Your homeowner and auto insurance annual rate increases?

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Sheepdog
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Your homeowner and auto insurance annual rate increases?

Post by Sheepdog » Sat Apr 04, 2015 3:20 pm

What is a respectable increase on insurance rates for auto and homeowner's insurance?

My recent history:
Homeowner insurance. I changed my insurance company in 2012 to Selective Insurance. They were the best quote that year. However, their rates increased 19% in 2013, 24.3% in 2014 and 15.5% in 2015.

Auto insurance. I changed insurance companies in 2011 to AARP Hartford after receiving several quotes. Their rates have been quite stable with rate increases less than 2% a year. Their rates even went down one year.

I am now in the process of obtaining new quotes from several companies on both auto and homeowner's insurance.
So far, GEICO is higher on both. (No. They don't save me 15% or more!!)
State Farm is higher on both as well
AARP Hartford, although their rates are still stable on auto, their new homeowners insurance quote.is high
USAA quotes are very high even double my new homeowner's rate!!
I am obtaining quotes from AMICA to see how they stand.
Even with the Selective insurance high homeowner insurance rate increases, so far their homeowner's insurance rate is lower than my newest quotes.??
How can there be such large increase in rates in an area where they have not been any natural disasters in many years.
What has your rate increase history been with your insurance companies?
It's not what you gather, but what you scatter which tells what kind of life you have lived---Helen Walton

dbltrbl
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Re: Your homeowner and auto insurance annual rate increases?

Post by dbltrbl » Sat Apr 04, 2015 3:29 pm

Insurance companies count on inertia for rate increases. Check rates every two to three years. Those savings in many cases are imaginary. I left state farm after 37 years for liberty mutual. annual savings 1100.00. 3 Autos and home insurance. fast forward 3 years statefarm cheaper by 200.00 per year and I moved to KY Farm bureau. Savings 700.00 per year with better coverage.

tim1999
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Re: Your homeowner and auto insurance annual rate increases?

Post by tim1999 » Sat Apr 04, 2015 3:38 pm

Any time they raise it more than 5% year over year, I shop other companies and end up switching the majority of the time. I've averaged about 2-3 years with each company over my driving and home-owning career.

tim1999
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Re: Your homeowner and auto insurance annual rate increases?

Post by tim1999 » Sat Apr 04, 2015 3:50 pm

dbltrbl wrote: I left state farm after 37 years for liberty mutual. annual savings 1100.00. 3 Autos and home insurance. fast forward 3 years statefarm cheaper by 200.00 per year and I moved to KY Farm bureau. Savings 700.00 per year with better coverage.
My parents had been with the same State Farm agency since the late 1970s. They "liked the guy." They finally agreed to let me help them shop around last year. Car insurance bill went from $2,300 to $1,500 and homeowners went from $800 to $675. The way I saw it, they had been getting ripped off for years. We'll see what happens at the next renewal with the new company.

Woodshark
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Re: Your homeowner and auto insurance annual rate increases?

Post by Woodshark » Sat Apr 04, 2015 4:52 pm

I stayed with State Farm for over 25 years. After three years in a row with double digit rate increases I decided to shop around. I had an independent agent shop for rates and we ended up saving over $600 (two homes/ three cars) per year.

Ninegrams
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Re: Your homeowner and auto insurance annual rate increases?

Post by Ninegrams » Sat Apr 04, 2015 11:30 pm

Been with Amica for five years and I don't believe annual increases have never been more than inflation.

SimonJester
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Re: Your homeowner and auto insurance annual rate increases?

Post by SimonJester » Sun Apr 05, 2015 9:21 am

My HO went up 7.8% this year, auto 6%. The increase doesnt bother me as much as they redid their policies and now have added a bunch of new exclusions. It seems every year I pay more and more and get less and less.

I believe in some states the increases are regulated and can also be effected by number of claims paid out by insurers for your area.
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SpringMan
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Re: Your homeowner and auto insurance annual rate increases?

Post by SpringMan » Sun Apr 05, 2015 9:33 am

I find it very frustrating, insurance companies are like your cable or phone companies. Loyalty is not rewarded but rather punished. If you don't switch companies every couple of years, you get higher and higher rates. Clark Howard said in one of his radio shows that there is an actual list of folks that are loyal and are resistant to switching. I am sure I am on any such list because I find it a hassle to keep switching, my bad. Ditto for AT&T and Comcast which are monopolist ripoffs.
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tuckeverlasting
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Re: Your homeowner and auto insurance annual rate increases?

Post by tuckeverlasting » Wed Apr 08, 2015 2:08 pm

I have had auto, renter's and umbrella with AARP Hartford for 3 years. The premiums have stayed about the same except this year it went down by a couple dollars. When I switched from Liberty Mutual a few years ago AARP was by far my best offer. Liberty Mutual was overpriced and the rate seemed to increase by an unreasonable amount yearly.
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Quickfoot
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Re: Your homeowner and auto insurance annual rate increases?

Post by Quickfoot » Wed Apr 08, 2015 2:32 pm

Both renter's and auto insurance have decreased the past several years, even with newer cars and larger houses. Keep in mind if you live in a low cost area to insure your rates might not go up and could even come down over time. Last year our auto insurance came down about 30% (Geico) because studies showed our state was the second safest state to drive in.

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Sheepdog
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Re: Your homeowner and auto insurance annual rate increases?

Post by Sheepdog » Wed Apr 08, 2015 2:58 pm

Following up my comment above,
I am now in the process of obtaining new quotes from several companies on both auto and homeowner's insurance.
So far, GEICO is higher on both. (No. They don't save me 15% or more!!)
State Farm is higher on both as well
AARP Hartford, although their rates are still stable on auto, their new homeowners insurance quote.is high
USAA quotes are very high even double my new homeowner's rate!!
I am obtaining quotes from AMICA to see how they stand.
Even with the Selective insurance high homeowner insurance rate increases, so far their homeowner's insurance rate is lower than my newest quotes.??
As I wrote, I obtained new insurance quotes from AMICA. Their homeowner's insurance quote is 42% higher than the new increased rate from my insurance company. Since the other new quotes from other companies are all considerably higher, I guess I shouldn't complain about the increases I am getting.

By the way, if you are interested, Amica's auto insurance quote is 68% higher than my AARP Hartford quote, so the latter is still the lowest from my other quotes. Amazing.
It's not what you gather, but what you scatter which tells what kind of life you have lived---Helen Walton

wfrobinette
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Re: Your homeowner and auto insurance annual rate increases?

Post by wfrobinette » Wed Apr 08, 2015 3:34 pm

Sheepdog wrote:What is a respectable increase on insurance rates for auto and homeowner's insurance?

My recent history:
Homeowner insurance. I changed my insurance company in 2012 to Selective Insurance. They were the best quote that year. However, their rates increased 19% in 2013, 24.3% in 2014 and 15.5% in 2015.

Auto insurance. I changed insurance companies in 2011 to AARP Hartford after receiving several quotes. Their rates have been quite stable with rate increases less than 2% a year. Their rates even went down one year.

I am now in the process of obtaining new quotes from several companies on both auto and homeowner's insurance.
So far, GEICO is higher on both. (No. They don't save me 15% or more!!)
State Farm is higher on both as well
AARP Hartford, although their rates are still stable on auto, their new homeowners insurance quote.is high
USAA quotes are very high even double my new homeowner's rate!!
I am obtaining quotes from AMICA to see how they stand.
Even with the Selective insurance high homeowner insurance rate increases, so far their homeowner's insurance rate is lower than my newest quotes.??
How can there be such large increase in rates in an area where they have not been any natural disasters in many years.
What has your rate increase history been with your insurance companies?
I've been with State Farm for many years and every time I shop around no one can save me money. I pay 1600/year for 2 new cars($1000 deductible 250/500k) and $980 for homeowners ($3000 deductible on a 340k house, full replacement, sewer backup, code enhancements, etc.))

My increases have not been much more than inflation. Though it's been hard to examine because I've added an umbrella policy, insured some customer guitars and added some additional riders to the HO policy. I am expecting a regional increase due to a large hailstorm in the area last year. Between both cars and house they paid me 68k and I got a new AC, new 50 year roof, new siding, new patio door, new outside door, new gutters, new shed, painted fence and 3k for other damaged property. All in all I'm way ahead with them.

Are you trying to compare online or via human contact? I found that online you can never get all the discount bundles(I save 25 to 30% on auto with my home owners policy). Also consider an independent agent, they can find some great deals.

rec7
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Re: Your homeowner and auto insurance annual rate increases?

Post by rec7 » Wed Apr 08, 2015 4:09 pm

Sheepdog wrote:Following up my comment above,
I am now in the process of obtaining new quotes from several companies on both auto and homeowner's insurance.
So far, GEICO is higher on both. (No. They don't save me 15% or more!!)
State Farm is higher on both as well
AARP Hartford, although their rates are still stable on auto, their new homeowners insurance quote.is high
USAA quotes are very high even double my new homeowner's rate!!
I am obtaining quotes from AMICA to see how they stand.
Even with the Selective insurance high homeowner insurance rate increases, so far their homeowner's insurance rate is lower than my newest quotes.??
As I wrote, I obtained new insurance quotes from AMICA. Their homeowner's insurance quote is 42% higher than the new increased rate from my insurance company. Since the other new quotes from other companies are all considerably higher, I guess I shouldn't complain about the increases I am getting.

By the way, if you are interested, Amica's auto insurance quote is 68% higher than my AARP Hartford quote, so the latter is still the lowest from my other quotes. Amazing.
That is wild Sheepdog. I left Allied 10 months ago for Amica and saved about $550 a year. I am praying they stay pretty stable because I hate switching. It seemed like Allied would go up around $100 every year for me. So Selective Insurance is still cheaper even after all those crazy increases. Wow On the car for me GEICO and Amica were only one dollar apart. I guess you can save money buy having your home and auto at different companies? I keep them together but I have an umbrella. So far I have been with American Family, Nationwide, Allied and Amica. I lowered my bill each time I switched.
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whatusername?
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Re: Your homeowner and auto insurance annual rate increases?

Post by whatusername? » Wed Apr 08, 2015 4:40 pm

Auto - USAA - decreased slightly this year (a whopping .05% of the premium, no change in history or vehicles) and HO coverage - Safeco - increased 17% on top of a 23% increase the prior year. I plan to shop that coverage before the next renewal.

Sidney
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Re: Your homeowner and auto insurance annual rate increases?

Post by Sidney » Wed Apr 08, 2015 5:01 pm

My homeowners bill just came. It went down $6 this year. Umbrella is flat.
I always wanted to be a procrastinator.

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Re: Your homeowner and auto insurance annual rate increases?

Post by tuckeverlasting » Wed Apr 08, 2015 8:12 pm

A poster up thread mentioned going through an independent agent and that is what I did. You just give them your info and tell them what coverage you want, then they will shop their selection of companies all at once for you. Of course no agent deals with every insurance company out there, but I found it satisfactory enough.
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whatusername?
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Re: Your homeowner and auto insurance annual rate increases?

Post by whatusername? » Thu Apr 09, 2015 9:08 am

tuckeverlasting wrote:A poster up thread mentioned going through an independent agent and that is what I did. You just give them your info and tell them what coverage you want, then they will shop their selection of companies all at once for you. Of course no agent deals with every insurance company out there, but I found it satisfactory enough.
That's what I do, plus I check with USAA. My guy is crazy (literally, I think) but good at his job. It's worth dealing with him every few years.

wfrobinette
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Re: Your homeowner and auto insurance annual rate increases?

Post by wfrobinette » Thu Apr 09, 2015 9:42 am

tuckeverlasting wrote:A poster up thread mentioned going through an independent agent and that is what I did. You just give them your info and tell them what coverage you want, then they will shop their selection of companies all at once for you. Of course no agent deals with every insurance company out there, but I found it satisfactory enough.
At the very least you should attempt to bundle all of your needs with one company because it generates the biggest discounts.

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tuckeverlasting
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Re: Your homeowner and auto insurance annual rate increases?

Post by tuckeverlasting » Thu Apr 09, 2015 10:11 am

See my thread about the AARP Smart Driver Course discount on auto insurance: viewtopic.php?f=2&t=163178
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Re: Your homeowner and auto insurance annual rate increases?

Post by Lincoln » Thu Apr 09, 2015 11:20 am

How can there be such large increase in rates in an area where they have not been any natural disasters in many years.
You sure about that? Your location says Indiana and I know much of the midwest has been hammered by hail over the last few years resulting in massive losses for the insurance industry. While it may not have happened in your neighborhood, that is more luck that anything, so the insurance companies raise rates everywhere in the vicinity (state/region level).
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whatusername?
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Re: Your homeowner and auto insurance annual rate increases?

Post by whatusername? » Fri Apr 10, 2015 11:23 am

wfrobinette wrote: At the very least you should attempt to bundle all of your needs with one company because it generates the biggest discounts.
Sometimes, not always. It has never worked out to be a good deal to combine HO and Auto coverage in my case, but we check anyway.

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Re: Your homeowner and auto insurance annual rate increases?

Post by mmmodem » Fri Apr 10, 2015 12:33 pm

My rate increases have been small to none on auto and home. When home insurance went up a noticeable amount, I called in to inquire. I was told it is what it is. I told them I had quotes in hand from competitors that are lower. They would not budge. This made no sense to me. On a whim, decided to call the agent that sold me the insurance years ago. She asked me some questions and lowered my yearly payment. :oops: Darn, should have called her years ago.

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Re: Your homeowner and auto insurance annual rate increases?

Post by pio » Mon Apr 13, 2015 4:08 pm

There are a premium comparisons being thrown around in this thread as if the underlying insurance is apples-to-apples. What is the record of each insurance company for paying claims fairly if you get into an accident?

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Re: Your homeowner and auto insurance annual rate increases?

Post by TX_TURTLE » Mon Apr 13, 2015 7:16 pm

They might have offered you an 'introductory' rate to earn your business, and now they are raising it to match the 'market' rate and perhaps above that. The only thing that matters, are you able to get similar coverage from a reputable company at a lower price?

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Sheepdog
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Re: Your homeowner and auto insurance annual rate increases?

Post by Sheepdog » Thu Apr 23, 2015 11:23 am

UPDATE:
It is now approaching 4 weeks since I started this conversation. Maybe you would be interested in this saga.
As I mentioned in the beginning, my Selective homeowner's insurance rates were increasing dramatically annually from15 to 24% a year in recent years. I obtained quotes directly from companies and thru an independent agent. Quotes (13) were obtained from AARP Hartford, GEICO, Amica, State Farm Mutual, USAA, Acuity, Auto Owners, Hanover, Indiana Farmers, State Auto, Travelers, Allied, and Central. Some quoted rates included the possibility of also adding auto insurance through them so I would get their lowest rates. Selective Insurance still offers my lowest homeowner's rate.

I also obtained new quotes for my auto insurance from several companies. My present insurer, AARP Hartford, remains my lowest quoted rate even though their quoted rate this year increased 27% from last year. This is their first major rate increase for me though in several years of being with them. They even lowered my rate 2 years ago, so they caught up.

Oh well, I will remain with my present companies and will get new quotes next year..
It's not what you gather, but what you scatter which tells what kind of life you have lived---Helen Walton

rec7
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Re: Your homeowner and auto insurance annual rate increases?

Post by rec7 » Thu Apr 23, 2015 11:50 am

Thanks Sheepdog.
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Re: Your homeowner and auto insurance annual rate increases?

Post by Para45 » Thu Apr 23, 2015 12:54 pm

I have been with Farm Bureau a few years but cannot change my auto ins. because a claim about 2 years ago. Hopefully that will drop off and i can get to start shopping again. Also F.B. has a membership fee, $21.00 i believe.
I find it a bit hard to swallow paying higher premiums for all the rich homeowners claims out at the beach ( NC. )
I hope to leave this state/county soon and all it's other taxes/fees that i find too high.

batpot
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Re: Your homeowner and auto insurance annual rate increases?

Post by batpot » Thu Apr 23, 2015 1:10 pm

Just switched from AllState, who I've been with for years, to SafeCo.
I'm getting more coverage, added an umbrella policy, and still saving a few bucks for 3 cars, home owners, and landlord.

Like you, Amica was way higher. They're generally considered the *best* insurance company, though; sometimes you get what you pay for, but also hard to justify a >50% increase in premiums.

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petras52
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Re: Your homeowner and auto insurance annual rate increases?

Post by petras52 » Thu Apr 23, 2015 3:54 pm

After being a long time claims free State Farm insurance customer, I switched to ANPAC, (American National Property and Casualty Companies), about 10 years ago. Their big draw is a 25% rebate on your annual premium payment IF and only AFTER you've been their customer for 3 claims free years. So for example, in your 4th year as claims free customer, ANPAC would refund 25% of the premium you paid in the first year. In the 5th year you would get back 25% of premium paid in the second year and so on. Because of this incentive, I self insure collision coverage on my cars and have a high deductible homeowner's policy. This has resulted in even more savings over the years. I live in southern Indiana and the company is based in Springfield, Mo. I don't know if they insure everywhere but for people with few or no claims history, it may be worth looking into...

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Sheepdog
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Re: Your homeowner and auto insurance annual rate increases?

Post by Sheepdog » Thu Apr 23, 2015 6:51 pm

petras52 wrote:After being a long time claims free State Farm insurance customer, I switched to ANPAC, (American National Property and Casualty Companies), about 10 years ago. Their big draw is a 25% rebate on your annual premium payment IF and only AFTER you've been their customer for 3 claims free years. So for example, in your 4th year as claims free customer, ANPAC would refund 25% of the premium you paid in the first year. In the 5th year you would get back 25% of premium paid in the second year and so on. Because of this incentive, I self insure collision coverage on my cars and have a high deductible homeowner's policy. This has resulted in even more savings over the years. I live in southern Indiana and the company is based in Springfield, Mo. I don't know if they insure everywhere but for people with few or no claims history, it may be worth looking into...
Since I have never had a home or auto claim in 50+ years, I will look into that
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tj
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Re: Your homeowner and auto insurance annual rate increases?

Post by tj » Thu Apr 23, 2015 10:58 pm

petras52 wrote:After being a long time claims free State Farm insurance customer, I switched to ANPAC, (American National Property and Casualty Companies), about 10 years ago. Their big draw is a 25% rebate on your annual premium payment IF and only AFTER you've been their customer for 3 claims free years. So for example, in your 4th year as claims free customer, ANPAC would refund 25% of the premium you paid in the first year. In the 5th year you would get back 25% of premium paid in the second year and so on. Because of this incentive, I self insure collision coverage on my cars and have a high deductible homeowner's policy. This has resulted in even more savings over the years. I live in southern Indiana and the company is based in Springfield, Mo. I don't know if they insure everywhere but for people with few or no claims history, it may be worth looking into...

As always ,insurance varies across state lines. That company seems to have ridiculous rates in California.

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