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.
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.