WSJ: Buying Home and Auto Insurance Is Becoming Impossible

[1srelluc]

https://archive.is/vmfXj

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option.

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn't given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven't decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

Insurers are coming off some of their worst years in history. Catastrophic damage from storms and wildfires is one big reason. The past decade of global natural catastrophes has been the costliest ever. Warmer temperatures have made storms worse and contributed to droughts that have elevated wildfire risk. Too many new homes were built in areas at risk of fire.

As losses mounted, inflation only made matters worse, boosting the cost of repairing or replacing cars or homes.

When you add it all up insurance is my greatest monthly expense.

It sounds like lenders will need to start taking into account peoples net worth and liquidity when underwriting mortgages, because pretty soon homeowners insurance is no longer going to exist due to cost.

I'd bet lenders do the same with new and used car loans. Not enough liquid cash to cover a total loss accident? Sorry, no loan for you.

Good luck to poor people and even the middle class going forward. It looks like another reason why you will own nothing, and be happy.

LOL....Don't worry, I'm sure that it’s mostly transitory.

 

[two_iron]

40% increase in homeowner's insurance??

The people's republic of california sounds like such a wonderful place to exist.... they lead in every category with the heading of "Shithole News".

Fuck 'em.

 

[Moonglow]

40% increase in homeowner's insurance??

The people's republic of california sounds like such a wonderful place to exist.... they lead in every category with the heading of "Shithole News".

Fuck 'em.

Same with Florida..

 

[EvilCat Breath]

Farmer's Insurance is slowly leaving California. They are writing no new home policies, raised car insurance rates and limiting those.

 

[sealybobo]

https://archive.is/vmfXj

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option.

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn't given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven't decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

Insurers are coming off some of their worst years in history. Catastrophic damage from storms and wildfires is one big reason. The past decade of global natural catastrophes has been the costliest ever. Warmer temperatures have made storms worse and contributed to droughts that have elevated wildfire risk. Too many new homes were built in areas at risk of fire.

As losses mounted, inflation only made matters worse, boosting the cost of repairing or replacing cars or homes.

When you add it all up insurance is my greatest monthly expense.

It sounds like lenders will need to start taking into account peoples net worth and liquidity when underwriting mortgages, because pretty soon homeowners insurance is no longer going to exist due to cost.

I'd bet lenders do the same with new and used car loans. Not enough liquid cash to cover a total loss accident? Sorry, no loan for you.

Good luck to poor people and even the middle class going forward. It looks like another reason why you will own nothing, and be happy.

LOL....Don't worry, I'm sure that it’s mostly transitory.

It's real bad in Florida where Ron DiSantis is GOV.

 

[rampart]

https://archive.is/vmfXj

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option.

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn't given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven't decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

Insurers are coming off some of their worst years in history. Catastrophic damage from storms and wildfires is one big reason. The past decade of global natural catastrophes has been the costliest ever. Warmer temperatures have made storms worse and contributed to droughts that have elevated wildfire risk. Too many new homes were built in areas at risk of fire.

As losses mounted, inflation only made matters worse, boosting the cost of repairing or replacing cars or homes.

When you add it all up insurance is my greatest monthly expense.

It sounds like lenders will need to start taking into account peoples net worth and liquidity when underwriting mortgages, because pretty soon homeowners insurance is no longer going to exist due to cost.

I'd bet lenders do the same with new and used car loans. Not enough liquid cash to cover a total loss accident? Sorry, no loan for you.

Good luck to poor people and even the middle class going forward. It looks like another reason why you will own nothing, and be happy.

LOL....Don't worry, I'm sure that it’s mostly transitory.

i keep auto insurance . 4K per year from the lizard on a jap compact. .

why keeo home owner? in the event of another hurricane i want to pack whats left and leave, not hang around in a fema trailer for my twilight years while allstate and the flood insurer fight over whwther it was rising water or falling water that did the damage.

 

[two_iron]

 

[1srelluc]

It's real bad in Florida where Ron DiSantis is GOV.

It should be bad....It's not called The Hurricane Coasts there for a very good reason.

 

[Fort Fun Indiana]

When you add it all up insurance is my greatest monthly expense.

Then you are getting horrible rates due to your own poor choices, or you are over insured.

How you ended up in such a dumb position i do not know. But make an appointment with an agent.

 

[sealybobo]

Then you are getting horrible rates due to your own poor choices, or you are over insured.

How you ended up in such a dumb position i do not know. But make an appointment with an agent.

I love it when Republicans tell liberals to stop blaming corrupt Republicans (government), the injustice system and Corporations who don't pay their employees well

But then Republicans are quick to blame Democrats for their woes, or Trump is quick to say a Mexican judge can't be impartial because he's a Mexican. And they'll never go back to raiding illegal employers who hire/shelter undocumented workers. Fuck sanctuary cities. We have sanctuary corporations all over America ESPECIALLY in Red states.

 

[sealybobo]

Then you are getting horrible rates due to your own poor choices, or you are over insured.

How you ended up in such a dumb position i do not know. But make an appointment with an agent.

I showed someone this

An estimated 10.5 million unauthorized immigrants were in the U.S. in 2021, a slight increase from 10.2 million in 2019 according to a recent report by the Pew Research Center. However, Texas’ population of unauthorized immigrants remained relatively stable at 1.6 million people.

Texas remains the state with the second-highest undocumented population in the U.S. behind California, which had a reported 1.9 million unauthorized immigrants in 2021.

So Texas must have a lot of illegal employers hiring undocumented workers. Where are the 1.9 million going to work? Raid that company, put them out of business, or fine them, and they'll stop hiring illegals. Then they'll stop flowing over here. Eventually they'll get word our corporations aren't hiring anymore.

 

[1srelluc]

I showed someone this

An estimated 10.5 million unauthorized immigrants were in the U.S. in 2021, a slight increase from 10.2 million in 2019 according to a recent report by the Pew Research Center. However, Texas’ population of unauthorized immigrants remained relatively stable at 1.6 million people.

Texas remains the state with the second-highest undocumented population in the U.S. behind California, which had a reported 1.9 million unauthorized immigrants in 2021.

So Texas must have a lot of illegal employers hiring undocumented workers. Where are the 1.9 million going to work? Raid that company, put them out of business, or fine them, and they'll stop hiring illegals. Then they'll stop flowing over here. Eventually they'll get word our corporations aren't hiring anymore.

LOL.....Why do you hate the US Chamber of Commerce?

I hate them too.

 

[Fort Fun Indiana]

I showed someone this

An estimated 10.5 million unauthorized immigrants were in the U.S. in 2021, a slight increase from 10.2 million in 2019 according to a recent report by the Pew Research Center. However, Texas’ population of unauthorized immigrants remained relatively stable at 1.6 million people.

Texas remains the state with the second-highest undocumented population in the U.S. behind California, which had a reported 1.9 million unauthorized immigrants in 2021.

So Texas must have a lot of illegal employers hiring undocumented workers. Where are the 1.9 million going to work? Raid that company, put them out of business, or fine them, and they'll stop hiring illegals. Then they'll stop flowing over here. Eventually they'll get word our corporations aren't hiring anymore.

Or just give them work visas or make them citizens.

 

[Dont Taz Me Bro]

It's real bad in Florida where Ron DiSantis is GOV.

What's he supposed to do about it?

 

[citygator]

Insurance companies are regulated locally by states, not nationally. The worst state right now is Florida. What is Desantis doing?

 

[sealybobo]

What's he supposed to do about it?

Do whatever Republicans do to fix problems. Lower regulations, higher premiums, let the insurance companies write the laws and turn a blind eye to predatory lending. High deductables and premiums.

More severe weather, widespread fraud, and inflationary pressures on home rebuilding costs are just some of the reasons for Florida's insurance crisis.

Eliminate the fraud. Oh, that would require government regulations. Also price gouging.

You wouldn't like what I'd do. I want to see Ron fix it before he becomes president.

Why aren't we doing what Rick Scott says to do?

Iâm Sen. Rick Scott, and here are three insurance fixes for Florida homeowners

www.rickscott.senate.gov

As your former governor, I know that regulating property insurance is a state issue. I had to deal with it when I was governor, nobody else came in to fix it.

That’s why, when I took office, one of my first orders of business was to bring State Farm back. It required sitting down with them to identify the challenges they were facing in Florida and figuring out solutions. That ongoing communication process helped the state get to a place where State Farm and other insurers could provide reliable and cost-effective coverage for Florida families.

The possibility of a hurricane impacting our state is a constant reality but it should not financially strangle Floridians or kill the dream of owning a home in our state. It does require a great deal of work, and it requires that the state get on it right away.

What I would do is stop fighting WOKE and fix this.

 

[Edgetho]

Insurance companies are regulated locally by states, not nationally. The worst state right now is Florida. What is Desantis doing?

We tried, after Hurricane Donna back around 1960, to get a 'Cat' (catastrophe) Fund going but it didn't work out.

If an Insurance Company asks each customer for $10 to put in the Cat fund, that $10 is recognized as Profit by the State and Federal Governments' taxing agencies and by its own Corporate Charter.

So by the time you Federal and State Income Taxes, put it through the Corporate C-Corp process, pay dividends with it, etc, etc.....

You've got about 75 cents left.

We went to the Feds and they were fine with giving us special dispensation, rules that would allow us to set the money aside WITH the State treasurer, IN the State Treasury.

But the State of Florida at that time was run by dimocraps and they didn't want to hear it. So the Insurance Companies walked away.

Then Andrew hit. That shook everything and everybody up. Got it going.

There's not much DeSantis can do. He's trying but he's dealing with a seriously pissed off industry. One of the most powerful in the World. Everything runs on Insurance. Try starting a business without it. Try buying a home without it. Or a car. The world runs on it and we have totally ignorant dimocrap scum; and a lot of ignorant Republicans, that refuse to understand it.

It's not a matter of cost in South Florida anymore, it's a matter of not being able to buy it. At any cost.

My last Insurance bill on $300,000 of coverage was $4,700 a year. And I'm lucky to have that.

It gets more complicated that that but it's a mess. Mostly created by stupid politicians.

My boy, who is in Sales with Country's biggest construction supplier, says he doesn't see an end to Construction in South Florida. I concur.

People are so disgusted, so put off with what dimocrap scum politicians have done to the North, they're moving here regardless of cost.

 

[dblack]

https://archive.is/vmfXj

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option.

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn't given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven't decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

Insurers are coming off some of their worst years in history. Catastrophic damage from storms and wildfires is one big reason. The past decade of global natural catastrophes has been the costliest ever. Warmer temperatures have made storms worse and contributed to droughts that have elevated wildfire risk. Too many new homes were built in areas at risk of fire.

As losses mounted, inflation only made matters worse, boosting the cost of repairing or replacing cars or homes.

When you add it all up insurance is my greatest monthly expense.

It sounds like lenders will need to start taking into account peoples net worth and liquidity when underwriting mortgages, because pretty soon homeowners insurance is no longer going to exist due to cost.

I'd bet lenders do the same with new and used car loans. Not enough liquid cash to cover a total loss accident? Sorry, no loan for you.

Good luck to poor people and even the middle class going forward. It looks like another reason why you will own nothing, and be happy.

LOL....Don't worry, I'm sure that it’s mostly transitory.

Good. We're insanely over-insured as a nation. Time for a reset.

 

[Fort Fun Indiana]

We tried, after Hurricane Donna back around 1960, to get a 'Cat' (catastrophe) Fund going but it didn't work out.

If an Insurance Company asks each customer for $10 to put in the Cat fund, that $10 is recognized as Profit by the State and Federal Governments' taxing agencies and by its own Corporate Charter.

So by the time you Federal and State Income Taxes, put it through the Corporate C-Corp process, pay dividends with it, etc, etc.....

You've got about 75 cents left.

We went to the Feds and they were fine with giving us special dispensation, rules that would allow us to set the money aside WITH the State treasurer, IN the State Treasury.

But the State of Florida at that time was run by dimocraps and they didn't want to hear it. So the Insurance Companies walked away.

Then Andrew hit. That shook everything and everybody up. Got it going.

There's not much DeSantis can do. He's trying but he's dealing with a seriously pissed off industry. One of the most powerful in the World. Everything runs on Insurance. Try starting a business without it. Try buying a home without it. Or a car. The world runs on it and we have totally ignorant dimocrap scum; and a lot of ignorant Republicans, that refuse to understand it.

It's not a matter of cost in South Florida anymore, it's a matter of not being able to buy it. At any cost.

My last Insurance bill on $300,000 of coverage was $4,700 a year. And I'm lucky to have that.

It gets more complicated that that but it's a mess. Mostly created by stupid politicians.

My boy, who is in Sales with Country's biggest construction supplier, says he doesn't see an end to Construction in South Florida. I concur.

People are so disgusted, so put off with what dimocrap scum politicians have done to the North, they're moving here regardless of cost.

It's not because of politicians. It's because of the increased risk in Florida.

 

[MarathonMike]

https://archive.is/vmfXj

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option.

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn't given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven't decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

Insurers are coming off some of their worst years in history. Catastrophic damage from storms and wildfires is one big reason. The past decade of global natural catastrophes has been the costliest ever. Warmer temperatures have made storms worse and contributed to droughts that have elevated wildfire risk. Too many new homes were built in areas at risk of fire.

As losses mounted, inflation only made matters worse, boosting the cost of repairing or replacing cars or homes.

When you add it all up insurance is my greatest monthly expense.

It sounds like lenders will need to start taking into account peoples net worth and liquidity when underwriting mortgages, because pretty soon homeowners insurance is no longer going to exist due to cost.

I'd bet lenders do the same with new and used car loans. Not enough liquid cash to cover a total loss accident? Sorry, no loan for you.

Good luck to poor people and even the middle class going forward. It looks like another reason why you will own nothing, and be happy.

LOL....Don't worry, I'm sure that it’s mostly transitory.

I thought you lived in Virginia? Why would your rates shoot up, I don't recall any big storm damage there. Here in Az mine went up a little but nothing crazy.