Home insurance.
- Thread starter DooBi
- Start date
Yeah all the best actuaries just shoot from the hip, go by their gut and buy into the latest hysteria in their calculations. SMGDH.
Yeah....but "actuaries" are basing their numbers on actual risk models.
MAGA needs to start their own re-insurer, and base their model on "gut estimates".
They won't need no "actuaries" with "actual" risk, they can make up their own "estimates" and just hire "estuaries".... 😉
Yeah, they're trying to be in the "risk" business without accepting any risk.
Let's see how that works out for them, Cotton.
Insurance companies, while a scam, are losing their ass in Iowa the last several years. Extreme weather has many consequences, unfortunately
Tornadoes didn't happen until recently in Iowa?
In the past, far less frequently and less destructive on average, now combined with other severe weather events of greater severity and frequency. What a puzzle this is when we're all insured by for-profit corporations. I will acknowledge that inflationary pressures are a factor, if we want to revisit why the cost of building materials exploded during a global pandemic that trashed supply chains around the world.
Also, are hurricanes in Florida a new phenomenon?
What?
Although there have been a ton of tornadoes this year in Iowa, wind and hail events are happening far more frequently and are the biggest damage causers in the state right now.
I have heard Nationwide isn’t writing property insurance in Iowa anymore. Here is a related article.*
*edited to change the name of the insurer to avoid confusion for subsequent readers
www.insurancejournal.com
*edited to change the name of the insurer to avoid confusion for subsequent readers
Insurance Companies Feeling the Pressure in Iowa and the Midwest
A New York Times article this week reported troubles in Iowa and insurers pulling up stakes from the Hawkeye State, leaving the homeowners' insurance
www.insurancejournal.com
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I read that article and the NYT article and see no mention of State Farm stop writing business in Iowa.I have heard State Farm isn’t writing property insurance in Iowa anymore. Here is a related article.
Insurance Companies Feeling the Pressure in Iowa and the Midwest
A New York Times article this week reported troubles in Iowa and insurers pulling up stakes from the Hawkeye State, leaving the homeowners' insurance
Inflation costs more.
Yes, yes, insurance companies, who employ thousands of actuaries, are notoriously prone to hysteria and setting rates based on feelings.
Yeah Doobs, the insurance world sucks right now. Shop around, some companies are starting to see decisions they made 12-18 months ago help with profitability and are not taking on AS MUCH rate. It's all a chess board. Company A might take rate in "Iowa" so they can be underpriced and buy share in "Idaho".
*And everybody subsidizes California.
While you guys twiddle your thumbs wondering how this giant ball of lava we all live on, that spins around a giant nuclear bomb, goes up or down a couple degrees, as it's done countless times in its past. You should know theft is every bit the problem natural disasters are.
Catastrophic events are their own bucket.
*And everybody subsidizes California.
While you guys twiddle your thumbs wondering how this giant ball of lava we all live on, that spins around a giant nuclear bomb, goes up or down a couple degrees, as it's done countless times in its past. You should know theft is every bit the problem natural disasters are.
Catastrophic events are their own bucket.
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Weird since last year there was second lowest for property damage secondary to tornadoes in 10 years in Iowa and third lowest in 20 years.
datacentral.press-citizen.com
State Farm just wrote me a policy for my home in Iowa.
Tornadoes in Iowa since 1950
This interactive map pinpoints where a cyclone touched down and traces its path of destruction.
datacentral.press-citizen.com
State Farm just wrote me a policy for my home in Iowa.
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Or maybe they’ve paid significant losses too?
The reinsurance is the problem but what's your angle on it being climate change driving that? They all lost their asses the last few years.
It was someone in my office. I thought he said state farm. Could have been a different company, but it is one of the major insurers operating out of Des Moines.
Well, disregard my post then. It must not have been state farm. I will provide the correct name when I hear it.Weird since last year there was second lowest for property damage secondary to tornadoes in 10 years in Iowa and third lowest in 20 years.
Tornadoes in Iowa since 1950
This interactive map pinpoints where a cyclone touched down and traces its path of destruction.
State Farm just wrote me a policy for my home in Iowa.
Catastrophic events are why they cannot get affordable re-insurance.
Moving to South Dakota seems like a win. Lower taxes, lower insurance, plenty of hunting and fishing
I’d be curious to know if these insurance companies actually gain new customers off of tv adds. How many millions has State Farm paid Aaron Rodgers, Chris Paul, Caitlyn Clark and many other athletes over the years. Heck I would think they actually lose some customers because of it.
What’s wrong with paying a lot less and giving an average joe blow a little bit of acting money.
What’s wrong with paying a lot less and giving an average joe blow a little bit of acting money.
If your homeowner insurance goes up $1,000 a year that’s less money you have to put into the economy for other discretionary items that absolutely will have an effect on the economy.
Simply put who’s the sob here?
And this is exactly what I've explained for folks what the Inflation Reduction Act does for Main St Americans.
It allows them to afford higher efficiency home appliances (fridges, washers, HVAC, etc) and when they save $50-100 a month on utility bills, all of that money is available to spend on other stuff. That extra money compounds over the life of the appliances, too, so it is not a one-off.
Added bonus is the higher efficiency stuff will generally mean less energy use and fewer greenhouse gases needed for energy. And, in case you haven't been paying attention, those higher emissions are a key factor in your higher insurance costs; which means the IRA is indirectly slowing those insurance cost increases, as well.
I have heard many companies are not offering new policies in Iowa. Pekin pulled out of Iowa completely. Some smaller insurers in state are combining with others.
I’m sure many other companies are taking action.
The only thing I’ve heard, which is commonplace, is more rate hikes from all insurance companies. I’d guess most consumers will see 25%-40% rate hikes on property insurance.
I changed from Progressive to State Farm. My insured amount went up due to my agent's recommendation as costs have gone up in the case of a loss. But my overall cost of the policy changed very little changing from Progressive to State Farm. High, but didnt change much.
It was nationwide, not state farm.
Not sure if this is the best thread to bump for a homeowners insurance question, but whatever
My rate went from ~2700/year to 3000/year.
I guess the ‘main’ coverage amount is 430k, and I’m wondering if I have too much coverage. Regardless of what the house is “worth”, this is supposed to be the amount you insure to rebuild your home? How am I supposed to know that amount?
My rate went from ~2700/year to 3000/year.
I guess the ‘main’ coverage amount is 430k, and I’m wondering if I have too much coverage. Regardless of what the house is “worth”, this is supposed to be the amount you insure to rebuild your home? How am I supposed to know that amount?
And? There are a shit ton of solar companies going out of business. Nationwide companies. Titan Solar and ADT Solar both completely closed its doors. My company does things the right way and we are reaping the rewards of years of work to get here.
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