Author Topic: What kind of increases are you seeing for insurance?  (Read 2117 times)

clarkfan1979

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What kind of increases are you seeing for insurance?
« on: October 08, 2022, 08:27:07 AM »
I have had the same insurance agent since 2007. I have shopped around in the past, but he has constantly had the lowest rates. However, for next year, I'm not so sure. Before I shop around, I was wondering if anyone else had similar stories about the recent price increase of insurance.

Umbrella is up 20% (no changes to policy)

Car Insurance is up 27% (no changes to policy)

Primary Home Insurance in Colorado is up 43% (replacement cost was increased by 17%)

Metalcat

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Re: What kind of increases are you seeing for insurance?
« Reply #1 on: October 08, 2022, 08:32:17 AM »
Car insurance isn't up much, but my condo insurance is almost double what it was 2 years ago.

The worst part is that it's the water coverage that's jumped the most, likely because of our two "once in a hundred years" floods that happened over the past few years here.

However, flooding and internal water damage are covered under the same clause. So despite being 20 stories above ground, I'm paying a huge premium increase for flooding risk that I'll never be subject to.

Super annoying. But thankfully, condo insurance is still pretty cheap, so the actual dollar increase is pretty negligible.

bacchi

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Re: What kind of increases are you seeing for insurance?
« Reply #2 on: October 08, 2022, 10:48:11 AM »
Car insurance went up 21%. I switched insurers and got it down to a 10% increase.

House insurance went up 17%. Why did yours increase so much? Fire danger?


dandarc

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Re: What kind of increases are you seeing for insurance?
« Reply #3 on: October 08, 2022, 11:04:57 AM »
House insurance was going to go up about 40% for us. But before we renewed our insurer decided to pull out of Florida, and while we could have renewed that was not clear at the time so we shopped it and switched carriers instead of renewing. Our premium went up by 4% vs last year with the new carrier (Citizens - unlikely to go away since it is state run. Hard to say if it will continue to be cost-competitive). But we had to pay for a 4 points and wind inspection that cost enough to be 35% more than last year combined. I don't think the inspection is an annual thing - maybe every 5 years or if we try to switch carriers again.

Car insurance up 21% vs. last year. I actually shopped it and quotes were even higher than just renewing. So probably time to drop comp on one or both of the cars (well in January after last 0% interest payment is made on the one car) except if we did need to replace a car it would be pretty expensive with the used car market the way it is.
« Last Edit: October 08, 2022, 11:07:39 AM by dandarc »

clarkfan1979

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Re: What kind of increases are you seeing for insurance?
« Reply #4 on: October 08, 2022, 02:39:59 PM »
House insurance was going to go up about 40% for us. But before we renewed our insurer decided to pull out of Florida, and while we could have renewed that was not clear at the time so we shopped it and switched carriers instead of renewing. Our premium went up by 4% vs last year with the new carrier (Citizens - unlikely to go away since it is state run. Hard to say if it will continue to be cost-competitive). But we had to pay for a 4 points and wind inspection that cost enough to be 35% more than last year combined. I don't think the inspection is an annual thing - maybe every 5 years or if we try to switch carriers again.

Car insurance up 21% vs. last year. I actually shopped it and quotes were even higher than just renewing. So probably time to drop comp on one or both of the cars (well in January after last 0% interest payment is made on the one car) except if we did need to replace a car it would be pretty expensive with the used car market the way it is.

My Florida home insurance for my rental went up from $1350/year to $2160/year, which is a 60% increase. Despite the large increase, I think this is somewhat normal in Florida with a roof from 2004 (18-19 years old). Once our roof hits 20 years old, I think we will get dropped. Time to start shopping for a new roof. 

badger1988

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Re: What kind of increases are you seeing for insurance?
« Reply #5 on: October 08, 2022, 07:30:19 PM »
Car Insurance: +5% ($231/yr for 2 vehicles)
Home Inurance: +0% (Self-insured)

BlueMR2

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Re: What kind of increases are you seeing for insurance?
« Reply #6 on: October 09, 2022, 08:47:00 AM »
Car insurance -10% - They just sent us a refund as they dropped costs shortly after my last payment.

Motorcycle insurance 0% change - Almost doubled during the initial phase of COVID though.  All in the "uninsured motorist" category.  Weird how that did NOT happen to the car insurance.  Apparently everyone driving around during COVID dropped their insurance and started running over motorcycles???

House insurance.  We'll have to see, next bill should be arriving shortly.  This also jumped up rapidly during COVID, around 20%, but that matches the property value increase we saw during COVID too, so I suppose it's in line.

SpareChange

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Re: What kind of increases are you seeing for insurance?
« Reply #7 on: October 09, 2022, 09:02:06 AM »
Timely thread. Just got notice my semiannual car insurance premium is going from $240 to $356. This is for 300/300/50 liability in Tx with Geico.

solon

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Re: What kind of increases are you seeing for insurance?
« Reply #8 on: October 09, 2022, 06:02:44 PM »
I'm the benefits administrator at my company. Our health insurance is going up 16% next year.

chemistk

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Re: What kind of increases are you seeing for insurance?
« Reply #9 on: October 10, 2022, 05:55:49 AM »
Our car insurance went up ~30%, mostly due to me causing a parking lot accident that required extensive work to the other driver's vehicle.

Home insurance was flat, although our policy renewed a few months ago.


chasesfish

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Re: What kind of increases are you seeing for insurance?
« Reply #10 on: October 10, 2022, 06:47:52 AM »
Up.

Health Insurance +10%
Car Insurance + 15%.

Insurance is going to get more expensive.  Insurance company's combined (loss) ratios are way up due to replacement costs increasing and low yields.   Now rates are going up, which is good long term, but short term the insurance companies take losses on their bond portfolios, which will increase costs more.

Inflation sucks

Tigerpine

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Re: What kind of increases are you seeing for insurance?
« Reply #11 on: October 10, 2022, 09:58:48 AM »
Homeowners:  +13%
Umbrella:  +40%
Auto:  -3%

pdxvandal

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Re: What kind of increases are you seeing for insurance?
« Reply #12 on: October 10, 2022, 10:51:12 AM »
Shopped around earlier this year as my carriers were increasing rates.

Auto: 8% decrease for same coverage
Home:  30% decrease for slightly better coverage/lower deductible

des999

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Re: What kind of increases are you seeing for insurance?
« Reply #13 on: October 10, 2022, 12:06:49 PM »
House insurance was going to go up about 40% for us. But before we renewed our insurer decided to pull out of Florida, and while we could have renewed that was not clear at the time so we shopped it and switched carriers instead of renewing. Our premium went up by 4% vs last year with the new carrier (Citizens - unlikely to go away since it is state run. Hard to say if it will continue to be cost-competitive). But we had to pay for a 4 points and wind inspection that cost enough to be 35% more than last year combined. I don't think the inspection is an annual thing - maybe every 5 years or if we try to switch carriers again.

Car insurance up 21% vs. last year. I actually shopped it and quotes were even higher than just renewing. So probably time to drop comp on one or both of the cars (well in January after last 0% interest payment is made on the one car) except if we did need to replace a car it would be pretty expensive with the used car market the way it is.

My Florida home insurance for my rental went up from $1350/year to $2160/year, which is a 60% increase. Despite the large increase, I think this is somewhat normal in Florida with a roof from 2004 (18-19 years old). Once our roof hits 20 years old, I think we will get dropped. Time to start shopping for a new roof.

my home owners in Florida is surprisingly cheap (considering), but I have a new build.  I think that is why.  I am interested to see what happens after this latest hurricane.  I heard on the radio all of Florida will see increases in home owners.  Even though our area didn't really get hit, and I am just outside of a flood zone.


Blue82

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Re: What kind of increases are you seeing for insurance?
« Reply #14 on: October 10, 2022, 07:51:27 PM »
House insurance was going to go up about 40% for us. But before we renewed our insurer decided to pull out of Florida, and while we could have renewed that was not clear at the time so we shopped it and switched carriers instead of renewing. Our premium went up by 4% vs last year with the new carrier (Citizens - unlikely to go away since it is state run. Hard to say if it will continue to be cost-competitive). But we had to pay for a 4 points and wind inspection that cost enough to be 35% more than last year combined. I don't think the inspection is an annual thing - maybe every 5 years or if we try to switch carriers again.

Car insurance up 21% vs. last year. I actually shopped it and quotes were even higher than just renewing. So probably time to drop comp on one or both of the cars (well in January after last 0% interest payment is made on the one car) except if we did need to replace a car it would be pretty expensive with the used car market the way it is.

My Florida home insurance for my rental went up from $1350/year to $2160/year, which is a 60% increase. Despite the large increase, I think this is somewhat normal in Florida with a roof from 2004 (18-19 years old). Once our roof hits 20 years old, I think we will get dropped. Time to start shopping for a new roof.

Our carrier in FL went under earlier this summer and we couldnít get anyone other than citizens to write a policy on a roof that is 14 years old.  Too close to the 15 year cut off for our zipcode, they claimed.  Oh, and Citizens was about 30% more.  So now we are with citizens and Iím sure the surcharge at renewal is going to be absolutely freaking massive due to Hurricane Ian.   Canít freaking wait. 

Oh, and citizens crappy coverage meant we needed a supplemental policy to close the gap for our umbrella coverage, effectively doubling that price. 

chasesfish

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Re: What kind of increases are you seeing for insurance?
« Reply #15 on: October 11, 2022, 10:12:32 AM »
@Blue82 @des999

Fun.  I'm currently shopping and State Farm won't write beachside property and is trying to push me into Citizens.  Having to go to another agent.   Hopefully I can find a solvent company

des999

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Re: What kind of increases are you seeing for insurance?
« Reply #16 on: October 12, 2022, 07:22:29 AM »
@Blue82 @des999

Fun.  I'm currently shopping and State Farm won't write beachside property and is trying to push me into Citizens.  Having to go to another agent.   Hopefully I can find a solvent company

good luck.  I have been very happy with Progressive.  I used to have Nationwide, but they also no longer insure where I live.

dandarc

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Re: What kind of increases are you seeing for insurance?
« Reply #17 on: October 12, 2022, 09:18:35 AM »
@Blue82 @des999

Fun.  I'm currently shopping and State Farm won't write beachside property and is trying to push me into Citizens.  Having to go to another agent.   Hopefully I can find a solvent company

good luck.  I have been very happy with Progressive.  I used to have Nationwide, but they also no longer insure where I live.
Progressive doesn't even have home-insurance available in Florida (at least in Leon County) - they used to quote but you'd wind up with insurance at some other company. Now just nothing at all. Same for Geico. Insurance market is kind of fucked here. At least when I was shopping a month ago that was the case.

Blue82

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Re: What kind of increases are you seeing for insurance?
« Reply #18 on: October 12, 2022, 07:47:13 PM »
Ö Insurance market is kind of extremely fucked here. At least when I was shopping a month ago that was the case.

FTFY!

Not to mention insurance is zipcode rated and a huge proportion of my zipcode was inundated by ~10 foot storm surge two weeks ago.  My neighborhood had no surge, but zipcode was truly slammed, so our renewal is going to be insane next summer.  Plus the 40% storm surcharge cap for citizens that I have a feeling we will hit due to Ian claims as wellÖ.

We were at $1800 last year, then $2800 this year, and Iím not going to be shocked if itís over $4000 at our renewal.  For a house that has never had a claim.  =/. 

chasesfish

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Re: What kind of increases are you seeing for insurance?
« Reply #19 on: October 13, 2022, 05:10:00 AM »
I'm still grinding in DD for my purchase, but we're seeing $4,000+ quotes on a $300,000 structure sitting at 14' of elevation

GilesMM

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Re: What kind of increases are you seeing for insurance?
« Reply #20 on: October 13, 2022, 09:10:51 AM »
7% homeowner's increase but not bad at about 0.1% of replacement value.

Mr. Green

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Re: What kind of increases are you seeing for insurance?
« Reply #21 on: October 13, 2022, 06:09:08 PM »
10% increase from $1,180 to $1,300 on (now) 220k of structure value. 5 miles from the coast near Wilmington, North Carolina.

des999

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Re: What kind of increases are you seeing for insurance?
« Reply #22 on: October 14, 2022, 06:46:13 AM »
@Blue82 @des999

Fun.  I'm currently shopping and State Farm won't write beachside property and is trying to push me into Citizens.  Having to go to another agent.   Hopefully I can find a solvent company

good luck.  I have been very happy with Progressive.  I used to have Nationwide, but they also no longer insure where I live.
Progressive doesn't even have home-insurance available in Florida (at least in Leon County) - they used to quote but you'd wind up with insurance at some other company. Now just nothing at all. Same for Geico. Insurance market is kind of fucked here. At least when I was shopping a month ago that was the case.

I'm in NE Florida (Ponte Vedra) near Jacksonville in St Johns county.  We def have Progressive and they didn't pawn us off to a diff insurer.  That being said, I do agree with your statement about it being fucked in Fl  :)


des999

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Re: What kind of increases are you seeing for insurance?
« Reply #23 on: October 14, 2022, 06:48:08 AM »
Ö Insurance market is kind of extremely fucked here. At least when I was shopping a month ago that was the case.

FTFY!

Not to mention insurance is zipcode rated and a huge proportion of my zipcode was inundated by ~10 foot storm surge two weeks ago.  My neighborhood had no surge, but zipcode was truly slammed, so our renewal is going to be insane next summer.  Plus the 40% storm surcharge cap for citizens that I have a feeling we will hit due to Ian claims as wellÖ.

We were at $1800 last year, then $2800 this year, and Iím not going to be shocked if itís over $4000 at our renewal.  For a house that has never had a claim.  =/.

wow, that really sucks.  That's my worry as well, we weren't impacted at all by Ian (NE Florida), but St Augustine had some bad flooding and they are only 15 minutes from where I live.

I guess I won't find out until the next renewal. 

dandarc

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Re: What kind of increases are you seeing for insurance?
« Reply #24 on: October 14, 2022, 03:06:04 PM »
@Blue82 @des999

Fun.  I'm currently shopping and State Farm won't write beachside property and is trying to push me into Citizens.  Having to go to another agent.   Hopefully I can find a solvent company

good luck.  I have been very happy with Progressive.  I used to have Nationwide, but they also no longer insure where I live.
Progressive doesn't even have home-insurance available in Florida (at least in Leon County) - they used to quote but you'd wind up with insurance at some other company. Now just nothing at all. Same for Geico. Insurance market is kind of fucked here. At least when I was shopping a month ago that was the case.

I'm in NE Florida (Ponte Vedra) near Jacksonville in St Johns county.  We def have Progressive and they didn't pawn us off to a diff insurer.  That being said, I do agree with your statement about it being fucked in Fl  :)
I guess score one against for Leon County being not populated enough to matter much. Worked the other way until recently with ACA premium tax credits - when the only insurer offering on the exchange in your area is Florida Blue, that makes for some very large PTCs. Being pretty good insurance that is taken by everyone here (state-employee insurance through Florida Blue all but requires it in Tallahassee). But whoever "Ambetter" and "Oscar" are got in the game right when I was finally eligible for any PTC at all and ruined the party.

BlueMR2

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Re: What kind of increases are you seeing for insurance?
« Reply #25 on: October 22, 2022, 07:28:38 AM »
OK, just got new auto insurance bills...

For my wife's '02 it's up 10%, but for my '91 it has jumped up 40%!  That hurts.  All in the medical payments portion.  Which makes sense.  '91 wasn't the height of safety to begin with and this car is notorious for being difficult to handle...

 

Wow, a phone plan for fifteen bucks!