Insurance companies !!!

[JBowen]

I just opened my Home Insurance bill. OMG!! To say I am pi...d is an understatement. My annual premium went from
$1300 to $2007. Ouch!! Are you guy's seeing this kind of increase? They claim it is just inflation.

JBowen

[GunnyMack]

Didn't notice that large of an increase. What I have issue with is I have large , LARGE oak trees very close to my house. I asked the insurance agent if they would pay to take down/ trim the trees. No we don't do that. Ok so the next hurricane Sandy snaps off the top and goes through the roof causing 10s of thousands of dollars in damage and then they will pay. Kind of backwards thinking if you ask me.
I got a quote on taking down a tree that was 1/8 the size and 5 grand in cost! This one tree will require a big crane!

[Ysabel Kid]

Liberty Mutual just raised my car insurance (family) $600/year. Cars are all a year older, no accidents, no speeding tickets. I will give them one chance reverse it before I start shopping for another provider, and will switch home, auto and my umbrella if they are cheaper. I understand inflation, but this is ridiculous.

[Tycer]

Yes. It’s a closer reflection of true inflation than the drivel pandered to us by the BLS.

[kaschi]

I'm surprised they don't say "the cost of diesel is up" for their rate increase like everyone else these days. Insurance Companies = Mafia

[2ndovc]

Didn't notice that large of an increase. What I have issue with is I have large , LARGE oak trees very close to my house. I asked the insurance agent if they would pay to take down/ trim the trees. No we don't do that. Ok so the next hurricane Sandy snaps off the top and goes through the roof causing 10s of thousands of dollars in damage and then they will pay. Kind of backwards thinking if you ask me.
I got a quote on taking down a tree that was 1/8 the size and 5 grand in cost! This one tree will require a big crane!

The problem is, that opens up a whole lot of "What ifs?". No ins. Co. I know of, will pay for something that "might" happen. They will take the chance to see if something happens or not. If it does, then it's covered. Another thing to keep in mind, most policies won't cover a downed tree unless it hits part of your dwelling, detached structures, vehicle, etc. So if one comes down and doesn't hit anything, bust something up and stick it as far underneath the tree/ branches as you can.

Jay and JBowen,

Those increases are extreme. My suggestion is go visit, or call a couple of independent ins. agents. They will carry the smaller, less expensive ins. companies that don't have to spend huge budgets on advertising. The adjusters will likely be local and have far more freedom to find coverages. Stay away from the companies that you see on tv every day. They may cost less sometimes but you will find out why when you have a claim. They are generally harder to negotiate a fair settlement with and you may have to deal with an adjuster that's on the other side of the country. The insurance company you have now doesn't care how long you've been a customer.
I've been on both sides of the property insurance world for 30 years. The company I work for tells me all the time that if I can find a way to pay a claim, then do it. It's far easier than denying one.

One more thing, guys. Read your policies and watch those limits! With the cost of labor and materials, it's costing a LOT more to make repairs than it did 3-4 years ago. I was, on average, paying $8-12k for a total roof replacement on a medium size house. Now it's $15-20,000!

jb

[Ysabel Kid]

Didn't notice that large of an increase. What I have issue with is I have large , LARGE oak trees very close to my house. I asked the insurance agent if they would pay to take down/ trim the trees. No we don't do that. Ok so the next hurricane Sandy snaps off the top and goes through the roof causing 10s of thousands of dollars in damage and then they will pay. Kind of backwards thinking if you ask me.
I got a quote on taking down a tree that was 1/8 the size and 5 grand in cost! This one tree will require a big crane!

The problem is, that opens up a whole lot of "What ifs?". No ins. Co. I know of, will pay for something that "might" happen. They will take the chance to see if something happens or not. If it does, then it's covered. Another thing to keep in mind, most policies won't cover a downed tree unless it hits part of your dwelling, detached structures, vehicle, etc. So if one comes down and doesn't hit anything, bust something up and stick it as far underneath the tree/ branches as you can.

Jay and JBowen,

Those increases are extreme. My suggestion is go visit, or call a couple of independent ins. agents. They will carry the smaller, less expensive ins. companies that don't have to spend huge budgets on advertising. The adjusters will likely be local and have far more freedom to find coverages. Stay away from the companies that you see on tv every day. They may cost less sometimes but you will find out why when you have a claim. They are generally harder to negotiate a fair settlement with and you may have to deal with an adjuster that's on the other side of the country. The insurance company you have now doesn't care how long you've been a customer.
I've been on both sides of the property insurance world for 30 years. The company I work for tells me all the time that if I can find a way to pay a claim, then do it. It's far easier than denying one.

One more thing, guys. Read your policies and watch those limits! With the cost of labor and materials, it's costing a LOT more to make repairs than it did 3-4 years ago. I was, on average, paying $8-12k for a total roof replacement on a medium size house. Now it's $15-20,000!

jb

Jason, I was hoping you'd chime in! I always like advice from an expert!!!

I was on a chat for almost an hour last night with Liberty Mutual, and this after my spinal injections earlier in the day, so not really "in the mood" for their BS. All I really wanted was to get the name and contact information for my agent, which is no longer listed on my annual documents. Nada - they wouldn't provide it. They wouldn't budge. Y2K and his little sister will be soon doing their own insurance (for auto), so I guess they are uninterested in keeping my business and earning theirs. I will check around at independent agents. Good recommendation. Also will look into USAA, given my daughter's status in the military. Anyone else have a company they like and would recommend?

I know parts and labor have gone through the roof (pun intended!). But $600 a year on three aging cars, (2013 - 2018)? Nope. Plus I like to do business with companies that actually want my business.

Thanks!

[JimT]

Years ago I had insurance with an old friends insurance business. He reassured me that they covered everything except claims.

[2ndovc]

Jim!


Jay,

Liberty Mutual has really changed. Used to be a great company to work with, but they've gone the way of St. Farm and some of the others. I learned a lot from one of their large loss adjusters.
I've had independent agents actually show up at a large fire loss. Most of the smaller companies like the one I work for are regional. Funny thing is, the carrier I have for our properties isn't the one I work for but my agent's office went out of their way, spending a lot of time finding us a cheaper flood ins. policy w/ better coverage.

jb

[JBowen]

Thanks for the replies fellers. I expected it to increase but not 50%.

Jason B- I appreciate your recommendations. I use the local Arkansas Farm Bureau. Have used them for over 30 years and know everyone that works there.
They said since I have replacement insurance that I was way under insured and quoted almost the same figures as you for
a roof replacement. They have been real good over the years. I had to replace the shingles because of a hail storm once
and again because of the tornado we had in 2011 along with a few other things. I don't want to change companies but they
are putting the pressure on me.

Bidenomics!

JBowen

[castcat]

yes my home owners went up 53% from last year

[GunnyMack]

I get it Jason, just be nice if they would act before they were needed. I guess that's the common sense I'm using again. Guess ya just have to convert to Muslim- insurance is gambling for them.

I left LM years ago and after all the STUPID, MORONIC commercials Liberty Mutual has come out with I'd definitely leave them now!

[Shasta]

Here in California's land of forest fires, many homeowners insurance policies are being outright cancelled with no agency willing to insure because of the high fire danger. The state has actually set up something called the California Fair Plan that offers (very expensive) fire insurance to those refused coverage by private agencies.

My home is right in the middle of a large subdivision that unfortunately was struck by a fire tornado during the 2018 Carr Fire. I lost just about everything I owned, but I had a good insurance agent (Farmer's) and they paid everything I was insured for, including a new house. I had lived there 34 years before the fire with no claims, but after the fire the state declared our subdivision a "high fire danger" zone and while Farmer's Insurance did not drop me, my rates did go up.

I suspect the enormous number of claims coming out of California is behind the increase in insurance costs nationwide.

Shasta

[Sixgun]

We’re also paying for the millionaires who build mansions on the beach in Florida knowing they might get 5 years before a hurricane drags it out to sea.

[stretch]

I had several negative experiences with Liberty Mutual.

All of those TV and YouTube ads? Guess who pays for 'em?
The policy holders.

I shopped around with a local agent, and ended up paying less than
half of what I paid with Liberty Mutual for house, car, and motor bike insurance.

My (now ex-) wife had only ever had Liberty Mutual as an insurance
company for 25+ years - they simply didn't care. Pay the freight.

I bought a 2011 Triumph Rocket III Touring motorcycle brand new.
They quoted me over $500 back then to insure it. TODAY I insure
SIX bikes for something like $600 a year with Dairyland.

Shop around - Liberty Mutual is a RIPOFF!

-Stretch

[marlinman93]

We ran into the big increase last year, and on top of the increase they reduced our home's total coverage from $450,000 to $267,000! When I asked why they'd reduce our coverage they answered it was to try to keep cost down. But the cost of the reduced coverage was about 50% higher than the previous year!
I contacted a friend of mine who brokers insurance and gave him our old policy information to get a quote. His quote was 25% lower than we had been paying before this big jump, and the coverage was the same as our old coverage!
We'd been a customer of the same agent and insurer for almost 30 yrs., and they simply were bending us over. It pays to shop around I guess, and wish we'd not been so loyal. But at least they forced our hand and it turned out better.

[Pat C]

My auto went from $176 per month to $213 State Farm .I have a 23 year old on mine Three vehicles all older 2003,2005,2013 no tickets,accidents but full coverage and $500 deductible.

I actually just checked Farm Bureau they were higher at $221 for same per month.

Pay in full and drop two vehicles to liability save $400 per year.

[Streetstar]

Didn't notice that large of an increase. What I have issue with is I have large , LARGE oak trees very close to my house. I asked the insurance agent if they would pay to take down/ trim the trees. No we don't do that. Ok so the next hurricane Sandy snaps off the top and goes through the roof causing 10s of thousands of dollars in damage and then they will pay. Kind of backwards thinking if you ask me.
I got a quote on taking down a tree that was 1/8 the size and 5 grand in cost! This one tree will require a big crane!

An insurance policy is not a maintenance plan. I’ve had to tell that to countless homeowners

“You need to trim that tree, it will hit my house - then you’re really gonna pay!” (Maybe- we’ll take that risk, but thank you for alerting us to an underwriting issue. By the way, do you have a trampoline or pool for the kids/grandkids? Cool!

How about dog breeds known for biting? —- veeeery interesting. Any more attractive nuisances? While we’re at it, looks like you need a paint job and siding repair and the roof is 9 years old

You’ll get your new bill at renewal time if we decide to keep you


Gunny - my reply wasn’t aimed at you specifically- Just the grumblings of a 20 year insurance adjuster Who is now retired and doing a lot of work for the Darkside (contractors)

[GunnyMack]

Street star, on offense taken. I get it- just seems like they take and take and take some more and the policy holder gets less and less but more hoops to jump through.
No, no trampolines or pool!
Here if you have a pool you are required to have a fence around it with child resistant gate, higher rates paid but you also get a break as its now a couple thousand gallons of water to fight fires.