Just got my bill for this coming year, $2,113.00 $400 increase over last years. This is ridiculous, I called my agent State Farm and they told me everybodys is going up, my vehicle rate went wild, what is happening? My agent told me Minnesota has ranked number 1 for the last 28 years in claims from catrotoshic events? I am 76, had state farm since I was 18 just a couple of claims, small, pisses me off. Anybody else notice these rate increases?
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home owners insurance
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March 11, 2024 at 7:25 pm #2259972
Yup…I feel your pain. Ours went up like 40% I think. We’d been with them only 1 year. Our HO, auto and umbrella all went up but somehow it averaged a 25% increase. Not sure how that works but that’s what all the premiums combined went up. Our agent said the same thing. Our financial advisor told us a few weeks ago that some carriers were not even taking on new clients and will not quote new policies. She said she’d heard of 75% increases on some carriers/policies. Unbelievable. Now my wife is mad at me because I just want to pay it and not waste time getting quotes again! Marriage is great…
March 11, 2024 at 7:27 pm #2259974Buddy sells State Farm and told me it was coming with the crazy hail storms MN has endured. He told me he did more hail claims the last 2 years than the previous 12 years combined. That’s a pretty intense statistic.
Home values (and the costs to repair them) haven’t stopped skyrocketing either.
March 11, 2024 at 7:36 pm #2259976Buddy sells State Farm and told me it was coming with the crazy hail storms MN has endured. He told me he did more hail claims the last 2 years than the previous 12 years combined.
And these events widely occurred in the Twin Cities, where residential homes are most numerous.
The hail came through by me last season but it was small, maybe BB sized. Not far away though, the hail was substantially larger and caused major roof and siding damage.
Hail happens all the time, but if it happens in an urban area as opposed to a more rural area, that’s where the claims come from…and thus, the rate increase. Seems slightly unfair to make everyone pay for a small minority of hail damage though.
MX1825Posts: 3319March 11, 2024 at 7:42 pm #2259980Yup…I feel your pain. Ours went up like 40% I think. We’d been with them only 1 year. Our HO, auto and umbrella all went up but somehow it averaged a 25% increase. Not sure how that works but that’s what all the premiums combined went up. Our agent said the same thing. Our financial advisor told us a few weeks ago that some carriers were not even taking on new clients and will not quote new policies. She said she’d heard of 75% increases on some carriers/policies. Unbelievable. Now my wife is mad at me because I just want to pay it and not waste time getting quotes again! Marriage is great…
That’s what your Insurance Company is hoping. I’m shopping mine EVERY year anymore.
You pay and pay and pay. If you have an accident or house damage they try and talk you out of turning it in. If you do turn it in the next year you get a HUGE premium raise or a cancelation notice. You never hear of an insurance company going bankrupt.Reef WPosts: 2830March 11, 2024 at 7:49 pm #2259981Mine has gone up about 40% in two years, most of it this year. I found new insurance that resets it back to the starting price but had inspection issues regarding a giant tree next to my house. I don’t want to deal with it at the moment so I’m just paying the jacked rates for now.
RipjiggenPosts: 11818March 11, 2024 at 7:55 pm #2259984Hail hit hard in my neighborhood. Go figure I replaced my roof 3 years prior.
I heard roofers damn near every day in the fall working from home. Surprised they are not out and about yet this spring.
I had to buy new tabs for my truck that is a 22’ now that really chapped my hide.March 11, 2024 at 7:56 pm #2259987The question is if we have a few years or more with very few claims will the premiums come down?
MX1825Posts: 3319March 11, 2024 at 8:00 pm #2259989The question is if we have a few years or more with very few claims will the premiums come down?
It will never happen unless you change companies. JMO
March 11, 2024 at 9:14 pm #2259994He also told because of storm chasers ringing your doorbell and telling you all about your roof and siding damage is making a major hit on the claims
DeucesPosts: 5268March 11, 2024 at 11:34 pm #2260001I’ve worked with restoration folks for many years now, lots of new companies the last several years and they seem to keep reaching further into the “damages” that help pad the insurance bill. Building materials keep going up, and labor keeps getting harder to find. You think it’d be pretty easy to find guys competent enough to remove sheetrock, move back a fridge into place, or install shoe molding but I tell ya what, ya shake ur freaking head on the lack of pride in work for most nowadays.
Snake ii’sPosts: 529March 12, 2024 at 6:45 am #2260009State Farm is the worst for keeping your rates high for no good reason. Dumped them decades ago for my car insurance and went with Geico for 60% of what SF was charging. Dumped them for my home insurance as well and went with Liberty (Geico subsidiary?).
Shop around, you will find a much better deal.March 12, 2024 at 8:27 am #2260024Make sure to ask if there are caps. Progressive gave me a good quote. I looked into their insurance and I noticed a $200 cap on sporting goods. Yep they will only cover $200 of fishing and hunting items. That included boat electronics. The policy doubled once I requested this to be covered. We went through all the caps and it didn’t even add up to the amount they were claiming to be selling me.
Some religions view insurance as gambling and gambling is against their religion. So what do they do for insurance?
Coletrain27Posts: 4789March 12, 2024 at 9:01 am #2260041Make sure to ask if there are caps. Progressive gave me a good quote. I looked into their insurance and I noticed a $200 cap on sporting goods. Yep they will only cover $200 of fishing and hunting items. That included boat electronics. The policy doubled once I requested this to be covered. We went through all the caps and it didn’t even add up to the amount they were claiming to be selling me.
Some religions view insurance as gambling and gambling is against their religion. So what do they do for insurance?
I would have to check my numbers, but my Progressive boat insurance is ~ $340/yr (boat valued at $25K). Small price to pay for peace of mind trailering all over, covers every piece of equipment in my boat and even related items in truck. Maybe something to think about.
March 12, 2024 at 9:10 am #2260044Good time to get a quote from Justin at Woods and Water insurance. I was with American Family like for 40 years, now with Travelers saved $1700 on my home owners and a couple dollars on my cars.
TlazerPosts: 718March 12, 2024 at 9:12 am #2260045What I hate is trying to even get a quote from an insurance company without giving out all your personal info. Not sure why your credit rating should affect your auto insurance. Tried to get a quote from SF last year, and I had them for an insurance company for 14 years until the past two years and couldn’t get a quote without again giving out all my personal info. Thought your driving record and 14 years with no claims would be more important than your credit history. Last time I checked, if you didn’t pay your premiums you weren’t covered. But I did hear from an insurance friend that everyone’s insurance across the board had gone up substantially, not sure if it’s true or not.
March 12, 2024 at 9:25 am #2260049Our Farmers Homeowners rate increased 38% this year.
Woodbury, MN.
Been with them for over 15 years.March 12, 2024 at 9:40 am #2260053I would have to check my numbers, but my Progressive boat insurance is ~ $340/yr (boat valued at $25K). Small price to pay for peace of mind trailering all over, covers every piece of equipment in my boat and even related items in truck. Maybe something to think about.
With Progressive if you take your graph or rods out of your boat, they are no longer apart of the added boat coverage since they are not in it and fall under your home policy from what I was told by them. Your back to only being covered for $200 even though it may all be in your garage.
10klakesPosts: 559March 12, 2024 at 9:42 am #2260054Now I don’t want to look at my home owners…
I have Justin for strictly my boat insurance, first and only claim was last year and he handled it great. I googled his company a week or two ago to find something and was shocked with the recent bad reviews. Made me a little uneasy but haven’t had issues so I brushed them off?
Rodwork- I should check my state farm homeowners regarding sporting goods, cause I have a lot of ice fishing stuff.. But my boat insurance which is a separate company covers all electronics, tackle and rods on and off my boat. I could bring them into a cabin I’m renting and they are still covered.
March 12, 2024 at 9:47 am #2260055Go to an independent insurance broker. There are at least 3 that I know of in MN. I switched to Canopy group about 6 years ago. Saved a bunch for home, auto and umbrella. I had been with Farmers forever and was over-insured. After 5 years with Auto Owners, during my annual review last year, they suggesting switched to a different company for better coverage and less money. I did. Just like the commercials say.
March 12, 2024 at 9:58 am #2260059Rodwork- I should check my state farm homeowners regarding sporting goods, cause I have a lot of ice fishing stuff.. But my boat insurance which is a separate company covers all electronics, tackle and rods on and off my boat. I could bring them into a cabin I’m renting and they are still covered.
If they say they don’t itemize you should be ok.
March 12, 2024 at 10:01 am #2260060My truck insurance from state farm went up 25% in july and 25% again in january. Had them for 32 years. They told me I could save 10-40% if I connect truck to their drive safe and something BS. I said aint zero claims in 32 years not safe enough. He laughed. I said im not fuching joking.
March 12, 2024 at 10:12 am #2260063Just got my bill for this coming year, $2,113.00 $400 increase over last years. This is ridiculous, I called my agent State Farm and they told me everybodys is going up, my vehicle rate went wild, what is happening? My agent told me Minnesota has ranked number 1 for the last 28 years in claims from catrotoshic events? I am 76, had state farm since I was 18 just a couple of claims, small, pisses me off. Anybody else notice these rate increases?
Very common these days. Experienced the same here. Just be glad you aren’t somewhere like FL. You think MN is bad for home and auto?
CharlesPosts: 1979March 12, 2024 at 10:52 am #2260075In case people missed it the cost of everything is going up, not sure why insurance would be any different.
MX1825Posts: 3319March 12, 2024 at 11:29 am #2260087I agree everything has gone up but 40%. Has the value of your house gone up 40% in 1 year? I doubt it. A reasonable increase is expected but many are excessive. JMO
March 12, 2024 at 11:30 am #2260089But my boat insurance which is a separate company covers all electronics, tackle and rods on and off my boat.
If you have specific boat insurance (which is not required by law unless there’s a lien holder), you can add riders to it for specific items like electronics or fishing tackle. My policy has $5000 added that specifically covers fishing tackle, rod/reels, etc. Anything that is bolted down to the boat or trailer is covered under the watercraft policy.
Usually there is a cap on certain items under a standard homeowner policy though. Common items with a cap include firearms, jewelry, and cash. Just something to be aware of.
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