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.
Yeah, pretty sure we all fucked on insurance at this time. Not sure there is a cheap one.
Allstate lowered my car and home insurance
Thanks for the reply. They will be on my list to investigate.
I'm rural ohio
Yes. For quite a while. We moved into our last house in South FL in 2015. Concrete block/Stucco house. At that time when we bought the house, I shopped the insurance and was able to get it for just over $1300 per year. In 2018 I received a notice saying it would go up. It went up to $2500 per year. In 2021 it happened again. It went up to $3600 per year. Shopped it some with no luck, I was not the only one. Before we moved again in 2022 I got a notice saying it would go up to $4900 per year. Later that year around May, I got another notice saying that the policy would be cancelled because of the high liability in the area! This meant that if we had stayed there, our insurance would have been punted to Citizens Ins and probably would have been over $5000 per year. Common occurrence in South FL. I'll add that I have never made any kind of claim in any house we have owned. So, that makes it even more fucked up. Similar with our 3 cars, just not as dramatic. Insurance is one of the biggest scams! Right behind being taxed to death!
If you don't have a bankster slavery contract (mortgage), then you should absolutely cancel insurance in south florida, or anywhere else for that matter (but especially in south florida because insurance in FL is totally shit).
Just save up for repairs. it will cost less, even if a rare event happens.
If you do have a bankster slavery contract, you're unfortunately out of luck.
No bankster slavery contracts here. When we moved in 2022 we paid cash for our new place and gave the insurance scammers the middle finger! The cars is another story. Just have to shop it and change companies every time the rate goes up from now on.
I am 100% sure illegal aliens don’t insure the cars they drive, nor does our low income population. That is why WE pay for uninsured motorists! I have always said, in this day of computers you should have to prove you are insured or have an account set aside with sufficient money to cover accidents. When the insurance is cancelled or the bank account dips below the amount determined, your license plates and your driver’s license becomes null and void. Responsible citizens should not have to pay the price. You are in an accident or caught speeding and your driver’s license and plates are void, you get a double whammy. If you can’t pay, you will need to work it off. A percentage of your job income or welfare income goes to the part or parties involved until paid in full.
Life insurers are losing their asses due to excess death, but they can't make a fuss about it because they supported the experimental medical products. Instead they'll just boost the cost of all their other offerings to recover their losses.
Yep, State Farm stuck it to me this year (so far) and neglected the lube...
Did they give you a free bag of sand and a reach-around?
I'd recommend that you find a good independent agent (or broker) and get an array of quotes. The advantage of this approach is that you may run across a company or companies that are regional, and may provide a better value because they are prudent in regards to who and what they write. As for me, I would second the recommendation for Erie, if they write policies where you are at. I have been with them for over 30 years. shop my policies every two years, and have yet to beat them by any significant amount.
Thanks for the reply. I looked online to see if Erie services my area, yet they don't. Bummer.
You Will Own Nothing And Be Happy
What State? Florida has been skyrocketing.
Missouri
Not sure if Erie Insurance is available in your area. My auto stayed the same, homeowners went up about 15%. All my neighbors are saying their HO went up too.
My bundle went from $1800ish to $2600ish. I used to pay all up front for the discount but not this renewal!
If you’re a vet you can try USAA -they haven’t gone up that crazy on us & my kids get big discounts signing up under dad.
we have usaa and ours has gone up in the 30% range. We are also being "looked" at for cancellation due to fire danger. everyone in my area is either getting all out dropped or their rates are skyrocketing. Our insurance went up that 30 ish percent before i started hearing others in my community of being canceled. We're just waiting for our letter. ugh
Hell yes.
Auto-Owners if they write in your State. Run an Insurance Agency, they are saying prices will not be going down anytime soon.
I haven't gotten mine yet, but I'm sure it will be outrageous. Everything else is.
If reserves drop, the market is doing poorly, losses are generally high, they want more profits or an insurer thinks they are over represented in a market they will raise their rates. Very few people switch insurance any given year and that gets actuaried into the decision.
Figure right now inflation sucks. That means losses cost more to cover. Rates and deductibles will adjust to share the risk. If you haven’t seen rates increasing substantially before they simply have to catch up. Safeco might well have been holding out to try and gain market share, too.
Find yourself a local Independent Insurance Agent. They can shop your needs across many different companies with a single application. Most of the “branded” agents are working just with one company.
And remember that commissions are the same for everybody and the same carrier, so you’re buying on service. Find an agent who wants to understand your needs and is good on follow up. Mine has gone to bat for me a few times and rattled cages to get claims resolved faster and more in my favor.
Also, take a closer look at the Mutual insurance companies. They are technically owned by policy holders. They’re kind of like credit unions vs banks.
2 years ago 130 a month and now it's 190 for my same / depreciated car's insurance. I have a perfect driving record and 800+ credit score
For over 400k paying 1k is cheap. National average for a much cheaper home is 1500.
Ours went up two more than that, for so much less.
Yeah my home insurance went up 33% and my car insurance went up 27% my business insurance went up 37%. All through Safeco. I switched everything over to AAA and saved $2200. But all insurance everywhere is going sky high
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.
Auto insurance didn't change, but the homeowners went up - but not by much. Medical insurance also went up. My mother got hammered on her medical and car insurance. She ended up getting new policies for both.
From what I understand, homeowners insurance went up primarily because of increased costs of construction materials and labor due to inflation. As far as auto insurance, the outrageous cost of EVs when involved in accidents was an unintended consequence of another not well thought out green agenda scam. Any EV involved in an accident is usually totaled because there is no way to test whether the batteries are compromised. Even simple repair costs of these EVs are not cheap. Included in that premium increase are losses from the rollout of the jabs that have led to an increase in accidents. Of course they are baffled as to why. Not to mention that around 30% or more of drivers are pharmacologically impaired. Add to that a few million foreign drivers either legally or illegally behind the wheel. Most car insurance now has a dual liability agreement between the carriers meaning they often don't care who is at fault - they both pay for their own policy holder.
I have my home and auto insurance through my state's farm bureau. The rates are good and the service is excellent. I try to stay away from major carriers that try and spread their losses across all their policy holders. The only way to get the auto insurance from the farm bureau is through the home insurance - which for them is probably a better risk than offering auto insurance to the public at large.
Due to the housing bubble everyone's houses increased in value alot..therefore property taxes insurance went up..much moreso if you get hurricanes and forest fires