re: My homeowners premiums over the last 3 years

quote:

---

Don’t know how average people and young people pay for anything - stuff is ridiculous. Home owners insurance, car insurance, car notes, house prices, food prices, electricity has doubled, etc

---

They don't, get into debt, and then older folks just shite on them for having no work ethic. I'm a bit older (36) but not going to lie, it's brutal seeing the price increases eat up the promotions I get, and also seeing just how locked in MGMT is two steps above me, so completely understanding that to move up, I need to leave jobs I enjoy, because it's the only way to be assured there are actual openings.

Same and it sucks, idk how those with paid off houses and fixed incomes are doing it.

And those renting must have to raise rents on tenants which only makes everything worse

I just went with Sage on a new house and the premium was less than 3k so fully expecting them to skyrocket after a year. I shop home and auto every single year though so I’ll just keep changing to the lowest one

It’s gotten out of hand.

Are you in hurricane country? Given the hurricane claims over the last few years it might be partly to blame.

a lot of companies arent writing new policies in the area.

i had to shop around ALOT to find something cheaper last year.

Insurance companies use a loss metric called combined loss ratio. It takes cost of claims, cost of handling claims, and admin expenses. Auto and home have all been over 100% for three years. If a company has a 116% CR that means they paid out $1.16 for every $1 received. That has been the case since 2021. Q3 of this year with the increased rates that lowered to about 94% so we have seen companies roll back scheduled rate increases.

If you don’t want insurance companies to make money how do you expect them to make payments when you have claims? Do you think they just invent money? Considering they have lost money three years in a row, that is not including a Katrina type event which knocks out decades of profits, if they were a non profit you’d see considerably higher premiums.

Our biggest carriers on the Mississippi coast I do believe are not filing for rate increases in 2025 and trying to stand pat. The average homeowners policy on our books is about $4k where four years ago it was closer to $2700.

Last but not least even though a carrier does not file a rate increase that is an average across the book so some places will still increase and some decrease. South Ms three things that drive cost are location, year of construction, and age of roof. Whether you have had a hurricane claim is not rateable since they already charge you for being ina hurricane prone area

This weekend Jefferson Parish had a vote to increase property taxes to give public school teachers raises. The proposal did not pass. Regardless your view of teachers: I see why the vote failed. People are getting squeezed everywhere, they are tapped out and said No to more expenses.

quote:

---

insurance companies have so much money I know they won't even miss the $18k I've been quoted.

---

quote:

---

My roof is 22 years old and in need of replacement. How can I get insurance to pay for atleast some of it?

---

this is why the OPs homeowners policy keeps going up

quote:

---

I know its my roof and my bill to pay but insurance companies have so much money I know they won't even miss the $18k I've been quoted.

---

How devastated were you on November 5th?