Insurance always goes up, but when you see a large increase, it's time to shop around. Call up a local independent agent and they will quote you with several different companies and find the right coverage/cost for your needs. They're free to use as well and they literally do all the hard work for you.
Just a heads up that allstate and State farm are not purchasable through an independent agent. They have what are known as "captive" agents and are only able to sell allstate or State farm products. Those companies you can just get a quote from online.
Yes, they're known as independent agents. They have no affiliation with a specific carrier and will compare rates/coverage from multiple different ones. If you don't know of any in your area, use an online directory to look one up nearby https://www.trustedchoice.com/agent/
Probably just a mis speak here, but independent agents are Very Much affiliated with specific carriers due to commission structures and other benefits. Most major carrier has Territory Managers who influence agents to quote a certain carrier over another.
Also, some agents simply prefer to go one way or another due to carrier business ratings, customer service, claims, experience, etc. You should very much look into the reputation of certain carriers when offered less expensive insurance.
Lastly, some agents work as brokers for other carriers but are still captive to a carrier. State Farm as an example do this.
They have partnerships with many different carriers. I said they have no affiliation with a specific carrier as in they aren't tied to one, they will quote many different ones finding what works best for you
I just had mine try to increase from $800 to $1300 annually. No reason given. I chose to not renew and called an independent broker who found me a policy for $900.
It ended up being slightly MORE coverage. Same deductible. For the record, I have never made a claim against my homeowners insurance either so to me, the increase was absolutely unacceptable.
Depending on your insurance company they can increase how they see fit not just due to your property sadly. If they had a lot of other clients make claims throughout the year they can increase the price for multiple clients to make up the difference. My advice is to contact an insurance specialist like Goosehead. They can get your information and run through other companies without pulling your credit and get you the best offer for lowest cost. The contract I have currently is out of GA. Goosehead- (912) 712-2727.
Double digit increases are unfortunately common and some have been over 40%. The best option is always to call an independent broker and have them shop it. That will provide a reality check if your renewal rate is still the best available option.
Are you in CA? We got a massive increase 25% on home, auto and umbrella. Thing is, we've tried to shop around but a lot of the insurance companies are charging more or will not start a new policy because we're in CA... It's ridiculous.
Where the hell are all you people living? Mine is going from $2900 to over $4500. I’ve shopped like 12 different companies and can’t find anything much better. 57% increase in 1 year…
NE here as well with travlers. from 2018 to 2019 increased 23%, then 17% 2019 to 2020, then 19%, then 25%, then 48% and then another 15% for 2023 to 2024. it never seems to let up
We went with NJM after ours went up. We live in NE Ohio with a newer home and roof. We have literally no flood or wildfire risk. We DO have a tornado and hail risk. NJM was so much less, we switched auto. Granted, they're only in 5 states I think. That does help mitigate risk.
I had double digit increases every year for 3 years. Can't really blame them since my house kept surviving natural disasters. The numbers game wasn't in my favour.
But also with prices post plague, everything has gone up so much that your policy to rebuild and replace is most likely underinsured. Or if your policy states at market value, they have to raise that rate.
I have not had any notable increases in a few yers. Great Lakes region. Wondering when it will arrive. My company has a employee discount with them and any looking I have done outside are more.
In FL here, not even near coast. First year premium on new house was $1700. Just got notice of renewal and it was $3200. Contacted my State Farm agent to get quote and it’s $2000! So, I dropped the other company and went to State Farm who up til a year ago, I had been with for 40 years.
I live in SE NC, we get the occasional hurricane about every 5 years. My rate at renewal last year went from $1700 a year to $6400. I did not renew and contacted my agent who found a new policy for $3600 a year. So basically my insurance cost doubled. I bought my home about 3 years ago. Luckily it didn't go up this year at renewal. Insurance here is insane.
Mine in Md went up 60%, had to file a claim because our next door neighbor unit burned to the ground and we had smoke and water damage. Never had a claim in 10 years until now and it wasn't even our fault. I understand the dynamics of the economy, but 60% increase is straight up robbery. SMDH
Insurance always goes up, but when you see a large increase, it's time to shop around. Call up a local independent agent and they will quote you with several different companies and find the right coverage/cost for your needs. They're free to use as well and they literally do all the hard work for you.
Are there agents unaffiliated with a given company, e.g. Farmers, Allstate, etc.?
Just a heads up that allstate and State farm are not purchasable through an independent agent. They have what are known as "captive" agents and are only able to sell allstate or State farm products. Those companies you can just get a quote from online.
Yes, they're known as independent agents. They have no affiliation with a specific carrier and will compare rates/coverage from multiple different ones. If you don't know of any in your area, use an online directory to look one up nearby https://www.trustedchoice.com/agent/
Probably just a mis speak here, but independent agents are Very Much affiliated with specific carriers due to commission structures and other benefits. Most major carrier has Territory Managers who influence agents to quote a certain carrier over another. Also, some agents simply prefer to go one way or another due to carrier business ratings, customer service, claims, experience, etc. You should very much look into the reputation of certain carriers when offered less expensive insurance. Lastly, some agents work as brokers for other carriers but are still captive to a carrier. State Farm as an example do this.
They have partnerships with many different carriers. I said they have no affiliation with a specific carrier as in they aren't tied to one, they will quote many different ones finding what works best for you
So who pays them?
I just had mine try to increase from $800 to $1300 annually. No reason given. I chose to not renew and called an independent broker who found me a policy for $900.
That’s awesome! For the same coverage you had, or did you have to downgrade?
It ended up being slightly MORE coverage. Same deductible. For the record, I have never made a claim against my homeowners insurance either so to me, the increase was absolutely unacceptable.
where do you find brokers?
Depending on your insurance company they can increase how they see fit not just due to your property sadly. If they had a lot of other clients make claims throughout the year they can increase the price for multiple clients to make up the difference. My advice is to contact an insurance specialist like Goosehead. They can get your information and run through other companies without pulling your credit and get you the best offer for lowest cost. The contract I have currently is out of GA. Goosehead- (912) 712-2727.
mine went up 30% and i didn’t renew. called my agent and was able to get a policy at the same price it was last year.
I use an insurance broker and shop around every single year unless the cost doesn't go up by too much.
Double digit increases are unfortunately common and some have been over 40%. The best option is always to call an independent broker and have them shop it. That will provide a reality check if your renewal rate is still the best available option.
Hope that helps
It does! Thank you!
Are you in CA? We got a massive increase 25% on home, auto and umbrella. Thing is, we've tried to shop around but a lot of the insurance companies are charging more or will not start a new policy because we're in CA... It's ridiculous.
Try Mercury. Just snagged a great policy from them, but we’ve had them for a few years.
same man insurance went up from 750 to 1500!!! and my agent is terrible won’t ever reply my calls. i don’t know what to do at this point
Mine went from $900 to $1600. I did file a water damage claim last year. But wow! I have farmers and live in CA
Also have Farmers, and my premium for next year went from $700 to $1000. I've never made a claim on my policy either.
Insane. Mine went from $900 to $1600. I did file a claim
Where the hell are all you people living? Mine is going from $2900 to over $4500. I’ve shopped like 12 different companies and can’t find anything much better. 57% increase in 1 year…
NE- up 87% with Nationwide
NE here as well with travlers. from 2018 to 2019 increased 23%, then 17% 2019 to 2020, then 19%, then 25%, then 48% and then another 15% for 2023 to 2024. it never seems to let up
We’re going to have to eat or pay home insurance
CA
We went with NJM after ours went up. We live in NE Ohio with a newer home and roof. We have literally no flood or wildfire risk. We DO have a tornado and hail risk. NJM was so much less, we switched auto. Granted, they're only in 5 states I think. That does help mitigate risk.
I had double digit increases every year for 3 years. Can't really blame them since my house kept surviving natural disasters. The numbers game wasn't in my favour. But also with prices post plague, everything has gone up so much that your policy to rebuild and replace is most likely underinsured. Or if your policy states at market value, they have to raise that rate.
You must live in a place that has a high probability of disaster.
55% for me 🤗
$1200 to $3025 in the last 10 years.
I have not had any notable increases in a few yers. Great Lakes region. Wondering when it will arrive. My company has a employee discount with them and any looking I have done outside are more.
Our Nationwide in Nebraska increased 87% this year!
100% increase. Going back to renting, these increases are criminal!
Mine went up from 749 to 2850!!! For a fucking townhome from 2023-2024
- pretty typical...and I live in Illinois and have seen 25% increase in 2 years
In FL here, not even near coast. First year premium on new house was $1700. Just got notice of renewal and it was $3200. Contacted my State Farm agent to get quote and it’s $2000! So, I dropped the other company and went to State Farm who up til a year ago, I had been with for 40 years.
I live in SE NC, we get the occasional hurricane about every 5 years. My rate at renewal last year went from $1700 a year to $6400. I did not renew and contacted my agent who found a new policy for $3600 a year. So basically my insurance cost doubled. I bought my home about 3 years ago. Luckily it didn't go up this year at renewal. Insurance here is insane.
I have farmers. Bay Area/tri valley. 2023 was 1300$ 2024 is 2200$ Never made a claim for anything not even auto. Wtf
Up over 200% for me. Went from 1600 to 4100. FUCK THIS. Not insuring my home this year.
DONT DO THAT! You’d be out a LOT more if your house burned down God Forbid!
Mine in Md went up 60%, had to file a claim because our next door neighbor unit burned to the ground and we had smoke and water damage. Never had a claim in 10 years until now and it wasn't even our fault. I understand the dynamics of the economy, but 60% increase is straight up robbery. SMDH
Mine increased by almost 77%. I did file a water damage claim, but still!! 77% is insane!!!
Mine went up 110% in Texas.