ideally the new legislation and more reputable carriers coming in will push some of those out, but a long way to go
U.S. property/casualty underwriting results deteriorated during the first nine months of 2023 to a loss of $32.2 billion. The result, highlighted in short financial review from AM Best, is $7.6 billion worse than the same period a year ago. The blame, which has been well documented lately, lies primary with the personal lines segment – specifically the homeowners lines of business and driven by a record amount of losses from convective storms. The insurance industry rating agency earlier this month said it was keeping its negative outlook on the U.S. personal lines insurance industry. The financial performance of auto insurers has been the main reason for the outlook, but recently AM Best changed its view of the homeowners line from stable to negative. Meanwhile, AM Best maintained its stable outlook for commercial lines. The U.S. P/C industry finished September with a combined ratio of 103.4 for the year compared to 102.8 last year. Catastrophe losses accounted for 9.8 points to the ratio – more than the 7.3 points contributed by catastrophe losses a year ago – and without $5.5 billion of favorable reserve development, the industry’s nine-month accident-year combined ratio was 104.3.
It means there was a record year of inland property damage from thunder storms/hail. Our weather patterns are getting more extreme.
My auto insurance just went up 40% for no reason. (No claims, two old cars, $1200 to $1700 for six months starting in Feb.) It's more than doubled in two years and I've about had enough. What are some good alternatives to USAA?
yup. Florida is continuing to see massive increases despite all the laws geared to cut down on insurance litigation signed within the past 2 years. Weird...
And guess what? They’re now floating the idea of med mal caps because of the nonexistent malpractice “crisis.”
I know two insurers that have pulled out of Georgia this year, and a client who is considering it. All commercial lined, but it seems like the entire market there is being affected by the tort system.
My auto insurance increased 40% for no reason over the last year too and I hadn't shopped rates in ~5 yrs so I decided to. Contacted 2 different independent auto insurance brokers and had them run estimates for me. Neither was able to come close to what my current insurance is so I'll just take the current increase up the ass and deal with it I guess.
This is what I pay for. I have also concluded I’m just going to take the ass fucking and complain here when it happens again in 6 months. Scam ass industry.
I will say that my experience shouldn't discourage anyone from getting their own quotes. I don't have USAA and ymmv. If you call a local independent insurance broker, tell them you're looking to compare rates and email them your current declarations page, that's the best way to do it imo. That way you won't be getting a million calls/emails like you do if you use any of the online options. The total time invested is like 5 mins too so it's worth at least checking if you're like me and it's been several years.
this is simple guys. just move to colorado and let me take care of you! not only is it a beautiful state but we also have some of the highest rates in the country!
Every state regulates its own auto insurance market, and in most states an auto insurance rating plan has to be approved by the state before rates can be increased. The rating plan has to show a loss history to justify any increase. Insurers either choose to stay in the state based upon what the state will let them charge or leave it. If your rates are up, it’s because claims are out of control to justify the increase. Auto is a wholesale business. There aren’t a whole lot of opportunities for price gouging.
Georgia is a tough one rn, some big judgments there have some carriers scared so they’ve pulled out. I would agree to contact a broker and have them shop around. As I mentioned somewhere earlier in this thread, often when your rates skyrocket your carrier is looking to shrink in your area, but there’s also always someone looking to grow. A good broker will find you one
Georgia is also a state where DV is regulated and expected so that’s always gonna make it comparatively more than a peer state
Yeah I have no doubt that there's a bevy of bullshit and excuses that go into it. I'm not in GA. I think you replied to the wrong post
I'm going to take a slight guess and say rent is closer to 100% more expensive in CA than most other stats.
Just going by my experience. Tampa rent wasn’t cheap. I have been lucky in CA and rent hasn’t increased for me since 2019.
Had my storage unit broken into a bunch of stuff stolen. Lots of cooking equipment, lots of camping equipment, some clothes two nice watches, lots of cufflinks that were my grandfather's. Shit sucks, apparently like 20 units were broken into at one time. In the process of making a claim with the insurance company. I have pictures that show my shit obviously rummaged through, but I definitely don't have hard evidence of what was stolen -- as in I don't have a picture of the watches and shit, and don't really have a lot to prove their value. Will I have a tough time getting anything? Anybody every made a claim for stolen property and had to prove the value? It's a $5,000 policy and I'm pretty sure I lost $5K worth of shit. I'll hang up and listen.
A few things before you open this. 1) State Farm is one of the “good companies” 2) this isn’t even Florida. It’s Georgia. As terrible as this field adjuster is, this is a standard Tuesday for many of the carriers in Florida. https://www.tiktok.com/t/ZPR3nGxHc/
My understanding is Georgia ins is heading in the same direction as Florida but we're a few years behind on the timeline. Can't wait
I don’t miss being an adjuster getting shit on by my auditors, customers and repair shops…….best decision of my life was to get out of insurance claims
At the convention I was at a few weeks ago, this is exactly what every PA was saying. Not gonna lie, I'm considering taking the bar up there.
I’m not sure what this video is supposed to prove other than that roofer is an unprofessional dickhead trying to intimidate his way into getting paid $30k to replace a 25+ year old roof, all while likely recording the adjuster without permission adjusters biggest mistake was his roof safety awareness
“send that to the lawyer” was also a funny line since it’d be hilariously inadmissible which is why it’s now on plaintiff attorney tiktok
it might not be repairable, and based on the condition I would say coin flip at best. but he is definitely trying to intimidate which means he’s either a colossal asshole or doesn’t have a strong argument or is just trying to drum up social media clicks and nah that things got gables and a porch and looks like it’s two story from what I can tell, no one’s doing that for 12, especially in 2024
like I’m not saying I agree one way or the other because I don’t have eyes on it. I’m just saying the contractor is a douche and the adjuster conducted himself professionally and didn’t come down to his level on camera, which is what the contractor wanted I’ve been in similar situations where the insured has fired their vendor because they were a dick and I stayed nice like imagine if the adjuster isn’t there and no insurance exists and it’s some contractor berating their customer to pay them a shitload more money, telling them they don’t know what they’re talking about and talking over them nonstop. it’s a nice gig when you get to just be an asshole to some faceless insurance company and never have to explain anything to the actual homeowner
I see your POV. But I also see an adjuster who is looking at a roof with brittle tiles and with a straight face saying it’s repairable. He may have maintained his composure, but he was still doing the job State Farm wanted.
it’s pretty minor damage from what is visible in the video, so I can understand the immediate reaction being to think about repair. it may or may not be possible. I probably would’ve just paid for it but that was the approach my company took. I would disagree with your comment about State Farm being a “good” company anymore honestly, they have changed a lot in the last 15 years just from my outside perception
honestly mostly watching that just makes me happy I got away from day to day claims handling, it can be unbelievably shitty then imagine getting yelled at like that over a $50 difference and that’s auto claims lmao
I work in auto and State Farm are the fucking worst. about to crack them for multiple hundreds of thousands in ECs though
some of the very large insurers have realized over the last decade or so that they are too big to fail and don’t actually have to provide reasonable customer service to stay in business. for the same reason I use a credit union instead of Wells Fargo, I have our insurance with a mid sized carrier that I have more faith in that’s the best way I can think to phrase it without selling out any clients lol
State Farm is damn near impossible to reach on auto claims in my experience the last few years. They don't even put you on hold half the time, they just have an automated message saying "we're real busy, call back later" then they hang up on you. Sucked getting laid off last month but I'm glad to be out of claims
Yeah I’m not arguing with a contractor on a roof or otherwise. Being reasonable is going to get literally anyone further faster than being an asshole. I didn’t watch the video. I replaced way more roofs than I denied and gave the homeowner the benefit of doubt if I saw something that was questionable. Every time. My boss would tell me “it’s not our money, make a good decision” and we’d go from there. Some of my colleagues who’d been around for decades were a little harder on the homeowners/contractors, but were good handlers and knew their shit. Nobody GAF if we paid out. Denying claims is a royal pain in the ass. We also have matching in Minnesota, so we’d replace roofs far more often than we’d repair. Signed, former State Farm Fire Adjuster
interesting. I’ve had two insurance claims in the last five years or so - one with travelers and one with progressive, and both paid out very quickly and efficiently