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Iso
by AustinC. 05/21/24 05:01 PM
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Re: Inflation and Insurance
[Re: Zzzfog]
#4126499
05/04/24 10:46 AM
05/04/24 10:46 AM
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Joined: Jan 2001
Posts: 10,813
Birmingham
wew3006
OP
Booner
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OP
Booner
Joined: Jan 2001
Posts: 10,813
Birmingham
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What company are you with Safeco
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Re: Inflation and Insurance
[Re: JohnG]
#4126531
05/04/24 11:52 AM
05/04/24 11:52 AM
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Joined: Nov 2016
Posts: 815
Lower AL
Cynical
6 point
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6 point
Joined: Nov 2016
Posts: 815
Lower AL
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Not even going to tell you what it cost for 28,000sqf of building and three million in inventory on the island. The absurd part of your situation, and mine to a smaller extent, is the replacement cost they force on you for the building and then stick you with a 5% wind deductible. So before they pay a damn thing, you’re out of pocket a ridiculous amount of money. I don’t think they’ll ever pay a wind claim with the way they’re valuing properties and setting the deductible amounts. And they’ve all gotten smart and typically will not write a policy excluding wind anymore, because they know the wind coverage is where they will make all the profit.
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Re: Inflation and Insurance
[Re: wew3006]
#4126579
05/04/24 01:50 PM
05/04/24 01:50 PM
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Joined: Mar 2015
Posts: 4,553
FL
mw2015
10 point
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10 point
Joined: Mar 2015
Posts: 4,553
FL
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It’s not just personal lines. Commercial lines are higher too. Just got a renewal for one of my clients commercial packages and the premium increased a little but the carrier also bumped the windstorm deductible up to 10%. His BPP isn’t even half of that so not good. Looking for another carrier for him but that’s difficult in FL. He has never had a claim ever. One of the captive insurance agencies I have as a client also had increased premiums on their Commercial coverage too but other insurance agents understand why.  But the lesson here is to look at your renewal documents for personal and commercial lines because it’s not just premiums that increase but also deductibles.
Michael Warren CPIA Your trusted insurance advisor for business and health insurance. ALDEER SPONSOR BUSINESS INSURANCE AND HEALTH INSURANCE IN FL AND AL http://mikewarreninsure.commikewarreninsuranceagency@gmail.com
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Re: Inflation and Insurance
[Re: 2Dogs]
#4126589
05/04/24 02:01 PM
05/04/24 02:01 PM
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Joined: Mar 2015
Posts: 4,553
FL
mw2015
10 point
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10 point
Joined: Mar 2015
Posts: 4,553
FL
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Yep, ALFA increased the coverage on my house a little , but increased the premium A LOT! My cousin is the agent, he's looking into it.  Guessing it probably bumped up because of automatic inflation increase to RCE. Flipping carrier pulled that with me on a mobile home. Flipping pond scum carrier out of Birmingham who shall remain nameless. RCE increase on a mobile home?? I don’t think so.  Flipping pond scum.
Michael Warren CPIA Your trusted insurance advisor for business and health insurance. ALDEER SPONSOR BUSINESS INSURANCE AND HEALTH INSURANCE IN FL AND AL http://mikewarreninsure.commikewarreninsuranceagency@gmail.com
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Re: Inflation and Insurance
[Re: wew3006]
#4126600
05/04/24 02:42 PM
05/04/24 02:42 PM
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Joined: Dec 2001
Posts: 13,930
AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 13,930
AL
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the vehicles are depreciated in value 2 more years. Depreciated values on vehicles means nothing for insurance. Parts and labor don't get cheaper to fix your vehicle the older it gets.
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: Inflation and Insurance
[Re: hunterbuck]
#4126602
05/04/24 02:52 PM
05/04/24 02:52 PM
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Joined: Jan 2001
Posts: 10,813
Birmingham
wew3006
OP
Booner
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OP
Booner
Joined: Jan 2001
Posts: 10,813
Birmingham
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the vehicles are depreciated in value 2 more years. Depreciated values on vehicles means nothing for insurance. Parts and labor don't get cheaper to fix your vehicle the older it gets. I know it's nor big component; but replacement costs less. Let me go replace a $15k vehicle with a $60k vehicle; and the rate will for sure go up. And; that;s what I am about to do.
Last edited by wew3006; 05/04/24 02:54 PM.
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Re: Inflation and Insurance
[Re: eclipse829]
#4126630
05/04/24 04:01 PM
05/04/24 04:01 PM
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Joined: Aug 2018
Posts: 5,349
Georgia and Missouri
Semo
12 point
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12 point
Joined: Aug 2018
Posts: 5,349
Georgia and Missouri
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Insurance is a fracking racket. My auto insurance is north of $550 per month (no wrecks in 4+ yrs and no tickets in 15 yrs at least) Homeowners, through the roof. I also insure all of my toys (SXS, Bass Boats, Pontoons, Campers, Etc.) that's another couple hundred a month.
I won't even get in to workers comp and liability insurance. Dang... ours is only $1300 a year. And that is with the boat and 4-wheeler. I do have an older truck and my wife's car is 10 years old. But, when we moved back to MO our rates were cut in half
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Re: Inflation and Insurance
[Re: SwampHunter]
#4126644
05/04/24 04:36 PM
05/04/24 04:36 PM
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Joined: Feb 2011
Posts: 1,424
South Al
Brian_C
8 point
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8 point
Joined: Feb 2011
Posts: 1,424
South Al
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You are right, however, that is a larger increase than most companies have taken if indeed you are claim/accident/violation free. You need to shop it. The cost to settle liability claims (see the billboards in your area for more details) has gone up drastically in recent years. The cost to repair vehicles has gone up drastically. Accident rates have gone up. Companies have lost money the last few years on auto insurance and they can't keep doing that or they will be broke. So, rates go up.
I will tell all of you this and I have sold insurance for 30 years so I know a little about it. You are better off to purchase $1000 deductibles for auto (and higher on home) and don't file little claims. Companies used to not hold "not at fault" incidents and glass claims against you but that is no longer the case. The more claims you file, the more you are going to pay. It is cheaper in the long run to pay the small stuff out of pocket and save your insurance for the big stuff. I won't speak for all insurance companies but I will speak about progressive. I run a tire and automotive repair shop. The owner was hit while on the side of the road 2 Thanksgiving ago by a log truck with Progressive insurance. The claim is still not settled because they wanted to give 13k for a 2012 F250 with 30k in equipment on it. After we gave them receipts for everything we had to buy to outfit another truck plus the only 6 comps for trucks like what we have. They pretty much told us to sue if we wanted full compensation.
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Re: Inflation and Insurance
[Re: wew3006]
#4126649
05/04/24 04:43 PM
05/04/24 04:43 PM
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Joined: Aug 2001
Posts: 65,067
Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 65,067
Luverne, AL
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All of my various insurances are up anywhere from 14% to 37%, one of my rider policies went down
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: Inflation and Insurance
[Re: wew3006]
#4126682
05/04/24 05:53 PM
05/04/24 05:53 PM
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Joined: Feb 2007
Posts: 19,226
colbert county
cartervj
Old Mossy Horns
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Old Mossy Horns
Joined: Feb 2007
Posts: 19,226
colbert county
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Replacement cost have gone up substantially. Repair cost have gone up significantly too.
An old friend of mine just completed his build in the island. Helluva view and never will be blocked at sunset. Last time we talked about build cost and insurance for living there.
“Socialism only works in two places: Heaven where they don't need it and hell where they already have it.” ― Ronald Reagan
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Re: Inflation and Insurance
[Re: wew3006]
#4126704
05/04/24 06:47 PM
05/04/24 06:47 PM
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Joined: Mar 2015
Posts: 4,553
FL
mw2015
10 point
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10 point
Joined: Mar 2015
Posts: 4,553
FL
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Michael Warren CPIA Your trusted insurance advisor for business and health insurance. ALDEER SPONSOR BUSINESS INSURANCE AND HEALTH INSURANCE IN FL AND AL http://mikewarreninsure.commikewarreninsuranceagency@gmail.com
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And remember brick and mortar is overrated when you can meet your agent on Webex. Secure encrypted HIPAA compliant and saves you gas. 