Anyone tried to to get insurance quotes lately or renewals?

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My former agent works for State Farm. He shared this on Fbook. My home (Can't think of the name at the moment) and auto (Mercury) is up for renewal in October. Based on below, I dread what the new rates will be.

PSA: I don't usually post insurance stuff on my personal page, but I feel this information is relevant for the masses. I hope that you find the below information useful, and I hope that it helps explain what is happening in the insurance world today. It won’t matter what carrier you are with, this is an industry issue.
The insurance marketplace is tightening up and it's happening fast. It’s happening especially fast for home and auto insurance companies. This is regardless of what state you are in, however California, Florida, Louisiana and Texas are being hit especially hard. Carriers are pulling a full hard stop on issuing any new policies across the country, and carriers that have NOT put a moratorium on binding new coverage, are actually just leaving the market or they are selling to other carriers/merging. They simply can't operate profitably in this inflationary market. *EVERY DAY* we are hearing about a pause on new business, or a carrier putting a full stop on writing new policies. Some carriers are requiring *full premium payment* up front for new business or requiring a 20 to 30 day hold on new applications. Carriers may shift underwriting guidelines, so they *only* want preferred business… no claims within 5 years (not 3 anymore), home and auto bundles, etc. Some carriers will NOT reinstate coverage if it lapses, no matter the reason.
The market is disrupted and it WILL affect you. If it hasn’t yet, it will. I have personally seen premiums double and triple what they were the year before.
The cost of claims has risen exponentially in the past 2 years, thus resulting in the carriers having to raise premiums or pull out of some markets. In some states, carriers have applied for rate increases, but have not been able to get them approved, so they simply shut down for new business.
If you have an auto or home insurance policy, your rates have gone up, and if they haven’t, they will. This isn't personal, it’s not based on a claim you may or may have not had, it’s simply the cost of doing business. If you have *not* gotten a rate increase, be prepared for one at your next renewal, if you get renewal terms at all.
➡
The cost to rebuild your home is up dramatically due to the rising cost of materials and labor. Supply chain for materials continues to be an issue. We can all agree that everything has gone up in price. Carriers simply can’t survive paying these higher prices without charging more themselves.
➡
The cost to repair your car is up dramatically due to the rising cost of auto parts and labor to fix your car. In addition, parts in vehicles now include some technology features. Replacing a side mirror or windshield used to be $500 - now it’s more than triple that.
➡
The cost of medical care continues to skyrocket. Bodily injury on auto accidents is off the charts.
➡
Litigation is expensive and settlements are rising at an unprecedented rate.
➡
Both the frequency and severity of auto accidents are WAY up post COVID along with the rising frequency of auto fatalities.
➡
ReInsurance (the insurance your insurance carrier buys to help cushion catastrophic loss) is at or approaching capacity in many markets, and rising rates are unsustainable.
This is a significant issue affecting the property & casualty industry, and pricing correction is anticipated at least through 2024. It won’t be for forever, but it is here now.
There are some things you can do to help get through this current insurance market:
✔
Consider Higher Deductibles. This will help save some money on your policy.
✔
Safe Driving Telematic Programs. Telematics can reward you by giving you a discount for good driving.
✔
Discount Reviews - make sure you're getting everything you're entitled to. Every carrier has different discount opportunities. Make sure you go over those with your agent.
✔
DO NOT let your policy cancel or lapse *for any reason*. Carriers are not reinstating coverage as easily as they once did. If it does cancel, they may require premium in full before reinstating. This is across the board for every line of coverage.
✔
Bundle your Auto and Home for more discounts and more stable pricing. Bundled/Packaged policies most always include better coverage and benefits and the cost savings is usually 10-15% (or more) on each policy. Many business risks can also bundle options.
✔
Consider tenure - jumping companies too often will hurt you in the long run. In addition, some carriers won’t take you as a new client if you have less than two years with a carrier. And more importantly, carriers are getting off of some risks if a claim happens in the new business term or for the number of claims in a 3-5 year window. Tenure matters with a carrier.
✔
Follow the laws so you don’t get any tickets. Those tickets really add rate to your policy and stay on your record 3-5 years, depending on the carrier.
✔
Absorb small claims when you're able, and save coverage for catastrophic losses. Talk with your agent and let them claims counsel you should a loss happen. Stop using your towing or roadside assistance as a maintenance policy. Frequency of claims REALLY matters. A lot.
Lastly, please remember that we are agents for the carriers. We don’t make the rules, we don’t have control over the rates and we don’t make the decision if your policy is cancelled by the carriers. We are here to help educate, make sure you have the best insurance for your situation, manage your account and claims counsel when needed.
 
Most of my friends are bitching about their homeowners insurance jumping way up but mine didn’t as I took a big price increase last year and have had zero claims this past decade. Most of us go through the same independent insurance company. I used to have Farmers Insurance (dumb dumb dumb dumb dumb) for like 25+ years until I received a large check via a class action suit for them over-charging customers. I dropped them right after that.
 
Mine doubled in the last four years. I've already done most of the suggestions in the OP and I ended up switching to another insurer just this month which only brought the price down a couple of hundred dollars.

I have no mortgage so I'm thinking I will drop insurance coverage all together when this policy expires. I don't live in flood areas, hurricane areas or tornado alley.
 
Maybe, just maybe stop making the top end of these insurance companies insanely rich and things will slow down.

Almost every fucking commercial on TV. Insurance. Shit tons of high rises and stadiums across the country. Insurance.

My daughter plays basketball with two cousins who's dad own a large insurance company for the area. They live in 8000+ sq homes. My best friend is a vice president of a smaller insurance company. 4000 sq ft home.

I'm not one to begrudge someone their money and how they made it, but I don't shed tears when these companies start complaining how they have to raise rates bc they are continuing to pay the top ends of their companies very very well.
 
Maybe, just maybe stop making the top end of these insurance companies insanely rich and things will slow down.

Almost every fucking commercial on TV. Insurance. Shit tons of high rises and stadiums across the country. Insurance.

My daughter plays basketball with two cousins who's dad own a large insurance company for the area. They live in 8000+ sq homes. My best friend is a vice president of a smaller insurance company. 4000 sq ft home.

I'm not one to begrudge someone their money and how they made it, but I don't shed tears when these companies start complaining how they have to raise rates bc they are continuing to pay the top ends of their companies very very well.
I don't think you will find anyone that will argue your points, but how many people can afford to replace a vehicle or a home when they are displaced. We are legitimately at their mercy.
 
I don't think you will find anyone that will argue your points, but how many people can afford to replace a vehicle or a home when they are displaced. We are legitimately at their mercy.

Absolutely. Soon as it became a for profit industry and they started funneling all sorts of money into Washington for legislation we were screwed
 
Quit the rat race. Don't have stuff, don't need to insure it. Ooommmmmm

For more anti-materialism babble, click subscribe.
 
I buy insurance for the quality, not economy.

I've been with State Farm for 30 years and have never had a dispute with them. 90 mph straight line winds w/hail on my home. A separate hail damage incident to my pick-up. The adjuster has always handed me a check on spot. I fixed what was broke and if it costed more than the adjuster figured, they sent me another check to make up the difference.

My old policy transferred to my new property a couple years ago. The rates went up a bit because I have more outbuildings on my new place. However, I trust they'll be there when needed. i.e. You get what you pay for.

PS: Same goes for my family health care plan with BCBS.
 
I have no mortgage so I'm thinking I will drop insurance coverage all together when this policy expires. I don't live in flood areas, hurricane areas or tornado alley.
Me neither but I think the possibilities of wind damage, hail, fire, theft, and slip & fall on my front sidewalk warrants extra protection against a total loss. My neighbor claimed a roof, fence, and house damage from an old RV that it’s transmission slipped and it rolled into their house all within 2 years and she was dropped and only could get Lloyds of London total loss insurance.
 
Me neither but I think the possibilities of wind damage, hail, fire, theft, and slip & fall on my front sidewalk warrants extra protection against a total loss. My neighbor claimed a roof, fence, and house damage from an old RV that it’s transmission slipped and it rolled into their house all within 2 years and she was dropped and only could get Lloyds of London total loss insurance.
Also the increase in crime makes the Insurance go up. Inferior supply chains makes for longer hotel stays. Insurance Companies don't exist to lose money. Bidenonmics at it's best.

You are an insufferable cunt
Maybe, but he is not wrong.
 
My former agent works for State Farm. He shared this on Fbook. My home (Can't think of the name at the moment) and auto (Mercury) is up for renewal in October. Based on below, I dread what the new rates will be.

PSA: I don't usually post insurance stuff on my personal page, but I feel this information is relevant for the masses. I hope that you find the below information useful, and I hope that it helps explain what is happening in the insurance world today. It won’t matter what carrier you are with, this is an industry issue.
The insurance marketplace is tightening up and it's happening fast. It’s happening especially fast for home and auto insurance companies. This is regardless of what state you are in, however California, Florida, Louisiana and Texas are being hit especially hard. Carriers are pulling a full hard stop on issuing any new policies across the country, and carriers that have NOT put a moratorium on binding new coverage, are actually just leaving the market or they are selling to other carriers/merging. They simply can't operate profitably in this inflationary market. *EVERY DAY* we are hearing about a pause on new business, or a carrier putting a full stop on writing new policies. Some carriers are requiring *full premium payment* up front for new business or requiring a 20 to 30 day hold on new applications. Carriers may shift underwriting guidelines, so they *only* want preferred business… no claims within 5 years (not 3 anymore), home and auto bundles, etc. Some carriers will NOT reinstate coverage if it lapses, no matter the reason.
The market is disrupted and it WILL affect you. If it hasn’t yet, it will. I have personally seen premiums double and triple what they were the year before.
The cost of claims has risen exponentially in the past 2 years, thus resulting in the carriers having to raise premiums or pull out of some markets. In some states, carriers have applied for rate increases, but have not been able to get them approved, so they simply shut down for new business.
If you have an auto or home insurance policy, your rates have gone up, and if they haven’t, they will. This isn't personal, it’s not based on a claim you may or may have not had, it’s simply the cost of doing business. If you have *not* gotten a rate increase, be prepared for one at your next renewal, if you get renewal terms at all.
➡
The cost to rebuild your home is up dramatically due to the rising cost of materials and labor. Supply chain for materials continues to be an issue. We can all agree that everything has gone up in price. Carriers simply can’t survive paying these higher prices without charging more themselves.
➡
The cost to repair your car is up dramatically due to the rising cost of auto parts and labor to fix your car. In addition, parts in vehicles now include some technology features. Replacing a side mirror or windshield used to be $500 - now it’s more than triple that.
➡
The cost of medical care continues to skyrocket. Bodily injury on auto accidents is off the charts.
➡
Litigation is expensive and settlements are rising at an unprecedented rate.
➡
Both the frequency and severity of auto accidents are WAY up post COVID along with the rising frequency of auto fatalities.
➡
ReInsurance (the insurance your insurance carrier buys to help cushion catastrophic loss) is at or approaching capacity in many markets, and rising rates are unsustainable.
This is a significant issue affecting the property & casualty industry, and pricing correction is anticipated at least through 2024. It won’t be for forever, but it is here now.
There are some things you can do to help get through this current insurance market:
✔
Consider Higher Deductibles. This will help save some money on your policy.
✔
Safe Driving Telematic Programs. Telematics can reward you by giving you a discount for good driving.
✔
Discount Reviews - make sure you're getting everything you're entitled to. Every carrier has different discount opportunities. Make sure you go over those with your agent.
✔
DO NOT let your policy cancel or lapse *for any reason*. Carriers are not reinstating coverage as easily as they once did. If it does cancel, they may require premium in full before reinstating. This is across the board for every line of coverage.
✔
Bundle your Auto and Home for more discounts and more stable pricing. Bundled/Packaged policies most always include better coverage and benefits and the cost savings is usually 10-15% (or more) on each policy. Many business risks can also bundle options.
✔
Consider tenure - jumping companies too often will hurt you in the long run. In addition, some carriers won’t take you as a new client if you have less than two years with a carrier. And more importantly, carriers are getting off of some risks if a claim happens in the new business term or for the number of claims in a 3-5 year window. Tenure matters with a carrier.
✔
Follow the laws so you don’t get any tickets. Those tickets really add rate to your policy and stay on your record 3-5 years, depending on the carrier.
✔
Absorb small claims when you're able, and save coverage for catastrophic losses. Talk with your agent and let them claims counsel you should a loss happen. Stop using your towing or roadside assistance as a maintenance policy. Frequency of claims REALLY matters. A lot.
Lastly, please remember that we are agents for the carriers. We don’t make the rules, we don’t have control over the rates and we don’t make the decision if your policy is cancelled by the carriers. We are here to help educate, make sure you have the best insurance for your situation, manage your account and claims counsel when needed.
I have Mercury for house and car. Cars $377 a month, but that is 2 recent Lexus, 1 older Lexus, and 1 older Nissan. Full coverage on all. Home is around $155 a month. Taken from my escrow. Car more recent for Mercury as AAA was going to rip me off on a 2000 Civic SI some years ago based on theft threat for that car. Mercury didn't. Right after I switched daughter wrecked her 2000 VW bug (no totalled) and rates didn't change.
 
Also the increase in crime makes the Insurance go up. Inferior supply chains makes for longer hotel stays. Insurance Companies don't exist to lose money. Bidenonmics at it's best.


Maybe, but he is not wrong.
Yeah, the president is responsible for everything. Stfu
 
I know our policies at work are going up substantially. The brokers are trying to work with us but they told us this is an industry-wide problem, and jumping carriers won't result in much of a savings.

Usually, they call that price-fixing, or collusion
 
Honestly...that kinda sounds like sales pitch. No doubt cost go up, premiums, all that. But the part where he gets to stuff you can do is stuff you can do all the time, regardless of whatever the economic landscape is. And the bundling and safe driver telemetry parts are straight up sales pitches disguised as advice.

Buddy ain't looking out for his Facebook friends because times are tough. He's advertising
 
Auto insurance is a total bullshit. Can't speak for nationwide, but in my state we are legally required to have some form of auto insurance. I pay it on time every month and have a good driving record. But as soon as I file a claim like replacing a windshield (no fault accident btw) my rate increases. Or with my wife's case, she was hit by another driver. No fault yet still goes on our record. Meanwhile what happens to the uninsured 20 something air headed female who was probably playing on her phone driver who hit my wife? Zero.
 
Honestly...that kinda sounds like sales pitch. No doubt cost go up, premiums, all that. But the part where he gets to stuff you can do is stuff you can do all the time, regardless of whatever the economic landscape is. And the bundling and safe driver telemetry parts are straight up sales pitches disguised as advice.

Buddy ain't looking out for his Facebook friends because times are tough. He's advertising
Its also just common sense (whether its a sales pitch or not). I laugh at these so-called experts doling out advice on things.
 
Im in Texas and both My home owners and auto insurance rates went up significantly.

Me neither but I think the possibilities of wind damage, hail, fire, theft, and slip & fall on my front sidewalk warrants extra protection against a total loss. My neighbor claimed a roof, fence, and house damage from an old RV that it’s transmission slipped and it rolled into their house all within 2 years and she was dropped and only could get Lloyds of London total loss insurance.
My buddy has filed 2 claims against his home owners insurance in the last 10 years and his insurance company has told him that if he makes any more claims they'll drop him. I mean sure, how dare he actually use the insurance he's paying for.
 
15 minutes could save you 15% or more on car insurance.

That's what they say anyway.
 
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