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Houston, bend over and grab your socks! 
Insurance rates up as much as 500 percent, same coverage
09:54 PM CDT on Tuesday, June 13, 2006
By Jeremy Desel / 11 News
Thousands of Houston homeowners will soon be hit with an insurance rate hike of 300 percent or more.
AP
Insurance rates are going up, but coverage remains the same.
Knowing that the big one could come any time is risky, but risk is what insurance is for.
But what if you can't get it?
""There is nothing in place to protect people," said Claire Pinkston.
The homeowners at Hidden Lake Townhomes found that out recently when they got the renewal of their insurance.
"We kind of went though it and went, 'You're kidding'," said Pinkston.
From $37,000 for the 84 units to $96,000.
But that wasn't the worst of it.
"You have until tomorrow at 5:00," said Pinkston.
Many insurance companies are telling customers that Harris County is now considered as high risk as Galveston.
"This is such bad business practice that there has to be something wrong here," Pinkston said.
Officially, the state says nothing has changed.
Tier One, or highest risk, still technically only includes a small part of coastal Harris County .
But many insurers said that for their purposes, all of Harris County is high risk.
Hence the massive rate hikes to many associations that have commercial insurance.
"We assume they are going to raise rates, but 300 to 500 percent. That is an awful lot. And has caught a lot of people by surprise," Pinkston said.
Not just the rates but the tactics of some companies.
After we started asking questions, the State Department of Insurance said it would begin an investigation into the matter.
But you have the power to start that process by filing a complaint.
As for the folks at Hidden Lake, they were able to find another insurance carrier that only raised rates slightly...
But with a catch, the deductible.
"From a $5,000 deductible per unit to now a $25,000 to $50,000 deductible per occurance," Pinkston said.
That's a 500 percent increase.
There are 31 other associations, just managed by one company, now looking for other coverage. We were told by insurance brokers that is very hard to find here. We have also found associations that didn't want to run the risk of being cancelled like Hidden Lake did.
They simply paid new premiums, triple in price for the same coverage.
Insurance rates up as much as 500 percent, same coverage
09:54 PM CDT on Tuesday, June 13, 2006
By Jeremy Desel / 11 News
Thousands of Houston homeowners will soon be hit with an insurance rate hike of 300 percent or more.

Insurance rates are going up, but coverage remains the same.
Knowing that the big one could come any time is risky, but risk is what insurance is for.
But what if you can't get it?
""There is nothing in place to protect people," said Claire Pinkston.
The homeowners at Hidden Lake Townhomes found that out recently when they got the renewal of their insurance.
"We kind of went though it and went, 'You're kidding'," said Pinkston.
From $37,000 for the 84 units to $96,000.
But that wasn't the worst of it.
"You have until tomorrow at 5:00," said Pinkston.
Many insurance companies are telling customers that Harris County is now considered as high risk as Galveston.
"This is such bad business practice that there has to be something wrong here," Pinkston said.
Officially, the state says nothing has changed.
Tier One, or highest risk, still technically only includes a small part of coastal Harris County .
But many insurers said that for their purposes, all of Harris County is high risk.
Hence the massive rate hikes to many associations that have commercial insurance.
"We assume they are going to raise rates, but 300 to 500 percent. That is an awful lot. And has caught a lot of people by surprise," Pinkston said.
Not just the rates but the tactics of some companies.
After we started asking questions, the State Department of Insurance said it would begin an investigation into the matter.
But you have the power to start that process by filing a complaint.
As for the folks at Hidden Lake, they were able to find another insurance carrier that only raised rates slightly...
But with a catch, the deductible.
"From a $5,000 deductible per unit to now a $25,000 to $50,000 deductible per occurance," Pinkston said.
That's a 500 percent increase.
There are 31 other associations, just managed by one company, now looking for other coverage. We were told by insurance brokers that is very hard to find here. We have also found associations that didn't want to run the risk of being cancelled like Hidden Lake did.
They simply paid new premiums, triple in price for the same coverage.