I just received my earthquake renewal policy. I was shocked to note that it went from $827.00 to $1,202.00 a year. This is while my house lost perhaps 20%+ in value. I for one live on a half acre lot and the value of the home is driven by this fact. In addition, my homeowners policy went up roughly 10%. In the past, USAA was able to give great rates due to the fact they received fewer false claims. The only answer I receive is that the cost is set by the State of California. This is no consolation, my auto license fee double from last year. Who if anyone is challenging the rationale for such an increase? Since the cost of earthquake insurance is simply a pass through by California to USAA who then bills the customer, what encouragement is there to limit it’s growth.
Please IJ, check facts and company names!
I just received my earthquake renewal policy. I was shocked to note that it went from $827.00 to $1,202.00 a year. This is while my house lost perhaps 20%+ in value. I for one live on a half acre lot and the value of the home is driven by this fact. In addition, my homeowners policy went up roughly 10%. In the past, USAA was able to give great rates due to the fact they received fewer false claims. The only answer I receive is that the cost is set by the State of California. This is no consolation, my auto license fee double from last year. Who if anyone is challenging the rationale for such an increase? Since the cost of earthquake insurance is simply a pass through by California to USAA who then bills the customer, what encouragement is there to limit it’s growth.