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Insurance Premiums Going Bonkers? [ADMIN WARNING: NO POLITICS]

RubiconOO7

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My vehicle policy's have stayed stable for the most part, but I need to call my Agent to find out why my Homeowners policy went up 50%. I was paying ~$1K a year for my Homeowners policy and from one year to the next it went up to $1501.00 this year. No claims, nothing in probably the last 15yrs, so not sure whats up with that.

For me at least, when checking around, the major companies like Allstate and State Farm have been pretty close for both Home and Auto.
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JL MADDOG

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Mine went up as well. Being tied to the general populations with high losses tends to increase your rates as well. Insurance companies like to use data on vehicular damages as a guide, sort of like an actuarial calculation and they increase rates to cover what they expect those losses to cost.

I've seen the way people drive around here and given the increased loss potential due to poor, inattentive and the "I could care less" classes of drivers prevalent here, I'm not surprised my premiums increased.
 

Heimkehr

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...I need to call my Agent to find out why my Homeowners policy went up 50%. I was paying ~$1K a year for my Homeowners policy and from one year to the next it went up to $1501.00 this year. No claims, nothing in probably the last 15yrs, so not sure whats up with that.
Our Homeowner's Policy insures us for the actual replacement cost of our house. This necessarily links the coverage to prevailing commodity prices for construction materials like lumber, OSB, drywall and every other related dry good at the box store with observed skyrocketing prices over the past two years.

If your policy provides the same or similar coverage, that may be what you can walk back to the increase in your premiums. Just a thought.
 

Shibadog

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Try shopping with a brokerage vs a specific. A GOOD brokerage will look through all the companies they handle and hook you up with the one with the lowest rate.
 

zrickety

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I'm on the line with Geico, ours is up 20% on 3 vehicles. They are telling me it's due to inflation SMH
 

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Pig-Pen

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Check into bundling home and auto. Can often save a good amount by doing so
 

LuvHydro

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Our auto policy skyrocketed when we added the Jeep, more than doubled. No tickets, no accidents, nuthin, just a huge rate increase.

Our homeowners went up 20% this year as well. No claims. We do have the best coverage they offer tho. I told my agent when we got the policy, I want the absolute best you have and I expect any claims to be resolved quickly and fairly.
 

cornercanyon

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. . . realizing each day–
We shop our personal and business policies every two years: minimal increases in either, moderate increases in all—
 

The Last Cowboy

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Our auto policy went up about 60% at renewal time last month. I’ve had my house and cars insured with a regional company, Germania, since the 90s. Rates have been great and service excellent. They don’t run comedy skit commercials.

My independent agent/broker suggested I go with Progressive for the vehicles. I didn’t want to do business with a comedy company, but it saved me more than the 60% jump Germania wanted.

One thing that seemed to be a big ding was a $1k windshield claim on a Navigator we had. It affected the price from both companies. I told my agent that I thought glass was counted against you. Well, it is now, in Texas anyway. Plus the county I live in Bexar, has higher claims averages. I need to move a county or two away from San Antonio.
 

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guarnibl

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I have quite a few windshield claims - nothing else. Thankfully most are dropping off now since it’ll be three years in March. I’ll then be under 3 claims in 3 years. But when I shopped for a FL policy for one of my vehicles (2 homes) — progressive wouldn’t even insure me because of my glass claims. Which is funny because they were happy to insure my vehicles in AZ ( but weren’t six months ago). Geico is expensive in FL it seems so going to check safeco next. Moving my AZ policy from Geico to Progressive cut my six month premium from $1700 to $800 for identical coverage.
 

FCCinAZ

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GEICO in AZ went from 1900 to 2400, clean record and 10 year customer. I’m now a new progressive customer at 615! I think different companies target certain markets and adjust occasionally. I’ll be more proactive and shop around at least every 2 years, but it’s just a PITA.
 

BullMoose1776

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Would it be too much to ask for fewer insurance commercials? It seems that this ad category has exploded the last few years.

Maybe less advertising would help moderate the rates a little, and give us all a break from talking lizards, goofy jingles, and tired spokespeople.
Never gonna happen. Insurance is basically a commodity now, just like fuel, so the actual product differentiation is minimal, if not non-existent.

Advertising differentiates your perception of the products, by "helping you not become your parents" or by "giving you the Patrick Price".
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