Insurance Going Way Up

[spencer rifle]

Time for our annual renewal. No accidents or claims in the last two years. Results:
Car insurance up $2500 over last year.
Home insurance up $500
Renter insurance up $250

This is Liberty Mutual, which we have because they cover damages by tenants. We found out the hard way that our pervious insurance would cover damages by everyone else but not our tenants. Might be time to go insurance shopping, but not hopeful.

 

[firecadet613]

Time for our annual renewal. No accidents or claims in the last two years. Results:
Car insurance up $2500 over last year.
Home insurance up $500
Renter insurance up $250

This is Liberty Mutual, which we have because they cover damages by tenants. We found out the hard way that our pervious insurance would cover damages by everyone else but not our tenants. Might be time to go insurance shopping, but not hopeful.

Find a good, local broker. My broker "shops" me before my renewal time and presents options for me, if my rates were increased.

Before him, I shopped every year...

 

[Hkindiana]

Can you require the tenants to purchase insurance and name you as the benificiary?

 

[miguel]

Let me call Doug and the Emu for you...

 

[snorko]

End of last year my insurance company was bought out by Liberty Mutual. The new premiums were substantially higher. When my independent agent sent me the new policies (home & auto) I noticed they had neglected to add earthquake insurance. They decided to shop the coverage while correcting the problem. Ended up switching to Cincinnati Ins resulting in superior coverage for $500-$600 less in total overall.

 

[DoggyDaddy]

Let me call Doug and the Emu for you...

"Only pay for what you need!"

 

[Super Bee]

One of my closest friends is also my agent. I talked to him about rising rates. He said he hasnt had an auto accident claim this year without an attorney hooked to the file.

 

[INPatriot]

The world is run by insurance companies and attorneys, and I don't like it.

And at the risk of sounding like a bad guy, most people are probably under-insured due to inflation and the extreme increase in real estate values. There are very few that could build their exact home new, should, God forbid, something happen to the current home. Likewise with replacing vehicles. The appraised value of a vehicle and the market value of its replacement don't benefit the insured.

 

[Ark]

No claims, liability auto only, up 25% this year from Liberty.

It's across the board. Only switched to Liberty because of a near 100% hike by Progressive.

 

[Wstar425]

I just talked to my insurance agent yesterday due to being unable to renew registration on a motorcycle. Got that straightened out and asked about homeowners which is $4085.00 annually. It was $650 in Wisconsin 4 years ago, but for 1/2 value. Says because we are in 8B rating for fire, the highest rating (bad, trees, desert, long ways from fire dept.) to still get insurance. Companies are leaving New Mexico due to big fire claims 2 of last three years.
I asked what happens then, he said you get put in a pool and your rate is now $2000 a year. Asked how do I get in that pool, he says not so fast, max coverage is $250,000. Our property is nearly $700,000.00

A racket you can’t win…..

 

[Brandon]

State away from the good neighbors. **** state farm.

 

[devildog178]

Can you require the tenants to purchase insurance and name you as the benificiary?

Yes you can. Shelter Insurance policy for that in my case is $8 a month for 300k liability

 

[Dim Mak]

Insurance is such a ponzi scheme. My homeowners went up $700 a year. And both my auto policies damn near doubled. Pretty sure the American dream is dead for everyone else.

It’s a racket alright, a “legal” one.

 

[thunderchicken]

We just dealt with new insurance shopping for our church. Had the agent come out and go over the policy with the board. He was telling us about how hard it is in that market to find a company willing to insure such a facility. Many pretty much are expecting buildings to have roofs replaced every 10 years even if they have 30 year shingles installed. That alone blows my mind. We had an estimate done for our roof and it was $100k+ to do a complete new roof. That's dang near our entire budget for a year.
He was telling us that within the industry some western states and coastal states like Florida, some agencies are cancelling policies and not insuring building because of the number and size of claims.
I'm shopping for new home owners insurance since I'm in the process of moving and it's eye opening.

What chaps my tail, is how many commercials insurance companies run on a daily basis all while sticking it to all of us. I mean how many insurance commercials run during the Super Bowl at millions of dollars a run? We're all paying for that crap while they do what they can to minimize payout on any claims. Then raise your rate after a claim. The real b**** of it is dang near none of us can afford not to have insurance and it's required if you're paying a mortgage.

 

[bwframe]

We need to talk to president Trump about this... No tax on insurance rates that go down instead of up!

State Farm rates went up 20% at the beginning of this year. Another 5% (correction 6.5%) up on the last bill. Not a claim in 30 years...

 

[Tactically Fat]

We have Liberty Mutual too. For now. Not much longer. Literally a 100% rise in our cost overall.

Probably going to examine Traveler's Insurance.

 

[Leadeye]

You will own nothing, and be happy, maybe because you won't be able to afford to own anything and insure it, including yourself.

 

[printcraft]

No claims, liability auto only, up 25% this year from Liberty.

It's across the board. Only switched to Liberty because of a near 100% hike by Progressive.

Wow.
I was with Farmers for decades, kept going up without any claims.
Switched to Progressive, HALF the price for 4 vehicles with more coverage than I was paying for 2 vehicles at Farmers.

 

[Dim Mak]

We have Liberty Mutual too. For now. Not much longer. Literally a 100% rise in our cost overall.

Probably going to examine Traveler's Insurance.

I just dumped Liberty Mutual about six months ago. I went back to a company I sued ten years ago over a no fault accident I was in and they immediately tried to get me to waive my medical rights. I asked them people actually do this? They said yes all of the time. I was like well they are dumber than a box of rocks. I’ll see what my attorney says and I’ll get back to you. I got back to them alright. I worked them over for over 100k in mediation one year later and they paid up. It worked out well and I waived nothing.

 

[firecadet613]

State away from the good neighbors. **** state farm.

They paid a water damage claim out on one of my houses and then put a new roof on due to wind damage at another house.

Didn't raise my rates, only left them for a much better auto rate on a new truck I bought (and to this day they are still a bit higher than I'm paying now).