I've used Texas Farm Bureau for my home insurance for several years and it is coming up for renewal next month. I noticed they are increasing the deductible for "windstorm, hurricane or hail" damage to 2%! Has anyone else seen this with your carrier?

BellCountyBear said:

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I've used Texas Farm Bureau for my home insurance for several years and it is coming up for renewal next month. I noticed they are increasing the deductible for "windstorm, hurricane or hail" damage to 2%! Has anyone else seen this with your carrier?

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I've been told it's probably coming by some people I know who watch the industry. They've told me that if you want a lower deductible, you're going to pay through the nose for it--and even then it may not be possible.

After these last few storms, I expect all Texas insurance to go up significantly this year.

I currently have a $2500 deductible (not a %), but I won't be surprised if I have to raise in next February.

I kinda view homeowner's and medical insurance the same way. I have always had a 1 percent deductible on my home. Don't sweat the small stuff . Things like broken windows, leaky pipes, destroyed stone mailboxes, etc. just pay out of pocket. Save the insurance claims for the big ticket catastrophic damage (Tornadoes, fire, hail damage, etc.)

On a side note, extended warranties are rarely a good deal and very expensive. These after warranty car repair programs seem to be popular these days. Buy good quality products with a standard warranty and you won't have to worry much about repairs. Do the recommended maintenance as well.

The guys who wrote Nudge recommended that you get the largest deductible possible and put the savings in an account in case you have to do repairs. Their argument is you're unlikely to run out of money in the account

What galls me is that they kind of just slipped it in there. Just a single sentence in the renewal letter. What percentage of folks will actually notice this? 10%?

Doubling a deductible is a pretty big deal on an expensive house.

BellCountyBear said:

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What galls me is that they kind of just slipped it in there. Just a single sentence in the renewal letter. What percentage of folks will actually notice this? 10%?

Doubling a deductible is a pretty big deal on an expensive house.

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Yep..You're pretty much on the hook for the roof...