I have been insured by USAA for 35 years. They are not even remotely the company I remember. All that said here is my experience to share and let folks make up their own mind. I called approximately 6 weeks ago for a new homeowners quote on a house I wanted to buy. I got the numbers and it was high and I knew it but I was loyal. Loyalty is a 2 way street and with these shenanigans I'm certainly not seeing it from them.. Anyway back to the quote. They calculated a rebuild cost on this house at that time I felt was at least 200k too high but figured lumber was high so whatever. They offered to lower it to 80% but I'd lose the inflation protection. I said fine leave it at the ;ridiculous number. Fast forward to today when I called to give a start date and they claimed they had to requote the policy and didn't do anything but remove 1 extra fireplace they had listed incorrectly. That ridiculous number had gone up over 100k in 6 weeks. No explanation and again offered to remove the inflation protection which you lose if you go below 95%. I asked it be reviewed by a supervisor same result. You could probably rebuild the house almost twice for what they claim it will cost. So I called my father and asked him what his experience in this area has been. His house much nice build quality, larger and built to hurricane standards (mine is not in a different part of the country) was almost 300k less than my quote today. His house would sell today for almost twice what I paid for mine. This experience has led me to start shopping ALL my insurance needs. Do yourself a favor and do the same.
Hello, @justme8675. I am saddened to read about your experience. I am going to forward your account with your concerns for review. While I can't provide a specific time, I appreciate your patience while waiting for a response from this area. -Nick
Nick, unfortunately I am closing on this property and don't have time to waste. All other quotes figured the rebuild around what I did which is over 40% less than what USAA claims. That is well past ridiculous. I tried to get it fixed for several hours on the phone. I'm not overinsuring my new house just to beef up salaries at a company that has changed so much I don't recognize it. If someone calls me I'm willing to talk but if they work on 'when they get to it' time they won't like my answer. You guys are hemorrhaging badly losing a lot your long time (15+ yrs) clientele for very valid reasons. First and foremost the business core philosophy flipped almost 180*. The rates used to be competitive and aren't any longer and you're trying to overinsure people by almost 90% which is legal theft in my book. That's just raising my premium for no valid reason. I'd love to talk to senior management.
My understanding is we are all separate pools by state and at one time customer type (officer, dependent etc but that may have changed now given some articles I've read.). Anyway if we go by state pool our rates should be calculated based on payouts in that state if I understood their explanation correctly some time back. I've lived in the same house 16 years and for the most part my rates were fairly stable with a little creep. They were higher than other companies but I always felt secure with USAA insurance which may have been naive but it was how I felt. It was a privilege I appreciated when they weren't the big conglomerate they've become. I live in the Midwest where we don't see hurricanes, fires, earthquakes and the like. Usually we see wind and hail at worst. I'm sure they have had to pay out a lot in states out west and hurricane prone areas. Supposedly that shouldn't affect me though if I understood and retained their explanation accurately.
The experience above just floored me. I tried to get it fixed and basically no one could which was why I resorted to this forum. As it stands I have quotes that were 50% of the premium they had quoted all open perils and as close to apples:apples comparison. Car insurance was about ~35% reduction. Their new software iis ridiculous and in my opinion trying to over insure people for no good reason for the member at least. We would just be paying higher premiums for a level of insurance that would never pay out which is good for the company bottom line I suppose.
I did receive a call from the office of the ceo sometching or other today with a promise my contact (name and number given) would call once they have researched the problem. We will see how that goes. I will post a follow up just to complete the saga.
@justme8675, thank you for reaching out with this info. I understand the frustration with your policy. I want to confirm I do see your account was forwarded for review. I'll send this follow up message to be included as well. We'll reach out as quickly as possible to discuss more info together. I appreciate the opportunity to assist further. - Lori