Is this for homeowners’ coverage? Car insurance?
My auto insurance rates recently went up because the state (Washington) Insurance Commissioner ruled that auto insurance companies can no longer use your credit rating when setting rates. So responsible people are subsidizing irresponsible ones. I guess responsibility is one of those racist things we’ve been hearing so much about.
First time in 34 years of owning a house that we made a claim (only two of those years in Texas; the other 32 in the Bay Area). Can't wait to see how it will impact next year's rates, even though the insurance company indicated it won't.
Don’t worry, the Federal Reserve says inflation is transitory.
Your insurance rates will soon drop by 18%....
I had a barn burn down in 2019 and a $50k+ motorcycle accident this year, mine was going up anyway :/
Insurers are obligated to rebuild your structure up to the building limit on the policy. And better Homeowner policies go beyond this, promising to absorb addition costs up to 125% of the limit you purchased. Some even guarantee to fully rebuild regardless of cost. But for insurers to remain profitable and in business, they must accurately estimate replacement costs, and update them annually to reflect labor and material changes.
As building costs shot up this year, you and I were fully protected because our insurers are obligated to pay “extended replacement cost” even though they priced our policies on building costs that were much lower when our current policies were written. Now the insurers are having to adjust the estimated replacement cost bases to protect themselves - if they want to stay in business.
This is what all Property insurers are doing with renewals. It’s not the rates that are increasing, but the values being insured. I hope this helps.
I changed companies...Had a 25% savings.
I was told by the company I have insured with for 20 years (with no claims) that there was nothing they could do...replacement costs, etc.
So I called a competitor, and they gave me the same replacement cost coverage etc. but 25% savings. I asked about the difference and they said that it was likely because carriers will go into an area/state and re-rate everything...So likely my new carrier hasn’t done that. If they raise my rates, I will shop around at that time.
I also re-rated auto because we are not driving as many miles annually.
With all the weird weather going on, homeowners insurance has been increasing. I know it’s a cycle but I wish the weather would even out again.
Probably has more to do with President Retard and his out of control inflation than it does COVID.
Homeowners insurance went from $2800 per year to $4400 per year in March. Progressive car insurance for 3 cars, none newer than 2008 paid for, went from $4800 a year to $6200 per year. I shopped around and reduced those by only a few hundred.
The early worm gets the bird.
“transitory”
Nothing to worry about. CNN has assured us.
Inflation took me out of the homeowners insurance game some time ago, so there’s no point now in even checking rates. I am on a fixed income, so try to find ways of living on less most of the time. Pretty sure this less-than-worthless administration in power now will find ways to make it even tougher.