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.
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.