I live in Virginia, and have had USAA homeowners insurance for 44 years. I have always been happy with their rates and service. But last year our rate increased by 45%, and this year it increased by another 9%. Since we have made no claims or renovations to justify any increase, we called to ascertain the reason for the huge increase.…
I live in Virginia, and have had USAA homeowners insurance for 44 years. I have always been happy with their rates and service. But last year our rate increased by 45%, and this year it increased by another 9%. Since we have made no claims or renovations to justify any increase, we called to ascertain the reason for the huge increase. We were told that due to storm damage that has escalated substantially in recent years because of climate change, the company has been collecting only 84 cents for every dollar they have been paying out in claims for several years. They had to present evidence of this to the State Insurance Commissioner in order to get approval to raise rates. Their actuaries say the trend of more claims will continue. I am 69 years old, and I can tell our weather in Virginia is generally more stormy, wet and warmer than it was when I was young.
I live in Virginia, and have had USAA homeowners insurance for 44 years. I have always been happy with their rates and service. But last year our rate increased by 45%, and this year it increased by another 9%. Since we have made no claims or renovations to justify any increase, we called to ascertain the reason for the huge increase. We were told that due to storm damage that has escalated substantially in recent years because of climate change, the company has been collecting only 84 cents for every dollar they have been paying out in claims for several years. They had to present evidence of this to the State Insurance Commissioner in order to get approval to raise rates. Their actuaries say the trend of more claims will continue. I am 69 years old, and I can tell our weather in Virginia is generally more stormy, wet and warmer than it was when I was young.