We're with Farmers and HO insurance went from $2,100 to $3,500 a year. Our agent did his best to get it down... but...
Costs of home repairs have gone up substantially. Also number of claims is through the roof. There were over 40,000 water damage claims in Oklahoma in December/January on homeowner's policies due primarily to frozen pipes. Got an engineered wood floor installed prior to 2020? That will cost you, most came from china and cannot be repaired, you will need to get a new floor from Vietnam, or if lucky the US.
Auto Insurance is very bad too. Most cars cost a fortune to repair damage. Get a hit to your passenger rear quarter panel on a 2016-2019 Escape and what was $1000 repair will cost $3000 because it could damage 1 of two computers (first is under the hood.) Many cars are overly complex and prone to more damage because of computers and tight places.
The best one can do is shop or raise deductibles. Also look into contested claims, cheap insurance is cheap because they really can knock down what claims will be paid and to what extent. You may be locked into their "repair system" and have to go with contractors they provide, and guaranteed they will not be the best and brightest (think home warrantee.)
Auto Insurance is very bad too. Most cars cost a fortune to repair damage. Get a hit to your passenger rear quarter panel on a 2016-2019 Escape and what was $1000 repair will cost $3000 because it could damage 1 of two computers (first is under the hood.) Many cars are overly complex and prone to more damage because of computers and tight places.
The best one can do is shop or raise deductibles. Also look into contested claims, cheap insurance is cheap because they really can knock down what claims will be paid and to what extent. You may be locked into their "repair system" and have to go with contractors they provide, and guaranteed they will not be the best and brightest (think home warrantee.)
I had been with Farmers for years but the rate hikes were just too much this year. It’s good coverage but just too expensive right now.
I’ve had hit and miss experiences with their agents too.
I recommend shopping around and get quotes from other insurance companies
State Farm isn't any better. My home owners increased $1200 this year. We made no improvements or additions, just took their ram in the a*z that's all.
Did you change your home and auto?
Our home went up 18% and auto by 20% with allstate. The coverage is great and they've always taken care of us but it's getting too much.
Yup, went Progressive for both now. The deductible for wind/hail isn’t as good on the home but everything else was comparable. I’d already switched auto to Progressive a year ago because it was seriously 60% cheaper than Farmers for the same coverage.
Like has already been said, it's biden inflation. Housing prices peaked last fall but are falling now as interest rates are rising. The insurance companies will gladly quote your insurance prices at the cost of replacement, but never take the price down when the homes devalue as they are doing now.
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