What a Fort Worth insurance shock became an answer to prayer
Ivy Turner had planned to borrow money for his roof after discovering that his insurance payout would be around $10,400. He had a $4,280 deductible.
The disabled veteran said, “I prayed about it.”
Roger Preble of Roger the Roofer who came to Turner’s house for an estimate said that Turner’s deductible “was basically half the cost of the roof”, which was very uncommon.
Mark Lowey, an insurance agent said that it is not unusual.
I have some companies who are now 3% deductible. Lowey said that he has a carrier with a 5% deductable.
Turner believes that he was the victim of this. He suggested people may choose these plans in order to get a discount on their premiums upfront, but then rates will rise.
Lowey stated that we would see an average rate increase of 5-10% per year over the past decade. Over the past couple of years it has been between 20 and 30 percent.
Lowey stated that “most people paying $2,000 in 2022 will now pay about $5,000 per year for homeowners insurance on an average Dallas home.”
According to him, depending on the renewal cycle you have chosen, your premiums could even increase by 40%.
He said, “It is a huge burden that many people have to bear.”
Lowey stated that the two major factors for this increase are: one being more natural disasters in 2018.
In an average Texas year, he said that disasters like these cost about five to six billion dollars. In 2023 he said, “We had 16 events totaling over $1 billion per event.”
Lowey estimated that damage in 2022 will be around $10 billion.
He said, “It’s like it never ends.”
Inflation is the second reason for higher rates of home insurance, according to him.
He explained that the cost of building, issues with supply chains, and an increase in labor costs, led to an increase in construction materials, products, and construction. He explained: “The carriers increased the value of homes to compensate for the increase in natural disaster rates.”
It’s not good news, particularly for North Texans.
Lowey stated that the DFW Metroplex has one of the nation’s highest home ownership rates.
Turner did not end up getting a new roof on loan.
Preble said, “I felt like this is my family.”
Preble, Preble’s free annual project, decided that he would make this Christmas Roof the roof of his choice.
Preble, who started the project five years ago, said, “I don’t believe you should be praying to God for blessings, then hoarding them to use to help others in your community.”
His crew also donated their talent and time.
“That’s unbelievable. Turner stated, “I’ve never seen anyone do something like that.” We had the insurance check and he returned it, saying, “Merry christmas.”
On a quiet night, Turner’s silent prayers were answered with a booming response.
I prayed about it. “Prayer works,” said he.
Hope others will remember to review their insurance deductibles.
Lowey agrees, saying that it is also crucial to ensure you are getting similar coverage when you compare rates.
He said that there is a great deal of competition in North Texas between companies and insurance carriers. “Be very cautious,” he advised. If you find a cheaper rate, be sure to get comparable coverages. It’s important to compare deductibles and replacement values for the home as well as your roof.
He also said that you should make sure to have insurance for slab leaks, seepage and other issues.
Lowey said that agents of insurance like himself can assist you in keeping an eye on these things.
It’s important to know exactly what you are getting.
I have some companies with a 3% deductible. One carrier has a 5% deductable. You don’t need to learn this when there is a problem. “You want to be clear about your position,” said he.
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