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Insane homeowners premium increase

14,923 Views | 60 Replies | Last: 3 yr ago by CraigSmithAllen
GunRangeGal
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1:08p, 9/27/22
AG
We just got a notice that our Farmers homeowners premium is *increasing* by over $4500. Our current premium is $5300. We're being told it's because we live in a fire prone area and other fire losses in other western states. Does ANYBODY know of an insurance company in the front range of Colorado that will actually write a policy? State Farm doesn't, and when we called around it seemed like Farmers was our best option.

Is anybody else experiencing increase like this, or are we just lucky?
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PlanoAg98
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1:56p, 9/27/22
AG
Mine went up 40% from $3,054 to $4,254.
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CS78
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4:01p, 9/27/22
Are these giant humble brags? I thought you added an extra digit at first.

Or maybe im just poor.
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YourFavAggie
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4:09p, 9/27/22
AG
Maybe talk to an insurance broker like Goosehead. Been pretty happy with how theyve been able to find me deals in Texas
Eyes of texas Crying
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K_P
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8:52p, 9/27/22
AG
The companies GEICO sells were cheapest when we shopped. Most companies were concerned we were too far from the nearest fire station, so similar but different as east TX isn't exactly fire prone.
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GunRangeGal
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In reply to CS78 • 10:20p, 9/27/22
AG
When your live in a log home, in a place ripe for a forest fire, I guess expensive insurance is a fact of life… but never expected this sharp of an increase.
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GunRangeGal
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In reply to YourFavAggie • 10:34p, 9/27/22
AG
I think that's the route we're going to go… an independent agent. State Farm originally wrote the policy, cancelled months later after they finally sent somebody out to actually look at our place. We had to scramble to find coverage and everybody around us has Farmers.

We're going to apply for a grant through the county to do some major fire mitigation next year, which should help make our property more "insurable." But until then I worry we're at the mercy of whatever Farmers wants to do.
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BryanBoy84
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In reply to YourFavAggie • 9:43a, 9/28/22
I took your recommendation and called Goosehead but was shocked to find out they added on a service fee to buy polices from them.
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CraigSmithAllen
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10:30a, 9/28/22
Independent agent is definitely the way to go OP, but yes, there isn't much of a market for log cabins (unfortunately).

Not all independents charge a "finders fee". Just make sure and ask.
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htxag09
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In reply to BryanBoy84 • 10:42a, 9/28/22
AG
BryanBoy84 said:
I took your recommendation and called Goosehead but was shocked to find out they added on a service fee to buy polices from them.
Even with their service fee, it was significantly less for me than what Liere had been doing. Not all independent agencies are the same and a fee does not automatically mean they're bad or not worth it.
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YourFavAggie
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In reply to BryanBoy84 • 10:51a, 9/28/22
AG
BryanBoy84 said:
I took your recommendation and called Goosehead but was shocked to find out they added on a service fee to buy polices from them.

Two things. I worked with them and got better coverage for cheaper. More than paid for itself in the first year.

Second thing, the agent I worked with made sure to include lesser known coverages that I wouldn't have thought to add. When I had a pipe burst under my foundation and the insurance covered the $50k+ bill, I was happy I used them.

I'm sure you could figure all that out on your own and find the savings, I have no desire to spend time comparing insurance companies and found it helpful.

I'm sure there are other good ones out there other than Goosehead, but they saved me a metric ton of money, so I am partial.
Eyes of texas Crying
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BryanBoy84
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In reply to YourFavAggie • 11:05a, 9/28/22
Why not just use an independent agency with no service fees? I called both Rollo & Liere and both offered the same company & coverage limits without the fees.
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Benny the Jet Rodriguez
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In reply to BryanBoy84 • 12:36p, 9/28/22
AG
BryanBoy84 said:
I took your recommendation and called Goosehead but was shocked to find out they added on a service fee to buy polices from them.
Same thing happened to me. I told them they were higher than my other quote because of the service fee. They offered to remove it. I told them no thanks, and went with the company who wasn't charging the extra fee for about the same amount.
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htxag09
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In reply to BryanBoy84 • 12:42p, 9/28/22
AG
BryanBoy84 said:
Why not just use an independent agency with no service fees? I called both Rollo & Liere and both offered the same company & coverage limits without the fees.
I have been with Liere for years. This year the price increase was pretty substantial so I called Goosehead. Even with their service fee, Goosehead saved me significant money over Liere. Liere didn't seem to shop around or even look at my policy if I didn't ask them to, so what's the point. If I'm paying Goosehead a fee but they continue shopping around, well worth it, IMO. Could I have called more agencies and found one that would probably have matched the Goosehead policies with no fee, probably. But they were responsive, not annoyingly so, though, explained everything thoroughly, and I was satisfied with the price and their service. So with that it just isn't worth it for me to keep calling agencies to maybe save another $100.
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rlb28
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1:27p, 9/28/22
AG
Independent agent here... www.bestinsurancetx.com

Family-owned 43 years.

Call and ask for Michele 979-297-2655 or email rb@best-ins.com
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YourFavAggie
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In reply to BryanBoy84 • 1:49p, 9/28/22
AG
Sounds like a smart move. Got no skin in the game, just offering up my own experience
Eyes of texas Crying
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Medaggie
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10:34p, 9/28/22
I have essentially given up on price matching. I have about 14 policies and trying to price match all, moving to a new firm to save alittle just isn't worth the trouble. Tried to do it a few times and they could not beat my current carriers.

I see 20%+ increases past few years and it is just part of inflation when everything else is going up 20%.

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BryanBoy84
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In reply to htxag09 • 11:31p, 9/28/22
You may be on to something if Goosehead is going to automatically shop your polices around each year without making the request to the agency. I know we have several Goosehead agents lurking on this board. It would be great if one can chime in on this. Since you just moved to Goosehead, please keep us posted when your policies renew if your agent automatically shops your policies.
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Beckdiesel03
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In reply to htxag09 • 6:52a, 9/29/22
AG
I had the same experience this year as well and finally switched from Liere to Goosehead. Liere only shopped my policies if I asked. This year all my policies increased so much with no claims I decided to call Goosehead. I didn't mind the fee since I was able to save much more than that. They were also extremely helpful but so was Liere anytime I called them.
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MAS444
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7:44a, 9/29/22
AG
I used Liere for a while but they always seemed to get me to the same carrier (even though they theoretically shop numerous). And I ended up finding way better deals elsewhere. I'm wild guessing that their commisions/incentives were best through that one carrier. F that.

Goosehead has been okay - but the agent I'm with seems like find of a dummy. (Don't think he/she is on here). And I'm getting annoyed at their spam emails. Wish I had a rec for a better agency/agent. We have lots of insurance.
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BryanBoy84
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In reply to Beckdiesel03 • 9:16a, 9/29/22
Is your Goosehead agent automatically shopping around your policies every year like htxag09's agent?
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CraigSmithAllen
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9:41a, 9/29/22
Independent agent here (Texas). Unfortunately, we aren't always able to find a better and/or cheaper policy for everyone, but I'd be happy to run a quote. We do not have any sort of fee attached to our policies.

craig@smithallen.com
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bthobig12
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1:51p, 9/29/22
AG
On Goosehead...

  • The agency fees are going to be $199 for your home insurance and $79 for your auto insurance, but you'll only have to pay the fees if you decide to make the switch (shopping is always free).
  • In addition to your agent, we have a service team that is available to assist with anything you may need regarding your portfolio. They are available from 7am - 7pm (all time zones) and can be reached via call, text, or chat.
  • We write in most states - whoever was asking about coverage in Colorado, yes, we should have options for you.

On rates...

  • We're entering a hard market and it's safe to assume rates will get worse before they get better.
  • What makes this hard market different from cycles of the past is that we're coming off a pandemic. In 2020 we saw carriers significantly reduce rates, and provide policyholder dividends, rebates, and refunds. In 2021 regulators got tough on rate increase filings, fraud trends increased, and application integrity declined. Now in 2022, claim frequency is trending up, severity is increasing, and supply chain delays and inflation are driving up claim costs/repair time.
  • For all of the reasons above, it makes more sense than ever to work with an independent agent.

I'm a Managing Director with Goosehead and have had the pleasure of working with hundreds of TexAgs users over the years. If you would be interested in shopping the market, feel free to reach out and I'll get you connected with an agent. You can reach me at jared.sinclair@goosehead.com.
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Diggity
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In reply to bthobig12 • 2:41p, 9/29/22
AG
bthobig12 said:
On Goosehead...

  • The agency fees are going to be $199 for your home insurance and $79 for your auto insurance, but you'll only have to pay the fees if you decide to make the switch (shopping is always free).
  • In addition to your agent, we have a service team that is available to assist with anything you may need regarding your portfolio. They are available from 7am - 7pm (all time zones) and can be reached via call, text, or chat.
  • We write in most states - whoever was asking about coverage in Colorado, yes, we should have options for you.

On rates...

  • We're entering a hard market and it's safe to assume rates will get worse before they get better.
  • What makes this hard market different from cycles of the past is that we're coming off a pandemic. In 2020 we saw carriers significantly reduce rates, and provide policyholder dividends, rebates, and refunds. In 2021 regulators got tough on rate increase filings, fraud trends increased, and application integrity declined. Now in 2022, claim frequency is trending up, severity is increasing, and supply chain delays and inflation are driving up claim costs/repair time.
  • For all of the reasons above, it makes more sense than ever to work with an independent agent.

I'm a Managing Director with Goosehead and have had the pleasure of working with hundreds of TexAgs users over the years. If you would be interested in shopping the market, feel free to reach out and I'll get you connected with an agent. You can reach me at jared.sinclair@goosehead.com.
did we? must have missed that
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I am always wrong
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In reply to MAS444 • 2:57p, 9/29/22
My experience with Liere was the same as yours and the other people on this thread. Was with them for a few years. Somehow my policies went up every year, sometimes substantially, but somehow the same company was always "still the best available" despite that they allegedly shop you around to "hundreds" of different insurers. I finally just called up Liberty Mutual last year and got the same coverage for literally half the price, and the increase this year was minimal. I feel like an idiot now, but lesson learned. Do not use Liere unless it's for 1-2 years when the rates are still low. Total scam if you stay with them any longer than that.
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BryanBoy84
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In reply to bthobig12 • 3:28p, 9/29/22
If I make the switch to Goosehead and my agent finds a savings with another insurance provider the following year, will I be subject to the agency fees again? Also, Does Goosehead automatically shop my policies every year or is this something I must request?
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MAS444
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In reply to I am always wrong • 3:31p, 9/29/22
AG
Amazing coincidence - that's the same carrier they always stuck me with!

Does anyone else have any first hand recs for competent, responsive agents that don't charge a fee and actually do try to find you the best deal?
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MRB10
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8:46p, 9/29/22
AG
To everyone pumping Goosehead… are you all saying that you're willing to pay $300 annually just so you don't have to email/call your agent to ask them to shop your policy every year?
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bthobig12
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In reply to MRB10 • 11:36a, 9/30/22
AG
You won't have to pay $300 annually. The $199 fee for home insurance, and the $79 fee for auto insurance, will only be charged the first year you're with Goosehead.
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bthobig12
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In reply to BryanBoy84 • 11:38a, 9/30/22
AG
You would have to request it. That being said, you would also receive communication from Goosehead (and the carrier) in advance of your renewal. When you do, you would just need to ask your agent to go ahead and shop the market.
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Benny the Jet Rodriguez
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In reply to bthobig12 • 11:55a, 9/30/22
AG
Just my opinion, but we shouldn't have to request you to shop rates every year. It is safe for you to assume that we would like to save money on premiums if possible.
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rlb28
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In reply to MRB10 • 3:17p, 9/30/22
AG
Pepper Brooks said:
To everyone pumping Goosehead… are you all saying that you're willing to pay $300 annually just so you don't have to email/call your agent to ask them to shop your policy every year?
Those are agent fees - above and beyond the commission an agency gets for selling a policy. The $199 for a homeowners policy is the highest I've ever seen or heard from any agency.
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aggiepaintrain
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3:42p, 9/30/22
AG
Liere has been good to me, I can't imagine relying on them to shop around on such a huge household expense. I am ultimately in charge of that. Call Bryan Massey at Liere he may have ideas if he can't help.
Mine spiked with the company Liere put me with, so I called them and they found me a better deal that turns out is better than I could find after wasting hours of my time
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ChoppinDs40
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In reply to PlanoAg98 • 7:51a, 10/1/22
AG
PlanoAg98 said:
Mine went up 40% from $3,054 to $4,254.


Unless your replacement value is like $1.5mm, you're getting hosed. Call Liere.

We're in about a $1mm up in Prosper (no pool) and Liere got me in at $2,100. WITH a 20% extra dwelling limit to mitigate some of this pandemic/inflation replacement cost mess.
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htxag09
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8:13a, 10/1/22
AG
I mean a lot of unknowns to make the assumption that he's getting "hosed". For example, pretty sure I remember you being in a new build. If you were in a home with a 20 year old roof your premium would probably be 50% higher than one with a new roof.

ETA: and the above is why I liked the customer service from goose head more so than liere. She got my policies, explained certain things to me like the older roof, and got comparable quotes w/ a new roof without me asking. So I now have the info of how much I'd save in premiums if I were to replace my roof.
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