Home owner insurance up 41%

[chelsea]

I wondered if anyone else has experienced the shock I had when my home owner insurance rate  for 2010 just went up 41%! Its a single family home in Chatham and I haven't made any claims.
Looks like I need  a new insurance company. I've been with nationwide for 20 years and can't believe the state of NC lets them do whatever they want with the rates. Is this increase supposed to cover all the risk the companies take for oceanfront houses? I remember when they wanted to raise rates for that reason but can't believe its 40%! I called the agent and that was a waste of time.
So any suggestions for a new company?

[Ramona Kadrich]

I saved a ton by switching to Farm Bureau. It is a co-op insurance company making the rates lower as the group is larger. Randy Brooks is a caring nice agent 542-2142. If you have a clean driving record you'll save a lot on car insurance through Amica. Recommended by Clark Howard the financial adviser.

[kimmimom]

Wow!  We renew in May, so don't know what our rates will do.  I do know we got a letter from our insurance company several times about that beach property thing and I thought it was decided in favor of regularly insured folks.  We use Erie Ins and they are very highly rated.  We go through High and Rubish Ins Agency in CHapel Hill.  I have compared rates with my sister many times and mine are much better.  We do HO and car with them and get the discount for multiple policies.

[Greg Stafford]

Over the years I have fought a lot of insurance companies and IMO Erie is the most customer oriented company.

[mountain gal]

Call Randy Holt at Allstate - I did comparison shopping and he won hands down!!

[raygut3]

We use AMICA for everything - car, homeowners, umbrella policy.  An increase like that may be your insurance company's way of saying that they don't want your business anymore.  Shop around.  BTW, AMICA has been the top rated insurance company in Consumers Report for as long as I can remember.

[MissMarty]

I also go with Farm Bureau for HO and Auto.  They beat Nationwide and Allstate hands down.

As a side note, Allstate had the nerve to tell my father that I'd be at a higher rate because I had "points" on my License.  When I get to Farm Bureau for the quote, I find that I have a clean record with no points of any kind.  We found out that "Allstate Points" are not the same points that the DMV keeps.  The Auto insurance i got from Farm Bureau (before the multi-policy discount) was less than my fathers at Allstate, even though he's been more than 30 years since a wreck or infraction.  Needless to say, Allstate lost my business and my father's to Farm Bureau.

[Ramona Kadrich]

raygut3 I agree with Amica. I use them for auto. I use Farm Bureau for home to do local business.

[chelsea]

Thanks I'll make some calls but my agent now says that all the companies will be raising rates in the next year. I do have all my insurance with one company but that's not helping anymore.

[Everett McGill]

Thanks I'll make some calls but my agent now says that all the companies will be raising rates in the next year. I do have all my insurance with one company but that's not helping anymore.

I don't know your agent but, a statement like the one above is nonsense.  Insurance companies do not raise rates as a collective.  Insurance company rates are based on a planned profit margin which is driven by premiums paid vs. losses paid out, and of course overhead (employees, buildings, etc.) 

Sometimes a more local company can offer lower rates than a national company.  Sometimes not.  By local I mean a company like North Carolina Farm Bureau - They are local to North Carolina and only have to be concerned with losses in NC, not a mudslide in California.   However, sometimes local companies are not competitive because too many local events have happend. (Hurricane's Fran and Hugo come to mind).  Homeowner policies are reviewed every year by most companies and the rates can change because you essentially have a one year contract and when it is time to renew the "terms" can change......and usually do.

Anyway, to keep this Chatham Centric, please shop all the local agents and agencies.  Rates and prices do vary,  but always compare apples to apples (coverage amounts, deductibles, exclusions,  etc.etc.)

[natvrabit]

Thanks I'll make some calls but my agent now says that all the companies will be raising rates in the next year. I do have all my insurance with one company but that's not helping anymore.

I don't know your agent but, a statement like the one above is nonsense.  Insurance companies do not raise rates as a collective.  Insurance company rates are based on a planned profit margin which is driven by premiums paid vs. losses paid out, and of course overhead (employees, buildings, etc.) 

Sometimes a more local company can offer lower rates than a national company.  Sometimes not.  By local I mean a company like North Carolina Farm Bureau - They are local to North Carolina and only have to be concerned with losses in NC, not a mudslide in California.   However, sometimes local companies are not competitive because too many local events have happend. (Hurricane's Fran and Hugo come to mind).  Homeowner policies are reviewed every year by most companies and the rates can change because you essestially have a one year contract and when it is time to renew the "terms" can change......and usually do.

Anyway, to keep this Chatham Centric, please shop all the local agents and agencies.  Rates and prices do vary,  but alwasy compare apples to apples (coverage amounts, deductibles, exclusions,  etc.etc.)

Yes! Pay particular attention to the last sentence. Better price does not always mean better or even equal deal

[BuzzKill]

I wondered if anyone else has experienced the shock I had when my home owner insurance rate  for 2010 just went up 41%! Its a single family home in Chatham and I haven't made any claims.
Looks like I need  a new insurance company. I've been with nationwide for 20 years and can't believe the state of NC lets them do whatever they want with the rates. Is this increase supposed to cover all the risk the companies take for oceanfront houses? I remember when they wanted to raise rates for that reason but can't believe its 40%! I called the agent and that was a waste of time.
So any suggestions for a new company?

Travelers did the same thing to me.....went from 750 to 1150 a year.  My agent said if I moved my autos with them it would be reduced.  So - either move all into one policy or pay more for one.  Sounds like extortion to me.  Regardless, they now have no policies of mine NOR will they ever.

[belle]

is this all because of the outer banks?

the property owners and business owners want the whole state to support the risk they take building on shifting sand. I hate it. I don't even like the beach since they started scraping up sound sand and dumping it on the beach.

why should we pay for them to rip people off with a fake beach?

[Patty52]

Ours is with State Farm (Sarah Donaldson, A+) and went up 8%. We have both homeowner's & cars with them.

[tack4sale]

I switched to Farm Bureau a few years ago. Gave them all my insurance, farm, auto & small business. They had the best rates/coverage for me by a long shot.

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