Property Insurance

[2076]

1 word.

Derecho

More than just that. The weather has been historically bad for 4 years and the reinsurance companies are tired of losing money. The market is very hard right now. At least 6-12 months more of this. Hopefully no major storms this spring and things can start to stabilize.

 

[CyCrazy]

We have vehicle and homeowners insurance with State Farm. Bundling does help with discounts.

For those saying deracho is the big reason for increases, that was almost 3 years ago. I just find it hard it would take that long for rates to adjust here.

Onc they go up they rarely go back to what iit was.

 

[SECyclone]

More than just that. The weather has been historically bad for 4 years and the reinsurance companies are tired of losing money. The market is very hard right now. At least 6-12 months more of this. Hopefully no major storms this spring and things can start to stabilize.

Yeah just not wind we have had plenty of hail damage in central Iowa the last few years

 

[Lexclone]

Someone here on CF recommended these guys a couple years ago and I've had a good experience. Andrew is my agent.

Cupp Insurance

I know these guys as well. Very good people. The dad and one of the boys is a Cyclone fan. I don’t know what happened to the other one (Hawkeye), but they are all outstanding folks.

 

[CYDJ]

That's kinda how insurance works.

No..... Everything in the world gets a ton more expensive and insurance does too? Get oooouuuttt!

 

[swiacy]

It’s nationwide and as stated California & Florida are the leaders where natural disasters have been particularly expensive to rebuild. Rampant increase of material costs along with availability of workforce compounds the problem. I am president in a HOA and our premium doubled but we were fortunate in that any HOA in the area older than 20 years were dropped. And our deductible is $100,000 so unless we have a major loss, we won’t have a claim. I think this situation will start to sink in and affect RE sales as potential buyers do the math on home ownership.

 

[FarminCy]

More than just that. The weather has been historically bad for 4 years and the reinsurance companies are tired of losing money. The market is very hard right now. At least 6-12 months more of this. Hopefully no major storms this spring and things can start to stabilize.

Yep. The last 4 years have been brutal where I’m at. 3 major house claims, a new roof, siding, deck, and vehicle damage from derecho and hail events. That’s just on the personal property side. Farm side has been a mess too.

 

[FLYINGCYCLONE]

Just asked my sisters about their property insurance and they agreed going up all over. One of them mentioned her property taxes. They went up 20% a couple years ago. One of her friends told her theirs went up 40%. They live in Hennepin County Minnesota.

 

[danielyp29]

Overall P&C industry is taking big rate increases. Rates are coming on different timelines by company based on rate filings.

 

[CyCoug]

I have a part-rental, part vacation home in Southwest Florida about 10 miles inland from where Hurricane Ian destroyed Fort Myers Beach.

In 2021, insurance was about $1,600 with a no-name company that was real shakey.

In 2022 when Ian hit I had already switched to USAA for about $2,500.

Last October, just over a year after Ian, I was bracing for the worst, but it only went up to $2,700. I feel very fortunate. But we’ll see what this year brings.

My homeowners insurance in Utah on a newer, larger place has held steady at about $1,200.

 

[chadly82]

I have a part-rental, part vacation home in Southwest Florida about 10 miles inland from where Hurricane Ian destroyed Fort Myers Beach.

In 2021, insurance was about $1,600 with a no-name company that was real shakey.

In 2022 when Ian hit I had already switched to USAA for about $2,500.

Last October, just over a year after Ian, I was bracing for the worst, but it only went up to $2,700. I feel very fortunate. But we’ll see what this year brings.

My homeowners insurance in Utah on a newer, larger place has held steady at about $1,200.

Yeah the renewal period for most right now is a shocker. Feel bad for anyone nearing retirement or on a fixed income especially

 

[Sparkplug]

You actually can, I’m in the same boat and I’ve thought about switching to Newell just to give my money to a Cyclone

Wonder if we’ll have to drop and start over or just change the name of the agent

 

[chadly82]

Wonder if we’ll have to drop and start over or just change the name of the agent

You should be able to just switch agents