MORE DEPRESSING INSURANCE NEWS
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I watched that this morning, talked about folks paying 5k or more out of pocket because they were afraid of rates going up or getting cancelled. I got cancelled a couple of years ago got a speeding ticket 77mph in a 65mph zone. 2 years later insurance cancelled me, no rate in crease just cancelled no accidents in 30some years with the same company. Agent was absolutely no help.
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- #3
Great minds watch FOX NEWS!!!
- Aug 20, 2024
- 55
- 146
- 24' F-350 Tremor with HO 6.7L
- 1976 Chevrolet Caprice Estate Wagon 454
In the midwest we have seen the same type of increases in our home owners insurance as well. Even if you own your own home outright it cost a fortune to stay in it with property taxes and insurance cost skyrocketing!
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- #5
I'm in Texas, small town, minimal crime, l echo on the homeowners insurance.
- Aug 20, 2024
- 55
- 146
- 24' F-350 Tremor with HO 6.7L
- 1976 Chevrolet Caprice Estate Wagon 454
I am now paying $5,200 per year in property taxes and $2,800 a year in homeowners insurance on a 2,500 sq ft house in a rural town in southern IL
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- #7
Ridiculousness!!!!!!!
A buddy just moved to Weatherford. Homeowners insurance is crazy-high. He was told that was driven mostly by damage caused by hail and other weather-related loss, like tornadoes and flooding.
The other interesting thing is the insurance companies paying to get our personal driving behavior data, which the auto manufacturers collect via the apps they push so hard. It’s a new and big profit center for vehicle manufacturers, so they push the app uploads hard. The apps track when you’re speeding for example, and insurance companies use that information to raise the rates for speeders.
Texas is suing GM over this now. I hope Texas spanks the crap out of GM.
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- #9
Great observationA buddy just moved to Weatherford. Homeowners insurance is crazy-high. He was told that was driven mostly by damage caused by hail and other weather-related loss, like tornadoes and flooding.
The other interesting thing is the insurance companies paying to get our personal driving behavior data, which the auto manufacturers collect via the apps they push so hard. The apps track when you’re speeding for example… Texas is suing GM over this now. I hope Texas spanks the crap out of GM.
From my understanding having lived in Houston and now west Texas, insurance is impacted and the love is shared regardless if you are directly impacted. For instance, if a hurricane hits Florida, premiums go up across all gulf coast states. I was dumbfounded on why my home owners is 3x and vehicle is 2x in west Texas than Alaska, where I came from. Unfortunately, west texas gets a lot of hail so the love is again shared.
Other side note for Texas, there are a lot of uninsured motorists running around and seemingly get into wrecks. This also drives up the premiums.
Other side note for Texas, there are a lot of uninsured motorists running around and seemingly get into wrecks. This also drives up the premiums.
Lots of reasons for increased costs
1) Lawyers chase ambulances more than ever before. Look up how many lawyers are in the Vegas phone book vs escort services.
2) Parts costs are nuts, price an LED headlight. Also supply chain issues to get parts.
3) Less and less skilled labor at body shops = more per hour to get good techs. Also
4) Longer times to repair mean more rental vehicle costs due to 2 and 3.
Insurance is only gonna get worse.
1) Lawyers chase ambulances more than ever before. Look up how many lawyers are in the Vegas phone book vs escort services.
2) Parts costs are nuts, price an LED headlight. Also supply chain issues to get parts.
3) Less and less skilled labor at body shops = more per hour to get good techs. Also
4) Longer times to repair mean more rental vehicle costs due to 2 and 3.
Insurance is only gonna get worse.
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- #12
Totally agree, but most income of a lot of us is not keeping pace!
Interesting and in many ways disappointing all the above statements. Obviously spreading and sharing the costs of losses is meant to help folks survive catastrophic events, but getting cancelled over an accident or rare ticket in spite of an otherwise clean record is really uncalled for. And fighting the “money changers” is a loose at all cost endeavor. I won’t bother to research it as the end result would probably be futile and even more disappointing, but my guess is insurance company profits and salaries are higher than ever. In my 45 years of adulthood, I don’t recall a single insurance company filing for bankruptcy, but they have always had vaults of money to spend on commercials and sponsoring big money golf tournaments and other events. They all have their names on a stadium or venue. But heck, it’s all “legal” so why not.
I guess HOs of every variety thrive in Vegas!
Yes, I was at $3800 per year for property taxes in 2012, now I’m at 10k. We don’t want to stay here anymore, however we both have good jobs and our home is within 3 years of being paid off and we have no other debt. Illinois sucks, terrible goverment.
My homeowner's insurance has gone up 70% in 3 years. I tried shopping around and there is some kind of freeze going on. No one would quote a home and auto policy. Told me to try again next year. It's a hit on retirement for sure.
- Apr 21, 2024
- 46
- 76
- U.S. Air Force
- 2024 F-250 King Ranch Tremor (Heather)
- 2023 F-250 Lariat Tremor (Burt)
I thought I was getting ripped off at 200$ a month with my wife's truck and the Mini-Van and 4k Property tax on a 5br house in Virginia. We moved out here to Texas due to military & it's where we wanted to retire and I'm now paying 400$ a month in Vehicle insurance & it'll end up being just shy of 10K in property taxes annually on our new 5br house which is insane to me. I was bitching about Virginia's 4k property tax, although my kids ate free school lunches which Texas doesn't have, but that doesn't matter since my kids pack anyway and in Va the kids always complained they or a friend had mold in the food. With the military we were kind of doing alright since my wife worked in Virginia although due to us being Florida residents until we got to Texas she didn't have to pay Va Income tax because she was technically a Florida resident, it's just wild that it's gone up so damn much in the past few years. With Property Tax Texas & Bexar county in particular is crazy since they will ramp up your properties value to tax you out the ass and say pay or waste the time to appeal the property value in court. If you win, it'll be less, otherwise you're paying the amount anyway. We shouldn't have Income tax and we shouldn't have to pay tax on our own property as citizens, doubly so if the property has been paid off.
Insurance and taxes have gone crazy. Homeowners and wind insurance are crazy high in NC. Car insurance is crazy also.
I can't retire because I can't pay the insurance and taxes on my property. This is a crazy situation.
I can't retire because I can't pay the insurance and taxes on my property. This is a crazy situation.
Ca has Prop 13 which limits the rate of increase in property taxes. It is reassessed during a sale, of course. So if you've not bought a house in the last 10 years it isn't terrible...but the homeowners is tough. All of those fires really sent rates up, especially if you live rurally. I've heard of $8-15,000 annual insurance bills for houses in the $1-1.5M range, which is not as nice of a house as you might think.
Co isn't too bad on Property tax if you're not in the reach of a municipality.
I'm 40 years old and feel pretty sure that this will be my last new truck. I usually go for 20 years but if the rate of increase in the next 20 is anything like it was in the last 20 there is no way I'll be able to afford the sales tax and insurance on a new one. Ugh!
Co isn't too bad on Property tax if you're not in the reach of a municipality.
I'm 40 years old and feel pretty sure that this will be my last new truck. I usually go for 20 years but if the rate of increase in the next 20 is anything like it was in the last 20 there is no way I'll be able to afford the sales tax and insurance on a new one. Ugh!
I'm getting hosed in my state too. My property taxes are even worse -- and that's AFTER a 1990s property tax limitation measure that set restrictive limits on how quickly the government can raise property taxes. My 2024 property tax was STILL more than my original mortgage payment. If it were not for the property tax limitation we would have been taxed out of our house by now.
Transplants have completely overwhelmed our state and real estate prices have gone crazy over the last ten years. Hundreds of thousands of city folks moving to the country and bringing their behaviors with them. The property value seems great for half a second, but then you realize the resulting taxes on the higher value will break you, and the value of the home is otherwise meaningless unless you have somewhere else to live. Lucky me, I also pay 9% state income tax AND additional payroll taxes, including a new "paid-leave" tax (so people who don't want to work or save vacation/leave can continue to get paid while sitting at home.) It's all crazy, and damn scary for folks who are about to retire, because inflation, fees, and taxes keep going up and retirement income can't keep up.
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