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Homeowners policy

Unfortunately, you can add this BS to the out of control economy the "spendocrats" have laid on us. In some areas, (see Florida) people can't even buy a policy, at any price. Out of the blue, ours increased one hundred twenty-five dollars per month. It's maddening. . .
 
My sister lives in FL and she told me that insurers are pulling out of there in droves. Exhisting policies are sometimes tripling in cost. Some folks are losing them altogether and can't find anything to replace them. Now Cali, I can't speak to that except anything involving Newsom...well.
 
I know of a time, several years ago when a major home owner's insurance company simply decided to cancel thousands of policies of folks living within a certain geographical area in order to "Reduce their exposure"! This was their answer to in their judgement, too many claims due to hurricane damage. Now this wasn't limited to those who might have filed claims over the years, but to those whom they insured and who lived within that particular geographical area.

I always thought that was why insurance companies were in business. To assume the risk for a fee and hope their exposure was within limits (based on the company's own data) so that they (the company) could/would still make a profit. The problem was that the profit took a hit over a certain period and the gamble just wasn't worth it to the company. They didn't go broke, only that they didn't make the amount of profit they felt they deserved.

So, they simply canceled all those policy holders they saw as too great a risk. Some of those canceled folks had been with that same company for years and years never filing a claim of any size/value. So as it turned out, loyalty to that particular insurance company meant nothing. Their answer was that since some folks had gone so long without a claim ... that the laws of average said they were about to have one!

Legal I guess, by the laws set up by bought/paid politicians maybe, but so unfair. I don't know of many instances of a more evil, sorry and/or underhanded method of doing business ... ever!
 
javbike said:
Question for y’all anybody in the homeowners insurance business. We are having a hell of a time getting a policy in California. We don’t even live in a high risk area anyway just throwing it out there thanks
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a couple of more insurance companies pulled out of CA, or it was said to be soon. (i read the story, just cannot recall the names).

thanks in part to inflation, and higher costs of damages due to the floods, fires, and weather.

my house has been covered by Allstate for a number of years now, and frankly, i worry something can make them pull out as well.

i just found this:

Based on Bankrate’s research, USAA, Chubb, Travelers, Nationwide and Encompass offer Californians some of the best home insurance policies in the state.
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Best Homeowners Insurance in California for 2024 | Bankrate

Bankrate reviews home insurers in the Golden State to help you find the right fit.
www.bankrate.com www.bankrate.com
 
yes the insurance industry is a bitter biotch
my baby sister is an adjuster and the scary stuff she tells me that the corporate offices do is right up there with total manure as far as the individual is concerned, and then ad in the amount of fraud or shady claims filed by the insured.

we have farm bureau, rates are fair IMO.. my house is all steel and is less to insure, my neighbors have a different type of construction and theirs is 3x the amount i pay and their house is smaller

she also has a house in a hurricane zone, she has 3 carriers and one is grandfathered with house as long as policy is paid and it protects wind damage, which you cant get anymore in her area. one of the 3 is a state/fed program so its high dollar
 
powerboatr said:
yes the insurance industry is a bitter biotch
my baby sister is an adjuster and the scary stuff she tells me that the corporate offices do is right up there with total manure as far as the individual is concerned, and then ad in the amount of fraud or shady claims filed by the insured.

we have farm bureau, rates are fair IMO.. my house is all steel and is less to insure, my neighbors have a different type of construction and theirs is 3x the amount i pay and their house is smaller

she also has a house in a hurricane zone, she has 3 carriers and one is grandfathered with house as long as policy is paid and it protects wind damage, which you cant get anymore in her area. one of the 3 is a state/fed program so its high dollar
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let's not forget, many people have "full replacement coverage", which drives up the premiums as well as the overall cost of rebuilding to the way it was.

i do not have "full replacement coverage", that would have made me poorer.

the way the wife and i looked at it was, as long as the small mortgage is covered, then we take the rest, sell the land, and skedaddle.

full replacement costs simply does not make sense, at my age.

plenty of sporting goods stores sell tents.
 
Old_Me said:
let's not forget, many people have "full replacement coverage", which drives up the premiums as well as the overall cost of rebuilding to the way it was.

i do not have "full replacement coverage", that would have made me poorer.

the way the wife and i looked at it was, as long as the small mortgage is covered, then we take the rest, sell the land, and skedaddle.

full replacement costs simply does not make sense, at my age.

plenty of sporting goods stores sell tents.
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we have full replacement ..but we are not in a ZONE of danger so its not to bad
irc its 900 a year
glass is extra after 2 windows in different events, but all glass in covered in same event .. yes its confusing
 
powerboatr said:
we have full replacement ..but we are not in a ZONE of danger so its not to bad
irc its 900 a year
glass is extra after 2 windows in different events, but all glass in covered in same event .. yes its confusing
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well, i own a 3 family home in a historic district of my city. that being said, full replacement would be (at the costs of other multi family homes in my area) nearly a 1 million dollar replacement cost.

that would be of course materials, labor, and all updated codes for new homes.

as it is now, its like $1,800 for just this year. when the new policy comes in September, i am certain it'll be a bit higher.

i too am not in a flood, fire, hurricane or tornado zone, however, to comply with the Historic District rules/codes, it simply cannot be rebuilt any way the contractor wants to do it, it must conform to the historic society rules. that's the exterior...

anything goes inside.

i have ornate glass, frames,sashes, not ordinary "Anderson, Pella, or Marvin" windows factory produced items.

so the cost of hand made replacements are beyond this galaxy.

or as Bud Lightyear would say........


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As some may be aware, I am situated in what is called a “ special floodway”. 15-20 years ago my flood insurance was a fraction of what my regular homeowners insurance was. My house was built in the 50s and never had a flood claim. By 2014 the feds had stopped backing flood insurance and began shifting the risk to homeowners, largely thanks to all the hurricanes in Florida wiping out all those rich people and my flood insurance premiums were magically double the price of my homeowners insurance. In 2017 100+ year old river level records were broken by 4’. My house flooded for the first ( and only) time and I had to make a claim. The insurance company ended up giving me about 1/3 of what it actually cost me to rebuild, and that’s with me doing all the work myself.

Today my flood insurance rates are nearly equal to my mortgage. Total scam. The note will be paid the end of this year and I will cancel my flood insurance.
 
Bassbob said:
As some may be aware, I am situated in what is called a “ special floodway”. 15-20 years ago my flood insurance was a fraction of what my regular homeowners insurance was. My house was built in the 50s and never had a flood claim. By 2014 the feds had stopped backing flood insurance and began shifting the risk to homeowners, largely thanks to all the hurricanes in Florida wiping out all those rich people and my flood insurance premiums were magically double the price of my homeowners insurance. In 2017 100+ year old river level records were broken by 4’. My house flooded for the first ( and only) time and I had to make a claim. The insurance company ended up giving me about 1/3 of what it actually cost me to rebuild, and that’s with me doing all the work myself.

Today my flood insurance rates are nearly equal to my mortgage. Total scam. The note will be paid the end of this year and I will cancel my flood insurance.
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I feel you brother. My wife and I looking around the neighborhood we were saying the same thing I bet thst house is paid for the vegetation was 10 times worst than our house they probably don’t have a note and no insurance
 
here is a crack you up or make you wonder
our area,( about 1200) is an eclectic typical near the lake subdivision for Texas, houses run the gamut of 400k to 40k in value, this years expected taxes increase that by 37 % since 2019.. we may sell :love:

Its a toss of mobile homes(small and quite large), weekend rv retreats to full scale slab built houses, large RV port apartment type homes and a few dedicated enclosed climate controlled rv hangars with a small house included in the back or side, with bass and pontoon boats everywhere in driveways or side yards.

our place is paid for, and has been for many years, but we carry home owners insurance because of the yaehoooos that dont. i dont want to have to sue some smuck to get my house fixed from his or her flying crap, car, boat, etc.
just a few weeks ago we had the errant above ground pool get scooped up and landed in the power lines. a real shiiiit storm.

right after we had our place built, the jackwagon 2 lots over had his tree (easy 60 foot tall) fall on our house (ours is very strong steel beams etc)..he came out and said hmmm sorry, act of GOD. no help, no offer to remove his tree etc.
my insurance fixed my steel building and roof damage, and we had tree service cut up the tree in 10 to 12 foot sections and pile them in his driveway, so when he came out for the weekend to fish he had to have the tree removed to get to his boat..sorry it was an act of retribution. his property was repoed not long afterwards, its mine now
:ROFLMAO:

I will let my insurance company do that, meanwhile i get made whole and my place is fixed etc.
 
Old_Me said:
a couple of more insurance companies pulled out of CA, or it was said to be soon. (i read the story, just cannot recall the names).

thanks in part to inflation, and higher costs of damages due to the floods, fires, and weather.

my house has been covered by Allstate for a number of years now, and frankly, i worry something can make them pull out as well.

i just found this:




Best Homeowners Insurance in California for 2024 | Bankrate

Bankrate reviews home insurers in the Golden State to help you find the right fit.
www.bankrate.com www.bankrate.com
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Putting USAA in with Chubb, etc. is comparing apples and oranges. USAA has a client pool that is generally lower in risk for not only automobile insurance but homeowners also. That has been changing over the years since USAA has adopted a continuous growth model for decades and not for the better IMO.

Anyway, the figures for average premiums for USAA are quite astonishing and would like to see how that was calculated. For our rock exterior home on five acres with a few out buildings in ???, TX is five times what the average monthly premium for USAA in CA. Did they survey Ft. Irwin's soldiers' homes and trailers in Barstow? Marines in 29 Palms? I'll wager our old place which we rented in San Diego, or Coronado, or Miramar, or even Bonita, Chula Vista, etc. wouldn't have an average $66/month premium. Who are they kidding? Are USAA premiums better than others? Yeah, probably, but average $66/month? C'mon.

There was a massive sea change at USAA when hurricane Andrew hit Homestead AFB. At a time when the company was living high on the hog and making questionable investments, like buying an amusement park, Andrew pushed them back into reality. Everybody paid for that case of bad timing and it hasn't stopped. The drawdown was another kick in the pants. We had a roof replaced recently, which they reluctantly agreed to only after I called a second adjuster out because every morning there were more and more shingles on the ground. I understand proper business practices but there is a difference in being reasonable and being stingy. Consider that USAA suffered its first financial loss in 2022 and I don't see how comparisons of premiums in the article are realistic.
 
Cedric said:
Putting USAA in with Chubb, etc. is comparing apples and oranges. USAA has a client pool that is generally lower in risk for not only automobile insurance but homeowners also. That has been changing over the years since USAA has adopted a continuous growth model for decades and not for the better IMO.
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i copied/pasted from the article.....you can take up that issue with the person who wrote it...not me.

thank you very much.
 
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