Inflation and it's impact on Insurance

I enjoy wrestling

I enjoy wrestling

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Just got a call from Insurance Broker today. 42% increase for housing and 31% for auto. Hanover is probably getting the boot. But, inflation is killing the Insurance businesses. FJB

Another increase coming to our renters. Property tax increases this year got them. Now insurance increases will get them.
 
 
I enjoy wrestling said:
Just got a call from Insurance Broker today. 42% increase for housing and 31% for auto. Hanover is probably getting the boot. But, inflation is killing the Insurance businesses. FJB

Another increase coming to our renters. Property tax increases this year got them. Now insurance increases will get them.
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That seems pretty close to the increased numerical value in housing. Homes that were $250,000 are now $350,000. Prices are not spiking and then going back to where we were, they are here to stay.
 
Materials and labor to restore a building are way up, cars and their parts are up. Car insurers have taken a short-term beating over cat converter and KIA thefts, but they never lose in any 4 year span. We pay.

If dwelling insurance cost depresses mortgage lending beyond the rates themselves, that's a real problem.
 
D4fan said:
That seems pretty close to the increased numerical value in housing. Homes that were $250,000 are now $350,000. Prices are not spiking and then going back to where we were, they are here to stay.
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I haven't changed the insurance value of my home. I increased my insurance value 2 years ago.
 
cabezadecaballo said:
Materials and labor to restore a building are way up, cars and their parts are up. Car insurers have taken a short-term beating over cat converter and KIA thefts, but they never lose in any 4 year span. We pay.

If dwelling insurance cost depresses mortgage lending beyond the rates themselves, that's a real problem.
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Is that not inflation?
 
OhioBobcatFan06 said:
25 should be the age for everything
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So, now that your own brain is fully developed as an adult, you see it as well ?

This is why the actual patriarchy was good, when women were marrying and bearing children at 16 to 18 years old. Separate household’s, but more of a guiding influence after “launch”
 
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Insurance is part of capitalism. Is Team Biden working incrementally towards the fall of capitalism by implementing the Cloward-Piven Strategy?

the “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse.
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Cloward & Piven Strategy on Steroids | DaveSchultz.com

First proposed in 1966 and named after Columbia University sociologists Richard Andrew Cloward and his wife Frances Fox Piven — both longtime members of the Democratic Socialists of America, where Piven today is an honorary chair — the “Cloward-Piven Strategy” seeks to hasten the fall of...
www.daveschultz.com
 
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Omega said:
Insurance is part of capitalism. Is Team Biden working incrementally towards the fall of capitalism by implementing the Cloward-Piven Strategy?



Cloward & Piven Strategy on Steroids | DaveSchultz.com

First proposed in 1966 and named after Columbia University sociologists Richard Andrew Cloward and his wife Frances Fox Piven — both longtime members of the Democratic Socialists of America, where Piven today is an honorary chair — the “Cloward-Piven Strategy” seeks to hasten the fall of...
www.daveschultz.com
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Lending as we know it cannot exist without affordable insurance, even for vehicles at this point.

The entire economy of a people in record debt depends upon mitigating risk for lenders. Especially when crime goes unpunished

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Here is what else is happening: the 1% home insurance deductible.

So if your home is worth 300k, your deductible is now $3,000.

I had a 15% premium increase this year, but my agent pointed out that new deductible feature.
 
OldSoulon said:
Here is what else is happening: the 1% home insurance deductible.

So if your home is worth 300k, your deductible is now $3,000.

I had a 15% premium increase this year, but my agent pointed out that new deductible feature.
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I checked out financials for Hanover. Cooperations are slick creatures of habit. All types of products being offered. The 3k deductible is where we're headed and higher. I'll take a policy with 10k deductible. Biden has screwed the average Joe.

I have the money, many retired individuals don't. Renters will feel the pain. All this crazy dumped on the middle class. You Government worshipping Bidenistas drive me nuts. Inflation sucks
 
OldSoulon said:
Here is what else is happening: the 1% home insurance deductible.

So if your home is worth 300k, your deductible is now $3,000.

I had a 15% premium increase this year, but my agent pointed out that new deductible feature.
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Who are you with? I called a buddy that owns a bunch of properties. He mentioned an increase of 10% from State Farm.
 
OldSoulon said:
Here is what else is happening: the 1% home insurance deductible.

So if your home is worth 300k, your deductible is now $3,000.

I had a 15% premium increase this year, but my agent pointed out that new deductible feature.
Click to expand...
A very new thing away from coastal areas.

A parasitic financial system gets to keep escrows rolling harder, longer in an age of interest, too. The wins just keep stacking, amirite?!
 
I enjoy wrestling said:
Just got a call from Insurance Broker today. 42% increase for housing and 31% for auto. Hanover is probably getting the boot. But, inflation is killing the Insurance businesses. FJB

Another increase coming to our renters. Property tax increases this year got them. Now insurance increases will get them.
Click to expand...

At a minimum, you should have appealed your property tax assessment. That’s about all I’ve been doing with my appraisal business and I’ve saved thousands of $$$ for 99% of the homeowners who have appealed.
 
Steel Valley FB said:
At a minimum, you should have appealed your property tax assessment. That’s about all I’ve been doing with my appraisal business and I’ve saved thousands of $$$ for 99% of the homeowners who have appealed.
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I don't mind the house taxes. Mine are closer to real value minus roughly 10%. The tenants though just keep getting drilled.
 
Let's see, houses are high, gas is high, groceries are high, salaries are as high as ever. This is all just part of the big games folks. No one ever has enough money. Yes, if housing prices are high, building materials are high, then yes, to replace that house, it's going to cost more. Makes sense to me.
 
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