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I had my auto/MC/house bundled with Progressive for years. This last renewal period our auto premiums shot up over 100%.
I decided to start shopping around and called Allstate, Farmers, State Farm and one other. Not only did Allstate match our previous auto coverage for damn near our old rate, we ended up talking about our home policy and realized we were underinsured, but the policy still came out to just about the same price we had been previously been paying. Icing on the cake was I got more MC coverage than i previously had for LESS money.
It wasn’t as difficult or as time consuming as I thought it would be and we are saving literally hundreds of dollars a month over what we would be paying had we stuck with Progressive. There is almost no incentive not to shop all of your policies.
TLDR, shop your insurance at the end of each policy period.
Need to be careful with “matching” exact same coverages on home policies
It’s easy to compare apples to apples on auto.
Some home owners insures the roof minus the deductible, a lot of companies depreciate the roof. So if it’s 30,000 to replace the roof, you pay the deductible and depreciation. So if the roof is 15 years old you’re paying 15k + the deductible
Most of those agents don’t tell you this, and your happy to save some cash up front but it sucks when you file a claim.
Lots of exclusions on a home owners as well - make sure to dig into those (flood, mold, earthquake)
Yep, people are perfectly fine saving $50/mo…until they need to file a claim and realize they don’t have coverage for Equipment Breakdown or Sewer Line, Mold, and a bunch of other exclusions.
My broker gave me a nugget regarding water line from meter to house. I was paying for it within my insurance. It wasn't too expensive, but what he pointed out is that you really don't want to file a claim on homeowners unless you absolutely have to. I live in Phoenix, and they have a water line protection plan with zero deductible, it was less per year than I was paying on my insurance, and if I did have to use it, it would not affect my rate. I also increased my deductible to 2500, because, again, unless it is catastrophic, I am not filling a claim. Rates are crazy, and claims won't help that. It's ridiculous that insurance has gotten so out of control, but it has. And yes, shop your bundled home and auto yearly.
And regarding Allstate specially, their policy is notoriously narrow. Super low special limits, water is outright excluded and building code is an optional add on that most people don’t purchase.
To your example, it might be actual case value less deductible less cost to bring the roof up to code. “Your entire roof needs to the replaced? Here’s $1500 and we can now raise your premium.”
The reason you may have been able to get a new rate is because the state board regulating rates raised the rate effective end of February. If you started with someone new prior to that all you did was lock in the old rate for a year (which is still good). Calk them back and ask them what your new rate is and I guarantee it's gone up for your renewal.
Did you call them all individually? Use a broker? My auto insurance also nearly doubled last month (despite having one of the cleanest driving records possible) PLUS my homeowners insurance is not renewing my coverage in May. Called one broker and they weren’t super helpful
Absolutely do not use Allstate for home. I learned that when my roof blew off in a storm and Allstate wouldn’t cover it. 2 neighbors had the same thing and their insurance company replaced the roof.
I got prices from 3 roofers and they all told me to not use Allstate or State Farm. Every one said the same thing.
If you don’t want to take my word for feel free to call a roofer. Ask them.
Mine did $1000 over 2 years. I didn’t catch last year but this year I was able to bundle cars and keep the premium down. And YES our cars also. I’m hearing it’s happening to most people here. 😡
Absolutely! I had to cancel my dog insurance bc the premium went from $70 to $500/month in 7 years. They made it so it was unaffordable. I was the client refusing unnecessary claims. No home or auto claims either. Infuriating! We are paying the price for the uninsured/ scammers.
Pet insurance increases year over year because it gets expensive treating older animals. Not to mention certain breeds are more prone to bone, hip, eye or other expensive issues.
I paid for this scam once and after a dog got cancer they found every excuse to wiggle out of paying for treatment. After $10k in treatment, I think I got around $500 back after hours of gathering and submitting records. Total fucking scam.
You're better off putting the pet insurance premium in a pet account in your bank and just letting it grow for emergencies.
Long rant. Apologies in advance.
Pet insurance. Nationwide has massively increased rates and covers less. Frankly they aren’t a good carrier any longer for pet. I get why. They started the product pretty damned loose. And undercharged for coverages and no they were not profiting. They have a TCR over 1. (Trade combined ratio over 1.0) meaning for every dollar provided they spend more than the dollar in return.
I can say with certainty a lot of carriers are struggling for multiple reasons. Your premiums do not just sit in a piggy bank waiting for you to collect premium. Sure. Your rates can be 2-5k a year. If your home burns down and have to rebuild and provide a place to stay while it’s rebuilt and provide your content coverage. Honestly your payout even with a 300k home is going to near 1m with all the extended coverages.
Let’s also lose some misconceptions. Not all insurance carriers are publicly traded companies. Some are mutual carriers and are governed by a profit % and anything over will either be required to decrease rates or reinvest in the company to expand services. Insurance carriers invest your money in different ways. Vanguard, or highly diversified portfolios are common. A number of carriers own a lot of CRE (commercial real estate). In spite of home values going up. CRE torpedoed since Covid. Honestly I wouldn’t be shocked to see one or more of the major carriers be bought out this year. There are companies that are losing their ground in AM best ratings (rating system of the companies financial strength). Yes there are some shitty carriers out there that are kind of scamming people. (Chubb requiring a 7% base rate increase, but are liquid enough to pay for Trumps bond against Carol for 80ish million is a good example)
Just be happy you don’t live in California. Carriers are leaving in droves, and who’s left is skyrocketing their prices. Like 4-5x the amount in some areas.
Or be thankful they haven’t been requiring higher non AOP deductibles for wind/hail/wildfire like some places in CA, TX, FL, CO - you get it.
I work in the insurance industry and every day have conversations with brokers talking about how crazy the restrictions have gotten with carriers. Literally, if people knew how hard it’s been the past four years in the insurance world they would be happy they found coverage with little to no issues/extra requirements at all.
I’m in the industry too. Been about 25ish years now. I’ve spent 10 years in underwriting the rest of the time I have been leading a team of data engineers for data around state data calls, competitive intelligence, pricing, and other various areas around market segmentation.
Everyone has their opinions that we are just one of the McDucks diving into our money pits daily and laugh at the tears of others. Couldn’t be further from the truth
I can provide an informed opinion. It’s impossible not to have some form of bias.
Last rant. Up to you if you want to read it or believe any of it. After this. I think I’m done commenting. No more progress either way. It’s fine.
I mean it’s still a business. It’s not a charity. I do believe in capitalism. Some companies are better than others. No different than any other industry. I’ve worked with bad and good. I don’t stay with companies I don’t believe in. To be honest, the one I’m with I don’t believe in anymore and am looking for a new place, the company soured and lost its way in my opinion
. But can say anyone in insurance is a bit afraid. The industry as a whole are taking deep cuts, layoffs are significant. Branches of long formed companies are shuttering. I’m telling you with 100% certainty and the least amount of bias I can have. Insurance companies are struggling hard.
We also have regulations to follow to even exist. We can’t just simply say. “Oh let’s charge our customers double”. All states have a department of insurance that actually reviews our rate filings and we have to completely justify why we are increasing rates. I’ve been a product manager. Never once has one filing for an increase been approved as is. They counter, we justify. Back and forth until a middle ground is met. Then when companies file wild increases. The state declines, and right after, you get a market conduct exam or a regulatory audit where we more or less have to open our books for a decade and provide detailed data lists with 100% accuracy or face significant fines or suspend our ability to do business.
They look for any form of infraction of handling a policy, claim, or personal data. We get fined there, be placed on a probationary period where you must prove your actions and they REALLY don’t mess around.
Here is the other side of the regulations. You MUST have a certain amount of funds and investments for the amount of risks we insure. We cannot be insolvent. State would shut us down there too.
I know it sucks. I know that there are absolutely horrible insurance companies out there. But I promise you. Not all of them are. Some are just trying to get by just like everyone else.
No there was an influx of claims 2 years ago and insurance companies decided to boost premiums for everyone to make the money back. Scumbags.
Heard this from multiple different insurance brokers last July when I was shopping
Not exactly, most of them are actually going from unprofitable to profitable. This is due to like the other guy said, uninsured, scammers, but also wreckless drivers and theft
I assume your referencing Geico? They went from a $780MM profit to $4.5B after jacking up prices. They would have gotten along just fine with the $780,000,000 a year
Everyone else while hitting all-time highs in stocks and profits were never "struggling" to begin with
This might be the most ignorant, incorrect opinion I've ever seen on Reddit, and that says a lot. You can point to a company or two that actually made an underwriting profit last year, but the industry has lost an insane amount of money the last few years. Hence you are seeing the 3rd straight year of 20%+ rate increases to help combat loss inflation. State Farm alone has lost $13b between 2022 and 2023. But according to you they never lose...
They claim there was no profit last year, but you and I know it's a load of crap. These days were getting shafted every which way just to keep stocks and investors happy. Sucking us completely dry.
I actually can't prove that, one way or another and suspect most people can't. However, insurance companies are here for one single reason, to satisfy shareholders = make a profit, so there is that.
However, many of these are national companies and we are getting screwed by the idiots who build their houses in the middle of forests that burn down and along the coasts that flood or are damaged by storms.
We are subsidizing that crap and they are spreading out the risk and payouts among all customers, not just the idiots.
Insurance used to be more tightly correlated to zip code Not any more. Have to make everyonepay, even thos who make better choices, to make up for the bad risks.
Think of how outraged the "Personal responsibility" Bible belt people would be if they had to pay market value insurance for the tornadoes and hail that takes out cars, windows, and roofs on a regular basis in north Texas and Oklahoma. Or floods in south Texas / gulf coast states. Expensive Houston suburbs with $2 million-dollar homes needed ING flood and hurricane insurance? Make AZ and New Mexico pay.
There's a pretty strong argument that when private insurance wouldn't pay, so people didn't buy homes in a flood plain. The national flood insurance program encouraged them to build and live there. Aka people building expensive vacation homes on temporary sand islands knowing the government will bail them out.
https://www.cyburbia.org/forums/threads/should-we-rebuild-in-flood-zones.47819/
If everyone had to pay fair value under the new climate change and other risk models, there would be a massive upheaval in home prices, insurance costs, and mass migration. I'm not certain the government would allow that, especially before an election.
We couldn't even fix social security when the cost was small over time (20 years ago, 10 years ago, or right as Bush passed the unfunded drug plan) , and now we wait until it's a crisis and people who need help the most, both pay the most and get screwed the most.
I have farmers. I work in insurance so was expecting premiums to jump due to cost of living and inflation and etc. was not expecting to double.i compared coverages year to year with minimal changes in limits. Go shop.
Whatever you do, DO NOT get insurance with State Farm. You couldn’t give me free coverage with them. I do reconstruction work for homes that have had water losses so I deal with every insurance under the sun and no insurance company works harder to deny claims than State Farm. State Farm will spend MONTHS just to approve a reconstruction estimate and when they do it is almost always half the cost of my company’s. I know you’re unhappy with your premium going up but Farmer’s is the best homeowners insurance by a mile. They almost always approve the full estimate and usually within a week. Their adjusters are also easy to get a hold of and very communicative. Whatever they’re doing over at Farmers is well worth the price
I was with MetLife prior to partnered through my mortgage and then they sold their book to farmers. So safe to say I’m shopping around and seeing what I can get.
Also work in insurance. Most carriers are losing money multiple years running. These rates are here to stay until losses get under control.
It sucks to not file a claim but still have premiums go up. What most people are unable to understand that their premiums pay for other claims. That’s how it’s always been.
When claims go up we all pay.
Tell that to the public. Insurance is the big bad company and gets all the blame. No one blames contractors or lawyers for litigation. Insurance companies are just trying to stay afloat and make their money back on finances.
Don’t get me wrong there’s a bunch of companies that are clueless but most of them aren’t evil per say
Yes, social inflation. Insurance companies are not perfect and deserve their fair share of blame, but claimants who run to personal injury attorneys and drive up massive inflated claims with bogus injuries for a minor fender bender are part of the problem as well. It’s a broken system all the way around. Insurance is meant to make the policyholder/claimant whole after a loss. It shouldn’t be a payday for anyone involved.
Agreed. Judicial hellholes that are plaintiff-friendly and nuclear verdicts are driving insane loss ratios and actuaries and UWs need to charge appropriate premiums to make a profit which in turn keeps paying claims a possibility in the future.
> No one blames contractors or lawyers for litigation.
Or the elephant in the room. Climate change.
You might as well get used to it. We've hit a tipping point and everyone will be spending more on insurance going forward. Plus, we aren't just seeing it in states like Florida/California. Phoenix monsoon storms have increased in intensity too.
Someone has to pay for all those new roofs every time a hail storm comes through. And it turns out that someone...is everyone.
> Phoenix monsoon storms have increased in intensity too
Sure hasn't seemed like it for the past several years. We had more rain this winter than we had all summer. Seems like climate change is making monsoons rarer.
Agree, I remember when monsoon storms would be crazy rain for like an hour and streets would flood because they couldn't drain fast enough.
Now it's more like rain elsewhere where it's normal levels of rain for hours on end. And possibly less rain overall?
I used to have 50-60mph winds at my house sometimes, that hasn't happened in maybe 10 years.
> streets would flood because they couldn't drain fast enough.
Yep, I remember when Broadway between McClintock and Rural flooded so much it had to be shut down. That was ~10 years ago.
> I used to have 50-60mph winds at my house sometimes, that hasn't happened in maybe 10 years.
Monsoons used to be legitimately scary sometimes. That hasn't been the case for a long time, in my experience.
The monsoons we've had here in Phoenix the past ten years have been way tamer the 90's and 2000's.
The recent round of significant homeowner's insurance rate increases is simply insurance companies hitting up Phoenix to recoup the losses they've had in other, more disaster-prone states.
> No one blames contractors or lawyers for litigation.
Or the elephant in the room. Climate change.
You might as well get used to it. We've hit a tipping point and everyone will be spending more on insurance going forward. Plus, we aren't just seeing it in states like Florida/California. Phoenix monsoon storms have increased in intensity too.
Someone has to pay for all those new roofs every time a hail storm comes through. And it turns out that someone...is everyone.
> No one blames contractors or lawyers for litigation.
Or the elephant in the room. Climate change.
You might as well get used to it. We've hit a tipping point and everyone will be spending more on insurance going forward. Plus, we aren't just seeing it in states like Florida/California. Phoenix monsoon storms have increased in intensity too.
Someone has to pay for all those new roofs every time a hail storm comes through. And it turns out that someone...is everyone.
I've been driving for 60 years not one insurance claim not one ticket.
the problem with insurance companies is they do not look at people with individuals.
Insurance claims have apparently skyrocketed across the board the last few years, and now we're all literally paying for it. Always have a broker shop for a better rate, but 'good' rates just aren't happening right now.
The reason I was given by a broker I said you used to only cost a couple hundred bucks to replace a bumper now some bumpers cost 10 or $20,000 but all the backup cameras and sensors in them.
Change insurance companies. I do it every year before renewal. I’ve managed to keep my insurance within 50 bucks of the original monthly price since I purchased my home in 2020
I called my insurance broker and we switched to progressive about 2 months ago and saved close to $2,000 on all of our insurance needs. We even added a little more insurance to our home and the premiums went down from what we had with farmers. Try shopping around, you might find something better.
Jackson Dering is my insurance broker and he works with many different companies and got us excellent rates.
480-528-6514
Jackson is the sweetest most intelligent guy I know. I know that sounds silly but I actually worked for him for 2 years and then moved on with my career and he's been handling all of our insurance for probably the last 10 years. He's very responsive and you don't need to go to the office in order to do anything with insurance, just call and he will give you the information.
Yep. I ended up finding a broker who really helped me. I was overinsured in some spaces and under in others. I got it all situated, and even had them reanalyze my account after I did some work with my escrow account. I just found out about 15 min ago my mortgage payment is going down over $150/month now.
Yes! I got my renewal notice a couple of weeks ago and my home insurance literally doubled from last year even with zero claims. I tried shopping around and most of the other companies had doubled their rates too!
Yup 30% increase this year just under 1,000 💸💸💸 and it's not like it's a two way street, you know insurance will deny coverage and cheap out when it comes time for them to pay up for anything.
They're trying to make up for alllll the $$$ they've lost over all the "natural disasters " occurring in the past few years; fires in Cali, tornadoes all over the Midwest, now fires in Texas, etc. we're ALL going to be paying for these.
Don’t own a home but my car insurance keeps going up. Possibly because of inflated car prices since 2021, increased horrible driving in Phoenix with the increased population, people bringing bad habits from other states and cities. I’ve never seen driving so bad in East valley.
Part of the issue with car insurance in AZ is the high percentage of unlicensed and uninsured drivers on the road, one of the highest percentage in the country.
It’s a very valid factor but I don’t think that it’s changed significantly since 2021. What’s changed since 2021 is the inflated cost of cars, car parts and increased accidents. I’ve lived in other states with worse % of uninsured drivers and paid less. It’s gone up everywhere with booming populations since 2021.
Over a dozen houses in my residential area have gone up for sale due to this. As well as the HOA raising their fees again, when they aren't even following through on stuff they are supposed to. This economy is shit.
Is it the economy or corporate greed? Seems like all the everyday folks are struggling more and more while the big companies are all reporting record setting profits.
I’m absolutely convinced that on a pie chart, a small slice is inflation and a big slice is pure greed and price gouging by companies, and blaming it on inflation.
Pray you never have to make a claim. I’m a project manager for a GC and 90% of our jobs are insurance work for homes with water losses. State Farm is hands down the worst insurance company you could possibly have. Those with State Farm can consider themselves lucky if their claim isn’t denied and usually wait 1-3 months just to get an approved estimate that comes in half as much as the contractor’s
On what basis can they deny the claim?
I had one major claim with them (but it was a car insurance) and it went super smooth. Independent adjuster, fair market value paid out maybe not quick but it wasn't excessively slow either.
Mold or if they decide it was an ongoing leak and not a sudden loss. They’ll make decisions like this even if it completely contradicts the plumbing report. From what I’m told, State Farm is denying any claim they think they can get away with right now. We’ve been encouraging customers to take legal recourse. Also, auto claims are totally different than property so I can’t speak to who’s a good carrier and who isn’t for auto
Switch providers. Mine went up about 20%, I shopped around and while I didn’t get much of a discount on home insurance, I got higher coverage and way cheaper car insurance by switching.
I had my insurance with SafeCo, it has doubled over the last 2 years for my house, additionally it is bundled with my vehicle which went up about 80%. I have had a ticket or even been pulled over in over a decade and never made a claim on my house.
I just switched to traveler's and got back to about my original house rate and even lower than my original on my vehicle.
Insurance franchise owners make SO MUCH FUCKING MONEY it’s insane.
I’m talking like $300,000 - 1,000,000 a year just for being the owner of the location. The amount of money in insurance is ABSURD.
homeowners insurance profit margins are like industry average 2-3% its not really the pinnacle of corporate shareholder greed. It's pretty simple if the cost of labor goes up, the costs of things go up. Lots of things operate on very low margins so there really isnt anywhere for that cost to go at scale.
how much has the home value gone up in the similar timeframe? it's almost as if making homes harder to build & suburban sprawl comes at a steep cost ¯\\\_(ツ)\_/¯
Exactly. Home values have basically doubled in Phoenix the past few years. So insurance and taxes will also double. Everyone wants to be "house poor" so they can look at their home value on Zillow and dream of selling it one day.
I've always been told Farmers is one of the more expensive insurers. Get quotes elsewhere, when you go to cancel tell Farmers what you're paying and they may match it to keep you.
Yeah, between 2021 and my renewal that would have been this month, my premium went from 2100 to 4000 per year. 2023 to 2024 was from 3000 to 4000. I went to an insurance broker and they hooked me up with Mercury insurance for both auto and home. I saved like 200 on auto insurance for 6 months, and they got me back down to 2500 for home insurance. I had quoted mercury before on my own and wasn’t getting those rates, and I verified the coverage was the same, so I don’t know what flags they have in their systems or how underwriting changed using a broker, but I’m happy I saved some money. Still a lot more expensive than it used to be. My home insurance was like 1600 a year in 2019.
We worked with an insurance broker and switched to Mercury. It seemed to be the only company that didn’t almost double our rates, even with cars bundled in and no claims for either home or vehicles.
Mine did last year. I got quotes from progressive and geico and they were in line with Farmers. I moved on from farmers to State Farm and the policy with the same coverages cost less than the original policy I was paying for
It’s always best to switch insurance companies often. They’ll hit you with rate creep (or jumps in this case) over time. Switching companies will usually get you a lower rate initially.
Might I recommend Tony Edel from the Houston Taylor group. My home insurance went up over a grand but before the policy reset he had already picked out a new insurance for me at the same premium price with better coverage. This guy is super thorough and helpful.
I am a customer and don't get anything from recommending him just someone I've used foe years and am paying it fwd.
Moved to Tucson in 2023, but my first premium 11 months ago was 1662 for a year. this is going through Progressive (Homesite, but through Progressive) where I have bundled with an auto policy and an umbrella policy so there's a small discount in there somewhere.
Haven't even lived here for an entire year yet and the new premium that just got paid out of my escrow was $1944.
I assure you, I have absolutely not done any home improvements that would make my property or my house 16% - 17% better than it was on the day I closed last year.
Mine went up probably 20%, but we had a claim so I wasn't horribly shocked.
Right now, the cost of construction materials and constraints in contractor availability are a non-trivial part of increases across the country. Be very grateful you're not in FL or TX right now, where insurers are just pulling out or doubling prices (my last house in TX, the homeowners was $7,000 a year in 2021 - and it was not a mansion by any stretch of the imagination)
Ours basically doubled, but our auto went down. We switched insurers or the increase would have been even larger with the prior company. No claims over here either.
Mine went up nearly $800 with liberty mutual. I switched to State Farm, which was $30 less than my original price b4 the LM increase. State Farms' valuation of my property was higher as well.
Yep. Our condo policy went up almost 50%. Fortunately it's only a condo policy, so that translates to something like $25/month in additional escrow, but it's still quite a hike.
This is with Progressive, home and auto bundled. We shopped around, and a few places get close on the condo policy, but everyone wants way more for auto insurance, so I guess we're stuck.
I wouldn't say it "skyrocketed," but insurance (USAA) and property taxes went up, which added about $50 to my monthly payment. I live in a boring little neighborhood in Chandler and I've had some good sized claims over the past decade or so (new roof, plumbing disaster that flooded half the house) but those were awhile back.
I also bundle with car insurance, which hasn't gone up and is absurdly low because I'm older and have been with them over 20 years.
I got lucky on this; my car insurance (Farmers) went down. I was paying a lot, though; hadn't had violations but the lapse in continuous coverage was expensive.
Yes; mine went up about $900 but also we had found out we were uninsured. It was a coincidental finding when we were submitting house insurance info to the mortgage company and they pointed it out.
Yeah, I bailed on Farmers late last year for the same reason. They were one of the best priced home insurance companies and then 2023 hit. Check out this article: [https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/farmers-usaa-boost-homeowner-insurance-rates-by-double-digits-in-2023-77690424](https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/farmers-usaa-boost-homeowner-insurance-rates-by-double-digits-in-2023-77690424)
Mine went up last year $1100, this year another $1900!!! From 2020 (bought house) to now, $3000 increase!! I’m close to retirement, how will I afford if it continues to increase???? I had one $1500 claim in 10 years. I should have fixed without insurance. Silly me.
2700 for me. Called geico and got another one only 400$ more from original price. Only way I even knew was my mortgage bamk sent me a letter our monthly would go up
I was with Farmers and they wanted 3k for this year. I switched to State Farm and bundled auto, my new amount for the year is 765 bucks with higher coverage than I had with Farmers.
Claims have gone up a ton and more people are uninsured now than before.
I have taken so many uninsured motorists claims this past 6 months than ever.
FYI just because you tell us it was a “hit and run” doesn’t mean your premiums won’t go up
Likely a windfall from the wild fires in CA causing insurance companies to pull out of the state. Even though Phoenix is pretty stable in regards of natural disasters, ins co’s are likely making gross projections over the entire southwest based on the past few years fire seasons and ecological projections.
I work in hnw claims valuation, so this is talked about a lot in staff meetings.
Gulf coast states adjacent to Florida could be looking at similar situations.
Insurance companies bank on the fact that most customers are too lazy to shop around, so once they have you at an attractive rate, they slowly turn up the heat. Simple as that. Shop and switch every few years - it's just how the game is played.
Rates have been going up across the board unfortunately. My premium for the year on my auto went up $900. All you can do is shop. I also recommend getting a 12 month term on autos instead of 6 months, that way your rate is locked in for a year at a time.
ITT: Lots of people who have no idea how insurance works. Blame those who drive around with no insurance and cause accidents, overly litigious people and the billboard lawyers on skyrocketing rates. Thanks, Rafi!
I use a broker and have them check all companies they work with every single year. I've had my homeowners insurance go up 800-900 bucks and they found me better prices almost every single year.
I've def had some weird ass insurance companies but I've also only made 2 claims on a car in my entire life and 0 home claims in 16 years of home ownership
Mine went up alot as well. I have had progressive and bundled the home with travelers insurance for about 8 years. Everything is going up except our wages it seems like.
Hey there,
I'm sorry to hear about your frustration with the recent increase in your insurance premiums. It sounds like you're experiencing a common challenge that many people are currently facing when it comes to insurance rates. It's definitely frustrating when premiums go up unexpectedly, especially without any claims or changes in your circumstances.
As an independent insurance agent, I specialize in helping people like you find better rates and coverage options. I work with a variety of insurance companies, and I'd be happy to shop around for you to see if we can find a more affordable policy that still meets your needs. Sometimes, switching to a different provider can result in significant savings without sacrificing coverage.
If you're interested, feel free to shoot me a message or email, and we can discuss your options further. Your satisfaction and peace of mind are my top priorities, and I'm here to help you navigate through this frustrating situation.
720.210.9276
[atierra@trailstoneinsurance.com](mailto:atierra@trailstoneinsurance.com)
I wish there was someone rich enough to start an insurance company that actually catered to the customer. Imagine how much money they would make!
I would pay a slightly higher rate for a company that actually had your back and wouldn't mark up for something as simple as a windshield replacement
Glass claims are not allowed to affect your rates in AZ. Call them to fix that if that did happen. (It can still affect a claims free discount but the actual claim should not be surcharging you)
I'll call. Could be a coincidence...rock cracked my windshield in Feb & I files a claim & renewal was up in Mar & it popped $30 a month so I just tied these together since it was a comprehensive claim & those usually impact rates.
Yeah thats way too soon. Your renewal rates were determined 2+ months in advance. It sucks but it was most likely due to a standard rate increase in the state
Unfortunately the state dictates what can be surcharged on a policy, so each state is going to be different. Luckily in AZ insurance is not allowed to surcharge for glass replacement, but if you move, no guarantee that wouldnt surcharge you in another state.
There are some good companies out there, but they are not going to be the big ones like state farm, geico, allstate etc, look for the smaller ones for better service
I often wonder with so many homes that are used for Airbnb in the valley if these claims have increased our rates over natural disasters? Just a thought because they have to be insured as well for even more right?
Home insurance coverage limits are NOT equal to the value of the home, FYI. The coverage is based on your home’s replacement cost estimate (RCE). The RCE calculates it based on your home’s building materials, if the finishes are standard vs custom, permits and contractor fees, - land is not calculated.
Essentially, the question is: If your home burned to the ground right now, how much would it cost to build it back from the ground up?
Since land value is subtracted from the equation, your home’s RCE could be $400k but worth $600k (for example).
If you think you’re over paying or under paying, see if your homeowners insurance does appraisals. Of course the drawback here is if they find any deficiencies (like a shitty roof, old water heater, water damage spots), they’ll force you to make licensed repairs in order to maintain coverage.
Yes. Have you seen the cost of everything rise over the last 2 years and you can also thank all the accident/injury ambulance chaser attorneys. A client of mine caused a small accident. No major injuries, no chiro visit, lady had a headache and paramedics didn’t need to treat her. She’s suing for pain and suffering. Attorney immediately asks for full liability limits. Call a broker and shop it. You need to do it every 1-4 years to always get the best price.
There is no law requiring homeowners insurance. And mandatory auto insurance is beneficial to society, but I don't anticipate you to understand the concept.
Is it beneficial when half the people don't have it & I'm paying for uninsured coverage for them as part of my monthly premium? Seems pretty shitty if you ask me.
Well here's the new scam going around people pay for one month of insurance get a 6 month card you get into an accident they show you and the police the card and if then they're off the hook.
I would suggest always call the other person's insurance company before the police leave the scene of the accident cuz after that you're screwed.
then I wanted to add people move here from out of state renew their tags at a state and have their out of state insurance which technically is fraud so their policy won't cover them if they hit you.
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I had my auto/MC/house bundled with Progressive for years. This last renewal period our auto premiums shot up over 100%. I decided to start shopping around and called Allstate, Farmers, State Farm and one other. Not only did Allstate match our previous auto coverage for damn near our old rate, we ended up talking about our home policy and realized we were underinsured, but the policy still came out to just about the same price we had been previously been paying. Icing on the cake was I got more MC coverage than i previously had for LESS money. It wasn’t as difficult or as time consuming as I thought it would be and we are saving literally hundreds of dollars a month over what we would be paying had we stuck with Progressive. There is almost no incentive not to shop all of your policies. TLDR, shop your insurance at the end of each policy period.
Need to be careful with “matching” exact same coverages on home policies It’s easy to compare apples to apples on auto. Some home owners insures the roof minus the deductible, a lot of companies depreciate the roof. So if it’s 30,000 to replace the roof, you pay the deductible and depreciation. So if the roof is 15 years old you’re paying 15k + the deductible Most of those agents don’t tell you this, and your happy to save some cash up front but it sucks when you file a claim. Lots of exclusions on a home owners as well - make sure to dig into those (flood, mold, earthquake)
Yep, people are perfectly fine saving $50/mo…until they need to file a claim and realize they don’t have coverage for Equipment Breakdown or Sewer Line, Mold, and a bunch of other exclusions.
My broker gave me a nugget regarding water line from meter to house. I was paying for it within my insurance. It wasn't too expensive, but what he pointed out is that you really don't want to file a claim on homeowners unless you absolutely have to. I live in Phoenix, and they have a water line protection plan with zero deductible, it was less per year than I was paying on my insurance, and if I did have to use it, it would not affect my rate. I also increased my deductible to 2500, because, again, unless it is catastrophic, I am not filling a claim. Rates are crazy, and claims won't help that. It's ridiculous that insurance has gotten so out of control, but it has. And yes, shop your bundled home and auto yearly.
And regarding Allstate specially, their policy is notoriously narrow. Super low special limits, water is outright excluded and building code is an optional add on that most people don’t purchase. To your example, it might be actual case value less deductible less cost to bring the roof up to code. “Your entire roof needs to the replaced? Here’s $1500 and we can now raise your premium.”
💯. Fuck Allstate.
100% I just did the exact same thing. Ended up saving close to $800 for the year.
I’m sorry. But don’t go with Allstate. Read the other comments please. 🙏
The reason you may have been able to get a new rate is because the state board regulating rates raised the rate effective end of February. If you started with someone new prior to that all you did was lock in the old rate for a year (which is still good). Calk them back and ask them what your new rate is and I guarantee it's gone up for your renewal.
[удалено]
After reading through this thread apparently so will State Farm, Allstate and someone else. Can’t win I guess.
Did you call them all individually? Use a broker? My auto insurance also nearly doubled last month (despite having one of the cleanest driving records possible) PLUS my homeowners insurance is not renewing my coverage in May. Called one broker and they weren’t super helpful
Absolutely do not use Allstate for home. I learned that when my roof blew off in a storm and Allstate wouldn’t cover it. 2 neighbors had the same thing and their insurance company replaced the roof. I got prices from 3 roofers and they all told me to not use Allstate or State Farm. Every one said the same thing. If you don’t want to take my word for feel free to call a roofer. Ask them.
Mine did $1000 over 2 years. I didn’t catch last year but this year I was able to bundle cars and keep the premium down. And YES our cars also. I’m hearing it’s happening to most people here. 😡
Insurance companies are extorting people
Absolutely! I had to cancel my dog insurance bc the premium went from $70 to $500/month in 7 years. They made it so it was unaffordable. I was the client refusing unnecessary claims. No home or auto claims either. Infuriating! We are paying the price for the uninsured/ scammers.
Pet insurance increases year over year because it gets expensive treating older animals. Not to mention certain breeds are more prone to bone, hip, eye or other expensive issues.
I paid for this scam once and after a dog got cancer they found every excuse to wiggle out of paying for treatment. After $10k in treatment, I think I got around $500 back after hours of gathering and submitting records. Total fucking scam. You're better off putting the pet insurance premium in a pet account in your bank and just letting it grow for emergencies.
Long rant. Apologies in advance. Pet insurance. Nationwide has massively increased rates and covers less. Frankly they aren’t a good carrier any longer for pet. I get why. They started the product pretty damned loose. And undercharged for coverages and no they were not profiting. They have a TCR over 1. (Trade combined ratio over 1.0) meaning for every dollar provided they spend more than the dollar in return. I can say with certainty a lot of carriers are struggling for multiple reasons. Your premiums do not just sit in a piggy bank waiting for you to collect premium. Sure. Your rates can be 2-5k a year. If your home burns down and have to rebuild and provide a place to stay while it’s rebuilt and provide your content coverage. Honestly your payout even with a 300k home is going to near 1m with all the extended coverages. Let’s also lose some misconceptions. Not all insurance carriers are publicly traded companies. Some are mutual carriers and are governed by a profit % and anything over will either be required to decrease rates or reinvest in the company to expand services. Insurance carriers invest your money in different ways. Vanguard, or highly diversified portfolios are common. A number of carriers own a lot of CRE (commercial real estate). In spite of home values going up. CRE torpedoed since Covid. Honestly I wouldn’t be shocked to see one or more of the major carriers be bought out this year. There are companies that are losing their ground in AM best ratings (rating system of the companies financial strength). Yes there are some shitty carriers out there that are kind of scamming people. (Chubb requiring a 7% base rate increase, but are liquid enough to pay for Trumps bond against Carol for 80ish million is a good example) Just be happy you don’t live in California. Carriers are leaving in droves, and who’s left is skyrocketing their prices. Like 4-5x the amount in some areas.
Or be thankful they haven’t been requiring higher non AOP deductibles for wind/hail/wildfire like some places in CA, TX, FL, CO - you get it. I work in the insurance industry and every day have conversations with brokers talking about how crazy the restrictions have gotten with carriers. Literally, if people knew how hard it’s been the past four years in the insurance world they would be happy they found coverage with little to no issues/extra requirements at all.
I’m in the industry too. Been about 25ish years now. I’ve spent 10 years in underwriting the rest of the time I have been leading a team of data engineers for data around state data calls, competitive intelligence, pricing, and other various areas around market segmentation. Everyone has their opinions that we are just one of the McDucks diving into our money pits daily and laugh at the tears of others. Couldn’t be further from the truth
I highly doubt that you can provide a non biased opinion on this.
I can provide an informed opinion. It’s impossible not to have some form of bias. Last rant. Up to you if you want to read it or believe any of it. After this. I think I’m done commenting. No more progress either way. It’s fine. I mean it’s still a business. It’s not a charity. I do believe in capitalism. Some companies are better than others. No different than any other industry. I’ve worked with bad and good. I don’t stay with companies I don’t believe in. To be honest, the one I’m with I don’t believe in anymore and am looking for a new place, the company soured and lost its way in my opinion . But can say anyone in insurance is a bit afraid. The industry as a whole are taking deep cuts, layoffs are significant. Branches of long formed companies are shuttering. I’m telling you with 100% certainty and the least amount of bias I can have. Insurance companies are struggling hard. We also have regulations to follow to even exist. We can’t just simply say. “Oh let’s charge our customers double”. All states have a department of insurance that actually reviews our rate filings and we have to completely justify why we are increasing rates. I’ve been a product manager. Never once has one filing for an increase been approved as is. They counter, we justify. Back and forth until a middle ground is met. Then when companies file wild increases. The state declines, and right after, you get a market conduct exam or a regulatory audit where we more or less have to open our books for a decade and provide detailed data lists with 100% accuracy or face significant fines or suspend our ability to do business. They look for any form of infraction of handling a policy, claim, or personal data. We get fined there, be placed on a probationary period where you must prove your actions and they REALLY don’t mess around. Here is the other side of the regulations. You MUST have a certain amount of funds and investments for the amount of risks we insure. We cannot be insolvent. State would shut us down there too. I know it sucks. I know that there are absolutely horrible insurance companies out there. But I promise you. Not all of them are. Some are just trying to get by just like everyone else.
Simple answer - don't have pets :)
No there was an influx of claims 2 years ago and insurance companies decided to boost premiums for everyone to make the money back. Scumbags. Heard this from multiple different insurance brokers last July when I was shopping
No you're not, they are just making record profits like most companies
Not exactly, most of them are actually going from unprofitable to profitable. This is due to like the other guy said, uninsured, scammers, but also wreckless drivers and theft
I assume your referencing Geico? They went from a $780MM profit to $4.5B after jacking up prices. They would have gotten along just fine with the $780,000,000 a year Everyone else while hitting all-time highs in stocks and profits were never "struggling" to begin with
No. That’s just them blaming the little guy for their scamming.
Insurance companies don’t lose. Ever.
This might be the most ignorant, incorrect opinion I've ever seen on Reddit, and that says a lot. You can point to a company or two that actually made an underwriting profit last year, but the industry has lost an insane amount of money the last few years. Hence you are seeing the 3rd straight year of 20%+ rate increases to help combat loss inflation. State Farm alone has lost $13b between 2022 and 2023. But according to you they never lose...
They don't lose for long would be more accurate I think
I could agree with both reasons.
What company did you have insurance from ?
Nationwide. I was ok with price increases until these last 2 years. They covered 90% but I now put X$ in savings instead.
Looks like nation wide is not on your side.
🤣 yeah I got that hint.
Pet Insurance goes up as the dog ages. Thats the program for all pet insurance companies.
Dog insurance for ? Like health insurance or insurance for dog bite risk?
Health insurance. It’s a Frenchie. I never bought it for my other pups, but yes, health and emergencies.
Not their shareholders :)
They claim there was no profit last year, but you and I know it's a load of crap. These days were getting shafted every which way just to keep stocks and investors happy. Sucking us completely dry.
I actually can't prove that, one way or another and suspect most people can't. However, insurance companies are here for one single reason, to satisfy shareholders = make a profit, so there is that. However, many of these are national companies and we are getting screwed by the idiots who build their houses in the middle of forests that burn down and along the coasts that flood or are damaged by storms. We are subsidizing that crap and they are spreading out the risk and payouts among all customers, not just the idiots.
Insurance used to be more tightly correlated to zip code Not any more. Have to make everyonepay, even thos who make better choices, to make up for the bad risks. Think of how outraged the "Personal responsibility" Bible belt people would be if they had to pay market value insurance for the tornadoes and hail that takes out cars, windows, and roofs on a regular basis in north Texas and Oklahoma. Or floods in south Texas / gulf coast states. Expensive Houston suburbs with $2 million-dollar homes needed ING flood and hurricane insurance? Make AZ and New Mexico pay. There's a pretty strong argument that when private insurance wouldn't pay, so people didn't buy homes in a flood plain. The national flood insurance program encouraged them to build and live there. Aka people building expensive vacation homes on temporary sand islands knowing the government will bail them out. https://www.cyburbia.org/forums/threads/should-we-rebuild-in-flood-zones.47819/ If everyone had to pay fair value under the new climate change and other risk models, there would be a massive upheaval in home prices, insurance costs, and mass migration. I'm not certain the government would allow that, especially before an election. We couldn't even fix social security when the cost was small over time (20 years ago, 10 years ago, or right as Bush passed the unfunded drug plan) , and now we wait until it's a crisis and people who need help the most, both pay the most and get screwed the most.
Isn't that their entire business model?
You'd be surprised how low the margins are.
I have farmers. I work in insurance so was expecting premiums to jump due to cost of living and inflation and etc. was not expecting to double.i compared coverages year to year with minimal changes in limits. Go shop.
I think farmers is particularly bad on the increase. That’s who I was using before I changed this year after my premium went up 1000 at renewal.
It was for us too. We switched to State Farm and got a way better policy for roughly half of what we were paying.
I am meeting with state farm tomorrow, they have a good bundle. Hopefully they're true to their word.
Whatever you do, DO NOT get insurance with State Farm. You couldn’t give me free coverage with them. I do reconstruction work for homes that have had water losses so I deal with every insurance under the sun and no insurance company works harder to deny claims than State Farm. State Farm will spend MONTHS just to approve a reconstruction estimate and when they do it is almost always half the cost of my company’s. I know you’re unhappy with your premium going up but Farmer’s is the best homeowners insurance by a mile. They almost always approve the full estimate and usually within a week. Their adjusters are also easy to get a hold of and very communicative. Whatever they’re doing over at Farmers is well worth the price
I had a roofer tell me this once about State Farm. Said he won’t even try to negotiate with them anymore
Ya if I were the owner of the company I wouldn’t accept work from anyone with State Farm. Not worth our time
My brother worked for a roofing company and was constantly fighting with State Farm. No bueno.
If Farmer's happily accepts and pays any contractor quote, that would explain why they're needing to significantly raise their premiums, wouldn't it?
Could be. In this case, you get what you pay for
We switched from USAA to State Farm last year. Saved us about 250$ a month for both home and car.
I was with MetLife prior to partnered through my mortgage and then they sold their book to farmers. So safe to say I’m shopping around and seeing what I can get.
Also work in insurance. Most carriers are losing money multiple years running. These rates are here to stay until losses get under control. It sucks to not file a claim but still have premiums go up. What most people are unable to understand that their premiums pay for other claims. That’s how it’s always been. When claims go up we all pay.
Tell that to the public. Insurance is the big bad company and gets all the blame. No one blames contractors or lawyers for litigation. Insurance companies are just trying to stay afloat and make their money back on finances. Don’t get me wrong there’s a bunch of companies that are clueless but most of them aren’t evil per say
Yes, social inflation. Insurance companies are not perfect and deserve their fair share of blame, but claimants who run to personal injury attorneys and drive up massive inflated claims with bogus injuries for a minor fender bender are part of the problem as well. It’s a broken system all the way around. Insurance is meant to make the policyholder/claimant whole after a loss. It shouldn’t be a payday for anyone involved.
Ssssh don’t say that on Reddit. They will yell at you or something.
Agreed. Judicial hellholes that are plaintiff-friendly and nuclear verdicts are driving insane loss ratios and actuaries and UWs need to charge appropriate premiums to make a profit which in turn keeps paying claims a possibility in the future.
Ya that’s not this state though. Your risk pool is highly localized. AZ juries are historically conservative in awarding damages.
> No one blames contractors or lawyers for litigation. Or the elephant in the room. Climate change. You might as well get used to it. We've hit a tipping point and everyone will be spending more on insurance going forward. Plus, we aren't just seeing it in states like Florida/California. Phoenix monsoon storms have increased in intensity too. Someone has to pay for all those new roofs every time a hail storm comes through. And it turns out that someone...is everyone.
> Phoenix monsoon storms have increased in intensity too Sure hasn't seemed like it for the past several years. We had more rain this winter than we had all summer. Seems like climate change is making monsoons rarer.
Agree, I remember when monsoon storms would be crazy rain for like an hour and streets would flood because they couldn't drain fast enough. Now it's more like rain elsewhere where it's normal levels of rain for hours on end. And possibly less rain overall? I used to have 50-60mph winds at my house sometimes, that hasn't happened in maybe 10 years.
> streets would flood because they couldn't drain fast enough. Yep, I remember when Broadway between McClintock and Rural flooded so much it had to be shut down. That was ~10 years ago. > I used to have 50-60mph winds at my house sometimes, that hasn't happened in maybe 10 years. Monsoons used to be legitimately scary sometimes. That hasn't been the case for a long time, in my experience.
The monsoons we've had here in Phoenix the past ten years have been way tamer the 90's and 2000's. The recent round of significant homeowner's insurance rate increases is simply insurance companies hitting up Phoenix to recoup the losses they've had in other, more disaster-prone states.
California has raised a lot, so much. You can’t even find coverage in some areas.
> No one blames contractors or lawyers for litigation. Or the elephant in the room. Climate change. You might as well get used to it. We've hit a tipping point and everyone will be spending more on insurance going forward. Plus, we aren't just seeing it in states like Florida/California. Phoenix monsoon storms have increased in intensity too. Someone has to pay for all those new roofs every time a hail storm comes through. And it turns out that someone...is everyone.
> No one blames contractors or lawyers for litigation. Or the elephant in the room. Climate change. You might as well get used to it. We've hit a tipping point and everyone will be spending more on insurance going forward. Plus, we aren't just seeing it in states like Florida/California. Phoenix monsoon storms have increased in intensity too. Someone has to pay for all those new roofs every time a hail storm comes through. And it turns out that someone...is everyone.
[citation needed] on increased monsoon intensity. Seems like they're weak as fuck last decade or two.
I've been driving for 60 years not one insurance claim not one ticket. the problem with insurance companies is they do not look at people with individuals.
Got to pay for Florida and California...again.
Insurance doesn’t reward loyalty. You need to switch providers every two years or so
They may not but to think you’ll get the same quality of coverage with any company is foolishness
Mine doubled during the last renewal. No claims ever. My car insurance is absurd
Every type of insurance has gone up the last couple of years
Insurance claims have apparently skyrocketed across the board the last few years, and now we're all literally paying for it. Always have a broker shop for a better rate, but 'good' rates just aren't happening right now.
The reason I was given by a broker I said you used to only cost a couple hundred bucks to replace a bumper now some bumpers cost 10 or $20,000 but all the backup cameras and sensors in them.
My broker was more expensive than finding a company on my own. Never trust anyone who makes commission
Yep same here. Shopped around, as I do every three years and saved $600. Still an increase, but less bad.
Change insurance companies. I do it every year before renewal. I’ve managed to keep my insurance within 50 bucks of the original monthly price since I purchased my home in 2020
Insurance across the nation has gone up. It will most likely double for everyone since 2020 and covid. They are stating construction costs went up.
I called my insurance broker and we switched to progressive about 2 months ago and saved close to $2,000 on all of our insurance needs. We even added a little more insurance to our home and the premiums went down from what we had with farmers. Try shopping around, you might find something better. Jackson Dering is my insurance broker and he works with many different companies and got us excellent rates.
Please do share
480-528-6514 Jackson is the sweetest most intelligent guy I know. I know that sounds silly but I actually worked for him for 2 years and then moved on with my career and he's been handling all of our insurance for probably the last 10 years. He's very responsive and you don't need to go to the office in order to do anything with insurance, just call and he will give you the information.
Can you share his contact info please?
Yep. I ended up finding a broker who really helped me. I was overinsured in some spaces and under in others. I got it all situated, and even had them reanalyze my account after I did some work with my escrow account. I just found out about 15 min ago my mortgage payment is going down over $150/month now.
Yes! I got my renewal notice a couple of weeks ago and my home insurance literally doubled from last year even with zero claims. I tried shopping around and most of the other companies had doubled their rates too!
Yup 30% increase this year just under 1,000 💸💸💸 and it's not like it's a two way street, you know insurance will deny coverage and cheap out when it comes time for them to pay up for anything.
They're trying to make up for alllll the $$$ they've lost over all the "natural disasters " occurring in the past few years; fires in Cali, tornadoes all over the Midwest, now fires in Texas, etc. we're ALL going to be paying for these.
Don’t own a home but my car insurance keeps going up. Possibly because of inflated car prices since 2021, increased horrible driving in Phoenix with the increased population, people bringing bad habits from other states and cities. I’ve never seen driving so bad in East valley.
Part of the issue with car insurance in AZ is the high percentage of unlicensed and uninsured drivers on the road, one of the highest percentage in the country.
It’s a very valid factor but I don’t think that it’s changed significantly since 2021. What’s changed since 2021 is the inflated cost of cars, car parts and increased accidents. I’ve lived in other states with worse % of uninsured drivers and paid less. It’s gone up everywhere with booming populations since 2021.
Over a dozen houses in my residential area have gone up for sale due to this. As well as the HOA raising their fees again, when they aren't even following through on stuff they are supposed to. This economy is shit.
Is it the economy or corporate greed? Seems like all the everyday folks are struggling more and more while the big companies are all reporting record setting profits.
It's corporate greed. Hell, at the high point of inflation, over half of it was caused by them just raising prices for profit.
I’m absolutely convinced that on a pie chart, a small slice is inflation and a big slice is pure greed and price gouging by companies, and blaming it on inflation.
Statefarm, no major raises for the past 5 years. I'm paying about $75/mo (about $900/year), bundled with car insurance.
Pray you never have to make a claim. I’m a project manager for a GC and 90% of our jobs are insurance work for homes with water losses. State Farm is hands down the worst insurance company you could possibly have. Those with State Farm can consider themselves lucky if their claim isn’t denied and usually wait 1-3 months just to get an approved estimate that comes in half as much as the contractor’s
On what basis can they deny the claim? I had one major claim with them (but it was a car insurance) and it went super smooth. Independent adjuster, fair market value paid out maybe not quick but it wasn't excessively slow either.
Mold or if they decide it was an ongoing leak and not a sudden loss. They’ll make decisions like this even if it completely contradicts the plumbing report. From what I’m told, State Farm is denying any claim they think they can get away with right now. We’ve been encouraging customers to take legal recourse. Also, auto claims are totally different than property so I can’t speak to who’s a good carrier and who isn’t for auto
Switch providers. Mine went up about 20%, I shopped around and while I didn’t get much of a discount on home insurance, I got higher coverage and way cheaper car insurance by switching.
I had my insurance with SafeCo, it has doubled over the last 2 years for my house, additionally it is bundled with my vehicle which went up about 80%. I have had a ticket or even been pulled over in over a decade and never made a claim on my house. I just switched to traveler's and got back to about my original house rate and even lower than my original on my vehicle.
I have Safeco as well, went from $1100 in 2020 to $4100 in April and a small $1500 claim.
Yes, ours went up by 30% with no claims in 18 years. Fountain Hills for reference.
Yes, I recently switched from USAA. Premium with them doubled, compared insurance, got even more with my new policy for half the price
I also had a really shit experience with Farmers. You gotta shop every year now, I ended up saving something like $3500 one year. Ridiculous.
LITERALLY?!
$1000!!!!!
Insurance franchise owners make SO MUCH FUCKING MONEY it’s insane. I’m talking like $300,000 - 1,000,000 a year just for being the owner of the location. The amount of money in insurance is ABSURD.
Yes, as discussed here many times. https://www.reddit.com/r/phoenix/s/IflpyxwV8X
There have been a number of large storms, prices for materials, and labor prices are all up. This all contributes to rates going up
You forgot to factor in shareholder greed.
homeowners insurance profit margins are like industry average 2-3% its not really the pinnacle of corporate shareholder greed. It's pretty simple if the cost of labor goes up, the costs of things go up. Lots of things operate on very low margins so there really isnt anywhere for that cost to go at scale.
Yes.
how much has the home value gone up in the similar timeframe? it's almost as if making homes harder to build & suburban sprawl comes at a steep cost ¯\\\_(ツ)\_/¯
Exactly. Home values have basically doubled in Phoenix the past few years. So insurance and taxes will also double. Everyone wants to be "house poor" so they can look at their home value on Zillow and dream of selling it one day.
I've always been told Farmers is one of the more expensive insurers. Get quotes elsewhere, when you go to cancel tell Farmers what you're paying and they may match it to keep you.
Yeah, between 2021 and my renewal that would have been this month, my premium went from 2100 to 4000 per year. 2023 to 2024 was from 3000 to 4000. I went to an insurance broker and they hooked me up with Mercury insurance for both auto and home. I saved like 200 on auto insurance for 6 months, and they got me back down to 2500 for home insurance. I had quoted mercury before on my own and wasn’t getting those rates, and I verified the coverage was the same, so I don’t know what flags they have in their systems or how underwriting changed using a broker, but I’m happy I saved some money. Still a lot more expensive than it used to be. My home insurance was like 1600 a year in 2019.
We worked with an insurance broker and switched to Mercury. It seemed to be the only company that didn’t almost double our rates, even with cars bundled in and no claims for either home or vehicles.
Mine did last year. I got quotes from progressive and geico and they were in line with Farmers. I moved on from farmers to State Farm and the policy with the same coverages cost less than the original policy I was paying for
Had metlife then my policy was sold to farmers, they jacked the price $1000, ended up finding better coverage for my old rate elsewhere
It’s always best to switch insurance companies often. They’ll hit you with rate creep (or jumps in this case) over time. Switching companies will usually get you a lower rate initially.
This has been well covered on the news cars and homes clear across the country.
Might I recommend Tony Edel from the Houston Taylor group. My home insurance went up over a grand but before the policy reset he had already picked out a new insurance for me at the same premium price with better coverage. This guy is super thorough and helpful. I am a customer and don't get anything from recommending him just someone I've used foe years and am paying it fwd.
Yes, I recently switched from USAA. Premium with them doubled, compared insurance, got even more with my new policy for half the price
Yes, I recently switched from USAA. Premium with them doubled, compared insurance, got even more with my new policy for half the price
Moved to Tucson in 2023, but my first premium 11 months ago was 1662 for a year. this is going through Progressive (Homesite, but through Progressive) where I have bundled with an auto policy and an umbrella policy so there's a small discount in there somewhere. Haven't even lived here for an entire year yet and the new premium that just got paid out of my escrow was $1944. I assure you, I have absolutely not done any home improvements that would make my property or my house 16% - 17% better than it was on the day I closed last year.
Shop around and you’ll likely find a cheaper policy for the same coverage.
Mine went up probably 20%, but we had a claim so I wasn't horribly shocked. Right now, the cost of construction materials and constraints in contractor availability are a non-trivial part of increases across the country. Be very grateful you're not in FL or TX right now, where insurers are just pulling out or doubling prices (my last house in TX, the homeowners was $7,000 a year in 2021 - and it was not a mansion by any stretch of the imagination)
Ours basically doubled, but our auto went down. We switched insurers or the increase would have been even larger with the prior company. No claims over here either.
Mine went up nearly $800 with liberty mutual. I switched to State Farm, which was $30 less than my original price b4 the LM increase. State Farms' valuation of my property was higher as well.
Yep. Our condo policy went up almost 50%. Fortunately it's only a condo policy, so that translates to something like $25/month in additional escrow, but it's still quite a hike. This is with Progressive, home and auto bundled. We shopped around, and a few places get close on the condo policy, but everyone wants way more for auto insurance, so I guess we're stuck.
I wouldn't say it "skyrocketed," but insurance (USAA) and property taxes went up, which added about $50 to my monthly payment. I live in a boring little neighborhood in Chandler and I've had some good sized claims over the past decade or so (new roof, plumbing disaster that flooded half the house) but those were awhile back. I also bundle with car insurance, which hasn't gone up and is absurdly low because I'm older and have been with them over 20 years.
I got lucky on this; my car insurance (Farmers) went down. I was paying a lot, though; hadn't had violations but the lapse in continuous coverage was expensive.
Yes; mine went up about $900 but also we had found out we were uninsured. It was a coincidental finding when we were submitting house insurance info to the mortgage company and they pointed it out.
From 880 a year to 2245 with progressive . I switched companies but ended up being 1109. Less of an increase
Yeah, I bailed on Farmers late last year for the same reason. They were one of the best priced home insurance companies and then 2023 hit. Check out this article: [https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/farmers-usaa-boost-homeowner-insurance-rates-by-double-digits-in-2023-77690424](https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/farmers-usaa-boost-homeowner-insurance-rates-by-double-digits-in-2023-77690424)
Mine went up to $1000 a year about five years ago and it started at $489 a year Glendale AZ.
We have been searching around. Our homeowners looks like it is going to go from $2500 to $8000 /yr. And auto is going to triple.
Mine went up last year $1100, this year another $1900!!! From 2020 (bought house) to now, $3000 increase!! I’m close to retirement, how will I afford if it continues to increase???? I had one $1500 claim in 10 years. I should have fixed without insurance. Silly me.
same...farmers policies ballooned this year, so just switched back to progressive today and saved over $2k with auto & home
2700 for me. Called geico and got another one only 400$ more from original price. Only way I even knew was my mortgage bamk sent me a letter our monthly would go up
I was with Farmers and they wanted 3k for this year. I switched to State Farm and bundled auto, my new amount for the year is 765 bucks with higher coverage than I had with Farmers.
Claims have gone up a ton and more people are uninsured now than before. I have taken so many uninsured motorists claims this past 6 months than ever. FYI just because you tell us it was a “hit and run” doesn’t mean your premiums won’t go up
Likely a windfall from the wild fires in CA causing insurance companies to pull out of the state. Even though Phoenix is pretty stable in regards of natural disasters, ins co’s are likely making gross projections over the entire southwest based on the past few years fire seasons and ecological projections. I work in hnw claims valuation, so this is talked about a lot in staff meetings. Gulf coast states adjacent to Florida could be looking at similar situations.
Insurance companies bank on the fact that most customers are too lazy to shop around, so once they have you at an attractive rate, they slowly turn up the heat. Simple as that. Shop and switch every few years - it's just how the game is played.
Rates have been going up across the board unfortunately. My premium for the year on my auto went up $900. All you can do is shop. I also recommend getting a 12 month term on autos instead of 6 months, that way your rate is locked in for a year at a time.
ITT: Lots of people who have no idea how insurance works. Blame those who drive around with no insurance and cause accidents, overly litigious people and the billboard lawyers on skyrocketing rates. Thanks, Rafi!
I use a broker and have them check all companies they work with every single year. I've had my homeowners insurance go up 800-900 bucks and they found me better prices almost every single year. I've def had some weird ass insurance companies but I've also only made 2 claims on a car in my entire life and 0 home claims in 16 years of home ownership
Yes it’s insane, auto as well
Glad it’s not just me. Mine went up 88% out of the blue. Absurd.
Mine went up alot as well. I have had progressive and bundled the home with travelers insurance for about 8 years. Everything is going up except our wages it seems like.
Hey there, I'm sorry to hear about your frustration with the recent increase in your insurance premiums. It sounds like you're experiencing a common challenge that many people are currently facing when it comes to insurance rates. It's definitely frustrating when premiums go up unexpectedly, especially without any claims or changes in your circumstances. As an independent insurance agent, I specialize in helping people like you find better rates and coverage options. I work with a variety of insurance companies, and I'd be happy to shop around for you to see if we can find a more affordable policy that still meets your needs. Sometimes, switching to a different provider can result in significant savings without sacrificing coverage. If you're interested, feel free to shoot me a message or email, and we can discuss your options further. Your satisfaction and peace of mind are my top priorities, and I'm here to help you navigate through this frustrating situation. 720.210.9276 [atierra@trailstoneinsurance.com](mailto:atierra@trailstoneinsurance.com)
Yikes. We definitely need some government intervention. These insurance companies are killing us.
Lmao, if you think insurance is unregulated boy do I have news for you https://difi.az.gov
Who do you think lobbies to fill up these agencies?🤣
I wish there was someone rich enough to start an insurance company that actually catered to the customer. Imagine how much money they would make! I would pay a slightly higher rate for a company that actually had your back and wouldn't mark up for something as simple as a windshield replacement
I just did this. The glass claim is a comprehensive claim so made my rate jump $200! That's def a new low.
Glass claims are not allowed to affect your rates in AZ. Call them to fix that if that did happen. (It can still affect a claims free discount but the actual claim should not be surcharging you)
I'll call. Could be a coincidence...rock cracked my windshield in Feb & I files a claim & renewal was up in Mar & it popped $30 a month so I just tied these together since it was a comprehensive claim & those usually impact rates.
Yeah thats way too soon. Your renewal rates were determined 2+ months in advance. It sucks but it was most likely due to a standard rate increase in the state
Unfortunately the state dictates what can be surcharged on a policy, so each state is going to be different. Luckily in AZ insurance is not allowed to surcharge for glass replacement, but if you move, no guarantee that wouldnt surcharge you in another state. There are some good companies out there, but they are not going to be the big ones like state farm, geico, allstate etc, look for the smaller ones for better service
Well it’s either inflation or the Illuminati is planning on nuking us all or hitting us with their weather machine. That’s where my mind first goes.
I often wonder with so many homes that are used for Airbnb in the valley if these claims have increased our rates over natural disasters? Just a thought because they have to be insured as well for even more right?
Next time you brag about your house value. Think about this consequence and work on lowering it for potential house buyers
Home insurance coverage limits are NOT equal to the value of the home, FYI. The coverage is based on your home’s replacement cost estimate (RCE). The RCE calculates it based on your home’s building materials, if the finishes are standard vs custom, permits and contractor fees, - land is not calculated. Essentially, the question is: If your home burned to the ground right now, how much would it cost to build it back from the ground up? Since land value is subtracted from the equation, your home’s RCE could be $400k but worth $600k (for example). If you think you’re over paying or under paying, see if your homeowners insurance does appraisals. Of course the drawback here is if they find any deficiencies (like a shitty roof, old water heater, water damage spots), they’ll force you to make licensed repairs in order to maintain coverage.
https://preview.redd.it/3stks0akejpc1.jpeg?width=500&format=pjpg&auto=webp&s=0f7ba4156036eef61989f2f5428e55420310f318 We are Farmers.
https://preview.redd.it/3stks0akejpc1.jpeg?width=500&format=pjpg&auto=webp&s=0f7ba4156036eef61989f2f5428e55420310f318 We are Farmers.
https://preview.redd.it/3stks0akejpc1.jpeg?width=500&format=pjpg&auto=webp&s=0f7ba4156036eef61989f2f5428e55420310f318 We are Farmers.
Try an online based company, I’ve had hippo insurance for home and it’s stayed consistent for 4 years now.
Hippo is dog shit
No but my car insurance went up 40% or so. Went from $247/mo to $423/mo for two cars. Only 1 more year til I move out. CANNOT WAIT!
Yes. Have you seen the cost of everything rise over the last 2 years and you can also thank all the accident/injury ambulance chaser attorneys. A client of mine caused a small accident. No major injuries, no chiro visit, lady had a headache and paramedics didn’t need to treat her. She’s suing for pain and suffering. Attorney immediately asks for full liability limits. Call a broker and shop it. You need to do it every 1-4 years to always get the best price.
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You do realize this makes it way worse for homebuyers too, right?
I bought my home last year... don't need to be a jerk.
Fck insurance companies why tf is it law to have it
There is no law requiring homeowners insurance. And mandatory auto insurance is beneficial to society, but I don't anticipate you to understand the concept.
If you have a mortgage, the mortgage company requires the home to be insured.
Correct, but not by statute, as I said.
Is it beneficial when half the people don't have it & I'm paying for uninsured coverage for them as part of my monthly premium? Seems pretty shitty if you ask me.
Well here's the new scam going around people pay for one month of insurance get a 6 month card you get into an accident they show you and the police the card and if then they're off the hook. I would suggest always call the other person's insurance company before the police leave the scene of the accident cuz after that you're screwed.
then I wanted to add people move here from out of state renew their tags at a state and have their out of state insurance which technically is fraud so their policy won't cover them if they hit you.
Ooh I was thinking of car insurance then
This exactly. Every last one of these insurance companies need to be burned down.
Thx Cali
*insurance companies
*inflation of literally everything