I was shocked at how much USAA jacked up my homeowners insurance rates this year and last year, this is just out of hand now. We have a 1330 sq. ft. home in the Memphis metropolitan area.
2022 $2503
2023 $3017 <-say what?
2024 $4475 <-wtf?
I have ONE former claim for hidden water damage and one active for my utility weatherhead nearly coming off the house due to my local utility companies negligence.
Their “justification” is higher rebuilding costs based on some fuzzy math.
Oh, I DO have car insurance with them as well, 3 cars, full coverage.
Been with USAA for many year, at least 10 years, maybe more.
Look how much they have said it will cost to replace your house. Replacement value has gone way up for mine in the past few years. The assessment for property tax too. The assessor valued it a lot more and the state ended the mortgage deduction too.
@Emory
I don’t know why people are surprised by this. They get excited to see the value of their home to go up on Zillow but don’t think the insurance will follow?
This is pretty normal. I don’t work for USAA, but my carrier has seen similar increases in parts of the country. Mostly due to wind claims. However, you mentioned a water loss (worst type of loss you can have probably) as well as another claim that admittedly wasn’t your fault.
You’ve shown you will put in claims + rate increases for everyone + one of those claims was a water claim. Not a good mix :(. Shop around and see if you can get better rates elsewhere.
@Addison
The water claim was small, mold and wood replacement hidden behind a tub/shower wall, they wrote me check for $1500.00 after my $1,000 deductible. It cost me way more to fix it than that, but I was happy to get something. This new claim is my utility weatherhead, the 240 volt line from the utility pole that the local utility ignored us to fix for 14 months, it was rotting at the base and causing it to sway in the wind. The swaying pulled at my weatherhead and nearly pulled the electric line off my house! Of course the local utility absolves themselves of any wrongdoing and tell us customers to F off, its YOUR responsibility. So I paid an electrician $1500 to fix it, my deductible is $1000 and USAA is fighting me tooth and nail to not pay me the $500 for something I have ZERO control over.
Our homeowners and umbrella insurance just got renewed. First was up 32%, second was up 39%. Total monthly is now ~$130/month. I’m not going to complain. That’s including the “25% more for rebuilding”—or whatever that is.
1942 house, 1849 sq ft, CA Central Valley—no quakes, no hurricanes, no wildfires.
I may be the outlier here, because USAA decreased our premium by $700 this year.
I know claims could jack up prices substantially. We had Liberty Mutual in 2022 when we filed a small water claim. They tried to increase our premium by $2000 for the following year and we dropped them and went with USAA. It may be time to shop around and switch once your claim is closed. There doesn’t seem to be any rhyme or reason why insurance companies jack up premiums. You may be able to get a much lower premium by going with a different company.
Mine tripled over that time period. I think it was due to how they priced risk using geomapping without sufficient granularity plus the general rise in prices of lumber and trade labor. I don’t live in a high fire risk area but I live in a low density area that probably clusters a huge area for risk evaluation purposes and I probably got lumped in with high risk in that larger area.
I shopped around and found a state based insurer that offered a rate half of what USAA was pricing for me in 2025.
40 years with USAA and I’m out due to mismanagement of the pricing department.
I took the advice of many on here - shop around because it is not longer almost certain that USAA has best price and service.