Homeowners insurance

robsride2 · 01-29-2009, 05:08 PM

We got a notice from State Farm today with a formthat we have to sign for them to continue insuring the house. It states that our rates are in excess of the standard rates by 19%.State Farm will keep thissigned letter to show the insurance commissioner. Last year we paid $1167 and this year it will be $1666. I knew that they had been granted a 30% increase for the coastal counties but this works out to around 43%. Did anyone else get this letter?

fishnutz · 01-29-2009, 05:14 PM

Are you a veteran? If so, look into joining USAA I shop my rates every year and nobody comes close. (except boat insurance....that one's BoatUS)

lumberman · 01-29-2009, 05:54 PM

thanks for the tip Fishnutz... I need to check on the USAA myself.. Mine is going crazy too but the worst part was the deductable is now through the roof on wind damage...

Reel Obsession · 01-31-2009, 04:25 AM

Check your deductable as well, most have gone up to 2% of home value.

offshore3144 · 01-31-2009, 06:43 AM

I have USAA for everything but the boat. I believe any boat over 50k their underwriter is progressive. I got a quote and they were very high for boat insurance. I went with Charter Lakes for the boat. USAA is a top notch Company get them if you can....Mark

robbiedon · 01-31-2009, 09:55 AM

I had a meeting yesterday with my insurance agent. The way he explained rate increases to me is that the percentage increase that is allowed by the Insurance Commissioner is an average and companies can vary the rate. The rate increase varies by county and location. You can check with the commissioners office for the rate increase allowed. I am shopping around for insurance right now. I have a daughter that turns 16 at the end of February and my current insurance company was pretty high.

In the course of the meeting I asked my insurance agent if my boat policy included salvage coverage. He didn't know what I was talking about. I am sure all the specialty boat insurers do and that is probably why that insurance seems so much more expensive.

tprice · 01-31-2009, 05:40 PM

They canceled our homeowners last year on the coast of SC on our beach house, anyone that rented got canceled and now we are in the wind pool