just got the renewal for our auto insurance , nothing in our coverage changed , our rates will be going up by over $3000 next 1 year term , house insurance looks to double , no claims, no tickets no nothing happened on my end just the insurance company jacking the rates because they've had some big losses. not just myself, i talked to a couple other guys i know that have the same companies /agent and it's happening to them too
Auto and Home owners insurance rates going nuts
- Thread starter Hawk-in-Wi
- Start date
Help Support Ruger Forum:
Register to hide this ad
There's an old saying... "never let a crisis go to waste"
Insurance companies take every opportunity, or excuse to raise rates always was and likely always will be.
For an industry that has little to no assets (manufacturing facilities, inventory etc.) little if any product liability (defective product claims) no research or development costs (like big pharma and automobile companies) and have no physical product to market and transport, their business model is essentially taking huge amounts of money from their clients and pay out as the necessity demands.
Other than paying for suits and skirts to warm chairs and liabilities from their "product" they just about all make billions of dollars profit a year.
Insurance companies take every opportunity, or excuse to raise rates always was and likely always will be.
For an industry that has little to no assets (manufacturing facilities, inventory etc.) little if any product liability (defective product claims) no research or development costs (like big pharma and automobile companies) and have no physical product to market and transport, their business model is essentially taking huge amounts of money from their clients and pay out as the necessity demands.
Other than paying for suits and skirts to warm chairs and liabilities from their "product" they just about all make billions of dollars profit a year.
Hopefully capitalism will kick in and competitors will step up to keep prices in line.
GasGuzzler
Hunter
My auto insurance has more than tripled in only four years.
woodsy
Buckeye
Years ago (20?) we had auto insurance from Liberty Mutual. Cheaper than anyone else. Then a yearly bill arrived and there was a 30% increase, despite no claims and our increasing age. Called them and got no satisfaction. The agent who was our contact had also left the company. So we found some other company, back to the rates we previously had. A year or so later Liberty Mutual goes national/public, and begins advertising on TV, which ain't cheap. (Their ads are just about the stupidest one could imagine). So now we know why the rates increased.
The Norseman
Blackhawk
Yeaaa, there's NO Insurance Co. loyal to
a customer and for that reason I'm
out.
Started looking and searching for a different
Home owners policy.
a customer and for that reason I'm
out.
Started looking and searching for a different
Home owners policy.
DeletedMember275
Hunter
- Joined
- Apr 17, 2002
- Messages
- 2,759
Homeowners insurance rates here in Texas are downright usurious. Mine doubled the second year, then increased by 150% the third. 'Too many hurricanes and too much flooding in the Houston area,' I was told. This put my HO insurance at slightly over $7K per year! The other big names in the business weren't any less expensive - some were significantly more (around $9K)! So, we were discussing our options - going without HO insurance (house is paid for), moving somewhere where insurance is less expensive, burning the house down, etc. I was searching online and found a relatively new insurance company that operates in high-risk areas, and was able to get the same coverage for $2K per year less - so only $3K+!
And FWIW, my area doesn't flood, and the hurricanes normally don't come quite this far inland. We're right on the outer edge of the storm area.
And FWIW, my area doesn't flood, and the hurricanes normally don't come quite this far inland. We're right on the outer edge of the storm area.
Home insurance? Who is the best but cheap? Mine is going up 27%!
Who do you use for home insurance? Do I need it? I have a house that is literally 101 years old and still standing strong. Go without? I thought I had a pretty good policy but the renewal is 27% more than last year! Plan to call them tomorrow and see if they want me as a customer or not...
www.rugerforum.com
Here's the thread from May
I can see moving to a location that has cheaper insurance. Please don't drop the coverage on your house unless you have the cash to rebuild it.
I have the house I live in and rentals. I'm more interested in knowing how much your home insurance is as a percentage of the value of your home. That may help put it in perspective. Mine is approximately 1-2% of the value of my property. I have a friend who recently lost his house to fire and I doubt that he would say it wasn't worth it. It's when it hits home the tells you the value. FWIW my properties are all paid for, plus I have a $1million umbrella policy just in case.
I have the house I live in and rentals. I'm more interested in knowing how much your home insurance is as a percentage of the value of your home. That may help put it in perspective. Mine is approximately 1-2% of the value of my property. I have a friend who recently lost his house to fire and I doubt that he would say it wasn't worth it. It's when it hits home the tells you the value. FWIW my properties are all paid for, plus I have a $1million umbrella policy just in case.
GasGuzzler
Hunter
My yearly property insurance is about 1% of the value. I can't complain about that. It's paying nearly $8K per year to insure five cars that are worth $20K total that makes me wonder why I don't don't do something else.
So Fla where the attorneys out number doctors, Auto insurance is through the roof. But, Do you want cheaper insurance and if something happens all they want to do is beat you up. Home owner is impossible.
NikA
Hunter
Are you carrying collision coverage on 5 cars that have an average value of $4K? If you can afford to replace the car out of pocket, collision coverage is pointless.
USAA is trying to kill me financially the past couple years.
It's not just insurance! Our local power company is raising the rates- for supposed "infrastructure improvements". I think it's either to supply electric car charging stations, or to offset the fines from powerline caused wildfires a few years back. The fines levied for the fires were huge.
It's probably for both reasons- but my Fixed income is broke!
It's probably for both reasons- but my Fixed income is broke!
OP
no only 3 of them , just liability on the 2 oldest
NikA
Hunter
Recommend doing the math on how often you might have a collision loss and whether saving the money you would put towards that coverage would net you ahead. Will probably depend on whether you live in a no-fault state.
I had Allstate for the past 10 years or so for homeowners. Perfect credit rating, no claims, pay cash annually. At renewal it went from $1150 to $2150. Ok so I guess everyone is in the same boat. Get a letter saying they did an audit on my property and I have things that need to be address before next renewal. Guy trespassed---fully fenced and gated---one of the photos shows his car and both of ours in the carport---this mean both of us were home. No knock---just wondered around 2.5 acres and took photos. Kinda wish I could have confronted person while racking shotgun. Photos showed lots of trees and brush---mostly neighbors. I keep everything cut back to fence line on one side, mowed pasture joining neighbors pasture on 2nd side, 10 feet of grass both sides along fence on 3rd side, open pasture on 4th side. Says I need to trim all trees above 6 feet from ground---I asked how a 5 foot tall Japanese maple was supposed to be cut to 6 feet from ground--duh. Firewood is stored in metal shed with metal roof---combustible materials can't be within 30 feet of any structure---wonder where I am supposed to stack fire wood? Wood deck attached to house with combustible siding must have metal flashing in between. I asked for a copy of this building code. Oh ya---hardi board siding is made of mostly concrete---hardly combustible---ever try to burn some. I asked what kind of discount I should anticipate if I spent several grand to fix things like they want them---no answer. My rebuttal was denied and I was told upon upcoming renewal I would be dropped. Went shopping and ended up with more coverage for $2000.
Allstate can Kiss me where the sun don't shine!!!
Allstate can Kiss me where the sun don't shine!!!
Wife and I are expecting a check from Allstate in few weeks for a couple hundred grand.... so thanks for paying those premiums!
GasGuzzler
Hunter
I just checked and my home insurance is way more than I thought. It's twice what it was in 2019.
State Farm sent a letter spring of 2023. They actually gave me a heads up someone was coming to take pictures for renewal evaluation but I knew that meant I had to start the process of getting the exterior fixed at my cost.
The entire bill was $24K but the insurance company paid for the roof (only) so I was out pocket $18K in cash so that I could keep the insurance that they now raised because the home's value increased. What a racket.
A few weeks after all the work was done, State Farm sent another letter saying they would not renew my home coverage because of needed repairs but they did not specify what needed repaired. I called five different people (as usual) trying to get answers and finally found someone to tell me I had rotting fascia, etc. I told them they were genius considering ALL the repairs (not just the covered ones) were in the paperwork used by the contractor to get STATE FARM to pay for the roof ... which they did. Told the lady y'all already paid the claim but you're trying to say the work needs completed????
I had to take pictures and send them for proof I made the repairs. Guess they thought I paid $18K for nothing or for fun. Didn't even accept my pics saying they were too blurry. Had to sent someone out to traipse around my yard again...
Here's one of the pics I sent that was "too blurry".
State Farm sent a letter spring of 2023. They actually gave me a heads up someone was coming to take pictures for renewal evaluation but I knew that meant I had to start the process of getting the exterior fixed at my cost.
The entire bill was $24K but the insurance company paid for the roof (only) so I was out pocket $18K in cash so that I could keep the insurance that they now raised because the home's value increased. What a racket.
A few weeks after all the work was done, State Farm sent another letter saying they would not renew my home coverage because of needed repairs but they did not specify what needed repaired. I called five different people (as usual) trying to get answers and finally found someone to tell me I had rotting fascia, etc. I told them they were genius considering ALL the repairs (not just the covered ones) were in the paperwork used by the contractor to get STATE FARM to pay for the roof ... which they did. Told the lady y'all already paid the claim but you're trying to say the work needs completed????
I had to take pictures and send them for proof I made the repairs. Guess they thought I paid $18K for nothing or for fun. Didn't even accept my pics saying they were too blurry. Had to sent someone out to traipse around my yard again...
Here's one of the pics I sent that was "too blurry".
