Been with them for over 40 years. I called to verify and ask if there’s anything they can do, but they said the premium is correct and can’t be reviewed.
I understand costs for repairs and materials have gone up, but it hasn’t tripled.
You’d think that if they’re redoing their risk model, they’d phase it in or offer other ways to help members work with the new assessments. But it seems like they’re not what they used to be.
Looks like it’s time to shop around, though I don’t want to. I’ll be shocked if all insurers are hiking premiums this much in just two years.
I hope this isn’t affecting you, but it’s worth checking your own policy.
First, the increase was approved by your state. Second, some of the increase comes from the overall risk across all customers in your state, not just you. For example, if you’re in an area with more fire risk, the risk of catastrophic loss goes up. With climate change, there have been more weather-related property losses over the years (more tornados, stronger hurricanes, etc).
Is it smart to shop around? Sure, but be careful to compare all coverages to make sure you’re comparing the same things (i.e., contents coverage, property outside the home like in your car, coverage for temporary housing during a rebuild, etc).
Also, consider adjusting your coverages. Personally, I’m in a good place financially now, and I know I wouldn’t file a claim unless it’s something serious. So I raised my deductible from $1,000 to $5,000 and saw a 15% drop in my premium. I’m still covered for major losses but won’t be making claims for smaller things. That’s what my emergency fund is for.
In the end, you’re paying the insurer to take on some of the risk for your property. The more of that risk you take on yourself, the less you’ll pay them to cover it.
I’ve been with USAA for 25 years. No claims. I recently replaced my 35-year-old siding with Seamless Steel, thinking it would lower my premiums. Nope, it went up $100. I also asked if replacing my roof with ‘the best’ metal would help, but the premium went up $700. In my job, I calculate financial risk, so I asked to speak with someone who could explain how USAA is calculating risk. I was told I couldn’t talk to anyone, and they just said it’s based on the cost to rebuild.
Which company are you with? USAA proper, or is it one of their subsidiaries like CIC, GIC, or Garrison? I’m starting to think that a lot of the complaints come from certain insurers. Or maybe it depends on the state you’re in.
USAA has four separate companies, and the products you get might differ a lot depending on which one you’re with. It feels kind of unfair, especially since it depends on whether you were an Officer/NCO/Junior-E, or a family member.
I started saving my homeowners insurance documents to a folder because I noticed they don’t always make them available forever. My policy starts with ‘GAR,’ so I think it’s one of the lower tiers. The only change I made was adding a few water leak detectors to my house for a small discount starting in 2024. Here’s a breakdown of my premiums:
I know many people are seeing big increases, but that hasn’t been the case for me. My last claim was in 2017 when I had a water leak from an ice dam. After 5 years, I got back my claims-free discount, and my premiums have stayed pretty steady.
@Linden
Same here. I’m in Oregon with CIC. My earthquake coverage went up about 30% on the last renewal, but it’s still cheaper than anywhere else. Other than that, my premium actually dropped slightly last year.