Home insurance

atag

3:43p, 4/18/24

Our home insurance has doubled in the last couple of years from 3500 to 7000....which is asinine to me. Is this normal? We are obviously gonna shop around but it just seems excessive. What can we expect. It's a small 1700 Sq ft 2 bedroom home....

proudest member of the fightin texas aggie class of 2005.

Red Pear Realty

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5:33p, 4/18/24

Are you in Harris county or on the coast?

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atag

7:42p, 4/18/24

Montgomery county

proudest member of the fightin texas aggie class of 2005.

Red Pear Realty

Sponsor

7:56p, 4/18/24

In reply to atag

I didn't think Montgomery County had gone that crazy. I would shop it just to see what you can find out there. Maybe I'm wrong but I don't think you're crazy at all.

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aggiecody06

9:04p, 4/18/24

Holy cow that's insane. We've got a 2700 sq ft house in Magnolia that it's $1700 a year for me

Medaggie

9:27p, 4/18/24

I had a rental that flooded after a decent rain b/c a neighbor did some land work pushing all the water into my house. My insurance denied coverage b/c it was flooding from the outside.

I am so close to never buying insurance again after I have mortgage paid for. The costs is astronomical esp with the high deductible.

Insurance has essentially being a catastrophic policy where I am on the hook for 10-20k before insurance kicks in.

NoahAg

9:45p, 4/18/24

In reply to atag

atag said:
Our home insurance has doubled in the last couple of years from 3500 to 7000....which is asinine to me. Is this normal? We are obviously gonna shop around but it just seems excessive. What can we expect. It's a small 1700 Sq ft 2 bedroom home....

Yeah you're getting screwed big time. Even 3500 would be absurd for a house that size in Montgomery County.

Aggie71013

8:29a, 4/19/24

In reply to Medaggie

This is flood insurance. Homeowners would never cover this. Could sue your neighbor for improperly draining /discharging water onto your property.

Aggie71013

8:32a, 4/19/24

In reply to atag

Mine in Harris County has also done this and shoppimg around hasn't solved the problem. Texas is facing a similar problem to California and Florida for the counties close to the coast.

Braxton.Sherrill

9:17a, 4/19/24

In reply to atag

atag said:
Our home insurance has doubled in the last couple of years from 3500 to 7000....which is asinine to me. Is this normal? We are obviously gonna shop around but it just seems excessive. What can we expect. It's a small 1700 Sq ft 2 bedroom home....

Unless poor credit and multiple non "act of god" claims this is outrageous for Montgomery.

I had a realtor refer me someone in the Lubbock area where they were planning on selling their house because their "mortgage" had increased so much. It was just their insurance, they were paying almost 9k a year on a 300k house and had no idea.

Braxton.Sherrill

9:50a, 4/19/24

In reply to Aggie71013

Aggie71013 said:
Mine in Harris County has also done this and shoppimg around hasn't solved the problem. Texas is facing a similar problem to California and Florida for the counties close to the coast.

Harris county is a different animal right now. Used to just be south of Harris was an issue.

DFW has almost all carriers going to 2% w/h deductibles.

Atleast we aren't in as bad of shape as Florida right now, but we are quickly heading there.

Medaggie

9:57a, 4/19/24

In reply to Aggie71013

yeah, I know insurance is not responsible but who buys flood insurance unless required. My point more so is homeowners insurance is starting to become similar to a high deductible health plan.

I pay 4K for 1% (10K) deductible. I am on the hook for the 1st 14K so unless something major like a fire/flood happens, I am essentially almost always paying for repairs.

Diggity

10:38a, 4/19/24

In reply to Medaggie

here's my tiny violin for you spending $14K to repair your million dollar replacement value home

The Silverback

11:33a, 4/19/24

In reply to atag

atag said:
Our home insurance has doubled in the last couple of years from 3500 to 7000....which is asinine to me. Is this normal? We are obviously gonna shop around but it just seems excessive. What can we expect. It's a small 1700 Sq ft 2 bedroom home....

Guessing its an older home?

Ill take a look to see what I can do if you want, wouldn't hurt to look. I own an Independent Agency.

But met with a couple different companies this week and things are going to get worse this year.

Not necessarily rates but what they will write, unless your home and/roof is new its slim pickings on who will even offer a quote now.

Matt@Dimitexas.com

Absolute

11:21a, 4/20/24

Just got my renewal from state farm. North Dallas older house. went from 4400 to 5050. 1% deductible. Guess that isn't terrible in light of everything I am seeing.

Auto policy on the other hand has doubled in the last three years with no changes and no claims other than two windshields.

htxag09

9:15a, 4/21/24

In reply to Diggity

Diggity said:
here's my tiny violin for you spending $14K to repair your million dollar replacement value home

Agreed. I may be in the minority but I feel like crap like roofs need to get out of the home insurance umbrella and it should be catastrophic things. That's what homeowners insurance is for, imo. Making sure your covered if your home burns down. Not to try and recoup your premiums by getting a new roof every 5 years. Which is ripe with fraud.

But, for the op, yeah, that's asinine.

Yesterday

7:10p, 4/21/24

Thank all your neighbors and roofers getting new roofs every time it hails. All of my commercial properties have a 5% wind/hail deductibles now.

Maverick06

8:51p, 4/21/24

Under contract on a house in DFW right now and having to shop insurance prior to close. Two different brokers and only two companies that will cover me between the two. Both with 3% deductible. Essentially I'm self insured on roof damage and this is catastrophic coverage. Problem is, it's not priced as such.

Medaggie

8:24a, 4/22/24

Many homeowners are caught between an almost impossible decision. Get a new roof paying very little or not get a new roof and risk depreciation at sale. What are homeowners to do?

I can see 2-3% deductibles esp on roofs being the norm which essentially is a catastrophic plan. If this brings down rates, I am all for it. But I fear rates will continue to go up

TX04Aggie

9:12p, 4/23/24

Got an email from my broker saying my insurance is going up to $5k and increasing to a 3% deductible for wind/hail in Houston. If i switch to a lower price option, it is a 4% deduction for wind/hail…

mm98

7:06a, 4/24/24

In reply to Medaggie

Medaggie said:
Many homeowners are caught between an almost impossible decision. Get a new roof paying very little or not get a new roof and risk depreciation at sale. What are homeowners to do?

I can see 2-3% deductibles esp on roofs being the norm which essentially is a catastrophic plan. If this brings down rates, I am all for it. But I fear rates will continue to go up

I'm at this point.

House was built in 2001. Original roof and it's still in good shape. But no one will insure it at Replacement Cost, and the cash value adjusted rate still comes with a 3% wind deductible which equates to about 11-12K out of pocket if something happens just go get insurance to move. And that premium is still $4600 annually.

So I'll be paying for my own roof one way or another. I'd rather do it on my own terms before waiting for a catastrophe

Red Pear Realty

Sponsor

8:01a, 4/24/24

In reply to mm98

Yeah, I'm also self-insuring when I get to that point. I have been a landlord since 2008 and pay tens of thousands a year for insurance and I think I made a $500 claim one time. I might keep a flood insurance policy on my primary because it's cheap.

Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty

schwack schwack

9:12a, 4/24/24

In reply to Red Pear Realty

Same here - we are leaning towards self-insuring several of our rentals, but have to figure out liability - we still need that.

We made a list yesterday and are going to look into having a few trees cut down if there is something can fall on a house. Expensive, but in the long run less than years of insurance. We can handle the cost of a new roof here & there and if it's catastrophic... well most of ours have recouped our initial investments plus some so we probably wouldn't rebuild. Most of ours are in historic districts that wouldn't be feasible to rebuild in anyway.

warreng

10:27a, 4/24/24

Ive got a property in College Station that is a rental and paid off. I just got notice that since I had one hail claim after 20 years they are non renewing me. I thought about just self insuring but I just don't trust tenants. I've seen so much dumb stuff over the years I just cant chance them burning the house down or flooding it because they did something stupid so I guess I am stuck.

CFTXAG10

11:04a, 4/24/24

77536

In 2018 I was paying $1500/yr for homeowners insurance. I just got a renewal notice for $6,300.

Diggity

11:24a, 4/24/24

In reply to CFTXAG10

it's crazy isn't it? insurance bills and property tax bills starting to look very similar in some cases.

CFTXAG10

11:36a, 4/24/24

In reply to Diggity

Thats a $400/month increase in just 6 years. Throw in property tax increases, and I bet a lot of people are being forced into some tough decisions.

TX04Aggie

2:26p, 4/24/24

Anyone else in Houston area getting hit with 3% wind/hail deductibles? Should I accept this as a norm now?

LoneStarBQ

2:40p, 4/24/24

These days you just have to shop around. Do this every couple of years because they are starting to do introductory rates and then hike them in a year or so. Flood insurance is a different animal and is supported by the government.

LoneStarBQ Fightin' Texas Aggie Band Class of 89 Midland, TX

Maverick06

12:03p, 4/26/24

Just received notice that my coverage was denied by all carriers because of replacement cost of the home or roof age (12 years). Having to go under a state sponsored program and will likely have to replace the roof out of my pocket just to get coverage in the public market.

94chem

12:15p, 4/26/24

3400 square feet in 77339. Goosehead, via Sagesure, just raised me to $5231. I'm switching to AllState for $3127.

94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough

CFTXAG10

12:23p, 4/26/24

In reply to 94chem

94chem said:
3400 square feet in 77339. Goosehead, via Sagesure, just raised me to $5231. I'm switching to AllState for $3127.

What's the deductible if you don't mind me asking? The only relief I'm finding is if I go up to 5% instead of 2% which is ridiculous

94chem

1:03p, 4/26/24

In reply to CFTXAG10

Looks like 1% fire, 2% hail/wind, 10% hurricane. Kind of Russian roulette as to which peril causes the tree to fall on the house.

94chem,
That, sir, was the greatest post in the history of TexAgs. I salute you. -- Dough

Medaggie

5:18p, 4/26/24

My coverage has gone up like crazy across all rentals. With the 1% deductions, and increased home value, filing a claim just isn't worth it.

I shopped around to 2 other "well known" carriers and they all said I can't be insured b/c I have had 2 claims across all my 10 properties in the past 10 years. Crazy, just crazy.

CFTXAG10

5:28p, 4/26/24

In reply to 94chem

94chem said:
Looks like 1% fire, 2% hail/wind, 10% hurricane. Kind of Russian roulette as to which peril causes the tree to fall on the house.

Yea, if I want a cheaper policy, I run the risk of being exposed to a higher deductible, which for something like a brand new roof would pretty much be equivalent to the cost of replacing it out of pocket. Unreal.