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Brace Yourself - Nationwide Insurance Has Raised 2014 - 2015 Premiums

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TexasOma 1
MonzaRacer 2
AngieKaye 1
Pepper 4

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Pepper --- 8 years ago -

Yesterday I received the annual renewal notice for my Homeowners / Auto Insurance policy for 2014 through 2015 and Nationwide increased my premiums by nearly 25%!

And no, I have not submitted any claims since Ike ...

Needless to say, I'll be shopping for new insurance tomorrow and I'm open for suggestions if anyone can recommend an agent / company ... 

AngieKaye --- 8 years ago -

I dont think I have had any claims since the hail storm we had back in 2001. Lost most my shingles and had to get a new roof. Ike I had 10k worth of damages but with my deduct so high we just fixed most ourselves.

I am curious. My home is appraised at about 112k, my insurance at the moment is about 250k. We own the home now and dont pay a bank. So should I lower my insurance? I will keep the insurance high on the contents though. Being as we used to build homes I know its cheap to rebuild if disaster happens. 

Pepper --- 8 years ago -

My home is appraised at about 112k, my insurance at the moment is about 250k

Morning Angie ---

As an outsider looking in, for a home that is appraised at $112k, it seems like you're carrying an awful lot of insurance on your house. Provided that $250k number covers the entire loss of the structure. Not the contents, but only the structure.

Myself, I wouldn't carry anymore insurance that would be necessary to rebuild the house from the ground up in the event it was completely destroyed ... i.e. fire, hurricane, tornado, explosion, etc. etc.

You've been to my house and I have the structure insured for $220k.

It may not be a bad idea to contact your agent and go over this with him.

Hope you start to feel better soon --- take care of yourself! 

MonzaRacer (Admin) --- 8 years ago -

Allstate was gonna raise my house insurance by about 28%. Cars were with Progressive at a good rate. I went to State Farm and wound up with house/car insurance for less than I was paying before. The car ins went up slightly, but saved enough on the house to more than make up for it. 

Pepper --- 8 years ago -

^^^ Thanks Monza - State Farm is on my list of people to call ^^^

I talked with Nationwide earlier this morning and they said the increase is the result of home values going up and the cost of labor / materials to rebuild in the event of a total loss.

They said the cost of labor and materials is up 4% to 6% over 2013 - 2014, but since she wasn't an Underwriter, she couldn't explain why NW raised the premium by 23%.

Sounds like fuzzy math to me. 

MonzaRacer (Admin) --- 8 years ago -

Next time I'll pull out the papers before I type...LOL

My first sentence in above post is all wrong. don't know where my mind was...

The prior ins was with Farmers and my policy for 5/2012 to 5/2013 was $1762...It was called the "Texas Family Home Policy". And it was like that with minimal increases since getting it in 2006

The renewal policy, called "Farmers Next Generation Homeowners Policy" was listed at $3126, for a 77% increase 

TexasOma (Mod) --- 8 years ago -

We have State Farm, we switched to them years ago because Allstate kept going up on our rates. We have everything with State Farm. I don't know if things will increase - we renew in September. 

Pepper --- 8 years ago -

After talking with Nationwide again, I'm going to give them an opportunity to review my policy before I switch to another provider.

I did check the reviews of Allstate and holy cr@p, they've got the worst reviews of all insurance groups.

One study I read listed the top ten companies who rated worst in the industry when it came to paying claims (supposedly legimate) and Allstate was #1 on the list. Nationwide did not make the list.

So much for being in "good hands" ... 

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