Is a 25% Increase Last Year and 20% This Year Normal?

[LOM58]

Just received my second large renewal increase from USAA, and since I don't sell homeowners ins, looking for some perspective. I really don't want to move from USAA and realize I can shop it to see if there are cheaper options from reputable companies. If the homeowners ins market has been taking these kinds of hits the last couple of years (I'm in IL), then this renewal will make more sense.

By the way, never have submitted a claim against the policy, and coverage amounts minimally increased each year.

Any feedback will be appreciated.

 

[Josh]

There are a great number of moving parts with any insurance line and homeowners is no exception. If someone is willing to take you at a lower rate, not much of a reason to not go with them. It could be that USAA has had a bunch of losses in the area an they're trying to heal their risk pool. They're a great company, but not always the best deal for everyone.

 

[fcorcoran]

USAA in Arkansas is almost untouchable. They must be getting hit hard in IL. Up back to back is not out of the norm anymore. Rates are going up everywhere.

 

[LOM58]

Thanks for the responses.

 

[Soaringagent]

Agree - sometimes USAA has really good rates and sometimes they can be not so competitive. It really depends on the unique home, area, and specifics.

 

[tanglefoot]

My premium went up at this year's renewal, so I'm shopping. I received no response from on-line entry, so i placed a phone call to one of the brokers. I was advised to apply with local companies. I've called every company in my county, and none have called back with quotes. I'm beginning to think the insurers don't want my business.
Butch

 

[AgentProvocateur]

I see the op posted this several months ago, but here are my two cents.

Yes, many companies continue to have large rate increases for their home insurance products, but I don't think anyone should sit back & bear a 25% rate increase without seeing what other companies offer.

Lom, in Illinois, you may want to check out Country Financial. I have no idea if they have good rates in Il, but they do in Oregon.

Tanglefoot, you may want to use this resource for Texas:

Helpinsure.com Residential Property Home

 

[Texasproducer]

I am an independent agent here in Texas and USAA is unbelievably expensive here. I know they have a great reputation but their home insurance product is very very high compared to any of the independents.