You know the story of the canary in the coal mine? Miners took caged canaries into the mines, and when the odorless carbon monoxide killed the birds, it was time for the miners to flee.
A half a point increase on a deductible may not sound like much, but to every homeowner looking to replace a roof after a hailstorm, it’s a big deal. Sometimes you must pay the deductible out of your pocket before an insurance company will pay the rest for the replacement or repair. First, let’s hear Jay’s story, then learn if it’s true. Then we’ll share some ideas to help you save.This Watchdog inquiry began because Jay’s son-in-law noticed an increase on his renewal for Farmers homeowners. Son-in-law called his Farmers agent and was told the increase applies to the Dallas-Fort Worth region.
The Texas Department of Insurance gives approval to requests to raise insurance premiums but not on deductibles. “We feel this adjustment is in alignment with market conditions and will help us remain competitive,” he added.David Bolduc, acting public counsel who represents consumers before the state insurance department, says other factors, such as inflation, supply chain issues and increases in materials costs, are likely part of this, too.
Not only deductibles but policy renewal is thru the roof