My Home Owners Insurance went down

[DanKellFla]

I just thought I would share my story. I waited for my insurance to go down with my old carrier, but it didn't. So, I called around. I am now paying $1400 a year instead of $3200 a year. My old carrier, Federated, didn't even try to prevent me from changing. Now I am using Universal. I guess the lesson is that you need to change carriers to get a rate reduction.

[Aquawind]

Wow.. That's worth the effort alright. It certainly seems some companies are just letting it ride and people leave versus canceling the insurance altogether. I have to agree my change to Citizens was not that painfull on the pocket but my coverage is not exactly the same either. Being proactive and shopping around could save you thousands..Nice job!

[Ed Mahmoud]

I saw on the interweb that Lloyds of London is worried they'll lose money because there hasn't been a big enough natural disaster (Florida and hurricanes prominently mentioned) recently, and they are facing some pressure to lower rates.


Now, a big natural disaster costs them lots of money, but it is also the reason people even buy insurance, so they need enough to remind people why they pay for it.


Lloyds, I believe, is actually an exchange of many insurers and re-insurers. A small insurance company, like the ones mentioned above, takes some of the money it takes in in premiums and buys insurance against a huge disaster that would wipe them out. The re-insurers sell insurance to the insurers against a catastrophe.


I'll see if I can find the link.

[Ed Mahmoud]

Lloyd's warns of a lack of natural disasters

[vbhoutex]

Lloyd's was grossly expensive when I had it a couple of years ago. I'm with Farmers's now and they are reasonable, but are raising their rates 10% here in Texas.

[Ed Mahmoud]

Lloyd's was grossly expensive when I had it a couple of years ago. I'm with Farmers's now and they are reasonable, but are raising their rates 10% here in Texas.

Something in the Chronicle, homeowners rates in Texas are supposed to be dropping everywhere except the coastal counties.


And my Harris County property evaluation, instead of the anuual 10% (that is the cap) rise (which can be appealed, BTW) actually dropped slightly. The 13 foreclosures in the subdivision, and the house a couple of blocks away on the market for 2 years, and the extension of TC Jester through my back yard I had no clue about when I moved in may be the reason. My wife wonders if we shouldn't appeal for a bigger drop.