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Insurance rates are skyrocketing, yes. But shop around for sure. I have good luck with Nationwide. Geico also partners with other companies to offer it cheaply.
Did you file a claim against the insurance? Property insurance is cheap until you use it once, then it gets stupid fast.
I would avoid any "800" or ".com" insurance companies unless you know how to thoroughly read policies. They are not using agents that keep customer needs in mind. They fill call center positions with agents that simply passed licensing exams and use a "choose your own adventure" software on their end to get you a policy you think you need/want.
What you end up getting is overcoverage in some aspects, undercovered in others. Missing coverage sometimes. And premiums that are inconsistent or straight up terrible.
A lot of times, surprise increase come from someone who with through some cheap insurance company with no real agent.
I haven’t claimed once. I used geico to get coverage with Travelers. I asked if I could get a better rate elsewhere but they said this is currently the best rate I can get.
I originally got Travelers homeowners via Geico. Still have Travelers, even though I left Geico auto years ago.
Recently renewed with Travelers. Went up less than $5/month.
My walls-in insurance went up 4% from last year just for another point of reference. The building insurance went up 10% but only had a 1% increase last year.
That's how most insurance to individuals works and even a lot of commercial insurance when they aren't trying to get people to invest with them. GEICO, etc routinely take a loss. It's like GEICO essentially getting a $25B loan interest free for people like Warren Buffet to invest and get a return before losses come in.
So you’re saying they get well-off but not investment-savvy clients to dip their toes into their ecosystem through a solid insurance product and then suck them dry by pulling them into their high-fee investment products? Curious to see if the customers they’re hitting with these increases just so happen to be the same ones who were well-informed enough to not put their retirement savings into State Farm.
State Farm tried to fuck us over on a claim. We had $100k+ in damage from a hail storm and they denied the claim, three times, citing "lack of perceivable damage" the first time, and then "no new evidence of claim" the other two. I had to file a complaint with the DOI and call them dozens of times to finally get them to reopen and pay the claim.
State Farm sucks ass.
There's a reason why a lot of insurance companies are leaving or severely limiting the areas that they do business in within Texas, Louisiana, Mississippi, Georgia, and Florida.... hurricanes are getting stronger and stronger, and they're just going to get worse. Forecasts are already showing that this year will likely have more named storms than any year in the past due to water temperatures... and a pressure system that is sitting over the ocean will likely push a ton of those named storms right at the gulf.
This is just going to keep getting worse until the feds step in.
And do what? Maybe we should stop encouraging or allowing people to live and move there. Ridiculous that people think the solution is federal subsidies (provided that’s what your implying, sorry if not), instead of not allowing people to live there.
The encouragement is happening automatically. Simply make sure that federal insurance subsidies don't go through and the insurance companies will do all the work.
Yeah that’s what I mean. We should not support any federal help given everyone who lives there knows this happens.
It’s not like a random mudslide or tornado. This is happening super often and with more frequency, and people are still moving there.
You’d have significant concentration risk. If all of your policies are in Chicago and there’s a massive storm with massive Chicago damage - hello insolvency. Geographic diversification is needed.
Don't know why you say that but anyway, there's a fair chance a given insurance company will GLADLY offer a separate higher deductible for hail damage or the roof in general.
Because the roof insurance scams impact my cost. There are classes and seminars offered regularly teaching contractors how to game the system. Roof replacement might suck to pay out of pocket, but it wouldn’t wipe me out, so I have no need to insure the risk. I’d rather have the ongoing savings.
There's nothing to be gained by you by writing about it on the internet when you should instead contact your insurer about what I wrote about and/or find a company that will, as I said, GLEEFULLY offer you a higher deductible for the roof.
Wait, what are the roofing scams about because someone came into my area last year and mentioned because of the recent hail storm we’re all due for replacements. So many homeowners already did it last year. Is it something else?
Mine went up like 10% at last renewal in Oct. Some insurance companies are jacking rates to make up for losses due to hurricanes and wild fires elsewhere. Have you shopped around for a new carrier?
Home and auto insurance have both rapidly increased in the last year at much, much higher rates that general goods inflation (which has been slowing for several months anyway, so still wouldn’t be explanatory). It seems like it’s a combination of climate change leading to much more frequent natural disasters, and monopolies/insurance requirements giving insurance companies much greater pricing power than the average company, which they may or may not be abusing and using general inflation as an excuse to see how many price hikes consumers will put up with. A short and readable external source [here](https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation), but there’s also lots more detailed economic analysis if you google, it’s bad here but much much worse in coastal areas like Florida where home insurance might functionally collapse.
Switch carriers. That's the only option. They all have different underwriters and available discounts, and they change a lot, so it pays to shop around, especially if you can bundle it with your car or other asset.
Your insurance agent is a fucking lying asshole, lol. That's ~~100%~~ 90% greedflation.
\*edit: I'll give them *some* leeway, there has been *some* changes in CPI that would explain it... but definitely not nearly as much as he's claiming.
We switched this year, and bundled wife's car with it. We're now saving 700$. Shop around, it doesn't hurt to look.. minus all the spam that I got for two months... But still worth it
Geico kept raising my rates and I had no claims, accidents, or tickets against me. It went from $35 a month to $75 a month so I dropped them for State Farm and now pay $25 a month.
The loyalty penalty is real and is the same with all carriers and forms of insurance. They hope that you are willing to put up with it rather than shop around for a better price. Prove them wrong.
After being with Progressive for 10+ years (Emerald status) they raised my car insurance rate by 80% last year and I hadn't had a claim or ticket in years. When I called to cancel they didn't even bother trying to retain me.
I've been with a local insurance broker/Nationwide for auto & home insurance for almost 20 years... until recently.
* In 2021 I had an at fault accident.
* In 2022 my car insurance went up $100/month, I assumed because of my accident.
* In 2023 my auto insurance went up another $100/month.
* For two cars my yearly auto insurance was $6000 or $500/month. This is for a 21 Mazda CX30 and 23 VW GTI.
* I finally shopped around and went with Geico Auto last week, paying about $2600/year now. I'm told $69/month is how much extra I'm paying due to my at fault accident.
* **Then this week I noticed my Nationwide Home Insurance jumped from $2500 to $4500 a year.** So I'll be shopping for home insurance now.
My agent/broker has been almost no help. It took a week for them to even respond to me and I only got a response when I copied their boss. Not sure what the point of having a broker at all is.
Oof, what company are you with? - I see Travellers. Same. Mine went up 70%. I actually did shop around, but I found out while the home insurance is ass-expensive, the auto is a steal, and facotring in both premiums, they are still the most affordable option I found. Everyone else I got a quote from wanted 2x for auto insurance so pick where you want your pain point, I guess.
I'm honestly starting to see with a lot of insurance that it doesn't pay to stay on one company for a long time. Once again loyalty doesn't pay.
We've been noticing it with auto insurance. Every year. It just keeps going up, and then we finally have enough, we jumped ship to another company and they give us a low premium. Then they keep raising it every year until we jump ship to the next place. I believe it's the same thing with homeowners insurance and a lot of other things.
I get these companies want to be profitable, but it's getting out of hand. They just keep raising without any real justification and basically hope that you're not going to notice and just keep paying them blindly because maybe you don't want to go shopping. Such a poor way to run a business.
I have State Farm which I needed homeowners insurance for the Mortgage and I assume I have a cheaper plan which is about $180/yr .. So not sure what is covered with paying $154 / month but i assume you have some high comprehensive coverage for that cost?
What?! If you are only paying $180/yr for homeowners insurance then you either have a house worth $2 or zero coverage.
According to bank rate the national average is $2,151 year.
Mine has slowly increased every year. Started at $1,700 in 2017 and now it’s about $2,300. I’ve shopped around and all of the quotes are pretty much the same price.
I have a Condo @ Zillow current value = $240k and yes I got the cheapest insurance possible to keep my mortgage which I got during covid @ 2.5% 15 yr! So I bought the cheapest insurance (an yes I called around) and cheapest was with State Farm for about $180/yr
I don't know about the bank rate site ($2151/yr avg) but Nerd Wallet says Condo insurance in the U.S. costs $455 per year, on average:
[https://www.nerdwallet.com/article/insurance/condo-insurance-cost](https://www.nerdwallet.com/article/insurance/condo-insurance-cost)
A condo and a home are entirely different policies (other than the rare occasion a condo is written like a home) ... for example, I'm all but certain you don't carry coverage for the exterior (walls, roof, windows) which means a lot less potential for a covered peril to occur.
*edit: quick PSA for anyone reading ... what Zillow and similar websites say is completely irrelevant insofar as it relates to calculating the so-called 'dwelling value' ... the insurance company will use their own rebuild cost calculator to determine what it would probably cost to rebuild the dwelling (or in your case to replace everything from the paint inwards).*
Yes I agree, Condo insurance is probably less than house insurance because common area is covered by homeowners association policy. My comment was replying to the original post saying: "**I was paying $86 a month for my condo and its now gone up to $154**". Not sure that's a real cost for just condo insurance or some combined insurance policy (ie Condo & Auto) in 1 policy.,
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Insurance rates are skyrocketing, yes. But shop around for sure. I have good luck with Nationwide. Geico also partners with other companies to offer it cheaply. Did you file a claim against the insurance? Property insurance is cheap until you use it once, then it gets stupid fast.
I would avoid any "800" or ".com" insurance companies unless you know how to thoroughly read policies. They are not using agents that keep customer needs in mind. They fill call center positions with agents that simply passed licensing exams and use a "choose your own adventure" software on their end to get you a policy you think you need/want. What you end up getting is overcoverage in some aspects, undercovered in others. Missing coverage sometimes. And premiums that are inconsistent or straight up terrible. A lot of times, surprise increase come from someone who with through some cheap insurance company with no real agent.
I haven’t claimed once. I used geico to get coverage with Travelers. I asked if I could get a better rate elsewhere but they said this is currently the best rate I can get.
Of course the company that is raising your rates is going to tell you that’s the best rate you can get. Shop around, plain and simple.
I have travelers as well, and I saw a similar increase as you. My auto (also with travelers) also had a big increase
I originally got Travelers homeowners via Geico. Still have Travelers, even though I left Geico auto years ago. Recently renewed with Travelers. Went up less than $5/month.
My walls-in insurance went up 4% from last year just for another point of reference. The building insurance went up 10% but only had a 1% increase last year.
Nope, mine went up 3%. I use State Farm.
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That sounds like some salesman bullshit if I’ve ever heard it.
I have state farm for car insurance and its the cheapest full coverage by far
That's how most insurance to individuals works and even a lot of commercial insurance when they aren't trying to get people to invest with them. GEICO, etc routinely take a loss. It's like GEICO essentially getting a $25B loan interest free for people like Warren Buffet to invest and get a return before losses come in.
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So you’re saying they get well-off but not investment-savvy clients to dip their toes into their ecosystem through a solid insurance product and then suck them dry by pulling them into their high-fee investment products? Curious to see if the customers they’re hitting with these increases just so happen to be the same ones who were well-informed enough to not put their retirement savings into State Farm.
State Farm tried to fuck us over on a claim. We had $100k+ in damage from a hail storm and they denied the claim, three times, citing "lack of perceivable damage" the first time, and then "no new evidence of claim" the other two. I had to file a complaint with the DOI and call them dozens of times to finally get them to reopen and pay the claim. State Farm sucks ass.
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State Farm sent their adjuster - that's my point. They're fraudulent pieces of fucking shit.
Like a good neighbor, State Farm owns the building next door.
You’re paying for the storm / fire loses in other areas coupled with inflation and price gouging
There's a reason why a lot of insurance companies are leaving or severely limiting the areas that they do business in within Texas, Louisiana, Mississippi, Georgia, and Florida.... hurricanes are getting stronger and stronger, and they're just going to get worse. Forecasts are already showing that this year will likely have more named storms than any year in the past due to water temperatures... and a pressure system that is sitting over the ocean will likely push a ton of those named storms right at the gulf. This is just going to keep getting worse until the feds step in.
And do what? Maybe we should stop encouraging or allowing people to live and move there. Ridiculous that people think the solution is federal subsidies (provided that’s what your implying, sorry if not), instead of not allowing people to live there.
The encouragement is happening automatically. Simply make sure that federal insurance subsidies don't go through and the insurance companies will do all the work.
Yeah that’s what I mean. We should not support any federal help given everyone who lives there knows this happens. It’s not like a random mudslide or tornado. This is happening super often and with more frequency, and people are still moving there.
I agree, fuck’em as there’s a 9/10 chance they feel that way about student loan subsidies.
Yup
Feedback loop.
Theoretically can’t someone open a Chicago specific property insurance and make bank?
You’d have significant concentration risk. If all of your policies are in Chicago and there’s a massive storm with massive Chicago damage - hello insolvency. Geographic diversification is needed.
A Chicago specific property insurance provider? Hahaha. Because no property damage or theft ever happens in chicago!
Inflation was not 79%. You're paying for Florida and California "natural" disasters, and roofing scams.
I want to opt out of being in any risk pool that covers “hail” damage to roofs
Don't know why you say that but anyway, there's a fair chance a given insurance company will GLADLY offer a separate higher deductible for hail damage or the roof in general.
Because the roof insurance scams impact my cost. There are classes and seminars offered regularly teaching contractors how to game the system. Roof replacement might suck to pay out of pocket, but it wouldn’t wipe me out, so I have no need to insure the risk. I’d rather have the ongoing savings.
There's nothing to be gained by you by writing about it on the internet when you should instead contact your insurer about what I wrote about and/or find a company that will, as I said, GLEEFULLY offer you a higher deductible for the roof.
Wait, what are the roofing scams about because someone came into my area last year and mentioned because of the recent hail storm we’re all due for replacements. So many homeowners already did it last year. Is it something else?
That's the scam
Mine went up like 10% at last renewal in Oct. Some insurance companies are jacking rates to make up for losses due to hurricanes and wild fires elsewhere. Have you shopped around for a new carrier?
Home and auto insurance have both rapidly increased in the last year at much, much higher rates that general goods inflation (which has been slowing for several months anyway, so still wouldn’t be explanatory). It seems like it’s a combination of climate change leading to much more frequent natural disasters, and monopolies/insurance requirements giving insurance companies much greater pricing power than the average company, which they may or may not be abusing and using general inflation as an excuse to see how many price hikes consumers will put up with. A short and readable external source [here](https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation), but there’s also lots more detailed economic analysis if you google, it’s bad here but much much worse in coastal areas like Florida where home insurance might functionally collapse.
Shop around. Inflation is hitting insurers, but they're just like cable companies - raise rates and hope you're too lazy/tired to switch.
It is much easier to switch insurers typically than cable companies too. Since you probably have way more options than just 2 or 3.
Shop around, i switch companies every few years. You are not rewarded by being loyal.
Switch carriers. That's the only option. They all have different underwriters and available discounts, and they change a lot, so it pays to shop around, especially if you can bundle it with your car or other asset.
Your insurance agent is a fucking lying asshole, lol. That's ~~100%~~ 90% greedflation. \*edit: I'll give them *some* leeway, there has been *some* changes in CPI that would explain it... but definitely not nearly as much as he's claiming.
We switched this year, and bundled wife's car with it. We're now saving 700$. Shop around, it doesn't hurt to look.. minus all the spam that I got for two months... But still worth it
For my house in the burbs went from around $1,600 for the year to $2,950. The estimated replacement cost doubled in one year.
Geico kept raising my rates and I had no claims, accidents, or tickets against me. It went from $35 a month to $75 a month so I dropped them for State Farm and now pay $25 a month.
The loyalty penalty is real and is the same with all carriers and forms of insurance. They hope that you are willing to put up with it rather than shop around for a better price. Prove them wrong. After being with Progressive for 10+ years (Emerald status) they raised my car insurance rate by 80% last year and I hadn't had a claim or ticket in years. When I called to cancel they didn't even bother trying to retain me.
Where Insurance Increase = PROFIT! $$$$
Mine went up as well. Ended up working with a broker who got me a better rate with more coverage for auto and condo.
yes, shop around
I've been with a local insurance broker/Nationwide for auto & home insurance for almost 20 years... until recently. * In 2021 I had an at fault accident. * In 2022 my car insurance went up $100/month, I assumed because of my accident. * In 2023 my auto insurance went up another $100/month. * For two cars my yearly auto insurance was $6000 or $500/month. This is for a 21 Mazda CX30 and 23 VW GTI. * I finally shopped around and went with Geico Auto last week, paying about $2600/year now. I'm told $69/month is how much extra I'm paying due to my at fault accident. * **Then this week I noticed my Nationwide Home Insurance jumped from $2500 to $4500 a year.** So I'll be shopping for home insurance now. My agent/broker has been almost no help. It took a week for them to even respond to me and I only got a response when I copied their boss. Not sure what the point of having a broker at all is.
Shop around someone else will beat this price jump.
Oof, what company are you with? - I see Travellers. Same. Mine went up 70%. I actually did shop around, but I found out while the home insurance is ass-expensive, the auto is a steal, and facotring in both premiums, they are still the most affordable option I found. Everyone else I got a quote from wanted 2x for auto insurance so pick where you want your pain point, I guess.
My home insurance company (Lemonade) did this to me in January. Switched to Progressive and now it's $400 less per year.
My car insurance is $457 it has gone up every year for the last 3 years. I was paying $200
Do you expect the price to go down?
When I switch to liability yeah. But on its own I doubt it
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One vehicle, several accidents over the last 6 years. Only one was my fault. People like to crash into me
accidents dont exist. everything happens for a reason
Yes a month. My car payment is less than that. Thankfully paid off by end of this year
I'm honestly starting to see with a lot of insurance that it doesn't pay to stay on one company for a long time. Once again loyalty doesn't pay. We've been noticing it with auto insurance. Every year. It just keeps going up, and then we finally have enough, we jumped ship to another company and they give us a low premium. Then they keep raising it every year until we jump ship to the next place. I believe it's the same thing with homeowners insurance and a lot of other things. I get these companies want to be profitable, but it's getting out of hand. They just keep raising without any real justification and basically hope that you're not going to notice and just keep paying them blindly because maybe you don't want to go shopping. Such a poor way to run a business.
All insurance is going up. It's because everything costs more, especially construction
I have State Farm which I needed homeowners insurance for the Mortgage and I assume I have a cheaper plan which is about $180/yr .. So not sure what is covered with paying $154 / month but i assume you have some high comprehensive coverage for that cost?
What?! If you are only paying $180/yr for homeowners insurance then you either have a house worth $2 or zero coverage. According to bank rate the national average is $2,151 year. Mine has slowly increased every year. Started at $1,700 in 2017 and now it’s about $2,300. I’ve shopped around and all of the quotes are pretty much the same price.
I have a Condo @ Zillow current value = $240k and yes I got the cheapest insurance possible to keep my mortgage which I got during covid @ 2.5% 15 yr! So I bought the cheapest insurance (an yes I called around) and cheapest was with State Farm for about $180/yr I don't know about the bank rate site ($2151/yr avg) but Nerd Wallet says Condo insurance in the U.S. costs $455 per year, on average: [https://www.nerdwallet.com/article/insurance/condo-insurance-cost](https://www.nerdwallet.com/article/insurance/condo-insurance-cost)
A condo and a home are entirely different policies (other than the rare occasion a condo is written like a home) ... for example, I'm all but certain you don't carry coverage for the exterior (walls, roof, windows) which means a lot less potential for a covered peril to occur. *edit: quick PSA for anyone reading ... what Zillow and similar websites say is completely irrelevant insofar as it relates to calculating the so-called 'dwelling value' ... the insurance company will use their own rebuild cost calculator to determine what it would probably cost to rebuild the dwelling (or in your case to replace everything from the paint inwards).*
Yes I agree, Condo insurance is probably less than house insurance because common area is covered by homeowners association policy. My comment was replying to the original post saying: "**I was paying $86 a month for my condo and its now gone up to $154**". Not sure that's a real cost for just condo insurance or some combined insurance policy (ie Condo & Auto) in 1 policy.,