Property/ vehicle insurance increases

[Iowafarmer]

Just got my annual statement from farm bureau 50% increase in premiums this is after a 40% increase last year this policy covers everything I own. Is everyone seeing this kind of increase it’s getting kinda hard to swallow. I’ve got a buddy that sells insurance he says he’s having trouble getting farms covered in Iowa several companies pulled out of the state I have a wood burning furnace in my shop and farm bureau is the only company that will insure it but if I could save enough money on insurance I’d switch to LP

 

[MallardSX2]

My families vehicle, health, and homeowners insurance has went way out of sight. Above and beyond outpacing inflation for the last 10 years. It’s absolutely absurd how bad we’re all being ripped off.

And by the way, I’ve never had a claim.


I guess it’s to be expected when we are practically a lawless nation, letting people run rampant, fraud systems, loot, and burn at the expense of others.

That’s OK though… In a few days, things are going to change. Or at least that’s what I voted for.

 

[TuckTruck]

I shop for all of my insurances at least every three years, more often sooner than that. They have no loyalty to their customers, so I show no loyalty back. The only somewhat reliable insurance we’ve had is USAA for homeowners. We’ve kept them the longest because they’ve consistently covered us and their rates have been fair. Again, that’s for homeowners, they jacked up our car insurance and it became unaffordable several years ago. I always give them first crack but they keep coming up short.

 

[Rich M]

Insurance is a necessity for disasters - and then you need an attorney if there is a disaster, to get the insurance company to pay. Crap show.

You can change deductibles and coverage amounts to regulate the costs. It all comes at a risk. Liability is "necessary" cause of Morgan & Morgan suing everyone.

Our mortgage went up 50% 2024 due to insurance increase. It was gonna go up an additional 10% for this year but we paid extra into the escrow.

 

[Will_m]

Insurance is a necessity for disasters - and then you need an attorney if there is a disaster, to get the insurance company to pay. Crap show.

You can change deductibles and coverage amounts to regulate the costs. It all comes at a risk. Liability is "necessary" cause of Morgan & Morgan suing everyone.

Our mortgage went up 50% 2024 due to insurance increase. It was gonna go up an additional 10% for this year but we paid extra into the escrow.

You got that right about M&M. Personal injury and first party insurance stuff is way, way out control.

 

[sierracharlie338]

Same here. Unbelievable increases over the last two years. Was told by one insurance company that rates here in Texas and Florida went up due to disasters and the number of claims paid out. Umm how’s that my problem? I’ve never had a claim on my homeowners. Ever. I F****** hate insurance companies.

 

[go_deep]

We shipped around and switched 2 years ago because of a pretty big increase and it's been pretty level ever since.
Takes a little time, but shop around, you'll find something better, just make sure it's equal coverage.

 

[WV Mountaineer]

It’s further fleecing by entities, empowered by government policy, to its consumers.

 

[mt terry d]

Same here. Unbelievable increases over the last two years. Was told by one insurance company that rates here in Texas and Florida went up due to disasters and the number of claims paid out. Umm how’s that my problem? I’ve never had a claim on my homeowners. Ever. I F****** hate insurance companies.

We paid for the Twin Towers too.
Ours didn’t go up much this time but for a few years now we’ve been seriously considering dropping homeowners insurance. When it jumps again that will probably push us over the edge
We drive old vehicles so that insurance isn’t bad.

 

[Tahoe1305]

Yup most of my policies have doubled in last three years.

Most costs have nearly doubled too. Especially construction and repair costs. It sucks but we shouldn’t be surprised.

These companies are about making money not losing money due to rising costs. They are hedging their bets as much as states will allow.

 

[KenLee]

Farm Bureau 50% increase on me also. Been with them since 1988.
I'm shopping.

 

[bz_711]

Big renewals in IL this year...and I have 3 teenage drivers
We did just switch carriers last month which helped cut the increase in about half.

Good Luck fighting back against any insurance groups!

 

[Crawl79]

Farm Bureau has increased on us two years in a row. Currently in process of switching back to State Farm after about 5 years with FB. Will save approximately $2k/year with the switch...

 

[huntnful]

My homeowners went up 40% last year with AAA. I called and asked “WTF”? They said it was all the fires and natural disasters. Never had a claim myself.

I did shop around after that, and their price was actually competitive, so I just stayed with them. Auto insurance hasn’t been terrible though.

 

[BluMtn]

I have been with State Farm for about 30 years now. They have never held up or declined a claim, never a homeowners claim, but automotive claims (Deer hits, a common thing in our area). Our household premiums have gone up every year. When I ask my agent about the increase, I was told it is industry wide. Our automotive rates have also been increasing and I went in and adjusted our deductibles to lower our rates and the next month they went up 25%. I went back in and talked to the agent and she said it would have been a lot more had I not readjusted our deductible. Our homeowners insurance has almost tripled in the last three years and have never filed a homeowners claim.

 

[Skerhunter]

If the value of the assets you own continues to increase, then insurance has to go up doesn’t it!?!? You payed $500k for your house and now it’s “worth” 1mil+, the insurance has to cover the replacement cost of your new million dollar property.

People love to brag about how much their land/house/farm/vehicle/etc is worth, but then complain about how much the insurance and taxes went up.

 

[Weldor]

Excuse's for greed. We had the same insurance company for 30 years, no claims. They dropped us, high risk fire area. My mountain place same same. Both areas had major fires 4 years ago. No dwellings lost , just the whole mountain. The funniest thing I just seen was the local insurance agent for a major insurer (will remain nameless) just had his insurance cancelled by his own company. That should tell you something right there.

 

[Weldor]

If the value of the assets you own continues to increase, then insurance has to go up doesn’t it!?!? You payed $500k for your house and now it’s “worth” 1mil+, the insurance has to cover the replacement cost of your new million dollar property.

People love to brag about how much their land/house/farm/vehicle/etc is worth, but then complain about how much the insurance and taxes went up.

Construction costs are what it is based on not real estate value. They have gone up for sure. You can't insure the dirt your place sits on.

 

[Crawl79]

If the value of the assets you own continues to increase, then insurance has to go up doesn’t it!?!? You payed $500k for your house and now it’s “worth” 1mil+, the insurance has to cover the replacement cost of your new million dollar property.

People love to brag about how much their land/house/farm/vehicle/etc is worth, but then complain about how much the insurance and taxes went up.

That's true but at least where I am at I am continually seeing my property value go down. Which I don't understand because price of all land around me has been going up.

 

[WiscoHoundsman]

insurance just keeps going up. Our auto increased about 35% last year. Homeowners that went up 20+% if I recall correctly. Shopped around and found we still had the lowest rates with Eire.

Will be looking to drop full coverage on my truck this year to save some money. It’s 10 years old anyway.