Just got the paperwork for this year's insurance premiums and I was shocked. I live in a very small city, three year old house, 3 bedrooms 3-1/2 baths, second tier lake lot, one acre, 3500 sq foot house with attached two car garage. Last year's premium for $423K in coverage was $1061. This year it increased to $1613. Four automobiles, three are 20+ years old and one is ten years old. Last year's premiums for liability only was $1237 while this year it jumped to $1811. This is through Safeco.
Have you all seen similar increases in premiums? As you can see my expenditures for insurance went from $2300/year to $3424/year, a 33% increase. Plus my wife and I have credit scores of 800+. Should this be happening or is the insurance black hats just wanting to wring every dime out of me?
I'd be very appreciative if you could give me the names of insurers who are good with their coverage and cheaper with their premiums, thus I could go and ask for their quotes. Thanks.
My Traveler's car insurance went up $500 last year. I was told it was because parts were hard to come by, and everyone's went up. Then my premium jumped another $600 this year. This would be $4200 a year for a 2013 car and 2012 truck in Oklahoma. I called my agent and told her this is ridiculous, so she had better find me a better deal. She switched me to Progressive with the same exact coverage and deductible for $1650 a year. Big difference.
My homeowner's insurance went from $3300 to $3900 last year. My agent said I need to wait until my renewal in May to look for a lower policy. I only have my property insured for $100,000, for what I owe the bank. I don't want to guess what the premium would be for the valued amount of $600,000.
If your agent were any good they would have suggested you switch before you complained.