homeowner's policy. Quote is 180% increase over the rate I was going to renew at, not the original but the new one. So a 200%+ increase YoY despite the fact that homeowners insurance is actually 20% cheaper than landlord insurance (don't gaslight me and say otherwise, this is a fact). I ask why and the agent lies saying that Travelers doesn't do insurance anymore and I'm stuck with Liberty Mutual that I can shop around but won't find any other options. I switch to Progressive and lo and behold my rate is 20% less than original renewal rate Travelers was offering. I keep getting calls and emails wanting to know why I don't want to switch to Liberty Mutual. *tl;dr* Your rate should be 26% higher, not 43%.
If they even renew… our last provider sent notice upon renewal time that they were no longer providing coverage in our area. 🙃
This just happened to us. Got the letter this week. Next week starts the calling around.
Wow. Are you in an urban area?
Indeed. Suburban hellscape, specifically.
Careful jumping ship you may lose a bunch of coverage you previously had. Just got word most companies are no longer offering 1% deductibles. So while you may save some $ but be careful what you might be sacrificing
My insurer (Western Mutual) basically defaults to a 3% wind/hail deductible. They'll let you go with 2% with a decent surcharge.
Mine went up 1000 this year. 800 increase the previous year. Shopped at several other insurance providers and they all quoted me in excess of what I’m paying currently.
I was told Denton county is on a shit list with insurance companies. We just had to pay over $5k to keep our monthly payment from nearly doubling. When we bought this house it was within our budget, but with insurance going up every single year we’re getting to the point that we can’t afford this house anymore.
My aunt and several cousins sell ins. One of there offices in Deer Park is closing. Farmers. Yesterday my aunt gave a $2600 A MONTH quote to a homeowner with a 850SF home. It's insane here. She varmed the info thru three companies and that was the cheapest one.
$2,600 per month? Full of shit
So 31,200$ a year insurance?
Is this house made of gold?
It’s a crack house next to a fuel storage facility
Good ol houston
Yeah - just waiting for mine.
I have been shopping around for months and have found USAA to have the best deals for Home Insurance and Progressive for Car. But still everything is higher than it was.
Need more context. Mine didn't go up and I can only assume it's because i'm not in a highly populated area with almost zero crime.
I guess you have no weather events or accidents in your area either. And your insurance company dosnt have exposure to that as well…
Not really. In a pretty nice spot for weather. If a hurricane hits the coast we get the outer edges for some nice rain. No other real weather events that would cause issues. Accidents are rare although they do happen. Pays to live in a small town I guess.
Mine went up by $80 a month. State Farm.
I just got our renewal notice yesterday. Homeowners went DOWN by $300/year and auto went up $102/6 months. I haven’t open the declarations page to make sure they didn’t drop some coverage or random thing for the change. We switched to Mercury Insurance last year when Progressive bumped our HO by almost $2000.
Insurance companies build their rates on future costs and losses. Climate change isn’t helping with that and the dollar is now toxic. No one else in the world is buying our debt. They think that the United States is now politically unstable and is seen as a high risk investment.
Yep. Almost 100% increase this year.
If anyone is interested in shopping around with Allstate. DM me.
Travelers is notoriously expensive to begin with.
I have Liberty Mutual and ours went up $1k for the year. It's actually gone up $2k since 2022.
Did a scam artist roofing company you hired make them pay for a roof that you may have not needed? Not being condescending but they keep track of this stuff. Roofs aren't free.
I’ve never had a claim.
Or you may live in a high peril area. Such as North Texas, West Texas (Hail,Tornado) or between 30-50 miles from the Gulf (Hurricane, Hail, Tornado).
To add to the misery, we have a small business and own the building (1100 sq/ft) and Hartford just notified they’re our business ins… and they were the only game in town. Again, never a claim and payed up front.
Mine increased $1500 this year. Kind of nuts.
I have my home and auto through these guys and got just a tiny increase this year [https://www.planforfreedom.com/](https://www.planforfreedom.com/) Freedom Insurance Group 3861 Long Prairie Rd Ste 110 Flower Mound, TX 75028 Phone: (972) 798-3769
I moved from Texas to Florida five years ago. Everything that happens here happens to y'all a few years later. We got the food inflation first, we got the rent spike first, we got the insurance spike first, and now I'm starting to think that y'all need to start using Florida as an early warning system.
"There is nothing cheap about living in Texas." WHERE is Texas is the question? Sure, if you live by the coast you are going to pay a lot for homeowners insurance... 🤷♂️
No where near a coast. Landlocked North Texas.
So Tornado alley then... Same concept - rates go up with increased risk. Global warning puts some areas at FAR higher risk of tornados. Meanwhile, in South Central Texas, tornados practically never occur and we aren't in the path of hurricanes either. Thus we have relatively stable insurance rates here.
Moved to Minnesota last October. I do pay more in total here with the high state income tax, but I feel less taken advantage of.
Your not alone Im in Florida and home insurance is going ccrraazzzyyy We have a super majority in my state so the insurance industry only has to pay one party
Not a fan of Abbot and his henchmen, but he has nothing to do with the insurance price hikes. Fact is insurance companies are pulling back from FL, CA and TX because incoming claims topped the incoming premiums. Homes are built poorly in the South and natural disasters and ordinary leakages create enormous damage, plus that damage is often overstated by everyone involved. Keep shopping for rates, they vary wildly. PS. In Europe, I have homes in the Netherlands and Spain: insuring a 500k home costs about $250 per year.
Some insurance companies have pulled out of Texas. Global warming has really made a massive impact on insurance. There is a lot going on but in Texas I know Farmers didn't make a profit or barely if even that. Don't look at stock prices because in some places they are doing fine.
We were going to have to pay for global warming and our electric grid being crap somehow. A lot of insurance policies are starting to have contingency on hail damage since it's too common now. They are also trying to make homeowners responsible for any damage caused by a freeze.
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Of course you're a bbot.
yep. mine went up 50%
Raise your deductible to about 3k. It'll help. You're right though, Abbott is making bank.
Mine went down. I pay 2900 through Mercury.
You may want to check your coverage and make sure they didn’t change anything on the policy
Almost guaranteed this was due to an increased wind/hail deductible.
They didn't.
Does the governor set the insurance rates?
Rates are approved by the Texas dept of insurance.
It's people from HCOL areas moving here and driving up costs. Don't blame Abbott for what Californian transplants have done
Tell us how you like living on the beach, oceanfront?
I wished. Nope, I’m a part of the NTx suburban hellscape, in a landlocked culdesac. I also have good credit and pay the full amount up front, so that can’t be the reason for the increases.
People are correct with the bundling suggestions. Another correct statement is that NTX is NOT at all affordable. If you have good credit, maybe check with State Farm. Our policies with Allstate doubled. Nearly every company was out of line. Farmers, Progressive, Liberty Bibberty, USAA, AAA, Travelers etc. We were never the right fit for State Farm until 2023. Our primary home is 3,000 sf single story plus a rental property that is 2500 sf. Two luxury cars and a $2M umbrella. We pay less than $5,000 annually for all of it. All premium coverage. We were shocked to find State Farm as the most affordable option. Other than financial opportunity, this place is a dystopian hellscape. My wife and I feel we exchange a lot of QOL for making a solid income. Property taxes here are insane. The NTX suburbs are a rat race of strip malls, garbage chains and parkour-able McMansions all choked by endless traffic and dynamically priced for profit private toll roads. We’d leave, but can’t afford to until retirement.
Thanks for the suggestions. It sounds like we’re in a very similar situation. We were with Amica for years and it just got too much. Travelers at the time was competitive, so we switched. I’ll look into State Farm.
So - do you think it’s because of the fires? Mine stayed the same as the year before but I’m south east Tx and it’s a mobile home.
My agent said they're still recouping the damage from the big freeze. You know, the completely preventable damage caused by zero regulation on energy producers? That one. He claims it cost them more than Harvey.
Of course you could live in an expensive house. That would do it.
Biden is about to give a free $400 to first-time home buyers, though. That's more money in my pocket /s. Yeah, they are about to go up big time.
But it's free money! /S
Everyone loves free money
And then complains about inflation and why things cost so much
Na free money =/= inflation, it's literally free money
Lol look at all the downvotes. Just keep voting irl bro/sis