HomeOwners Insurance help - especially TX

[janette]

I received our renewel from State Farm, it's filled with all this stuff about issuing a new policy and the coverage on mold / fungus and water damage. Wouldn't be so bad but it's gone up another 30%+ really getting ridiculous.

The documents are all in legalese and insurance terms and I'm not really sure what it all means. I could call my agent but then I'd feel like I was getting the salesman spin on things. Anyone know of a good place to look for a more straightforward explaination of insurance coverage?

Texas has some real problems right now and many companies including State Farm won't even issue new policies here right now. I'm not sure changing companies would help and it would probably hurt but I would like to maybe explore ways to change my policy to keep the coverage I need but not pay tons for something I don't.

 

[Aprille]

Don't know what to tell you because I don't understand it all either but I feel your pain. Our homeowners insurance has gone from $1100 in 2001 to $2500 in 2002 to $2800 this year. It's obscene!

My understanding is that once you drop the mold/fungus coverage you can never get it again. Only policies that currently have that coverage even offer the option to continue it. And the mold coverage offered now costs more and covers less. My guess is that insurance companies will discontinue it altogether in Texas within the next couple of years.

Last year I did check into cheaper insurance but it was all with B-rated companies. My fear is that if there was a big natural disaster a B-rated company wouldn't have the funds to handle all their policy holders. Also I'm not sure that any A-rated insurance companies operating in Texas are even writing new policies so if you drop coverage with one you may never be able to go back, at least until they all decide to quit covering mold/fungus.

Hope you get some more informative replies than mine. Mine kind of turned into a rant.

 

[Briar Rose 7457]

I don't know the specifics, but it's become an industry-wide practice to EXCLUDE mold and fungus or to charge $$$$ extra for coverage. the insdustry's been getting hurt by mold claims.

 

[Briar Rose 7457]

I don't know the specifics, but it's become an industry-wide practice to EXCLUDE mold and fungus or to charge $$$$ extra for coverage. the insdustry's been getting hurt by mold claims.

 

[bumcat]

Briar Rose is correct about mold coverage costing more. Mine went up to 2100-2200 last yr. I had farmers. I changed to a diff. company. I now pay 800-900 a yr but no mold coverage. We were comfortable changing because my husband can fix anything.
My house note dropped by 244.00 this yr partly because we changed companies.

 

[Mskanga]

WOW, I consider myself lucky , our insurance is only @ $400 for the year but it doesn't include mold or flood, I guess it all depends on the area too.

 

[m&m's mom]

I had an adjuster out a year ago to inspect a roof leak we had. It was water damage and the first thing had just come out about the mold etc. in TX. They told me that they were still going to cover water damage just not the riduclous mold clean up costs. He said the kind where the space suited men seal up your whole house and strip it to the timbers. He said it was totally unregulated and costing them a fortune in bogus mold claims. He assured me they would still cover water damage and suggested I decline the mold coverage. I took his advice.

 

[luvwinnie]

$2800 for HOUSE insurance? We pay $500. What is your CAR insurance like??

 

[Kirby]

We also had Farmers until they boosted our insurance up $700 dollars to $1900. We elected to go with our mortgage company, Countrywide, who came out to be $400 cheaper with mold coverage.

You also need to read the water damage coverage very carefully. Not all water damage is covered. It depends on the situation.

 

[janette]

Originally posted by luvwinnie
$2800 for HOUSE insurance? We pay $500. What is your CAR insurance like??

Car insurance isn't as out of line or at least I don't think so. We paid $2400 last year a big increase from the year before but we also moved, the statement I just got is almost $3500. Between wind, hail, tornados, mold and state regulation insurance companies are running from TX or making us pay dearly. If I drop the mold / fungus coverage I might be able to save some $$ but as some have said once you drop it you can never add it back in. I want to make sure I'm covered if I have major water damage. The only reason I have State Farm is because I've had existing coverage with them. I can't try another company and go back and as someone stated the good companies aren't issuing policies. I think the only reason some companies haven't dropped existing policies is the state wouldn't let them.

I just wish they use plainer language so I could tell what was really covered

 

[Aprille]

Originally posted by luvwinnie
$2800 for HOUSE insurance? We pay $500.

Part of our problem with the homeowner's insurance is that we live in a rural community far from a fire hydrant and serviced by a volunteer fire department. Insurance companies don't like that combination. LOL!

janette - $3500?!?!?! OMG!! Okay, I'll stop complaining now.

 

[4greatboys]

Our coverage went from $900 + last year to $1700 this year with State Farm. We did take the mold coverage mainly because my best friend just had her whole house remediated to the tune of $70,000. He ins wouldnt even check for mold til her dr wrote a letter to them stating they had to see both her kids almost weekly in the office for mold related conditions. Since her house was remediated her kids rarely go the dr.
The ins company will cover stuff anyway related to water damage but she had a small leak so it was seeping out over a period of time giving the mold plenty of time to grow. IF you have a big leak you know about right away then you shouldnt have any problems, its the little ones that go unnoticed for a period of tiem that turns out to be the problem.

 

[FOJMO]

At least you can get coverage. We were told that they are not renewing our policy at the end of May when it expires because of Hurricane threats to FL!!!!

 

[ead79]

I'm not sure, but this might help: http://www.aerias.org/kview.asp?spaceid=1