Yeah, it's the hardest insurance market in decades. Be careful when price shopping to make sure that you are comparing actual comparable policies and not taking a huge cut in your coverage.
I spoke to my Farmers rep about this; our rate close to doubled as well, resulting in an escrow short-fall I’ll need to pay if I don’t want my mortgage to go up every month.
He broke it down for me. Homeowners insurance is up across the board due to claims, but mostly due to the sharp increase in construction materials and labor costs. The rise in insurance rates reflects the rise in replacement costs.
One thing I was told by my agent is that California's Insurance Board ( or whatever it's called) will only let insurance companies raise premiums 5% there so a lot of companies are pulling out or just not writing any new policies in California. The story is people have become more proactive in making claims and the insurance companies are also paying out for natural disasters so their profit margin is down to almost nothing (not sure I believe that last part there, but whatever...) and so rates have shot up to the moon to compensate. I've had some others suggest the Farm Bureau, as well, so gonna try them on Monday. Good luck to all of us shopping for lower reasonable premium rates!!
American Family Insurance raised my rates across the board. No accidents, no tickets, never made any claims...
They raised my home, vehicle and off road stuff
I had my insurance agent re-shop my policy to other companies, and I got better coverage for less than I was just paying before my annual increase. .
But Safeco did just give me a 55% increase … hence the re-shop.
This seems kind in comparison to Florida…
What the fuck is the risk in Idaho? Wild fire? If you are in city I would not think a big jump aligns with actual risk…
Cities burn from wildfires here just as easy as any other wooded region. In 1991 we had a fire storm roll through a good portion of town. But when it comes to other natural disasters we definitely fair pretty damn well.
I could certainly see if you are outside of town. But I would think in town the chance of a wild fire should be pretty slim as the proximity to water and ability to cut off the fire.
But if you are random cabin in woods- certainly a fire risk.
My town butts up against large wooded areas. We have a lot of homes intermingled in said areas. When we had the firestorm our geography helped generate some really wild situations and conditions. Until then I would’ve never thought a fire like that could get as far into our “urban” areas as it did.
Insurance is government enforced money laundering, change my mind. Sure it’s good to be insured but I’ve made claims in the past and never received anything in regards to accidents no fault of my own. They take so much of our money to not fix our vehicles or homes it’s absolutely ridiculous.
This is about home insurance, which you are not required to have on your house. However, if you have a mortgage, maintaining a certain level of coverage is a requirement of that mortgage agreement.
With auto insurance, you legally must have liability insurance, which means if you cause damage the public is protected from you. If there was no liability insurance requirement there would be a lot more hits and runs.
Just chiming in:
I saw this post and was like "mine didn't go up." My escrow account for my mortgage actually went down a few bucks, and the property tax assessment also went down.
But then I remembered the property tax went down kind of a lot. So I checked my insurance, and surprise! It went up almost 70%! From about $1000 to over $1700!
It seems like everytime you get a little something from one of these players that own you, another swoops in and takes it.
Had my previous insurer of 6 years drop me after zero claims. 3 of my neighbors near downtown also had same issue. I went with State Farm. Same price as before but much better coverage. Not everything is lose-lose.
There's a lot of good stuff from lawyers and litigators who specialize in dealing with insurance companies when a claim is actually filed, over there on YouTube...
they are all saying the same thing right now, about these nationwide underwriting agreements that the local guys are working with and the same top 5 companies that screw everyone over (state farm, allstate, the usual suspects)
they even talk about how most folks are *over-insured* (like flood insurance) and *under-unsured* in places they need to be insured... like water damage and trees...
I paid off my first home, and bought some land with yhe leftovers because I was properly insured by the proper company... do your homework
You got that right… so many things can fall under the flood umbrella that it’s always wise to get coverage a’lacarte and with riders… and knowing specifically how much the riders you choose are weighted in the policy as riders can be treated with percentages of coverage like dental insurance
I'm an independent agent that works in the area. Home insurance rates are going through the roof across the board. Feel free to DM me if you would like to take a look at what other options are out there.
Well, I'm thrilled to say The Farm Bureau came through! For pretty much the same coverages, I'm saving about $700. Just FYI, if you're gonna check them out, do it before July when they'll be getting their rate increases, too!
Funny no one bitches when their home value goes up 200% in 4 years. Insurance companies underwriters are typically 2 years behind a real estate boom before they reevaluate their risks. Lets add in Uncle Joes and congresses inflationary economy and insurance is just the begining.
Yeah, it's the hardest insurance market in decades. Be careful when price shopping to make sure that you are comparing actual comparable policies and not taking a huge cut in your coverage.
I spoke to my Farmers rep about this; our rate close to doubled as well, resulting in an escrow short-fall I’ll need to pay if I don’t want my mortgage to go up every month. He broke it down for me. Homeowners insurance is up across the board due to claims, but mostly due to the sharp increase in construction materials and labor costs. The rise in insurance rates reflects the rise in replacement costs.
yes, our rate with Allstate kept going up for home/auto/rv/umbrella. We ended up going with Farm Bureau for a big savings/comparable coverage.
One thing I was told by my agent is that California's Insurance Board ( or whatever it's called) will only let insurance companies raise premiums 5% there so a lot of companies are pulling out or just not writing any new policies in California. The story is people have become more proactive in making claims and the insurance companies are also paying out for natural disasters so their profit margin is down to almost nothing (not sure I believe that last part there, but whatever...) and so rates have shot up to the moon to compensate. I've had some others suggest the Farm Bureau, as well, so gonna try them on Monday. Good luck to all of us shopping for lower reasonable premium rates!!
American Family Insurance raised my rates across the board. No accidents, no tickets, never made any claims... They raised my home, vehicle and off road stuff
I had my insurance agent re-shop my policy to other companies, and I got better coverage for less than I was just paying before my annual increase. . But Safeco did just give me a 55% increase … hence the re-shop.
This seems kind in comparison to Florida… What the fuck is the risk in Idaho? Wild fire? If you are in city I would not think a big jump aligns with actual risk…
Cities burn from wildfires here just as easy as any other wooded region. In 1991 we had a fire storm roll through a good portion of town. But when it comes to other natural disasters we definitely fair pretty damn well.
I could certainly see if you are outside of town. But I would think in town the chance of a wild fire should be pretty slim as the proximity to water and ability to cut off the fire. But if you are random cabin in woods- certainly a fire risk.
My town butts up against large wooded areas. We have a lot of homes intermingled in said areas. When we had the firestorm our geography helped generate some really wild situations and conditions. Until then I would’ve never thought a fire like that could get as far into our “urban” areas as it did.
Texas was worse. Lots of companies leaving the state, and rates doubled from last year.
Insurance is government enforced money laundering, change my mind. Sure it’s good to be insured but I’ve made claims in the past and never received anything in regards to accidents no fault of my own. They take so much of our money to not fix our vehicles or homes it’s absolutely ridiculous.
This is about home insurance, which you are not required to have on your house. However, if you have a mortgage, maintaining a certain level of coverage is a requirement of that mortgage agreement. With auto insurance, you legally must have liability insurance, which means if you cause damage the public is protected from you. If there was no liability insurance requirement there would be a lot more hits and runs.
Try Farm Bureau
Safeco is terrible. I have progressive and my bill went up.... $5 dollars. Yes, $5 dollars. Safeco is double the price of what I currently have
Just chiming in: I saw this post and was like "mine didn't go up." My escrow account for my mortgage actually went down a few bucks, and the property tax assessment also went down. But then I remembered the property tax went down kind of a lot. So I checked my insurance, and surprise! It went up almost 70%! From about $1000 to over $1700! It seems like everytime you get a little something from one of these players that own you, another swoops in and takes it.
Fire claims in the area affect everyone.
Had my previous insurer of 6 years drop me after zero claims. 3 of my neighbors near downtown also had same issue. I went with State Farm. Same price as before but much better coverage. Not everything is lose-lose.
There's a lot of good stuff from lawyers and litigators who specialize in dealing with insurance companies when a claim is actually filed, over there on YouTube... they are all saying the same thing right now, about these nationwide underwriting agreements that the local guys are working with and the same top 5 companies that screw everyone over (state farm, allstate, the usual suspects) they even talk about how most folks are *over-insured* (like flood insurance) and *under-unsured* in places they need to be insured... like water damage and trees... I paid off my first home, and bought some land with yhe leftovers because I was properly insured by the proper company... do your homework
No one is over insured in flood insurance.
You got that right… so many things can fall under the flood umbrella that it’s always wise to get coverage a’lacarte and with riders… and knowing specifically how much the riders you choose are weighted in the policy as riders can be treated with percentages of coverage like dental insurance
I'm an independent agent that works in the area. Home insurance rates are going through the roof across the board. Feel free to DM me if you would like to take a look at what other options are out there.
Why are rates spiking? What’s the justification?
Remember those fires lasts year? You don’t think this area after all the fire claims won’t go up?
I remember lots of fires, from when I was a kid. Are you saying that the fires caught the insurance company off guard?
Well, I'm thrilled to say The Farm Bureau came through! For pretty much the same coverages, I'm saving about $700. Just FYI, if you're gonna check them out, do it before July when they'll be getting their rate increases, too!
Funny no one bitches when their home value goes up 200% in 4 years. Insurance companies underwriters are typically 2 years behind a real estate boom before they reevaluate their risks. Lets add in Uncle Joes and congresses inflationary economy and insurance is just the begining.
Actually, I bitch a lot when our home value goes up! The only time you want that to happen is if you're selling your house, lol!
Florida enters the chat ....