U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > House
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-08-2022, 02:47 PM
 
Location: Ohio
2,299 posts, read 6,480,743 times
Reputation: 1938

Advertisements

Before moving out of MA, I always get big jumps each yr for Auto. Have to switch to a new company each yr and the new company is usually even cheaper than the previous year rate. Just moved to Ohio so don't know if I'll get a big $ jump here.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 11-08-2022, 02:49 PM
 
Location: Somewhere in America
15,497 posts, read 14,353,615 times
Reputation: 28367
Quote:
Originally Posted by huitrecouture View Post
I love these posts.

Nobody ever states why. As IF there's no breakdown in the policy docs and your agent can't give you any reason.

Mine NEVER went up since I came to FL 15 years ago until a year or two ago when TSHTF

"first house". So .....
Yes, the policy breaks down each charge. Multiple charges increase in price every year. Why? Because that's what the insurance company has decided to do. I've never had an insurance claim. I find it hard to believe that any insurance policy in any state hasn't increased over 15 years. I don't believe that for a minute.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-08-2022, 05:56 PM
 
Location: In a happy place
3,952 posts, read 8,089,716 times
Reputation: 7885
Quote:
Originally Posted by otterhere View Post
The name of the state appears in the title of the insurance company, so...pretty sure it's limited to that state.
I live in Ohio. We have insurance companies here with Florida, Massachusetts, Indiana, Michigan, California, and probably just about every other state (and even some foreign countries) in the name. I don’t think companies with a different state in the name are forbidden. You can’t tell just by the name.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-08-2022, 05:56 PM
 
10,327 posts, read 3,987,526 times
Reputation: 14378
Quote:
Originally Posted by johngolf View Post
My homeowners insurance in Columbia SC went up 20%. My car insurance stayed the same even though my car decreased in value.
Look at your policy and see how much of the increase was for liability, which isn't affected by the value of the car.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2022, 07:53 AM
 
Location: Raleigh, NC
5,308 posts, read 6,053,773 times
Reputation: 8874
Quote:
Originally Posted by otterhere View Post
My homeowners' insurance has increased every year by $30-60 dollars or so, but this year, it has jumped by nearly $180 or more than double the usual rate.
Insurance companies are notorious for using things like Loyalty Scores, where they rate how likely you are to shop around/switch. They keep raising premiums until you hit the the pain point. Shop around.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2022, 09:08 AM
 
Location: Beautiful Rhode Island
8,682 posts, read 13,690,938 times
Reputation: 9419
I've tried shopping around for homeowners' but find we'd be losing in terms of the insurer's reputation to pay claims and how much deductible one would have to pay to keep the cost reasonable. If my gutter freezes and causes a little damage - is it worth a claim if my deductible is 1,000 and my score for claim making goes up? That's always the calculus.

My company uses total replacement cost/value of house as an excuse to raise rates, but even though lumber and labor, etc has gone up, what are the chances of my house needing total replacement? My area is at low risk for flood, hurricane, hail, and fire depts are very close by, so the chances of it burning to the ground are quite slim.

I would actually like a little more governmental regulation when it comes to insurance companies. Like maybe legislation to keep them from annually raising policy costs on people who hardly ever make claims and also the over 65 crowd. Insurance companies currently make beaucoup profits and that's why they opt out of any state that actually might need them.

For example, State Farm in 2021 made 66.9 billion in premiums and paid out losses of 4.7 billion. Seems pretty profitable to me for a business.

https://www.liveinsurancenews.com/in...-farm/8553783/
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2022, 10:23 AM
 
10,327 posts, read 3,987,526 times
Reputation: 14378
Quote:
Originally Posted by Hollytree View Post
I've tried shopping around for homeowners' but find we'd be losing in terms of the insurer's reputation to pay claims and how much deductible one would have to pay to keep the cost reasonable. If my gutter freezes and causes a little damage - is it worth a claim if my deductible is 1,000 and my score for claim making goes up? That's always the calculus.

My company uses total replacement cost/value of house as an excuse to raise rates, but even though lumber and labor, etc has gone up, what are the chances of my house needing total replacement? My area is at low risk for flood, hurricane, hail, and fire depts are very close by, so the chances of it burning to the ground are quite slim.

I would actually like a little more governmental regulation when it comes to insurance companies. Like maybe legislation to keep them from annually raising policy costs on people who hardly ever make claims and also the over 65 crowd. Insurance companies currently make beaucoup profits and that's why they opt out of any state that actually might need them.

For example, State Farm in 2021 made 66.9 billion in premiums and paid out losses of 4.7 billion. Seems pretty profitable to me for a business.

https://www.liveinsurancenews.com/in...-farm/8553783/
You misunderstood the article. State Farm had a $4.7 billion underwriting loss. That means that paid claims exceeded premiums by $4.7 billion, ie they paid out $74.6 billion in claims. The company is profitable due to earnings on invested premiums
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2022, 10:35 AM
 
17,969 posts, read 9,543,993 times
Reputation: 29955
Re: Sanibel, I don't know why they would even build bridges or causeways out to barrier islands -- for obvious reasons. It should be personal boat and ferry service only, Ocracoke NC being an example. Likewise, building ridiculously long fishing piers way out in deep water -- again, use a boat instead -- which will invariably be washed away in a hurricane. The ocean always wins. It's a weird kind of hubris.

Have any of you considered changing your coverage or policy to lower the premiums?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2022, 10:45 AM
 
Location: Somewhere in America
15,497 posts, read 14,353,615 times
Reputation: 28367
Quote:
Originally Posted by Hollytree View Post
I've tried shopping around for homeowners' but find we'd be losing in terms of the insurer's reputation to pay claims and how much deductible one would have to pay to keep the cost reasonable. If my gutter freezes and causes a little damage - is it worth a claim if my deductible is 1,000 and my score for claim making goes up? That's always the calculus.

My company uses total replacement cost/value of house as an excuse to raise rates, but even though lumber and labor, etc has gone up, what are the chances of my house needing total replacement? My area is at low risk for flood, hurricane, hail, and fire depts are very close by, so the chances of it burning to the ground are quite slim.

I would actually like a little more governmental regulation when it comes to insurance companies. Like maybe legislation to keep them from annually raising policy costs on people who hardly ever make claims and also the over 65 crowd. Insurance companies currently make beaucoup profits and that's why they opt out of any state that actually might need them.

For example, State Farm in 2021 made 66.9 billion in premiums and paid out losses of 4.7 billion. Seems pretty profitable to me for a business.

https://www.liveinsurancenews.com/in...-farm/8553783/
Insurance is a pool. It's not about 1 individual. A fire department nearby doesn't keep a house from burning down to the ground. When there's a house fire quite often it's the water and smoke that destroys the house and not the fire. Those who don't make claims are paying for those who do. That's how insurance works. Insurance already is heavily regulated by the government. When the insurance company deems an area to no longer be profitable they leave. Look at Florida and how many insurance companies have left due to hurricanes. Insurance companies are businesses and their purpose is to make a profit for their investors. They're not a charity.

State Farm also had expenses which offset that 66.9 billion in premiums. The 4.7 billion wasn't paid out. That was losses that they took. This article doesn't say what their actual profit was at the end of the year.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 11-09-2022, 11:37 AM
 
71,729 posts, read 53,726,063 times
Reputation: 44415
Quote:
Originally Posted by harry chickpea View Post
There are so many areas where your response is wrong to the point of weirdness that it is hard to know where to begin.

What happens then to the seniors who prudently built inland, above flood levels, and using construction that withstands wind? Their homes weather the storms with minimal damage, yet when the next premium comes around the rates are hiked. Why? Because of two major factors - the greed of the insurers wanting to gamble for big bucks, and the 2% population that think their sh** don't stink, and everyone else has to support their lifestyle. That many of those people with damaged coastal homes happen to be politicians and insurance company executives and real estate developers is ... just a coincidence.

You CANNOT separate big money and politics these days and claim politicians as left wing floozies who are socialist or communist or other such fabricated epithets. When you attempt to blame the woes and failings of insurance on politicians and government, you are blaming the tail for being bitten by the dog.
You do touch on a key point and that is Florida has been forcing lower than neccessary insurance costs on high risk coastal properties for decades. They've done that using a combination of strong arming insurers by requiring them to stop writing all insurance there if they stop writing homeowners and then by having an underpriced citizens become the largest property insurer in the state.

The state controls insurance rates, period.

Citizens is underpriced per their own actuarial report and has been for some time.

I never mentioned any political party, if you want to go that route there is another forum for that.

You keep mentioning about "greed", yet other states don't have problems like this with their insurance markets.

Again, you cannot change insurance rates at all in FL without state approval and there are hard rules about payouts etc.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > House
Similar Threads

All times are GMT -6.

© 2005-2023, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top