Re: Insurance - Home & Car - Page 4

lizzys · ‎11-16-2011

My agent told me that the huge price increase in the auto was due to lack of parts so they have to total a car more often than they did in the past. My BIL had a minor accident and waited a month for a part to come in.

The homeowners increase is due to replacement costs and the increase in real estate has gone through the roof.

Our agent did shop around and we were able to save some with a new company. Hope this new company doesn't have their big jump next year.

Carolina925 · ‎03-09-2010

I live on the coast and our insurance, both car & home, have continued to go up each year. I think it's because those of us who have insurance have to pay for those who don't or are underinsured. Even with relatively mild storms, those who choose to build on barrier islands or even on our coasts, can get underwater. We have a big percentage of uninsured drivers, not sure why they're allowed to get away with that, and we have to bear those costs as well. It's quite common for insurance companies to refuse to carry policies in certain areas now. Scary and sad.

Teddixat · ‎10-04-2010

@mildoo Exactly correct. Insurance companies always make sure whatever they pay out they get back two-fold, maybe even three-fold.

Teddixat · ‎10-04-2010

@CatsyCline that is the excuse insurance companies use to justify their rate increases. The average person pays premiums for many years without ever making a claim, yet the minute you do, they raise your rates or not even if you make a claim - they raise your rates if others make claims. They bunch people into regions and areas, and if you;re in that area, your rates go up even if you don't make a claim. Don't feel sorry for insurance companies.

I read in a Florida insurance companies are leaving in droves because of all the hurricanes and damages, they don't ever want to pay. So where does thst leave people in Florida.

FiddleDeeDee · ‎03-06-2020

@Teddixat It meaves many leaving the state once they can't afford the cost.

The issue we are facing is that the cost is what will drive us out but....who wants to buy a house knowing they're going to be paying more than $10,000 a year for home owners insurance? One of the biggest competitors for those selling their homes (if older than 10 years and the majority of homes where we live are older than that) are the new home development. If there is a blade of grass, Florida will build on it and those homes do NOT have the high insurance rates due to being new and having all the required hurricane safety features. Our home does NOT have the hurricane windows that the new homes come with as a standard feature, for example. The cost is $$$$ for all new windows and sliders especially as many are oversize and a custom order. If I had the option of buying a brand new home with all the safety features, my choice of everything and LOW homeowners insurance vs a 10+ year old home that has HIGH insurance and needs to have things replaced.....yeah, the new home wins every time. It's tough for so many, it really is with these insurance costs.

*Four Seasons once again*