Priced Out of Homeowners and Car Insurance in Texas ( What Can We Do About It?)
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- Опубликовано: 19 май 2024
- Priced Out of Homeowners and Car Insurance in Texas ( What Can We Do About It?)
Think Insurance
/ @thinkinsurance
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Never join a HOA, which is a Home Owners Association. A real estate agent said they have been flying drones over peoples property and charging them ridiculously high fines for minor infractions and silly things. And if you cant pay the fines, they confiscate your home and sell it. I dont know how or why this is legal, but I believe this agent because I had heard other bad things about HOAs before hearing this.
Just recently we had a young girl back her pickup into our car in the Hobby Lobby parking lot. It was totally her fault. She had Am Fam Insurance. They REFUSED to pay more than 80%. They said we should have stopped faster to avoid damage to the back door. Ridiculous! We have Progressive, and they covered the 20% minus our $500 deductible. I felt like Progressive treated us well.
I am sorry that happened
I have American family, I turned in damage last year to a ruptured water heater and they denied it, i have to replace my flooring myself
Excellent ideas! We went to an independent insurance agent for our car insurance. He couldn't do better for our homeowners, but we'll check again next year. Great advice. Love to all, Linda 💕
Good job
Great topic. I need to watch the rest of your videos in this series! Important to know: Our roof was damaged in a storm and our insurance company replaced our entire roof (2019?) When it renewed in 2023, our rate went up due to the age of our roof. I called them and told them our roof was much newer and they should know that because they paid for it. Turns out, the roofing company was supposed to file some paperwork confirming they actually did the work. After many phone calls I got someone in accounting to locate the cancelled check. That, along with pictures of my roof, they updated the age of my roof in their system and my renewal cost went back down. If I have any other major work done, I will make sure the contractor completes the paperwork.
That is a lot of phone calls, but worth it
I would go get a second job before I would drop liability. I have an umbrella policy so it gives me extra protection against being sued if anyone comes on my property and is injured. Even a delivery driver may get injured while delivering a package. An umbrella policy does require full coverage on your cars.
Well that’s why we have cameras up on our property. We’re out on 5 acres. Also.. if you post no trespassing signs , you have to let your town know that you posted them. That makes them legit. And if someone then comes on your property unannounced , and they stupidly injure themselves, you are not liable because those signs are posted.
I live in California. Getting sued for someone injured on my property is a legitimate concern & one of my biggest fears because people are "sue happy" & there's no such thing as an accident anymore it seems. I'm with you, I'd get a second job or make adjustments in my budget. It's sad we have to pay these legalized extortionists to protect our property and livelihoods.
I saved up 10K, and put it in a savings account, not to be touched, and increased my home ins. deductible to 10K. The drop in the total cost of my home insurance was significant. I usually need to read up on when to drop car insurance to liability only, because replacement costs have really changed over the past five years. If my car insurance in a two year period costs me more than the blue book value of my car, I definitely go to liability only. Liability only insurance no longer saves you a bunch of money. However, if your car's book value is low, total coverage isn't really worth your $$, since they will pay you very little if they decide to total your car. (example: an older car with hail damage can be totaled if the repairs will cost more than the value of the running car). You may as well bank the difference between liability insurance and total coverage insurance, to purchase your replacement vehicle.
Excellent comment
Dawn, Fantastic video . My house insurance went from $1240.00 a year to this year due July 1st. $1690.00. Wow, that was a wicked surprise. In California we have so many fires and they are saying Don't change to a different coverage because you maybe dropped completely the following year. Then they force you to apply for CA. STATE INSURANCE which is for uninsurable people and boy is it expensive, best of luck to everyone. Looks like prices will not be going down. Sincerely from Grandma Debbie 🙋🧑🦽 and Dexter-Dog 🐕🐾 my sweet tiny rescued Chihuahua companion living 🏠🌴 a quiet crafty life 🏠🌵 in southern California.🙋🧑🦽🐕🐾🌴🏠🌵🙏🏖️😎😎
My mortgage company will not let me have a $10,000 deductible anymore.. It cannot be more than 5% of the amount of the mortgage.
Of course not they're losing money.@@Joce123
It's getting out of hand the prices thhat are being charged for insurance.
I agree
Agree
It’s a money racketeering scene ! Ins companies are in business to make money. The secondary thing is paying out to their customers when they file a claim. It truly is. In that order
Correct. The public companies have even admitted that their costs were down, but they’ve still had huge increases in costs.
my liability went up $2!! seriously
Sad times 😔 do the best one can. By the grace of God 💪🏾🙌🏾
my roofer retired. my neighbor got a new roof during our hurricane. i asked them and they referred me to their roofer. the roof is vital!
For sure
I can’t get insurance lowers quote was over $6,000 because we flooded on a pension just can’t afford it 😢😢😢long back story would take me too long to type ❤❤❤in australia
I am sure sorry
Good info, Dawn. Our house is an ‘older larger’ spread out house. 4 bedroom/4 bath/with pool. No mortgage. We have a/c, heat pump units, on both sides of house. A/C man was out today to give us quotes for a new unit on 1 side of house = $12,589.00. The cheapest of 3 quotes was $10,875.00. We have a great warranty - thank goodness. Last unit installed 15 yrs ago. Praying this unit will last at least 15 years, too. 🤞🙏🏻 Cowtown area of Texas so gotta’ have a/c for summer heat. ❤️
Hi Dawn,
Another way to get a discount with some insurance companies is to have their “safe driving “ monitoring system. The less infractions you have, the higher the discount. Great topic & video. Have a good day!😊
Excellent tip
My daughter cannot have a car at Rice (Houston) the first year. But she will have to have one for her Sophomore year. I guess the insurance will have to use our out-of-state adress? Glad to be forewarned!
I use an independent insurance agent, they compare rates and put together the best plan for us for the best price. They pretty much act as a middle man. Been using them for over 20 years, and since they are local I get great service.
Good to know
My favorite tip is when you retired or decide not to work any longer where you drive to work, you which from "commuter" driver to "pleasure" driver. That will save you money also.
@susanbutler7963. Oh! Thanks, I did not know this! ♥️😊
Thank you
A family member just told me that a good credit score can get you a reduced homeowners rate.
Good to know
Great idea to check with a local body shop!
It really is!
i checked with our local body shop for a used car for my 22 year old $3500 for a honda accord, already fixed.
My homeowner’s insurance company raised our rate by 51%! I live in Virginia, over an hour from the coast, so it makes no sense. We spoke to 2 different reps and they kept telling us it went up by 10% across the board. So what about the other 40%? 🤷♀️ We’ve had no claims, and it didn’t make sense. So we fired them, and our new rate for the same coverage with a local company was actually lower than the year before.
Wow, I am glad you switched
There are an enormous amount of homeowners who have dropped and are dropping their insurance. They are choosing to "self-insure," which simply means they put that money in a separate account of their own, instead of sending it to the insurance company's coffers. People are to the point where the amount of money needed to keep insurance coverage going has become totally unmanageable, and they are willing to gamble, if their home is paid off. They figure that even if the house should blow away, they still have their land which can be built on again or sold. I look around my area of Florida, known for hurricanes. I see houses that are from the 1920's, 30's and 40's and am impressed that they are still here after 80 or 100 years without blowing away. It is probably worth considering where you live and what the area's history is for floods, fires, hurricanes and tornadoes to come to a decision to drop your insurance or keep it. Some are forced to sell. Between insurance and taxes on top of the mortgage or even without the mortgage, it is a severe drain on anyone's finances. With a fixed income, it becomes impossible. So they sell and then they make other arrangements. Sometimes it means a drastic change of lifestyle.
We built our own home in central Ky. No hurricanes, low risk of everything else so we chose to not have ins on it. We have money saved and invested instead. Why give the ins co money for them to sit on and spend and make money, they just invest it themselves. Ins co are in business to make money. Not to help people. It’s a money racketeering scheme actually.
@@cjhoward409 If people were allowed by the mortgage companies to put a certain amount of money in a savings account that was for deposit only and that would be an interest bearing account, people would drop their insurance like a hot rock. People should be required to prove their "Home Insurance Coverage" account every six months. The only allowance for withdrawal would be when the mortgage was paid, or a claim was made through an "Insurance Assurance" company that was affiliated with the mortgage company. Mortgage companies might save themselves a lot of grief if they did this. It would be cheaper than having insurance, as you are not paying anyone else to do paperwork, draw up coverage, and the staff and owner salaries. We should be allowed to do our own.
@@cjhoward409correct, but if you have a catastrophe like a fire, just don’t expect taxpayers to cover your loss.
Yes, I know it is a hard choice
Also ask if the deductible is a flat amount or a % of home value...
Ex: 6% of $250,000 = $15k...etc...
% will vary and is probably higher now...
Home valuations r definitely higher...
In Minnesota for sure I know that if it is a natural disaster caused damage you have to pay 10% of the cost of the repair even with full insurance.
AARP has an online safe driving class. You can get a discount once completed. I have USAA Insurance which is really good. If you a member of the Armed Forces or a family member it is worth looking into. They are quick to respond for home or auto claims. They cost a little more but good service.
Good to know
I have business and Home and Auto as a bundle with State Farm , and we do get it all discounted.
Same here. And they were excellent when my car got hit and I needed to file a claim!
Ditto 😁
I’d still check with a local smaller company. You’d be surprised how much more you can save with the exact same policy coverage. Because now you’re not paying for those big companies commercials.
@@cjhoward409 yes , your right. And my husband, an accountant , is always checking for the best deal possible. Thanks 💗
I use Certas home, car, and umbrella policy home insurance here in Canada. Its under Desjardin insurance. They are very good. Got hit by another vehicle two years ago. My car was fixed within 10 days and they gave me use of a replacement vehicle!
Desjardins is a very good company! They certainly aren't the cheapest but you pay a little more for the peace of mind. I've been working for them since they purchased State Farm in Canada. 2 options, you can deal with them Direct-1800# or one of the many local Agent/staff supported offices.
Its been a year at least, since myself and family decided to not have a Car, so no car insurance, no gas, no up keep and no car payments, that is just for now. I look at the bright side, and am very greatful for my health, and am able to walk places, I want to go, and if I need to go a far distance, I can rent a car. 😊🥰
That's the only way to beat them at their own game.
Wonderful
I just spent 1 hour on phone to my car insurer last week. I was questioning why my car had been devalued 15%, whilst premium increased by 15% from last year and I haven't made a claim in many years. I went on & on & on about how unaffordable it is on a fixed low income & eventually they gave me a $40 discount 🎉 Definitely worth whinging at them for an hour!
Good for you
Contents insurance is very costly here in NZ because of the Earthquakes and flooding we have had
I understand. I live in Texas
Labor, materials, increase in accident severity, number of claims, all the tech now in the vehicles, and I think accidents will increase with the use of marijuana. Let's not forget good ol inflation. :)
I live in central Alabama so my insurance rates are still manageable, but we do get tornadoes (and hurricanes on the coast), so my insurance rates have definitely increased in the last 4 years. My mortgage is paid off, but still….great tips, Dawn. My hubby did manage to get us a discount on our auto insurance.
Great share, Dawn. Those are great tips. One tip that we have shared in a video before is to price compare your homeowner's insurance every year, just like car insurance. Sometimes, when people get a mortgage, the mortgage company sets up your homeowner's insurance too. We realized that our mortgage company had set us up insurance through a nationwide company and they had overvalued our house. We decided to check with our local Farm Bureau and it lowered our homeowner's insurance (and therefore our mortgage) by $200 per month. I've had people tell me before that there is no way that their property could be overvalued because they live in an expensive area, but the point is not that, but that you don't have to stick with the insurance company that your mortgage company set up for you.
Great tip
I would keep personal liability. You might have a repair or service person, the postal people, or delivery people.
Our Homeowners insurance went up a little but the auto rates were ridiculous. NV has very high auto rates. I shopped around and found that some companies were a little cheaper but not enough to change. We have had Homeowner claims and Auto claims and they have always been handled well. I also like I can call my agent and talk to him, not some stranger on an 800 number.
Split a/c not an option?
Thank you ❤
You're welcome 😊
My dad once said, “Banks and insurance companies are going to bring this country down.” I disagreed at the time, but I believe we’re seeing it now.
That and greedy people looking for the "fast buck". Then complain about the rates.
All good points, Dawn. Thanks for sharing your tips. Have a Blessed day.
Thank you! You too!
I have American Family and they had been good with a roof replacement. I joined Costco for a discount but it pretty much covered the fee with 40.00 left over. I have the driving app with a bit of a discount
I saved 100.00 by paying six months at once vs monthly so that felt like a win. So if you can do that it saves a bit there as 100.00 is worth it
How wonderful
Get an insurance agent. They do all the comparing rates. Also ask about low mileage. If you’re not driving let them know. Big discount
Thanks
I’ve enjoyed this series
Thank you
I think all the crime hasn't helped. I have a Hyundai konw in live in seattle.
My auto insurance for a 7 year truck is 3600
My homeowners is2900 for a house built in 1958 yearly
Both have skyrocketed
We live in New Jersey the highest in the USA
I hear it is very high! I am in PA and man, it is high here and mostly, there are weird regulations..anyway I try to keep an even keel on insurance because heaven forbid..I once had an accident and they were fabulous!!! Can't put price on peace of mind sometimes!
I totally recommend USAA. For us, their insurance prices are unbeatable and their customer service is amazing.
Any issues with claims? My mom and BFF had horrible experiences with their claims process.
@@summerjoy247 We haven’t had any reasons to submit claims in the 11 years we’ve had USAA. Thank God. 🙏🏻
Not everybody was in the military and qualifies for USAA
@@summerjoy247I have had USAA for 30 years- except for a brief break when I tried Progressive. Progressive offered a low intro rate... then significantly increased it over 2 years. This was before Covid and all the current astronomical rate increases Everyone has been experiencing in the last 2 years.
I have not had an auto claim with USAA since 2009. But had several prior. They were always most responsive and fully covered the claims without issue.
I have them bundled for Homeowner's/Auto.
@@Joce123I believe if you have a close relative who was/is in the military, that they will offer you insurance. My former military spouse and I divorced 15 years ago, but USAA covers me still.
I dropped our homeowners insurance. Save about $250 a month now
Yep. Take that money and save and invest and you’ll have more money than just handing it over to an ins co. I don’t know what the stat is on percentage of people who make ins claims on their houses over their lifetime but I feel it’s best to save for your own emergencies. And if you get to the end of your life and never have to file a claim, that’s money you can pass on to your kids, grand kids or whatever
@@cjhoward409 I agree 100%. We don't have a ton of people over who could fall...and our only risk is wildfires. We are putting that towards a Metal Roof instead and hubby made a DIY Sprinkler system for the house. Hpe you're having a wonderful Monday
However, it's uninsured and disaster happens, you're screwed.
@@suecook8379 Why is that?
@@MyFavRaven Do you have any idea how much it will cost you to replace your home with regards to labor and materials?
Louisiana too big time and also MS.
I switched companies this year after huge increases over the past few years. Biggest savings is the auto insurance, some savings on homeowners and an umbrella policy. Almost $1000 per year, and I feel good about the company. I definitely would not drop homeowners insurance, but raising the deductible makes sense for a lot of people.
Fantastic
I'm in Houston. Our auto and home insurance renewal is next month. With all the discounts and bundle it's up another 450.00 more for a year of home and 6 months of auto. 🤨
Edit: some insurance companies will give a discount for pay in full policies. I save up during the year and grab the discount. It will save you hundreds of dollars.
Yes, and it saves services fees and late fees.
How wonderful
I am better off to move in with a family member who has a zip code that will give me the cheapest car insurance.
Cheapest doesn't mean good coverage at all.
@suecook8379 I am not talking about having less coverage. I'm talking about having lower premiums because when you live in an area where there is less crime the insurance is cheaper.
You never mention the tax breaks you get in Texas which I think you should do for full disclosure. Florida is much the same.
What tax breaks are you referring too?
What tax breaks?
There is no income tax, but they make up for it in property taxes, higher sales tax, and other taxes. No matter which state you live in, they get you.
@@monikaw1369 Income tax
@@noreenn6976 Income Tax
A family member just told me that a good credit score can get you a reduced homeowners rate.