Property/ vehicle insurance increases

[mt terry d]

But but CPI says inflation is only 3% the last 12 months

And they’re EXPERTS

 

[WMelbgator]

I live in Florida and last year my home owners insurance rate went up 70%, with only one roof claim in twenty years. Can't wait to see what it's going to be this year when I get my notice in February, if I don't get dropped. Home owners insurance is Florida is getting crazy and the state is slowly turning into a place were only really wealthy people can afford to own and everyone else has to rent. Reminds me a lot of California housing prices and our insurance is now at their level.

 

[Snowwolfe]

Home insurance is weird. We were paying about $1300 a year when living in TN. Moved to Alaska and bought a house that is valued at more than our old house in TN. Premium dropped to $950 a year for same coverage.

 

[KenLee]

If AAA Roadside goes up one more time, im
Dropping them. They went up to $170/year on me. I’m over it.

Dang another increase I have to look forward to

 

[wyosteve]

My homeowners with State Farm actually went down a couple hundred dollars this year.

 

[hillbillyfab]

I had a sit down with my agent and discussed this very same thing. They told me that they’ the insurance company were settling out of court for anything less that 25k. It was said that all the Morgan and Morgan and so on law firms you see on TV knew this as well.

 

[Loggerdude]

Thanks to to the fires they manage and don’t put out ! California with no water your tax dollars will pay for because of incompetence. Never figured why they didn’t have a sea water plan. We’re thinking about dropping our home owners no chance of that if you have a mortgage we already drive older vehicles. We’ve created a huge fuel break and clean our gutters, the gutters get an ember in them and it’s like gasoline, goes right up under the roof and gone. We also have a 2500 gallon water tank with a gas pump with sprinklers on the roof during the summer.

 

[mt terry d]

So what happens when you no insurance company will insure you and your mortgage agreement states it’s required?
Does the bank take your house?
“You’ll own nothing and be happy”?

 

[Bluefish]

So what happens when you no insurance company will insure you and your mortgage agreement states it’s required?
Does the bank take your house?
“You’ll own nothing and be happy”?

Loyd’s of London is the insurance of last resort. Won’t be cheap.

 

[Weldor]

So what happens when you no insurance company will insure you and your mortgage agreement states it’s required?
Does the bank take your house?
“You’ll own nothing and be happy”?

Great question.

 

[Snowwolfe]

So what happens when you no insurance company will insure you and your mortgage agreement states it’s required?
Does the bank take your house?
“You’ll own nothing and be happy”?

Most (if not all) loan applications for homes and autos have "fine print" that states if you don't acquire insurance on your own the bank will do it for you. And you can bet your ass it will not be cheap.

 

[YellCoAR]

That is called forced placed single interest insurance. Only covers the amount owed to the bank.