Farmers, USAA Lead Pack in Hiking Homeowners Insurance Rates in 2023: S&P

[earatha]

@tmarie123 Nobody is denying that the price of insurance is rising. I work in it. I see it everyday. Dare I say, as an underwriter I even participate in it. Yes different areas have different rates, nobody denies this either. What we are saying is - all areas and almost all classes of insurance are seeing significant rate increases. Not just for you or for your state.

Also, when you say gouge, I implore you to look up the profitability ratios of some of these insurers - some of them are awul and unsustainable, but most are barely breaking even....

 

[davelew86]

@tmarie123 Literally every homeowner in the US is affected by the numbers. And you're looking at something and misinterpreting it because you lack information. You don't, for instance, know why the California numbers are so low because you lack the context of that specific market.

Additionally, you've glossed over the heightened impact of convective storms in recent years in the other two markets you identified.

Finally, you're in no position at all to tell people to "bother somebody else". Especially the mod that's pulled out of your posts in this sub out of the spam filter.

 

[chgz]

@tmarie123

I am personally affected

I get the impression that you think this only affects you and the whole industry is out to gouge you so you have some sort of vendetta against everyone in the industry. You should've just started there so we all know you have a persecution complex and don't know what you're talking about, but 'll explain a bit of it anyways.

There are many agents out there (who aren't agency owners) that are making less money that ever because new business has screeched to a halt We're not all raking in the cash just because your homeowners insurance went up, and on top of all of that, we are dealing with the same increases as our customers, customers that call us daily seething mad and blaming us personally for things out of our control. We had a customer blame US at the agency for a freaking hospital visit due to stress! Do you know how much that weighs on someone? This has been the worst year of my life because of turds like you who don't have a clue and throw around accusations and insults to people who are not to blame for your problems.

 

[ritastrakosha]

@jkb2011 The excuses are BS. When some of these public companies report earnings next year we’ll see record profits.

 

[jkb2011]

@ritastrakosha Let’s just pick one of the big ones. We’ll do LM because I just saw their commercial.

https://www.prnewswire.com/news-rel...ts-second-quarter-2023-results-301897313.html

600 million in losses for Q2 2023z

 

[ritastrakosha]

@jkb2011 Let’s wait until Q2 2024 and we’ll see…

 

[emmanuelle7]

@blmartinez Farmers and USAA also held back the most among major carriers in taking rate last year. This is only sort of newsworthy.

 

[qianer]

@blmartinez I feel bad for farmers agents they just got their commission cut by quite a bit from what I’ve seen.

 

[decrypted]

@blmartinez I don't really understand how the national average increase is so low. Does this ignore inflation increases? Edit ignore me I see it saying rates for some reason I thought it's a total cost.

 

[sothestoryistold]

@blmartinez Well, the cost of everything "covered" by the policy went up 15-20% in the last year, so it does make sense that premiums would increase.

This is not a surprise.

 

[tylerr]

@blmartinez The beatings will continue until morale improves

 

[happy523gao]

@blmartinez We have USAA and it just went up $600 for the year. $2200 to $2800. Our car insurance also jumped quite a bit. Debated shopping around, but they’ve been really good when we had claims.

 

[tmarie123]

@blmartinez Ive had both my 3500 sq ft home and my 2 older vehicles covered by Liberty Mutual in the Dallas area for 8 years. They went up 32% on my home insurance in August. This is in addition to the previous years rise of 36%. Also my vehicle coverage has gone up repeatedly in the last couple years. 2021 cost to cover both vehicles: $1663; 2022:$1917; 2023: $2253.... thats a 35% increase

No accidents, no claims. It doesnt really seem to matter.

I own a really old Lexus and a 6 year old Impala with 125k miles. Not real expensive rides.

Insurance in red states has become untenable.

 

[resjudicata]

@tmarie123 You’re in one of the worst states for insurance. Litigation in Texas is through the roof - especially on first party claims. Attorneys and public adjusters have found that insurance claims can be exploited for personal gain, and no one wins from that. The worst part, it’s often on simple appraisal claims that don’t require an attorney by nature, yet it’s an easy 30% contingency fee especially if they can inflate the claim up.

 

[deedeew]

@resjudicata Exactly. In Texas, I have a client right now who's teenager backed into a Tesla in a parking garage, while the driver of the other vehicle was getting out. Low speed accident, other driver not really hurt, just bumped. Attorney's got involved, so far the carrier has paid $100k with $70k more in reserves. It is insanity.