My home went up 26%, auto went up 9%, and I work for them.
Most of the insurers are not profitable in recent years. They've struggled to figure out how to properly underwrite/price in the post-covid era, in particular with auto. Auto claims costs have increased a ton, and continue to go up. Bad pricing + more expensive claims = what you're experiencing. Home is a complete train wreck in some states, especially FL and CA.
Midwesterners should not have to cover people that choose to live on the coasts. Some areas should be uninsurable or self-insure.I read people that live on the coasts should only do so if their home is 10% of thier net worth and the can afford to lose it in a disaster. I agree. We have friends in Ft Lauderdale. Just off A1a. That dropped thier $12k/yr hurricane insurance on a little $750k house thats paid off. Said it kept going up every year.
Seems like the weather has becomne extreme everywhere. I used to fly from the MI to the southeast; Georgia, Alabama, Louisiana, for work. Everytime I was there, every other month, there would be torrential rains, flooded roadways, tornados or tornado damage. Here in Michigan. We get 8-12" of snow a couple times a winter and our summers are spectacular 80's-90's (yep, even this far north) with 20% of all the fresh water in the world surrounding us.
I moved to an island in Lake St Clair a couple years ago. I had to get a property survey and had to pay to find out I was in a flood zone. The flood insuarnce companies will only insure up to $250. I paid the house off and dropped the insurance. If my home floods, that sits 6ft above lake level, there will be bigger problems like THE END OF CIVILIZATION
