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Insurance Rates Skyrocketing

5,590 Views | 41 Replies | Last: 1 yr ago by W
Old Ag 95
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1:24p, 8/10/23
AG
I'm sure everyone else is seeing the skyrocketing insurance rates for home and auto. After being with State Farm and having home, auto, and a couple small policies bundled for over 20 years, I'm starting to shop around. I always knew that I paid a little bit more with State Farm, but always had solid service from a hometown branch, and can always count on no delays with resolving issues or any small claims. But received a recent auto policy bill and it went up another 30%, ridiculous. About a 45% jump in 9 mos with no new drivers or claim issues or tickets.

Any suggestions (or links to other pages in TA) for insurance shopping and seeing any better deals that may be available - with reputable companies? Or are we all just SOL…
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aggiebrad94
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1:27p, 8/10/23
AG

The Jerry App. No calls from a bunch of agents. Everything done through the app. Saved me a bunch.

I just signed up for Jerry. It's a free service that automatically shops for my car and home insurance every six months to find the lowest rate. Really easy way to save money on insurance.

https://jerry.ai/referral/WPPNQJM
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Heights Ag 06
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In reply to Old Ag 95 • 1:52p, 8/10/23
AG
Was in the same position as you with State Farm - hometown branch, great service, etc., so was fine paying slightly more, but slightly more soon seemed like way more. Based on some recs from TA's, called Liere in College Station and they shopped home / auto around and got me a much better deal for the first year. However, this year, it went way up (Traveler's). My understanding is that insurance in Harris County is way up across the board. Sucks. Either way, shopping rates through Liere couldn't hurt
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Old Ag 95
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2:02p, 8/10/23
AG
Thanks for info…
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Seamaster
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2:16p, 8/10/23
AG
Ironically, we just re-shopped everything and State Farm was the cheapest for us by a lot.
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Diggity
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In reply to aggiebrad94 • 2:54p, 8/10/23
AG
not so great for me.

  • One quote for $800/month for the house.
  • 21 companies declined.

didn't do much for my ego.
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Furlock Bones
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In reply to aggiebrad94 • 3:11p, 8/10/23
AG
just tried this. pretty crap quotes all with minimums to show "savings"
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Wearer of the Ring
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3:40p, 8/10/23
AG
Try Liere.
I feel so much better since about 11 a.m. CT on 20 Jan. 2025
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Old Ag 95
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In reply to Seamaster • 3:44p, 8/10/23
AG
……in Harris county? Just curious.
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Seamaster
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In reply to Old Ag 95 • 3:49p, 8/10/23
AG
Old Ag 95 said:
……in Harris county? Just curious.


Ft Bend
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Aggie09Derek
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In reply to Wearer of the Ring • 9:24p, 8/10/23
AG
Wearer of the Ring said:
Try Liere.


I'm with Liere and my Auto went up 45% and Home 65%

Contacted them and they said that was the best they could get.

Guessing can for sure get Auto cheaper if I shop myself.
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W
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10:57p, 8/10/23
AG
comp & collision on a new car is crazy

makes you want to drive the old one as long as possible...and then a little longer after that
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OnlyForNow
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In reply to Seamaster • 8:42a, 8/11/23
AG
Ya our rates went sky high this year as well.
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BCG Disciple
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8:45a, 8/11/23
AG
Home owner is up across the board.

I also have commercial insurance, and the auto has been reasonable this year after about 5 years of skyrocketing rates based on the market. We shop it every year.
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CowtownAg06
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8:51a, 8/11/23
AG
Liere has been good to me for a while. The company I had my house with non renewed last month and they couldn't find me anything for Houston. Working with a local friend now, but it's ridiculous. I'm guessing with inflation they all got smoked by Ian in Florida last year and just getting out of Gulf markets.
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case04
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8:52a, 8/11/23
AG
A lot of folks in insurance will tell you it's difficult right now, but the reality is this is the hardest market we've ever seen.

hard markets lead to carriers raising rates, tightening UW criteria, reducing capacity and overall there is less competition between carriers.

Carriers are acting swiftly to maintain profitability and have gone as far as terminating agencies ability to write with them.

How we got here:

    • 2020 -carriers slashed prices and even did premium give backs.
    • 2021 -clients went back to pre-pandemic driving levels sooner than expected and "frequency/severity" of claims spiked.
    • 2022 -inflation/supply chain issues and reinsurance cost raising over 60% had carriers scrambling.
    • 2023- all data sets point to loss severity, inflation, and reinsurance continuing to trend up, meaning it's going to be some time before the market softens.

It typically takes companies at least 18 months to see what their books do after implementing changes.. many changes took place mid/late '22 so hopefully these carriers like where they are at and loosen up the reins a little.

  • Average rates we've seen across the market:
    • Harris co: 5 year old house- $2200, 10 year old house- $2900, 20 years- $3200, 30 years- $3750
    • Mo Co: 5 year- $1875, 10 year- $2150, 20 year- $2400, 30 year- $2850
    • Ft Bend: 5 year $2300, 10 year- $3200, 20 year- $4600, 30 year - $5k+

We've helped plenty of folks on the Houston board and would love to take a look for anyone else.

casey.woodfin@goosehead.com

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rancher1953
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9:05a, 8/11/23
I was with the Farm Bureau for a number of years. My auto and home went out of sight. I shopped with numerous agents and saved approx. $1700.
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Frok
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In reply to Aggie09Derek • 9:12a, 8/11/23
AG
Aggie09Derek said:
Wearer of the Ring said:
Try Liere.


I'm with Liere and my Auto went up 45% and Home 65%

Contacted them and they said that was the best they could get.

Guessing can for sure get Auto cheaper if I shop myself.


Liere sucked, they told me the same thing.

Always remember, insurance never has your back.
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Diggity
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In reply to case04 • 9:14a, 8/11/23
AG
case04 said:
A lot of folks in insurance will tell you it's difficult right now, but the reality is this is the hardest market we've ever seen.

hard markets lead to carriers raising rates, tightening UW criteria, reducing capacity and overall there is less competition between carriers.

Carriers are acting swiftly to maintain profitability and have gone as far as terminating agencies ability to write with them.

How we got here:

    • 2020 -carriers slashed prices and even did premium give backs.
    • 2021 -clients went back to pre-pandemic driving levels sooner than expected and "frequency/severity" of claims spiked.
    • 2022 -inflation/supply chain issues and reinsurance cost raising over 60% had carriers scrambling.
    • 2023- all data sets point to loss severity, inflation, and reinsurance continuing to trend up, meaning it's going to be some time before the market softens.

It typically takes companies at least 18 months to see what their books do after implementing changes.. many changes took place mid/late '22 so hopefully these carriers like where they are at and loosen up the reins a little.

  • Average rates we've seen across the market:
    • Harris co: 5 year old house- $2200, 10 year old house- $2900, 20 years- $3200, 30 years- $3750
    • Mo Co: 5 year- $1875, 10 year- $2150, 20 year- $2400, 30 year- $2850
    • Ft Bend: 5 year $2300, 10 year- $3200, 20 year- $4600, 30 year - $5k+

We've helped plenty of folks on the Houston board and would love to take a look for anyone else.

casey.woodfin@goosehead.com

these numbers are nuts. What would you guess is the median replacement value across the city for you policy holders?

I'm struggling to see how a family bringing in less than six figures can keep up with the huge rise in property taxes and insurance rates...even with low fixed debt.
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case04
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9:24a, 8/11/23
AG
I haven't dug that deep into it, but it's probably $375-550, up from $250-400 a few years ago.

A few carriers have issued a minimum sq/ft requirement of $150/sq ft.. up from $125 sq/ft 2/3 years ago.

Carriers are also requiring bigger down payments to be able to issue auto policies issued monthly and many have stopped allowing 12 month auto policies altogether.

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HDeathstar
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9:46a, 8/11/23
Old car does not help. So many uninsured vehicles. Any wreck, the Insurance company has to assume they are going to pay no matter who is at fault. Plus they total cars so fast due to the inflation on parts and labor. Wait till the Electric cars have to be totaled from minor fender benders, due to exposure of possible battery damage.
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Diggity
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In reply to HDeathstar • 10:53a, 8/11/23
AG
old car definitely helps, as you don't need comprehensive/collision.

my beater costs about half as much to insure as my wife's car
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Funky Winkerbean
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11:01a, 8/11/23
AG
The increases are reflecting the ridiculously inflated costs of new and used cars.
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cab559
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11:12a, 8/11/23
AG
Been with an agent for ~10 years that has usually been able to get me fantastic rates. Even comped her against Liere one year and they said they could not do better. Not the case this year as others have said and just got hit with a 70% homeowners premium increase, plus some increase in auto as well. She has not been able to competitively shop the policy so basically stuck with what I got noting the market is much worse than what has been reported.

That said, I did make a call to a contact that brokers a lot of folks in my neighborhood and looks like he can save me about ~15%, which is over $1,250, so yeah I'm probably going to switch.
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12Power
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11:41a, 8/11/23
FWIW, I recently met an attorney who sues insurance companies on behalf of the insurees. He said State Farm is the worst at not covering the insurance claims as they should. I can confirm as my parents had to sue them pre-mold policy era. They had been with State Farm for 35 years as well.
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AlaskanAg99
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In reply to HDeathstar • 11:43a, 8/11/23
AG
HDeathstar said:
Old car does not help. So many uninsured vehicles. Any wreck, the Insurance company has to assume they are going to pay no matter who is at fault. Plus they total cars so fast due to the inflation on parts and labor. Wait till the Electric cars have to be totaled from minor fender benders, due to exposure of possible battery damage.


EV owners should be their own class of insurance. Let them bear the full cost and not dilute it among ICE drivers.
aTm '99
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dreyOO
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In reply to case04 • 1:10p, 8/11/23
Maybe I shouldn't be *****ing about my $2600 rate in Midtown (25 yr old house)
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aggiesundevil4
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In reply to dreyOO • 2:23p, 8/11/23
AG
My dang HOI in Katy is $7800 a year now with USAA and I got pissed and got a few other quotes and they were $8500! And we live in a neighborhood that had zero Harvey flooding…it makes me hulk angry
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videoag98
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2:45p, 8/11/23
AG
I used Goosehead (broker) this last year and they saved me a bunch. I was previously
using Leire.
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lctag
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9:40p, 8/11/23
AG
I was with Liere for years, but this past year my home went up 55%. I asked them to shop it, and they said they couldn't find anything better. I called Goosehead and they found me something much better, so I switched everything over from Liere. They got complacent in my opinion.
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JSKolache
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In reply to Seamaster • 11:26p, 8/11/23
AG
Seamaster said:
Old Ag 95 said:
……in Harris county? Just curious.


Ft Bend
Call Duval in Richmond. They found me auto last year with a much better rate, and i sent them homeowners this year since they saved me a couple hundo vs previous providers 100% renewal increase.
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Diggity
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2:49p, 8/12/23
AG
Anyone use Safeco for auto?

Their quite came in quite a bit lower than Progressive so wondering if they're some cut rate outfit.

Need to look at the details to make sure they're comparing apples to apples.
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Sea Speed
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In reply to Diggity • 3:00p, 8/12/23
AG
I just switched to Safeco they are a division of one of the big companies although I cant recall which. They wanted verification of miles driven per year or something like that which was really weird but my coverage is pretty much 1:1 from my previous policy.
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tommyjohn
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3:16p, 8/12/23
I use Safeco for home and auto.

They are owned by Liberty Mutual.
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Diggity
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3:45p, 8/12/23
AG
this Jerry app is bugging me.

It spit out price comparisons but later showed it was basically minimum coverage.

You try to edit the coverage to match and some edits are allowed, while others aren't (won't allow me to add underinsured bodily injury coverage).

makes it impossible to compare properly.
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