what’s everyone’s damage? Just got my updated documents from my broker, who braced me for this a couple months ago, and home + auto is jumping 56% despite zero claims for either on record. I may shot around a bit but I doubt there will be much of a difference, certainly not on the service side.
I bundled home & auto and got the best price after shopping around.
I've had auto with them for a couple of years and the yearly increase was minimal; so now I got home with them also.
It sucks, but there is a serious insurance crisis happening. Everyone talks about moving to Florida to save on taxes, well good luck with homeowners insurance down there.
It's a problem.
I got quotes, and was able to get better coverage with an very slight increase with doing home and auto bundle with State Farm although they would only do so by putting a safe driver beacon in the car (like an EZ pass).
Regarding homeowner's, if the replacement cost has increased due to inflation, then I can understand how it could be linked to an increase in premiums.
This is one of the more under-reported inflation costs in the economy. It's brutal.
You are the lucky one, mine was up 200%.
They are. I work for an insurance carrier. Reinsurance costs are through the roof because of all the catastrophic events the past couple of years. Couple that with inflation - cost of literally everything is much more than it was 2 years ago (Much much more 5 years ago), including construction materials, car parts, labor, defense costs - everything. So the reinsurance costs are killing the carriers and the only way to make it up is to pass it to the consumer.
Probably the least talked about negative impact of inflation that has one of the biggest effects on almost everyone.
Not trying to get political but most of the big companies - The Travelers, AIG, Hartford, Berkshire Hathaways of the world expect things to significantly settle down or at least level off if things go a different direction in November.
I've never had a claim, my credit score is excellent, the house didn't change locations; it made no sense.
@KobeissiLetter
Insurance is the new "luxury" item:
Many Americans are no longer able to buy cars because they cannot afford to insure them.
The cost of auto insurance has risen by a massive 22% over the last year.
This is the biggest one year jump in insurance premiums since the 1970s’.
Meanwhile, the average new car loan interest rate is now 9% and used car loan rates are well above 12%.
The average car payment for a new vehicle is at a record $738/month.
Car ownership is more expensive than ever.
Link - ( New Window )
NY Times article - ( New Window )
I know it some states (like California) they were capped on how much they could increase premium. I belvie they had recent changes to that policy which has allowed insurance companies to increase premiums more. Insurance companies are now doing that to recover losses.
A lot of the smaller companies have stopped doing insurance according to my broker. Ones that still are (like the big companies) have had a lot of changes. Allstate won’t insure you if you have two claims in 5 years. And they don’t care if it was a different house! Have a rental property that needed a roof in 2021, and my primary home needed one in 2022 all from hail. I’m not longer insurable to them until one falls off.
Other companies like State Farm have increased their deductible from 1 to 2 percent. Think Allstate will let you keep a 1.5 if you are an existing customer. Anyone else is going to 2. This situation isn’t going to get better. Not with inflation still increasing. Buckle up, guys. It’s going to confuse to be dicey.
Now my car is 15 years old and I don't have collision and haven't for about 10 years.
Even the insurance I used for liability/medical for the baseball league I am part of went down in price.
Weird.
I have about a 20% increase, but man the real damage is about to hit.
I currently have 4 cars and 4 kids on my policy and I'm about to have 5 cars and 5 kids and one of the cars will be a 2024.
I am expecting some damage.
I have about a 20% increase, but man the real damage is about to hit.
I currently have 4 cars and 4 kids on my policy and I'm about to have 5 cars and 5 kids and one of the cars will be a 2024.
I am expecting some damage.
sorry, not 4 or 5 kids, I meant drivers.
5 cars, 5 drivers. only 3 are kids.
Did the same last week, same 'go feck yourself' response.
Boca Gene may have something.
UConn, timely thread, thanks.
btw where does Spencer go? I think you said a week ago tonight that all 5 starters are likely to leave.
I bundled home & auto and got the best price after shopping around.
I've had auto with them for a couple of years and the yearly increase was minimal; so now I got home with them also.
Gene, flesh that out a bit if you don't mind. What's the portal to get to Connect/American Family?
tnks
If you are a Costco member, get their Connect insurance, which is American Family.
I bundled home & auto and got the best price after shopping around.
I've had auto with them for a couple of years and the yearly increase was minimal; so now I got home with them also.////
Gene, flesh that out a bit if you don't mind. What's the portal to get to Connect/American Family?
tnks
I bundled home & auto and got the best price after shopping around.
I've had auto with them for a couple of years and the yearly increase was minimal; so now I got home with them also.////
Gene, flesh that out a bit if you don't mind. What's the portal to get to Connect/American Family?
tnks
Just googled the name, interesting, banner box that appears:
Adios Allstate, hello State Farm. Big savings on Auto Insurance also.
Groceries? Just 2.2%. Rent? 5.7%
Quote:
Policy double on us when it was time to renew late last year. Called my agent, she didn’t care pretty much said it is what it is. I said ok, goodbye.
Did the same last week, same 'go feck yourself' response.
Boca Gene may have something.
UConn, timely thread, thanks.
btw where does Spencer go? I think you said a week ago tonight that all 5 starters are likely to leave.
I’m seeing late 2nd rounder. I can see him being a spark plug last man on the bench. He has NBA 3 range and outworks everyone, just not athletic.
Go to https://www.costco.com/services.html and scroll down past the Audi buy deal.
[/quote]
Costco Connect Insurance - ( New Window )
I might have to go this route - how reputable are they and do you jump through hoops for claims?
bundle
Quote:
You can do the home insurance quote workup online there. Costco Connect Insurance - ( New Window )
I might have to go this route - how reputable are they and do you jump through hoops for claims?
To add, reviews don’t look good which I know can be misleading but not saying much positive feedback.
I might have to go this route - how reputable are they and do you jump through hoops for claims? [/quote]
Never made a claim, so can't say. As for rep, if Costco is standing behind them, I am confident. Costco member since 1992.
bundle
Ha, USAA jumped my car insurance almost 100% in the past two year. Homeowners about 40%. No claims. Infuriating. My kids all dropped USAA because of the increases. Used to be if someone asked me about updating my insurance and I said I have USAA they laughed and walked away.
Yes I live in So FLA in the same bullet proof house that has been in 5 direct hits without any damage. So it is angering.
Groceries? Just 2.2%. Rent? 5.7%
Makes sense with the rise in EV’s. The way they are constructed if they get in even a minor accident the whole car is most often a total. Repair costs also insanely higher than gas vehicles. Was only a matter of time until it started to affect the entire insurance industry.
I am also sure there have been no cuts to the insurance execs salaries.
Quote:
We are paying for all the catastrophes in the country.
They are. I work for an insurance carrier. Reinsurance costs are through the roof because of all the catastrophic events the past couple of years. Couple that with inflation - cost of literally everything is much more than it was 2 years ago (Much much more 5 years ago), including construction materials, car parts, labor, defense costs - everything. So the reinsurance costs are killing the carriers and the only way to make it up is to pass it to the consumer.
Probably the least talked about negative impact of inflation that has one of the biggest effects on almost everyone.
Not trying to get political but most of the big companies - The Travelers, AIG, Hartford, Berkshire Hathaways of the world expect things to significantly settle down or at least level off if things go a different direction in November.
THIS. I'm in the insurance business 40+ years. Material and labor costs sky rocketed since Covid and it's finally catching up to the insurance industry. Had a client who suffered a major homeowners loss (fire) and it took 18 months to get it fully repaired and back into the home. It normally would take 8 - 10 months but a backlog of materials etc cause the delay. Note the insurance company is paying for them to live elsewhere during this time adding to the costs.
In NJ major carriers such as Allstate and State Farm have stopping writing new auto and homeowners all together.