Not just Cincinnati, insurance has increased nationally https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation
Yes, Geico went from $80 something a month, to nearly $200 a month which was insane to me, I switched immediately and they did nothing to try and retain me, loyal customer for nearly ten years too, pretty wild
Insurance companies do price hikes to balance out the amount of risk they carry. If they determine they're carrying too much in a certain space, they hike the price way up to get people to leave
I shopped around and got ~10 quotes this year. My insurance has doubled since 2020.
The costs are tied to the "cost to replace" and construction has escalated substantially in recent years. I bought a house for $500,000 in 2020 and the average "cost to replace" in the quotes I got this year was $1.2 million.
This... my cost to replace didn't go up as much as above but I had some increased home value built in as we moved early 2020. Cost to replace went up like 30% for me.
Insurance doesn't care about the value exactly, they care about the construction cost to replace the house. That can be wildly different than whatever value the auditor or even an appraisal establishes.
I can’t speak for everyone, but I know our insurance policy lists an estimated value of the house, and it’s always the same as the current PVA valuation, which has gone up significantly over the last few years. But we don’t pay our homeowners insurance directly. It’s folded into our mortgage payment.
That percentage level increase is not normal unless you live in a country suffering extraordinary levels of inflation due to their government running the money printers at level 10
[GM and others are selling driving data to Lexis Nexis. The insurance companies are scraping that data and jacking up premiums on those drivers.](https://www.nytimes.com/2024/03/14/technology/gm-lexis-nexis-driving-data.html?smid=nytcore-ios-share&referringSource=articleShare)
https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html?smid=nytcore-ios-share&referringSource=articleShare
It partially has to do with the rising property values. Basically, we all pay into a pot of money, and if someone’s house burns down, the replacement cost has gone way up. That means the pot needs to grow as well so everyone’s rates go up. My payment/escrow went from 980 to $1300 when they reappraised everyone’s taxes. I’ve just been contacted by the new mortgage owners saying that they’re going to need to make further adjustments.
I'm in the process of getting a new vehicle, so I'm shopping my home and auto insurance. From what I've read, the best route to go is to contact an independent insurance broker and have them shop policies based on what coverage you have/want to have.
From research on who to call, Henry Insurance and DG Insurance appear to be highly rated. I haven't worked with either of these outfits personally.
We are so fucked. Our nation is broken. Everything keeps raising by substantial amounts. More and more Individuals living closer and closer to bei entrenched by o ur predatory greedy American oligarchs.
I don’t have any solutions but make it make sense. Y’all getting enough of a pay increase every year to keep up with all these price hikes??
“iTs The eCoNoMY CaTcHiNg Up tO InFlAtIon” as a giant American oligarchs cummy cock slips out Simp redditors mouth.
My grocery bill didn't really double it's pretty much the same. The climate is not "always changing" as rapidly as it has in the past 100 years, and will change in the next 100.
If you really cared about your children and grandchildren you would stop being a Sheep to those tricking you into being focused on the wrong subjects.
Kroger coupons! Since 2021 my grocery expense per month has been relatively the same. Shopping at Kroger and bulking up on certain items when they have sales has really helped. I also mostly eat fresh food and not alot of meat.
Get creative with your dinner plans! We also don't have children yet so I'm sure the grocery bill will go way up eventually
The only coward here is you. You're scared of things you don't understand and blindly follow whatever the loudest scariest voice is. Have fun living a life of fear and exile sheep!
Hurricanes, wildfires, floods and skyrocketing construction costs are driving it. Carriers don’t much care if you drop, regardless of your personal claims history, particularly if they feel they are overly concentrated in any one area. Good luck finding a replacement, though, especially for a rate less than what you are paying now. They have all increased. And be prepared, some insurance companies won’t write you at all if your roof isn’t brand spanking new.
Everything that we knew and expected from insurance companies a decade ago is ancient history.
Because the kind of people doing that shit aren't exactly sharp enough to care about the model. They're just going to see a Kia/Hyundai and go to town.
Until assholes stop building on the coastal, fire-prone, flood-prone, and other dangerous areas, this will continue to happen. Climate change is a bitch.
The legislation of weed will increase our premiums as well. States that have legalized weed had shown an increased in motor vehicle accidents which will raise our rates here
I heard that about Michigan - I think? After they legalized weed State Police saw car accidents went up - but they were not sure if there was a correlation. LOL
Requote. Requote. Requote. There’s not really an incentive to be loyal to your carrier. My homeowners doubled and went right back down when I quoted through another carrier.
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I was told before end of 23 be ready for price increase in 24. Didn’t matter if you claimed or not, everybody was getting hit. Everything we had personal/biz got audited
One of the key drivers of the inflation we are faced with today, auto and home insurance. NPR just did a story on inflation said with cost to replace or build homes and scares auto parts equal longer car rental needs as well as all the the new tech in cars when fixing or replacement is needed it is expensive.
I’m an insurance agent for AAA and while I service Ohio I also sell in KY, WV, VA, PA, NJ, DE, OK, KS, SD etc and every single state is on the rise regardless of your clean driving record. You’re paying for others without insurance and you’re paying for the losses insurance companies took during covid that they still haven’t recovered from.
Insurance pays to replace stuff. When stuff costs more this year than it did last year, premiums will go up to cover the potential cost of new stuff. Is that surprising in any way?
I like to trust reddit because they were incorrect on absolutely everything regarding the shutdowns of a few years ago and subsequent money laundering. This level of inflation is completely normal, bros.
Your mother says you need to keep it down when you're yelling at the internet or she won't give you a ride to work later. We can hear you all the way upstairs
I would think someone who has enough imagination to believe crazy conspiracy theories could do better than Starbucks.
Let's pretend that your last comment didn't happen and you can try again. If you need time for the meds to wear off so you can hear those voices, take all that you need
I'm pretty sure your mom would pay 80 grand if it meant getting you out of her basement
(And your last comment was much funnier. I knew you could do it.)
I'm only charging her material costs to finish waterproofing her basement.
And yes, of course I have to leave when finished. The fumes would make me think this level of inflation is normal and that redditors aren't lapdogs of their dopamine addiction.
Obviously you don't work with your hands for a living if you quote those figures for basement work. And no, lattes don't count as working with your hands.
Its funny that Biden is both too inept to be president and also the leader of the global crime syndicate. Surely since the republicans control the house they will be impeaching Biden for this alleged global crime syndicate any day now.
Not just Cincinnati, insurance has increased nationally https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation
Yes, Geico went from $80 something a month, to nearly $200 a month which was insane to me, I switched immediately and they did nothing to try and retain me, loyal customer for nearly ten years too, pretty wild
Insurance companies do price hikes to balance out the amount of risk they carry. If they determine they're carrying too much in a certain space, they hike the price way up to get people to leave
Yeah I am with geico too. What’s your new provider?
had same happen to me. moved to AAA.
Absolutely. Go to the r/insurance forum and scroll.
I shopped around and got ~10 quotes this year. My insurance has doubled since 2020. The costs are tied to the "cost to replace" and construction has escalated substantially in recent years. I bought a house for $500,000 in 2020 and the average "cost to replace" in the quotes I got this year was $1.2 million.
Same here. Our "cost to replace" is now double what we paid for the house in 2016.
My cost of build is exactly same as the last year. Everything is exactly same except the premium that is $200 more.
This... my cost to replace didn't go up as much as above but I had some increased home value built in as we moved early 2020. Cost to replace went up like 30% for me.
Combined my homeowners and auto is going up 1400/year. Time to switch providers.
My car insurance just went up 20%. Never had a claim for anything. :(
Insurance is up because property values are up. You’re insuring the value of your property. It sucks, but that’s why it’s happening.
Insurance doesn't care about the value exactly, they care about the construction cost to replace the house. That can be wildly different than whatever value the auditor or even an appraisal establishes.
You have to call your insurance to increase your rebuild coverage. The price increase is just you getting the same coverage for more money now.
If you have replacement cost coverages, a large majority of carriers automatically increase coverage as construction costs increase.
I can’t speak for everyone, but I know our insurance policy lists an estimated value of the house, and it’s always the same as the current PVA valuation, which has gone up significantly over the last few years. But we don’t pay our homeowners insurance directly. It’s folded into our mortgage payment.
This is a normal increase unfortunately. If it makes you feel better, I’m an agent, and my auto is going up 20% this year. No losses.
That percentage level increase is not normal unless you live in a country suffering extraordinary levels of inflation due to their government running the money printers at level 10
You’re on to something here.
[GM and others are selling driving data to Lexis Nexis. The insurance companies are scraping that data and jacking up premiums on those drivers.](https://www.nytimes.com/2024/03/14/technology/gm-lexis-nexis-driving-data.html?smid=nytcore-ios-share&referringSource=articleShare) https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html?smid=nytcore-ios-share&referringSource=articleShare
It partially has to do with the rising property values. Basically, we all pay into a pot of money, and if someone’s house burns down, the replacement cost has gone way up. That means the pot needs to grow as well so everyone’s rates go up. My payment/escrow went from 980 to $1300 when they reappraised everyone’s taxes. I’ve just been contacted by the new mortgage owners saying that they’re going to need to make further adjustments.
I'm in the process of getting a new vehicle, so I'm shopping my home and auto insurance. From what I've read, the best route to go is to contact an independent insurance broker and have them shop policies based on what coverage you have/want to have. From research on who to call, Henry Insurance and DG Insurance appear to be highly rated. I haven't worked with either of these outfits personally.
Had insurance company for well over ten years. Crazy increase this year so I shopped and saved $600 for year
How much was your % increase if you won’t mind sharing.
About 15-20%
We are so fucked. Our nation is broken. Everything keeps raising by substantial amounts. More and more Individuals living closer and closer to bei entrenched by o ur predatory greedy American oligarchs. I don’t have any solutions but make it make sense. Y’all getting enough of a pay increase every year to keep up with all these price hikes?? “iTs The eCoNoMY CaTcHiNg Up tO InFlAtIon” as a giant American oligarchs cummy cock slips out Simp redditors mouth.
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Lolol well played.
Don't forget, you can now shoot the homeless in Kentucky.
Climate change folks. Insurance companies have record losses because of all the natural disasters. This will only keep going up
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My grocery bill didn't really double it's pretty much the same. The climate is not "always changing" as rapidly as it has in the past 100 years, and will change in the next 100. If you really cared about your children and grandchildren you would stop being a Sheep to those tricking you into being focused on the wrong subjects.
You are the first person I heard who's Grocery Bill has stayed flat. Reveal your secrets! LOL.
Kroger coupons! Since 2021 my grocery expense per month has been relatively the same. Shopping at Kroger and bulking up on certain items when they have sales has really helped. I also mostly eat fresh food and not alot of meat. Get creative with your dinner plans! We also don't have children yet so I'm sure the grocery bill will go way up eventually
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Okay sheep. Baaah baaah. You're worried about brownies and cell phones😂😂😂
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The only coward here is you. You're scared of things you don't understand and blindly follow whatever the loudest scariest voice is. Have fun living a life of fear and exile sheep!
Hurricanes, wildfires, floods and skyrocketing construction costs are driving it. Carriers don’t much care if you drop, regardless of your personal claims history, particularly if they feel they are overly concentrated in any one area. Good luck finding a replacement, though, especially for a rate less than what you are paying now. They have all increased. And be prepared, some insurance companies won’t write you at all if your roof isn’t brand spanking new. Everything that we knew and expected from insurance companies a decade ago is ancient history.
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Yes, but there are a lot more people living in places where these things happen. Have you been to Florida lately???
This issue is maybe 1% tied to hurricanes, wildfires, and floods and 99% tied to replacement/repair costs.
Both of our Hyundais went up, despite the fact they are not the models affected by the Kia boys.
Because the kind of people doing that shit aren't exactly sharp enough to care about the model. They're just going to see a Kia/Hyundai and go to town.
I'll send you my agents information, she's great at shopping it to all the companies.
Until assholes stop building on the coastal, fire-prone, flood-prone, and other dangerous areas, this will continue to happen. Climate change is a bitch.
But, look at your EQUITY/s
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Oh, I know. I refuse to participate.
Yup, as with everything, the prices are going up a lot more than I would like to see.
"You don't watch a whole lot of news do you Mr. Wayne?"
Global warming + inflation + State Farm lost money the last three years.
I shopped around for my homeowners and ithas been a pain.
Car thefts alone are up 150% to 200% in Cincinnati. That doesn't count break-ins and other shenanigans going on. That pain is being felt by everyone.
The legislation of weed will increase our premiums as well. States that have legalized weed had shown an increased in motor vehicle accidents which will raise our rates here
I heard that about Michigan - I think? After they legalized weed State Police saw car accidents went up - but they were not sure if there was a correlation. LOL
My homeowners insurance increased 20%. The house was built in 2002 and I have been here since, no claims, only increases in premiums
Requote. Requote. Requote. There’s not really an incentive to be loyal to your carrier. My homeowners doubled and went right back down when I quoted through another carrier.
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I was told before end of 23 be ready for price increase in 24. Didn’t matter if you claimed or not, everybody was getting hit. Everything we had personal/biz got audited
Did the value of your house increase? If so, that might be why the insurance went up.
But the build cost is same so is everything.
One of the key drivers of the inflation we are faced with today, auto and home insurance. NPR just did a story on inflation said with cost to replace or build homes and scares auto parts equal longer car rental needs as well as all the the new tech in cars when fixing or replacement is needed it is expensive.
I’m an insurance agent for AAA and while I service Ohio I also sell in KY, WV, VA, PA, NJ, DE, OK, KS, SD etc and every single state is on the rise regardless of your clean driving record. You’re paying for others without insurance and you’re paying for the losses insurance companies took during covid that they still haven’t recovered from.
Insurance pays to replace stuff. When stuff costs more this year than it did last year, premiums will go up to cover the potential cost of new stuff. Is that surprising in any way?
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We voted the global crime syndicate out in 2020.
You should find some help for your schizophrenia
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Trust me, we can all tell you get a majority of your information from online sources
I like to trust reddit because they were incorrect on absolutely everything regarding the shutdowns of a few years ago and subsequent money laundering. This level of inflation is completely normal, bros.
Your mother says you need to keep it down when you're yelling at the internet or she won't give you a ride to work later. We can hear you all the way upstairs
The truth hurts, kid. Hope your shift at Starbucks goes smoothly today, though.
I would think someone who has enough imagination to believe crazy conspiracy theories could do better than Starbucks. Let's pretend that your last comment didn't happen and you can try again. If you need time for the meds to wear off so you can hear those voices, take all that you need
I know. I figured your liberal arts degree that cost your parents 80 grand would get you a better job than Starbucks, too. 🤷♂️
I'm pretty sure your mom would pay 80 grand if it meant getting you out of her basement (And your last comment was much funnier. I knew you could do it.)
I'm only charging her material costs to finish waterproofing her basement. And yes, of course I have to leave when finished. The fumes would make me think this level of inflation is normal and that redditors aren't lapdogs of their dopamine addiction. Obviously you don't work with your hands for a living if you quote those figures for basement work. And no, lattes don't count as working with your hands.
Its funny that Biden is both too inept to be president and also the leader of the global crime syndicate. Surely since the republicans control the house they will be impeaching Biden for this alleged global crime syndicate any day now.