|
Oh darn. I thought I figured out that one weird trick to get December medical costs count towards the next year’s deductible by waiting until January to pay.
|
#
?
Jan 8, 2024 22:29
|
|
|
|
| # ? May 2, 2024 11:41 |
|
|
Bondematt posted:Did you go through a broker? They should be explaining the reasoning behind all of this. yes - and they did send a presentation explaining it. however i really suspect that they use climate change any other hazards as an excuse to raise prices even more than necessary. sure costs will go up due to climate change, but is it really JUST that, or is part of it price gouging? here is some relevant info from what the broker sent us - thoughts? quote:
|
|
#
?
Jan 8, 2024 22:41
|
|
|
actionjackson posted:yes - and they did send a presentation explaining it. however i really suspect that they use climate change any other hazards as an excuse to raise prices even more than necessary. sure costs will go up due to climate change, but is it really JUST that, or is part of it price gouging? This is all in line with what I'm seeing/hearing in the market. And it's generally not price gouging. The property market is getting hammered by severe convective storms and it's getting worse year-over-year: AMBest article, Insurance Journal article.
|
|
#
?
Jan 8, 2024 23:03
|
|
|
actionjackson posted:yes - and they did send a presentation explaining it. however i really suspect that they use climate change any other hazards as an excuse to raise prices even more than necessary. sure costs will go up due to climate change, but is it really JUST that, or is part of it price gouging? I'll respond to the rest later, but no national insurance company covering property made a profit last year. Almost all operated at significant losses. It was even worse for reinsurance companies. Climate change plays a significant role in this, but it is not the only factor.
|
|
#
?
Jan 8, 2024 23:15
|
|
|
Climate change is driving the # of claims up (shocker, increasingly dramatic weather patterns are the big outcome) and covidflation has basically doubled everyone's cost of repair. Multiply those two together and suddenly none of the insurance rate plans make sense anymore. If we could do something about one or the other (really both) it would help but those are big government policy things. Somewhere we're all going to pay for this stuff.
|
|
#
?
Jan 8, 2024 23:32
|
|
|
H110Hawk posted:Climate change is driving the # of claims up (shocker, increasingly dramatic weather patterns are the big outcome) and covidflation has basically doubled everyone's cost of repair. Multiply those two together and suddenly none of the insurance rate plans make sense anymore. If we could do something about one or the other (really both) it would help but those are big government policy things. Somewhere we're all going to pay for this stuff. And in California specifically, our Insurance Commissioner rejected rate increases that matched market conditions, so about half our Insurance Carriers either left the state, or reduced capacity significantly. Everything your broker said is correct, but he missed that more than $100B in reinsurance capacity just no longer exists in addition to more than $100B of it being paid on claims. They took that capital and went to play craps with it instead to slow down the losses. This means a company like Liberty is either paying much higher prices for reinsurance, or carrying that risk themselves. Reinsurance companies are best thought of as insurance for insurance, hence the name. Liberty doesn't want to be on the hook alone for $10B in property in a single city, so they buy insurance from one or multiple reinsurance markets. Reinsurance has been the hardest hit by so many things, increased catastrophic claims occurrence and severity, nuclear verdicts on liability claims are the ones I can think of off the top of my head. Did they give you specifically what your riskier exposure are, besides already having the worst kind of claim you could in your market? Edit: Like seriously, I know the term gouging gets tossed around, but gouging would require a profit to be made. This is just market condition increases. Bondematt fucked around with this message at 23:42 on Jan 8, 2024 |
|
#
?
Jan 8, 2024 23:39
|
|
|
thanks for the explanation. nothing too specific, they said having the roof claim might make it go up a bit but otherwise just market conditions and what I put in my post from their presentation. we do allow grilling, though the buildings are brick so would that still be considered a major risk? not sure what is considered a vulnerable siding type. we used to have hardie board which was all replaced recently. actionjackson fucked around with this message at 00:01 on Jan 9, 2024 |
|
#
?
Jan 8, 2024 23:58
|
|
|
actionjackson posted:thanks for the explanation. nothing too specific, they said having the roof claim might make it go up a bit but otherwise just market conditions and what I put in my post from their presentation. Anytime! It's hard to say as all markets are different. SoCal is made to burn, so it would be a big issue for me to find a carrier to overlook it. It could be a factor noted in quick declination, but the carrier still might not write it anyway, just the first NOPE that came up. I would ask your broker if any markets declined due to it that they think would be competitive. Carriers are looking for any reason not to write coverage, so giving them no reasons is your best bet.
|
|
#
?
Jan 9, 2024 00:35
|
|
|
Any thoughts on how much we should budget for in 2025? hah.
|
|
#
?
Jan 9, 2024 00:44
|
|
|
actionjackson posted:Any thoughts on how much we should budget for in 2025? hah. Anywhere between a 5% and 400% increase lol. A broken market is impossible to predict. You probably just saw your main increase due to the roof claim. I wouldn't expect a triple digit increase next year, but double digit is likely. This is all moot if the market worsens and more carriers or reinsururers take their ball and go home.
|
|
#
?
Jan 9, 2024 00:57
|
|
|
Bondematt posted:Anywhere between a 5% and 400% increase lol. A broken market is impossible to predict. I'm confused why the roof claim causes an increase. wouldn't it be better for them because it won't need to be replaced anytime soon?
|
|
#
?
Jan 9, 2024 01:18
|
|
|
actionjackson posted:I'm confused why the roof claim causes an increase. wouldn't it be better for them because it won't need to be replaced anytime soon? You would think so, but statistics say otherwise. A client with any claim is much more likely to have claims in the future. A client with a major claim is much more likely to have a major claim in the future. Even freak incidents like hail storms still have repeat tendencies, due to crap like location and protections. In this case specifically, a new roof does nothing to reduce the risk of loss, as a hailstorm can gently caress that up just as well as a 20 year old roof. Then you also have the fact that Insurance is just really, really stupid. Cyber is a case of insurance being dumb. You just spent $50K making sure this could never happen to this insured again, and now you're dropping them?! Just charge them double for a few years and then start making a profit again.
|
|
#
?
Jan 9, 2024 01:24
|
|
|
Bondematt posted:$25K deductible is the new amount carriers want to place at, reducing this increases premium drastically now. 5% Wind/Hail sucks, but I don't know that market enough to know if you could get better. Interesting, we also just got a notice from our condo board saying, “we are raising the deductible from $10K to $25K and you need to make up the difference in your insurance because it will be cheaper for all of us.” Which sounded fine except that State Farm has now been “working” on our updated policy for three weeks now.
|
|
#
?
Jan 9, 2024 14:35
|
|
|
Property market is in really bad shape. Get ready to have bigger deductibles across the board...
|
|
#
?
Jan 9, 2024 19:02
|
|
|
smackfu posted:Interesting, we also just got a notice from our condo board saying, “we are raising the deductible from $10K to $25K and you need to make up the difference in your insurance because it will be cheaper for all of us.” Yeah, deductible passthrough is going to be a huge issue here on unit owner policies as we continue to see master policy deductibles rise. I have one now in CO where I can not get over $1K in deductible passthrough.
|
|
#
?
Jan 9, 2024 19:11
|
|
|
Everyone who owns a condo or is part of an aoao would do well to ask their agent about loss assessment coverage...
|
|
#
?
Jan 9, 2024 19:13
|
|
|
Virtue posted:Everyone who owns a condo or is part of an aoao would do well to ask their agent about loss assessment coverage... What's funny is I can get $25K in Loss Assessment, but deductible passthrough? Sublimited to $1K and no other carrier wants to even quote. Happy New Year!
|
|
#
?
Jan 9, 2024 19:34
|
|
|
smackfu posted:Interesting, we also just got a notice from our condo board saying, “we are raising the deductible from $10K to $25K and you need to make up the difference in your insurance because it will be cheaper for all of us.” This ended up costing an extra $57 pro-rated for the remaining nine months of our policy. Which isn’t bad but Connecticut doesn’t seem to have the huge insurance problems yet.
|
|
#
?
Jan 14, 2024 16:39
|
|
|
I'm moving over 1000 miles and leaving in the next few days. We're bringing a bunch of stuff in the car and shipping the rest less-than-truckload that we packed and loaded ourselves. A gecko on the phone told me a couple of months ago that I could add a personal effects rider to my renter's insurance to cover what's on the truck, but neither Auto nor Renter's offers such a rider. This has left me in a position where I have 11 feet of a semi-trailer packed behind a bulkhead and nothing past the company's 10 cents per piece, per pound liability (not insurance) covered and already loaded and taken. I'm driving from CT to AL with the stuff in the car, the trailer has already been picked up and taken away. I have a few irreplaceable things like boxes of family photos and high-value art including 3 Dali first-run woodblock prints on the truck as well as some other fairly expensive stuff that I don't have itemized or appraised. Is there any kind of insurance that I can get at this point that will cover what's on the truck and not cost an arm and a leg, or is it all hopes and prayers from here?
|
|
#
?
Jan 17, 2024 20:27
|
|
|
Wicaeed posted:I realize this is a general insurance thread, but how can I fight back against Geico raising my car insurance rates by 30% year over year during my latest renewal? Yeah so coming back to this again for my 6 month renewal and now my 6 month renewal is $850 with NO ACCIDENTS or TICKETS on a loving 10 year old Audi. What the gently caress?
|
|
#
?
Jan 20, 2024 06:44
|
|
|
Insurance industry as a whole not having good results, especially in the auto sector, so everyone's rates go up. Your personal driving experience isn't the only thing that goes into eating algorithms.
|
|
#
?
Jan 20, 2024 06:56
|
|
|
Wicaeed posted:Yeah so coming back to this again for my 6 month renewal and now my 6 month renewal is $850 with NO ACCIDENTS or TICKETS on a loving 10 year old Audi. it's not only about the value of your car, it's about the cost to repair the average-other-car involved in accidents. which has went up due to cost of new cars and scarcity of labor in the past couple years
|
|
#
?
Jan 20, 2024 15:12
|
|
|
Bondematt posted:I'll respond to the rest later, but no national insurance company covering property made a profit last year. Almost all operated at significant losses. It was even worse for reinsurance companies. what about this article? https://www.msn.com/en-us/money/markets/insurers-rake-in-profits-as-customers-pay-soaring-premiums/ar-BB1heNlf
|
|
#
?
Jan 26, 2024 23:15
|
|
|
actionjackson posted:what about this article? Yeah, we've been seeing this come in as Q4 is being reported. Straight from 3 quarters of losses, to a quarter of huge gain. I haven't seen where they ended the year yet, but I'm assuming overall still down. This isn't across the board, but I know Travelers stock just skyrocketed when they released theirs. If we don't see those increases become reductions, get out your torches & pitchforks.
|
|
#
?
Jan 27, 2024 00:05
|
|
|
I am at Flo and they are pretty open on our profits. We did huge numbers but our special lines products were really successful (RVs and other toys) Our home exposure is so minimal we don't suffer like the other carriers. First quarter seemed pretty dire but they pushed accuracy for the claims process that helped and software updates have made life easier as an adjuster I know for the agents Progressive was demanding some policies paid in full instead of monthly installments. I will say I'm envious of carriers with Captive agents, they tend to be somewhat informed of the auto policy they wrote and can manage expectations. Anyone with a pulse seems to write for us and I'm tired of explaining why they needed to have the UM rejections on file even though they bought the book from their cousins neighbors and no we can't just deny UM now. Today was a genius who was requesting UM PD coverage for a lower deductible, dude their are two other at fault insurance companies and we are the only one negligent free here, no UM PD doesn't apply now tell your customer you helped him choose a $1999 deductible for collision coverage
|
|
#
?
Jan 27, 2024 00:56
|
|
|
Bondematt posted:
I mean, we have to have insurance so what can we really do
|
|
#
?
Jan 27, 2024 01:18
|
|
|
actionjackson posted:I mean, we have to have insurance so what can we really do In Cali? Write to Ricardo Lara and demand he explain why he spent a full year+ declining increases, and then approving the biggest single step rate increases like ever. Or ya know, vote that jackass out.
|
|
#
?
Jan 27, 2024 01:21
|
|
|
If your house contains a large amount of some collective, but it would still be under your personal property limit, is there any need to call it out to your insurance carrier or to do anything special? (In this case it’s a bad lego problem.)
|
|
#
?
Jan 27, 2024 15:55
|
|
|
No matter how nice your LEGO build is remember it's NOT fine art.
|
|
#
?
Jan 27, 2024 16:15
|
|
|
smackfu posted:If your house contains a large amount of some collective, but it would still be under your personal property limit, is there any need to call it out to your insurance carrier or to do anything special? I'm also curious about this when it comes to cycles. We've bought a couple of nicer ones lately and are considering a pretty pricy e-bike. Still welllll below the personal property limit, but higher than the $1-$2k that it had been before.
|
|
#
?
Jan 27, 2024 16:22
|
|
|
smackfu posted:If your house contains a large amount of some collective, but it would still be under your personal property limit, is there any need to call it out to your insurance carrier or to do anything special? Considering how many policies cap or exclude collectibles (e.g. collectible books) I think there's no way you should take someones general advice and you just need to check with your insurer. I have the same problem with Lego (probably 5 figures? Have never added it up), plus rare books. Plus electronics. Plus knives. Plus guns. I know for a fact under my policy the books and guns and electronics are capped at extremely low numbers, and I assume the others are also. I suspect in this case you might be okay because lego probably aren't specifically named as a collectible that they cap and you would just be a weirdo that spends too much on toys, but it could just as easily go the other way.
|
|
#
?
Jan 27, 2024 17:39
|
|
|
Thanks, looked at our policy and it is explicitly stamps, trading cards and comic books that are called out as capped at $2500. Not “collectibles” in general. Also useful to find out hard cash is capped at $200.
|
|
#
?
Jan 27, 2024 18:53
|
|
|
Easiest way to handle it is to email your insurance company a picture and description of the stuff and flatly ask: "is this covered under my general contents coverage or is there a sublimit which applies?" I did that with my bicycle, renovation to an out building, camera stuff, etc. It gets you an answer you can rely on should they try to deny you.
|
|
#
?
Jan 27, 2024 19:25
|
|
|
Due to my job I have to buy a car now and am trying to wrap my head around all the different rules around insurance. I'm a new licence holder (got it 2 years ago) and live in NYC. Shopped around for some quotes using the car I intend to get ( 2024 Prius) and the quotes I got was astronomical. I'm so confused by the car buying process. Do I get insurance before I buy a car at the dealership? Would it be possible for me to add my car to my roommates policy (he got his insurance in Albany and hasn't changed his address so it's pretty cheap) for a cheaper rate? Should I use an insurance broker to shop for insurance? I work as an arboris. I have a class B CDL and have to drive regularly at work, and I do a lot of side jobs that take me to the rear end ends of NYC/NJ. A car would really make my life easier, but the cost of insurance just seems crazy. ughhhh fucked around with this message at 19:42 on Jan 27, 2024 |
|
#
?
Jan 27, 2024 19:40
|
|
|
Bondematt posted:In Cali? Write to Ricardo Lara and demand he explain why he spent a full year+ declining increases, and then approving the biggest single step rate increases like ever. I'm not in California so it sounds like there wasn't gouging until just now? I'm confused
|
|
#
?
Jan 27, 2024 20:44
|
|
|
actionjackson posted:I'm not in California State approved gouging! And kinda, as with most things it is more nuanced than that, but companies gonna gouge when they can, and the DOI is supposed to prevent that. Most states operate the same way, where all Admitted Carriers have to file their rates with your Department of Insurance. The intent it to prevent gouging, but since our dude spent a whole year refusing reasonable rate increases, and the carriers just left the state in protest, he "had to" accept basically whatever the carriers would offer. Initially it was believed(even by the Carriers) that they would be swinging to a normal profit from a year+ of losses, but now with Q4 reports we're seeing they made bank. They did this while still only quoting clean/profitable business, which is a huge bulk of their cost shedding that led to those profits. I'm hoping this is good news and brings Carriers and especially Reinsurance back into CA, but we will see what fresh new horrors Q1 brings. Rates will not go down until competition comes back, I'm seeing competitive quotes for certain industries, but good lord this is not a time to be a roofing contractor in CA. Homeowners is still crap shoot, but I know just enough about personal lines to get myself in trouble. So in short, CA played itself, probably similar stories for other states. There's going to be a lot more in depth articles about this over the next month. Carriers making a profit again is huge news, as you can imagine.
|
|
#
?
Jan 27, 2024 23:34
|
|
|
ughhhh posted:I'm so confused by the car buying process. Do I get insurance before I buy a car at the dealership? Would it be possible for me to add my car to my roommates policy (he got his insurance in Albany and hasn't changed his address so it's pretty cheap) for a cheaper rate? Should I use an insurance broker to shop for insurance? Independent agents are a good start because they may have contracts to quote your business through multiple carriers at the same time, which gives you the ability to shop around without having to make a bunch of phone calls. Your rates are going to be insane living in NYC pretty much universally. A big thing in the last couple years has been auto policies in NY getting canceled for material misrepresentation because policyholders were claiming their vehicle was garaged upstate when they actually lived in the city to try and skirt getting hit with those rates. Your potential future insurance company has many tools at their disposal to verify whether or not the information you provide is accurate if you try to add a vehicle to an insurance policy, tell them it's garaged in Albany, but you're actually keeping it in NYC. Doing this not only jeopardizes your own coverage, but your roommates as well if they are the primary named insured. Having a cancellation for material misrepresentation on your record can (and most definitely will) affect your ability to obtain insurance in the future. You might be able to get away with it as they have done, but it's not really a good decision. And that's to say nothing of whether or not the insurance company will allow your vehicle to be added to their policy in the first place - I know several providers that will automatically decline adding a non-relative roommate if the vehicle is not titled solely to the primary named insured. As for when you should obtain the insurance for a new policy, typically your policy goes into effect the day the title goes in your name. It's pretty common to get the quote set up ahead of time and arrange for the policy to be effective the day you go to drive the car off the lot. If you are financing or leasing the vehicle, the lienholder/leasing company may require you to have the coverage in place by a certain date ahead of time. barnold fucked around with this message at 03:33 on Feb 8, 2024 |
|
#
?
Feb 8, 2024 03:27
|
|
|
barnold posted:
It will be relatively trivial for any adjuster worth their salt to figure out your roommate has been lying about where he lives as soon as he (or someone he hits) puts in a claim. At least in Washington State, State Farm and Liberty Mutual will both quote for non-relative roommates, though this was where the other roommate was sole title holder.
|
|
#
?
Feb 8, 2024 03:46
|
|
|
ughhhh posted:Due to my job I have to buy a car now and am trying to wrap my head around all the different rules around insurance. I'm a new licence holder (got it 2 years ago) and live in NYC. Shopped around for some quotes using the car I intend to get ( 2024 Prius) and the quotes I got was astronomical. I would advise your roommate not to commit insurance fraud for their own protection. You need to update your carrier as soon as your 'permanent' garaging location changes, some carriers have grace periods, some do not. Not doing so can result in denial of a claim due to misrepresentation and flat cancellation of their policy. This happens really often and it awful to see. Insurance is ridiculous right now, and you are in a bad State and City for insurance. I would also recommend trying an independent agent, but if it is anything like CA, they may be really limited on number of new policies they can place in a month and you should also quote everywhere direct. I joke about how bad Commercial Insurance is, but Personal Lines is currently getting weekend at Bernie'd. For most of us, our current insurance gives us a grace period on adding new vehicles. Since you don't have a current policy, you need insurance before driving off the lot. I'm honestly not sure how this works right now with so many carriers having 14 day binding holds on new policies, but that may be a California specific problem.
|
|
#
?
Feb 8, 2024 04:22
|
|
|
|
| # ? May 2, 2024 11:41 |
|
|
has nationwide been increasing their prices more than others for auto insurance? i ended up switching to state farm (I have my home insurance with them), and while I do get bundled savings, I was still surprised at the difference. this was for nationwide smart miles - when I first started with them in mid 2021, I had a base rate of $50/month, now it's $84 (+ $0.121*miles). So I got a bill of $120 for only driving 300 miles (which is a lot for me!). I did the same specs with state farm, and it's $82/month and unaffected by my mileage (unless I go over 7500/year which I won't do).
|
|
#
?
Feb 20, 2024 04:57
|
|