Everyone’s insurance is going up across the board. Auto rates are through the roof due to the cost of an accident, which have many factors…cost of parts, delay in availability of parts resulting in longer use of rental cars, frequency of auto accidents are up do to distracting driving.
For Home insurance, the cost of materials is a large factor. The cost to replace a home now is much higher than when you first wrote your policy, so carriers are trying to raise limits on policies to account for that at the time of a loss.
Wildfires out west have decimated the property market, now with a large hurricane in Florida, I don’t expect that will help things either.
People don’t realize that alot of what happens down at the consumer level is actually dictated by the reinsurance market, which is what most carriers are using to insure their customers. This reinsurance market is affected by national & global factors and that’s what drives carrier decisions.
Enclave was $471, Audi was $624 with Progressive. Total went up $30 since my last statement. It’s high but I’ve shopped around and didn’t find much better. Carrying a lot more than minimum coverage too. My boat policy went down $296 to $277 but that’s a yearly and was last paid in April, expecting it will go back up next April.
I pay $168 a month for the Jetta, Tiguan and Miata, full coverage on all. I was going to go to Hagerty on the Miata but I ended up sticking with Progressive since it was cheaper to bundle all three and add homeowners insurance.
Off topic/on topic, just called to check about my homeowners insurance through progressive…it goes up $100 starting next month (renewal). Cost of materials, labor and everything caused the primary dwelling replacement cost to skyrocket this year I guess.
I was going to add a rider to my insurance to cover sewage/water lines (Town of Tonawanda clay pipes are at life’s end) and it would be about $100 a year add on for $10k coverage with my $500 deductible, but honestly for $180 a year I can get HomeServe coverage and then I can also have up to two maintenance visits if need be (clogged sewer line due to roots).
I really need to sit down and look at what I’m spending in comparison to other providers, I don’t ever shop around because it’s a pain in the ass and takes time that I don’t have to call and inquire. I wish it was easier.
So how does that sewer line coverage work? Like I have to get my line snaked every 2-3 years because it’s clay pipe that is failing and roots constantly get in there. Could I add that coverage and wait until the next time it’s clogged and then have a plumber say, “Yep, it’s a bunch of roots, the clay pipe has failed, need to replace it” and get insurance to cover it?