Insurance

[K-Train]

GEICO is charging me $50 more a month for vehicle and more for home insurance. What are y’all’s opinions on buying insurance direct vs getting it with an agent? I need to start shopping around soon.

My Auto insurance through Farm Bureau just jumped $55.40 a month also. I emailed my agent as I thought it might have been a mistake. Her reply was, "TxFB had an overall rate increase. This increase was not due to any claims on your part at all. The increase was a result of a company decision to increase the rates".

Planned on shopping around for new insurance but it looks like I'm gonna get this across the board? Several years ago while doing Dave Ramsey Financial Peace they recommend using an "endorsed local provider" who shops around insurance for you and finds lowest rate. Anybody do this?

[ccallarman]

My Auto insurance through Farm Bureau just jumped $55.40 a month also. I emailed my agent as I thought it might have been a mistake. Her reply was, "TxFB had an overall rate increase. This increase was not due to any claims on your part at all. The increase was a result of a company decision to increase the rates".

Planned on shopping around for new insurance but it looks like I'm gonna get this across the board? Several years ago while doing Dave Ramsey Financial Peace they recommend using an "endorsed local provider" who shops around insurance for you and finds lowest rate. Anybody do this?

About 75% of the Auto renewals that I've been working over the last 2 months have actually been decreasing but it all mainly depends on driving record/claims history/etc.

[bowaddict40]

We saved a good bit going through Rollo ("The Insurance Guy" on here)

This right here. Cale is a great guy and will do you right. He saved me a ton on my insurance rates and upped my coverage.

[Moderator]

Call our site sponsor Cale Staton (The Insurance Guy) with Archer's Insurance Agent. He has helped many on here!

[ccallarman]

Our flood insurance is about to skyrocket as well. Naturally, FEMA couldn't explain why as our area has never flooded and when asked why their maps didnt include our levee systems (which I would imagine would change the flood rating), they had not answer. They also cannot tell us how high flood insurance will get. Just that it will go up each year.

Your true annual premium will be located on your Declarations Page for your 2023 renewal. Look under the section labeled "Components of Total Amount Due" and go to the line item that says "Full Risk Premium" and then add another $200 or so that they charge in fees & surcharges and that will give you your answer to how high it will get.

They can increase it at a maximum of up to 18% per year until it reaches that "Full Risk Premium"

[Fmjag64]

GEICO is charging me $50 more a month for vehicle and more for home insurance. What are y’all’s opinions on buying insurance direct vs getting it with an agent? I need to start shopping around soon.

GEICO raised my rates after 6 or 7 years to almost double for no reason on my clean driving record and i shopped around online and got back to below my old rates with another big insurance company. I will shop it every year from now on if rates go up.

[Lawhunter]

Your true annual premium will be located on your Declarations Page for your 2023 renewal. Look under the section labeled "Components of Total Amount Due" and go to the line item that says "Full Risk Premium" and then add another $200 or so that they charge in fees & surcharges and that will give you your answer to how high it will get.

They can increase it at a maximum of up to 18% per year until it reaches that "Full Risk Premium"

Even with Risk Rating 2.0?

[ccallarman]

Even with Risk Rating 2.0?

Yes, this statement was in regards to Risk Rating 2.o specifically

[Pushbutton2]

Talking with the boss yesterday
He said he wanted us to get the Elevator cleaned up got some insurance guys coming through.

We was confused they cane through few weeks ago and we thought we already had cleaned it up...

Foreman asked him didn't they just come through?

He said yes but they're dropping us. Actually they're dropping everyone. They're getting out of the elevator business. There's going to be some new agents coming out to look at things.

[johnpaul]

I went from $1,700 a year to $13,500. We dont have any insurers left in the state. Its crazy. I know people that are paying more per year for their insurance premiums than they are for their mortgage. I honestly do not see how this is sustainable for most.

To be fair $1,700 sounds super cheap for a 3700 sqft house to begin with.. with that being said $13,500 is outrageously high.

[Huntingfool]

there is no difference in cost by using an agent - just use an independent agent who can shop it for you - not a captive agent like State Farm, etc.

[Huntingfool]

To be fair $1,700 sounds super cheap for a 3700 sqft house to begin with.. with that being said $13,500 is outrageously high.

I have never heard of HO insurance costing anywhere near that -

[Lawhunter]

To be fair $1,700 sounds super cheap for a 3700 sqft house to begin with.. with that being said $13,500 is outrageously high.

It was super cheap. I dont deny that. I am using what is basically the insurance of last resort: Louisiana Citizens. I am hopeful that the new incentive plan being put in place by the department of insurers will bring in some new insurers with lower rates. Should find out within the next 30-60 days.

To add insult to injury, we purchased this house as our forever home just 2 months before Ida and we ended up with $200,000 in damage from the storm.

[TeamAmerica]

Call our site sponsor Cale Staton (The Insurance Guy) with Archer's Insurance Agent. He has helped many on here!

Bump for Cale! Just got my quote. Saved 50% on auto vs All-State. But more importantly they got me adequately insured! Auto coverage increased from $50k to $100k and home up almost $100k to about $175/ft. Melissa helped me and she was fast and sharp as a tack! With the current prices of cars and construction costs, no telling how many people are under insured.

[CoolHandLuke]

GEICO is charging me $50 more a month for vehicle and more for home insurance. What are y’all’s opinions on buying insurance direct vs getting it with an agent? I need to start shopping around soon.

What county. I’m an independent and we had a meeting yesterday regarding the carriers that are pulling out of certain counties. I’m in Harris county and we are losing carriers.