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2024 Property & Casualty Insurance Premium thread
Posted on 3/29/24 at 7:31 pm
Posted on 3/29/24 at 7:31 pm
Anyone get their new premium renewals yet? I just recieved mine from Vault Insurance and it more than doubled again from last year. This comes on the heels of it doubling last year.
I may just pay off the mortgage and self insure because this new renewal amount is outrageously insane.
I may just pay off the mortgage and self insure because this new renewal amount is outrageously insane.
18
Posted on 3/29/24 at 7:38 pm to MrLSU
Yes.
State Farm. Only went up $100
State Farm. Only went up $100
Posted on 3/29/24 at 7:40 pm to MrLSU
Mine went up a couple thousand again.
Posted on 3/29/24 at 7:41 pm to MrLSU
Something has to be done this isn’t sustainable. The frick is it going to cost in 5-10 yrs.
Posted on 3/29/24 at 7:42 pm to Dandaman
Mine jumped up another $12,406 from last year’s premium. $27k this year is absurd.
When I bought the house in 2019 my premium was $4900 a year.
When I bought the house in 2019 my premium was $4900 a year.
This post was edited on 3/29/24 at 7:43 pm
Posted on 3/29/24 at 7:48 pm to MrLSU
quote:
I just recieved mine from Vault Insurance
Subtle ..Very subtle to those who don't know...
Posted on 3/29/24 at 7:56 pm to MrLSU
Louisiana isn’t a desirable place to insure for a multitude of reasons
Posted on 3/29/24 at 7:57 pm to MrLSU
Had my first major jump this year, went up 48%
Posted on 3/29/24 at 7:58 pm to DarkDrifter
quote:
Very subtle to those who don't know...
IYKYK
We got the renewal for the camp and it almost doubled. We decided about an hour later to self-insure. It wasn't that difficult of a decision mainly because it is not our primary. I had never considered taking on the risk myself but at this point it makes sense.
Posted on 3/29/24 at 8:11 pm to ellunchboxo
quote:
State Farm. Only went up $100
Same.. it was around 90. I was nervous since it was going to be my first year to renew with State Farm
Posted on 3/29/24 at 9:09 pm to MrLSU
4 years ago our premium was 2200.
It’s now 4900 after a 1700 dollar increase this year.
Edit:Progressive insurance and I still have a 2500 deductible for hurricanes
It’s now 4900 after a 1700 dollar increase this year.
Edit:Progressive insurance and I still have a 2500 deductible for hurricanes
This post was edited on 3/29/24 at 9:11 pm
Posted on 3/29/24 at 9:09 pm to MrLSU
My agent called and mine went down by $800
Posted on 3/29/24 at 9:11 pm to MrLSU
quote:
. $27k this year
That's more than I make
Posted on 3/29/24 at 9:16 pm to MrLSU
going up each year - we live in inflationary times, indubitably, my dear fellow....
Posted on 3/29/24 at 9:18 pm to MrLSU
quote:
Mine jumped up another $12,406 from last year’s premium. $27k this year is absurd.
When I bought the house in 2019 my premium was $4900 a year.
Bro… you pay Twenty seven thousand dollars for insurance?!?!
Mine went up about 70% in Baton Rouge. Up to $4200 from $2500.
This post was edited on 3/29/24 at 9:20 pm
Posted on 3/29/24 at 9:30 pm to MrLSU
quote:
I just recieved mine from Vault Insurance and it more than doubled again from last year.
Can you explain what Vault does for “high net worth” people that a regular insurance company does not? I’m genuinely curious. Is it for homes in excess of a few million?
Posted on 3/29/24 at 9:33 pm to MrLSU
Serious question, what is stopping insurance companies from charging everyone a billion dollars?
Posted on 3/29/24 at 9:36 pm to BigPerm30
They specialize with upper limits and more carve out niche add ons.
Posted on 3/29/24 at 9:53 pm to MrLSU
If you're in Louisiana, the reason for the price increase is the obvious, of course, higher risk due to hurricanes for home insurance. The other reason is state regulations, they won't allow insurance companies to just pull out of the state, but hey they do allow rate revisions and approve them.
State regulators are to blame as much as insurance companies, at least insurance companies have a reason to leave an unprofitable market. The state makes them stay. This is the result.
States like NC, CA, NY, etc etc etc won't approve rate increases if they sense you're trying to pull out of the state.
State regulators are to blame as much as insurance companies, at least insurance companies have a reason to leave an unprofitable market. The state makes them stay. This is the result.
States like NC, CA, NY, etc etc etc won't approve rate increases if they sense you're trying to pull out of the state.
This post was edited on 3/29/24 at 9:54 pm
Posted on 3/29/24 at 9:55 pm to BigPerm30
quote:
Can you explain what Vault does for “high net worth” people that a regular insurance company does not? I’m genuinely curious. Is it for homes in excess of a few million?
I don't know if it has changed but a couple of years ago it was $3m on houses. To an extent they let you write the policy and they will cover you for a cost. Many of the things they cover like art/watch/jewelry collections and exotic cars are generally things that most insurance companies really don't write "good" policies for and things like modified exotics most won't consider a policy that covers the mods. They are one of the companies that will cover all these assets without having to have multiple insurance companies cover. So it allows you to bundle a custom policy with significant umbrella coverage you simply can't get from the mainstream insurers and all under one roof.
This post was edited on 3/29/24 at 11:54 pm
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