2025 Insurance Premiums 40% Increase -- WTH ?

LakeRat1

Recycles dryer sheets
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Fort Myers, FL & Lake Of the Ozarks, MO
2025 Insurance Premiums 40% Increase -- WTH ?

Just received notification my bundled Home and Auto will increase 42% over last year .... I did have 1 claim for a windshield during the past 40 years ....... Located in Winter Haven, FL ...... Are other seeing this type of increase? Any suggestions on which companies to contact for less expensive coverage .....
 
I have a neighbor who experienced a similar situation. Acutally cut her total bill by simply shopping around.
She got the best deal from Amica but also got a competitive price from State Farm.
 
I’m in Northern California and just got my homeowners insurance renewal the other day.
Increasing about 15% which I don’t think is bad at all considering that last year it increased $10 for the year.
I do get a separate flood insurance policy because I’m surrounded by rivers. That doesn’t renew until March.
 
Insurance companies are trying to recoup some of their recent losses (like Lahaina fires and recent hurricane damage.)
 
We have Allstate and have had (2) 28% increases in the past 2 years. We up'd the deductible to $5k to bring it back to earth.

A neighbor had 2 back to back water claims (pipes in different locations) and was increased 3x... $2k to $6k. She's also has no chance to be picked up by another company because of this. She's branded for a couple years according to her.
 
2025 Insurance Premiums 40% Increase -- WTH ?

Just received notification my bundled Home and Auto will increase 42% over last year .... I did have 1 claim for a windshield during the past 40 years ....... Located in Winter Haven, FL ...... Are other seeing this type of increase? Any suggestions on which companies to contact for less expensive coverage .....
I live in NE Fl a couple of blocks from the ocean. I don't know what my home insurance premiums will be yet. I only have that for the liability. However a month or two ago I was informed that my Wind and Hail (Hurricane) insurance would more than double so I declined. My modest concrete block house has stood every storm since 1955 with minimal damage. I have lived here for the past 40 years. If it were to blow away it would take/damage all the contents which are the only things that I would want. Insurance would not be able to bring them back. So I will take my chances. I figure I have 10 years before expiration date or maybe less if my body doesn't hold up. If I was to survive my wife then I will probably sell the house anyway.
 
I found that both a friends and my car insurance companies have cut their renewal from a year to 6 months. Now I have to remember to print out the insurance card multiple times a year.
 
Home insurance is next April. Can hardly wait, although car insurance increase was minimal.
 
Florida is hurricane country...
Yeah But, Yeah But, Yeah But! Our 2002 3,300 sqft home 1.5 miles from the beach valued in the stratosphere compared to what we paid just renewed at $1,300 a year for home, and $700 for Flood. Being in an X Flood Zone with concrete construction and a tile roof certainly helps. We do not need flood but we still buy it. A friend's stick home on the other side of our development (~1 mile south) was priced at $6,200! The moral is, it is not better to buy a newer stick home in Florida. Our advice to those we know that move here is to steer clear of stick built homes, JMHO I know. Most homes new and older down south here in Florida are concrete. The newer cheaper construction homes locally is stick, even though they are new and a lot cheaper, their insurance is way more than ours, perhaps double. We are looking to downsize and will only consider a CB home.
 
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Our advice to those we know that move here is to steer clear of stick built homes, JMHO I know. Most homes new and older down south here in Florida are concrete. The newer cheaper construction homes locally is stick, even though they are new and a lot cheaper, their insurance is way more than ours, perhaps double. we are looking to downsize and will only consider a CB home.
Good advice. Concrete and building on high stable ground is the only way to go in Florida unless there is another more substantial method of building a house. If there is then the only thing I would buy insurance for is liability.
 
After hurricane Ian destroyed our home, insurance did not pay anything as we did not have flood insurance, so the 12' surge was cosidered flood..... We now have a block home and are 125' above sea level ..... Our home insurance is very reasonable compared to the auto insurance premium
 
yup we would not consider any stick built house in FLA.
 
Home owners insurance went up about 10% this year. Auto insurance went up 25% last year, and another 12% on top of that this year.
 
We use an agent. Our HO went up 30% but then he found us one with Travelers for just about the same as what we had been paying.

Over the years, this agency has saved us thousands.
 
No increase from our homeowners policy. We got a notice of non renewal instead. We made no claims. I found a different policy for only a little more money. Good until next fall.
 
Aegis via broker AAA. AAA seemed overwhelmed and I had a hard time getting a callback. They said we only have liability + the CA Fair Plan. I went with a local broker.
 
Insurance companies are trying to recoup some of their recent losses (like Lahaina fires and recent hurricane damage.)
Just found out our condo fees are going up 40% next hear - mostly to cover huge increases in insurance! More typical increases over the years have ranged from 3% to 9%.
 
I just changed from Liberty Mutual to Progressive and saved over $1200/year on my homeowners and auto. Sometimes it pays to shop around. I had been with Liberty for years and let it jump up every year without a shopping around. Oh and my home owners is actually better coverage now. At about $1700/year now for both. Do have older vehicles though.
 

It looks like they need to increase their premiums </sarcasm>

Progressive (NYSE: PGR) Full Year 2023 Results​

Key Financial Results​

  • Revenue: US$62.1b (up 25% from FY 2022).
  • Net income: US$3.86b (up 456% from FY 2022).
  • Profit margin: 6.2% (up from 1.4% in FY 2022). The increase in margin was driven by higher revenue.
  • EPS: US$6.61 (up from US$1.19 in FY 2022).
 
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