It seems it is that time of year even during COVID-10 quarantine and social distancing USAA is once again distancing the customer from its money. Just received this years 12-month statement and my homeowners went up a whopping 20%. That had me go back and look at the last 4 years of homeowners from USAA and that was enlightening. From 2017 to this newest statement my homeowners insurance have gone up 55%....same home...55%! There seems to be a direct correlation for rates rising to my retiring from military after 26 years and also USAA opening their services to almost everyone.
USAA used to be a great company but now they have moved to the right with huge Board Member salaries and even larger CEO bonuses. I know nothing comes of these comments but needed to vent as after being a "Valued" customer for almost 44 years I am shopping for new company.
@Mobileflt- Hi, I can see you are concerned, we value all of our members and would like the opportunity to review your concerns. Thank you for reaching out to us. I am going to escalate your post for further review.
Typical response from USAA...what does this actually mean? Please try and explain a 55% increase without saying large number of claims, or your state requires... At the same time please reach out and let me know why rates can increase so drastically after retirement yet Board of Director's which are internally approved and selected and paid exorbitant salaries with no insurance experience. Numerous retired flag officers and senior enlisted advisors who have seemed to have forgotten their integrity and chalk it up as a good gig for good money to meet a couple of times a year!
So was the issue escalated and thereby validated...rates up dramatically last 4 years. Rate of inflation yearly is assumed at 3% so USAA raising rates yearly at 10-15% far exceed anything an individual can match. Effectively forcing retirees on a fixed income to have to either under-insure or look elsewhere.
You are correct. Both the recently retired CEO Stuart Parker and the new CEO received substantial pay raises and now earn $5 million/year. How do you like paying for their enormous salaries with your yearly rate increases? Shop around. USAA can be beaten on everything they offer. USAA is not the company it once was.
Agree Bigbb. I have already sent out for quotes from Amica, State Farm, Farmers, etc. I am sure one of them, if not more will match or beat them. The best part will be getting my subscribers savings back when I drop USAA. Many years as customer so has built up. Will pay other insurance provider for a few years. USAA always gives ame reply..."Let's go over your coverage, replacement value is what it is from model," and on and on. Even more concerning is that USAA doesn't seem to care...just keep raising rates.
@T-Slick, we understand how important the rates are and glad to help with a review of your policy. We have sent you a Private Message (PM) on how we proceed with the review and look forward to speaking with you. ~ Joseph