Good luck finding a region of the country that's not going through elevated storm activity.
Pekin Insurance
- Thread starter ruxCYtable
- Start date
Just got my IMT statement for homeowners and it increased from $1,251 to $2,063 (65%). Cant wait to see the increase on my 3 vehicles that is coming due at the end of the month.
Our vehicles went up 35 percent in August with no tickets or claims on record.
Weirdly enough our homeowners didn’t move last spring. They just adjusted the deductible from 1000 to 1500 on wind and hail a couple years ago. No huge increases.
Excited to see what my new rates will be with Nationwide. Have never had a claim before the last 18 months. Truck had $7500 of hail damage last year in the hail storm in West Des Moines. Luckily the roof was a year old when we bought the house in 2022 so no damage there. In August we had a sewer back up and had a claim of around $13k to repair that.
Unfortunately, that has been very common this year to see a % increase like that.
You have to eat through the premium taken in as well.
Investment gains and losses also factor in. Fraud has been much higher since 2020 as well and not going back to pre pandemic levels.
Got an increase in June of $400 per year on auto and home (w/no claims). All in about $5600 a year for the home, four cars (newest is a 2013 - with a 19 yo driver) and the umbrella out the door for auto, home, and umbrella.
So I started shopping around. I received two competitive quotes. One would save me about $1000 per year, and the other would save me about $600 for you.
In the time between getting the quotes and making a decision the one insurance company that was going to save me $1000 per year put a rate increase in on the home insurance which all but negated the difference between the two quotes.
Anecdotally one of the insurance agents mentioned that their company had not made money for three years while a lot of competing insurance companies had not made money for five years or more, hence a lot of the rate increases.
One insurance company would not go any lower than a $3500 deductible for wind and hail. When I asked to do an ACV quote for the roof, the premium was only about $200 less per year.
Been pretty close to insurance for business, unfortunately, the insurance landscape is even worse.
Earlier in the thread, someone mentioned that insurance is trending towards catastrophic coverage only. I guess I always thought or felt that’s what insurance was for to begin with
So I started shopping around. I received two competitive quotes. One would save me about $1000 per year, and the other would save me about $600 for you.
In the time between getting the quotes and making a decision the one insurance company that was going to save me $1000 per year put a rate increase in on the home insurance which all but negated the difference between the two quotes.
Anecdotally one of the insurance agents mentioned that their company had not made money for three years while a lot of competing insurance companies had not made money for five years or more, hence a lot of the rate increases.
One insurance company would not go any lower than a $3500 deductible for wind and hail. When I asked to do an ACV quote for the roof, the premium was only about $200 less per year.
Been pretty close to insurance for business, unfortunately, the insurance landscape is even worse.
Earlier in the thread, someone mentioned that insurance is trending towards catastrophic coverage only. I guess I always thought or felt that’s what insurance was for to begin with
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I'm guessing it's different based on recent stuff, but I roofed a ton in the late 90s early 00s and people would make insurance claims for new roofs for hail damage and there would be like 3 little dots on the shingles and everything was actually just fine.
I thought it was a total scam then, honestly it's probably way past time for the insurance companies to crack down on stuff like that.
Some companies are starting to require a cosmetic loss exclusion form on their policies. You can buy it back, which you would think you’d want to on your home. Just another way to get more rate.
Speaking of Nationwide. I have my insurance bundled through progressive (which does Auto and Nationwide does the Home) I have been a customer with Progressive since 2000.
Just got my renewals recently.
Nationwide went up 77% ~2900 per year to 5300 per year.
Progressive 20% increase.
Between gas, products, groceries, bills, new housing cost with interest rates, not sure how people do it right now.
about ready to just get a travel trailer and live off the land....lol
A very normal house in DSM Suburbia is now costing me over 1000 a month in taxes and homeowners ins..
So what I would like to know if that is just for me with zero claims, what is going on with others that have actually storm damage and their policy? Using this logic they should be tripling their rates.
I seem to be the only one in central Iowa who didn't get my roof replaced and the shingles are 17 years old.
I have a 7 year old roof and had someone come to my door saying they were in the neighborhood for about roof so they were doing assessments. I said sure. He came down of the roof and showed me a few pictures where there were a few tiny dots from hail and said he could get me a new roof. I said I'd think about it and never got back to him. It felt weird and scammy. My roof seems in great shape and I can't imagine a few tiny dots from hail would matter much.
If its "an event of God" it's not supposed to affect your rate directly. It just jacks up everyone to feel the pain.
Never do business with those door knockers. Some of them are not even roofers. Had a client of mine hand over 11k to get started on replacing his roof.... the "roofer" left town with his money and disconnected his phone number.
Yeah my Spidey sense was tingling and I wanted nothing to do with it
Talked to a state farm agent and they informed me that they don't do ACV, unless you don't replace the roof, and it's all replacement. You would think that ACV might be a way to go.
If you get another again, tell him you are an auto dent repair guy and you will check his vehicle out for hail also. Let him go first and then tell him you can pop the dents out for some crazy amount and see what they say.
That makes sense although almost doubling my premium seems like punishing me for sure. After reading through this, it doesn't sound like changing over to another provider is going to help much.
Sounds like my only option is to lower my coverage if I want cheaper prices. or just bend over.
Up your deductible if possible. We are at 1k for home and vehicles, work stuff I'm at 5k. Part of things I've noticed is the adjusters are pretty clueless when it comes to stuff, they think they are knowledgable but aren't. They can't really tell what truly is hail damage or not. They can't look at shingles and say, I estimate they are 40% shot or so, so they ask the homeowner when they were installed and just go with that. I have a suspicion that many homeowners either don't know or they say 10 years for 15-17 years ago hoping it helps them.
That is if the adjuster does come out, seen it several times where they say, find someone who can look at it and do the estimate, and of course a contractor will find issues.