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Non-FE Discussion Forum / Re: Not to be political, but a question about insurance rates
« on: July 22, 2024, 04:38:33 PM »
Joe, I've seen the same thing with my home insurance, up to about $7500 a year for the house and the shop. Used to be $2800 5 years ago. According to my agent the insurance companies are losing their butts right now from all the weather issues, and claims arising from that. He claims that the insurance companies working in Minnesota where I am have lost money for 3 years running, and are looking for reasons to drop home customers with any issues. Before I could get them to insure me this year I had to spend $2200 on fireproof cabinets for storing race gas and paint, and also get six 10 pound fire extinguishers installed at various places in my shop, that have to be re-tagged each year just like a commercial property.
I have Auto Owners for my home and shop insurance, but still have State Farm for auto. I've been with State Farm since 1974, and never had an accident, so I think that's why the rates have stayed low. My agent for the home insurance, who is an old friend, tells me that Auto Owners is top notch in terms of paying claims, and that State Farm sucks for that, but I don't know if that's really true since I've never had to make a claim with them.
Anyway, insurance rates are definitely through the roof, and this year I seriously considered just bailing on the homeowners insurance. I've only had one claim in 27 years at this address, and it was only for $16K. The wife wouldn't have it though, so we are wasting money on insurance again this year...
I have Auto Owners for my home and shop insurance, but still have State Farm for auto. I've been with State Farm since 1974, and never had an accident, so I think that's why the rates have stayed low. My agent for the home insurance, who is an old friend, tells me that Auto Owners is top notch in terms of paying claims, and that State Farm sucks for that, but I don't know if that's really true since I've never had to make a claim with them.
Anyway, insurance rates are definitely through the roof, and this year I seriously considered just bailing on the homeowners insurance. I've only had one claim in 27 years at this address, and it was only for $16K. The wife wouldn't have it though, so we are wasting money on insurance again this year...