Property/ vehicle insurance increases

[Thomas Hermann]

Insurance companies can LEGALLY PRICE FIX!!! It won't get better until that changes and there is an actual competitive market.

 

[Skerhunter]

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.

Definitely gets taxed though and is typically brought up when complaining about insurance rates .

 

[DLIP]

KS Farm Bureau, 30-35% increase YOY. Zero claims.

 

[jmez]

Your rates are dpendant on the total number of claims to the company. They have to cover cost of claims and make a profit. Your rates ate set acrodingly.

 

[Mosby]

We've seen large increases the last few years. We have most of our insurance with Amica. We've stayed with them because they have consistently paid on our claims. That is important to us. FWIW, State Farm and Allstate are two of the most litigious insurance companies in the US.

 

[Ross]

Insurance is about a large pool, with individual price drivers for each of us. Credit, tenure, claims, location, value of property/auto, multiple policies and many other items factor into the premiums for each household. Then you add the inflation and catastrophes, young drivers, the way people drive, on and on into the mix and yes the price goes up for everyone. You insure a home for 600k, plus have contents for another 300k, ale, liability for 500k. For the coverage provided god forbid your home burns, or you have a large water loss, or hail storm 50k, 200k, 1mil in a total who wants to pay that or has the ability to pay it. Many complainers on price until you have to use it. The great thing is if you have no mortgage or lienholder self insure. But you better have a Very Large savings for that dog bite claim, young driver stupidity incident, someone left the sink on and your home flooded or Mother Nature rolls through with hail, a tree falls through the house, fire destroys the city, on and on. Shop your rates, check your coverage to see what you actually bought and determine your risk tolerance with a high deductible. Yep, insurance sucks till you need it

 

[dylanvb]

I think the sole issue is greed. Funny enough I was talking about this with a buddy at the gym, his sister just had triplets and they were in NICU for a month. What's the bill on that you ask? 4 MILLION!! I asked him if they got an itemized receipt of what they paid for and he was just like oh their insurance covered it. Well yeah insurance covers it but aren't you curious why you are being charged 4 million dollars for a hospital bill?
It's in every industry that involves insurance people mark things up because oh insurance will pay. This never ending cycle of policies increasing yearly and deductibles going up won't change until people stop being so damn greedy with everything. But this isn't an easy fix and is way more complicated then my miniscule understanding but that's my 2 cents.

 

[mi650]

We have Allstate for both auto & homeowners, both renewed about 2 weeks ago. Our homeowners actually went down $125, and after a little shopping around, they dropped our auto by $1000.

 

[NRA4LIFE]

Our car and homeowners has gone up about 60% or so in the last few years. It is ridiculous. I won't get started on electric rates.

 

[JStol5]

I think the sole issue is greed. Funny enough I was talking about this with a buddy at the gym, his sister just had triplets and they were in NICU for a month. What's the bill on that you ask? 4 MILLION!! I asked him if they got an itemized receipt of what they paid for and he was just like oh their insurance covered it. Well yeah insurance covers it but aren't you curious why you are being charged 4 million dollars for a hospital bill?
It's in every industry that involves insurance people mark things up because oh insurance will pay. This never ending cycle of policies increasing yearly and deductibles going up won't change until people stop being so damn greedy with everything. But this isn't an easy fix and is way more complicated then my miniscule understanding but that's my 2 cents.

There’s a book called “the price we pay” by Marty makary that goes into a lot of this stuff in detail. Hospitals charging $75 for a pillow and sheets and hoping people don’t notice. Guaranteed reimbursement by Medicare (albeit at lower levels) empowers these medical entities to charge whatever they want and the people utilizing it don’t care. I see this on the ambulance all the time. People telling me it’s cheaper to call 911 than get an Uber to the hospital. Direct quote. They know it will be covered and they don’t care that we’re all paying for it.

 

[dylanvb]

There’s a book called “the price we pay” by Marty makary that goes into a lot of this stuff in detail. Hospitals charging $75 for a pillow and sheets and hoping people don’t notice. Guaranteed reimbursement by Medicare (albeit at lower levels) empowers these medical entities to charge whatever they want and the people utilizing it don’t care. I see this on the ambulance all the time. People telling me it’s cheaper to call 911 than get an Uber to the hospital. Direct quote. They know it will be covered and they don’t care that we’re all paying for it.

They tried to get me and my wife to pay for NICU when my son was born. Long story short I was in NICU with my son because hospital was short staffed due to covid (when they let go all the ones not getting the jab) He wasn't on any machines nothing just had to be in there because that was the only available nurse. $5K bill in the mail and I fought it all the way, they even sent me to collections before I was finally able to get someone to look into it. I just don't understand how we have accepted this. Idk if reading that book will help me or make me more depressed on the issue.

 

[Jskaanland]

We just got quotes on our house. USAA was x3 more than AmFam. We’ve been with USAA for 13 years for insurance and since I was a kid for banking. USAA treated my folks well after a house fire but dang it’s hard to consider that swing.

 

[180ls1]

Insurance companies are generally very good at risk calculation. I watched life insurance rates like a hawk when COVID was going to kill everyone. They largely were unchanged and a much better predictor than the GOVT.

Here is a good vid.

 

[JStol5]

They tried to get me and my wife to pay for NICU when my son was born. Long story short I was in NICU with my son because hospital was short staffed due to covid (when they let go all the ones not getting the jab) He wasn't on any machines nothing just had to be in there because that was the only available nurse. $5K bill in the mail and I fought it all the way, they even sent me to collections before I was finally able to get someone to look into it. I just don't understand how we have accepted this. Idk if reading that book will help me or make me more depressed on the issue.

I Would highly recommend it. More knowledge of how to navigate our screwed up insurance/healthcare/pharmacy system is not a weakness.

 

[KurtR]

Was with fb both auto and homeowners went up we switched to desmet mutual and saved a couple grand a year. I have never had a claim on either home or auto. I would be scarred to see how much i have paid for insurance i have not used in my life time. Who ever came up with the scam was a smart man

 

[mtnbiker208]

This is on the commercial side, but still insurance.

I am on the 1 year anniversary of a very large claim. Long story short, I got to get woke up by the fire department telling me that i have extensive damage to my building, from a frozen fire sprinkler pipe that broke.
It so happened that quite a few in the area broke, but we where the first.
The Claim ended up being $800,000 and Hartford paid, no issues. I was quite impressed. So thank you everyone for paying into the kitty. When big bad things happen, they are quite expensive. And big bad things happen everyday accross the country.

 

[Cappy1099]

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.

Should be illegal.

 

[KsRancher]

Ours went up 30% this year. I about fell over. It was 14% last year and I thought that was bad.

Not property or vehicle insurance. But I am about to go without health insurance. Most people think I a crazy. They all say "what if you have something bad happen". I am to the point you can "what if" yourself broke when it comes to insurance

 

[MuleyFever]

We got dropped by Progressive last year for wildfire risk. Everyone in our subdivision that had them, State Farm, All State and a few other companies got dropped.