Homeowners insurance claims
- Thread starter ClonerJams
- Start date
My auto insurance just went up 24% with Nationwide starting next month. I had a $7500 claim from a hail storm the summer of 2022, and it didn't increase the 3 previous renewals.
We just finished up a claim on my house, had a sewer back up in August and we got about $12k from Nationwide to repair. Glad I had the extra sewer back up protection on my policy. Not looking forward to our homeowners increase in May though
I decided to raise my deductible to $5000 as compared to $1000 deductible I had last year. Now my premium is only $7 more per month than last years policy.
Which part is the BS?
Claim filed = increased costs they're going to pass onto the pool
Many companies are refusing to write Iowa policies now because of the substantial losses incurred in the past few years.
Values have SOARED the past few years. Replacement cost has skyrocketed.
If the value of your home is up 25% (which I wouldn't doubt)...wouldn't you expect your premium to increase similarly? The insurance company isn't just going to take on the additional exposure.
I hate insurance. It's a ******* scam. Pooling risk, that's horse****. It may have started out that way, but then the companies figured out they had a lot of money on their hands and could lobby things in their favor for profits (and yes, they all profit). Home owners, health, etc.
I honestly want every ******* insurance company to go bankrupt. It needs to burn to the ground and be rebuilt in a way that makes some kind of sense.
I honestly want every ******* insurance company to go bankrupt. It needs to burn to the ground and be rebuilt in a way that makes some kind of sense.
It's a scam except when you hit a deer and your insurance pays 8k in repairs and you have only been paying 100 a month for premiums. So the insurance company loses.
How often do you hit a deer?
This is plain and simple math. Have you heard the term "the house always wins"? in relation to casinos? The same thing is true with Insurance. It literally has to be true for the company to stick around.
I hit two in the last 5 years. One was 8k in damange. The other was 6500 in damage.
I have paid 7300 in Premium
14500 - 7300 = 7200.
I have scammed that out of at least 7200 over the past 5 years. That don't including my towing claims and my rental reimbursement. So Yeah it is a scam I guess.
Yepper.
Home insurance is a ticking bomb right now. Texas. Florida. California. These areas are really seeing some changes in their market.
I'll let people who are more into that field comment if they'd like, but it's on the radar and could really impact home lending.
The BS part is inflation isn't why my premium went up 40%.That's just their lame excuse for recouping what they paid on a claim that I've been paying premiums on for years.
You must work for Nationwide.
Or you have your siding, windows, and roof all damaged in a derecho and get a huge check that surpasses what you've paid in the last 20 years in homeowners insurance.
Like every other business, they're in it to make money. They make it by estimating their exposure based on the ridiculous amount of data they have. When something like a derecho or multiple derechos completely throws their modeling out the window they have to adjust by raising premiums. Construction cost has skyrocketed the last few years (our builder said our house would have been about 25-35% cheaper in 2019 than it was in 2023. Insurance isn't eating that exposure or they'll be gone.
Congrats, you're a lucky winner at the Insurance craps table. Here's a free drink (to encourage you to keep playing).
You see all of the insurance companies pulling out of states??? They are not doing that because the house is winning. Lately we have been winning.
I don't but took enough risk management and insurance classes at Iowa State to understand how it works.
Inflation is a significant chunk of your increase depending on how you define it. Are they considering the significant increases to the values of basically all homes inflation? There's certainly inflation in materials cost.
So they found a machine (state) that had odds that weren't good enough for them and decided to shut it down. Am I supposed to feel sorry for that company? Maybe they should cut their advertising budgets a little bit - I'm guessing Patrick Mahomes is comfortable with what he's made.
2 years ago I had a dozen companies I could write a home with and not think twice about it.
Now I've got 3 with one being so painfully selective and burdensome in requirements to even get a quote it's not worth the effort, one is incredibly selective based on the value and upkeep of the property that it's a 50/50 shot that it will fly and the other will take anything reasonable but it's absolute no frills coverage.
All of these changes still aren't getting companies out of the financial mess they're in. Deductibles are going up and rates aren't slowing down.