Any chance of finding the list of those potentially raising their rates?

This is a great year to shop for home and auto insurance, especially if you have one of the major carriers. 9 of the top 10 carriers lost money last year, and some of them lost a LOT of money. As a result, they are raising rates. Several smaller carriers and regional carriers did pretty well last year, as did the #2 auto insurer. It is worth shopping around, especially if you are getting whacked with an increase despite not having any claims, tickets, etc.

My home insurance went up 35%, and my auto went up 13%. Combined, I was going to be paying $3,585. I switched companies and will now be paying $2,194 combined, a 39% difference. This is for exactly the same amount of liability coverage, same value on my house, replacement cost coverage, same comp/collision deductibles on my cars, etc. Zero coverage changes at all.

The nine top 10 carriers that lost money last year are not going to be in a position to lower or stabilize rates for a while. Most of them aren't very good at underwriting in the first place. The exception here is Geico. Like Progressive, Geico is good at underwriting (not quite as good as Progressive, but good). Geico's being hurt by an increase in claim handling costs. Theirs have spiked significantly. This is not how much they pay out on a claim, but rather the expense involved in handling the claim. They are usually the best in the industry and controlling this cost, but they have cratered in that regard.

It's worth looking around. Nothing ventured, nothing gained.

A buddy of mine who just retired from running a collision repair shop LOATHED GEICO.
Every time I visited, I heard more stories of substandard parts they'd mandated for repairs, or where they'd significantly cut repair times and procedures.
Just like the crappy auto parts nowadays, the profits & savings come out of the Customer.
GEICO isn't the only outfit short-changing repair quality - I had battles with several a few years back - so one has to look at the actual service provided when needed.
I remember well that when I worked for insurers how their accounting was essentially a shell game.

I never knew about the combined ratio. I just looked up Allstate as I have had them for decades. Their CR was 112.6 for 2022! I just got my homeowner's policy renewal in the mail yesterday. I will look at it tonight. Thanks for the heads up and the info.

So you switched insurance companies? You don't buy insurance from the company you work for?

I do now. 1st time ever.

For those of us not so smart, could you tell us what the top 10 companies are?

Home:

State Farm
Allstate
USAA
Liberty Mutual
Farmers
Travelers
American Family
Nationwide
Chubb
Progressive

Auto:

State Farm
Progressive
Geico
Allstate
USAA
Liberty Mutual
Farmers
Nationwide
American Family
Travelers

We have Nationwide for the house and cars. I should check into our rates.

Try homeowners insurance in Florida right now. Its unaffordable.

I always wanted to keep that separate, regardless of who I would've worked for. Having a claim with one's employer has, in some circumstances (theft, uninsured motorist injury involving a hit-skip), the potential to be a little weird. However, everyone else's rates for me jumped so much that I couldn't say no. The 2nd lowest quote I got was from Safeco, which was $600/year more than what I'm paying. Also, I like to keep home/auto with the same carrier, and my employer did not have their own homeowner's coverage until a few years ago.

I had MetLife for home/auto for years. Their claims service sucked, but since I do that for a living, I was willing to deal with it because my rates were so much lower than any other carrier I was quoted. A few years ago, Farmers bought MetLife's home/auto business, and my rates went up a bit, though still cheaper than other quotes I got. This year, they skyrocketed.

I think part of the problem in Florida is the homes are crap.

When I lived in Okinawa Japan the houses were reinforced concrete block with concrete slab roofs and shutters made with 2x4's fastened edge to edge.

When a typhoon (hurricane for us Americans) came a calling we just bought food, closed our shutters and rode it out. Those houses were built to survive Earthquakes, Typhoons, and tsunami's. I do not think you could burn them down either because many of the interior walls were block also.

In Florida, and the rest of our Gulf/Atlantic coast, they build matchsticks made to blow away. When the insurance company has to replace a house every 10 years or so there is no way to make insurance cost effective. Florida being the worst because the whole state is in a hazardous position for hurricane damage. At least the other coastal states have inland homes that won't be damaged by hurricanes and can make up the difference in losses.

At least that is my take.

If I move to Florida I would like to build a house like I had in Japan and insure the contents not the building if that was possible.

I do now. 1st time ever.

Just had a friend tell me yesterday that he switched his home/auto (5 cars, I think?) from Allstate, saving $3,600/year by going with another company.

Shop around folks. A few minutes of your time could really pay off.

I was told by my insurance agent that Allstate and Geico have stopped writing policies in California and are basically looking to get out of the state. Not surprising to me

MI car insurance is high because of uncapped PIP coverage and their very unusual no-fault laws.

How old is your son, and how long have you been with that insurance company?

You aint telling me anythiung new! I pay like $8000 on 4 vehicles!!!!!!!!!!! We're 61, 61 and 23.
21 Ram 1500
21 Blazer
21 Ranger
17 Ram 2500

These aren't Ferraris or Rovers!

Over $1000 of that is paying for "uninsured motorists". And an uninsured motorist can actually sue YOU if you get in an accident with one of them. Is that nuts or what? This state really is a DISASTER. Did I mention the vast majority of the people in Detroit (and probably every other bigger city in MI) aren't insured. How is that even possible!?!?! I guess laws are only for law abiding people.

Right across the border in Ohio, 60 miles away, insurance is HALF what MI pays.

Do insurance companies tempt you to switch to them with a low initial rate only to start a year or so later sneaking it up to where they want it at?

No, because if they accurately assessed the risk when they earned your business, they want you to stay with them as long as possible. It costs a lot of money to acquire new customers. The best customer an insurance company can have is a good existing customer. Retaining those customers is the top priority.

It is 100% true. Retention of good customers is king. It's emphasized every day across the company. Your insurer canceled your auto insurance because of you son's driving record. They don't care about keeping your homeowner's insurance because that's not much of a money maker for them.

So paying right around $7000 a year for their coverage for over 5 years wasn't enough? Insurance is a scam. It's when they have to pay out where they put you on assigned risk and screw you. Wreck a car, now we want your balls. SCAM! Plus they didn't care they were charging me for a car that was covered elsewhere.

Then self insure

It is 100% true. Retention of good customers is king. It's emphasized every day across the company. Your insurer canceled your auto insurance because of you son's driving record. They don't care about keeping your homeowner's insurance because that's not much of a money maker for them.

So paying right around $7000 a year for their coverage for over 5 years wasn't enough? Insurance is a scam. It's when they have to pay out where they put you on assigned risk and screw you. Wreck a car, now we want your balls. SCAM! Plus they didn't care they were charging me for a car that was covered elsewhere.

A few questions so that I can respond accurately:

- You were paying $7,000/year combined for home/auto?
- After your auto was canceled, you went into the assigned risk pool?
- How did they manage to insure a car that you had already insured with another company?
- How much were the payouts on your son's claims?

MI car insurance is high because of uncapped PIP coverage and their very unusual no-fault laws.

You aint telling me anythiung new! I pay like $8000 on 4 vehicles!!!!!!!!!!! We're 61, 61 and 23.
21 Ram 1500
21 Blazer
21 Ranger
17 Ram 2500

These aren't Ferraris or Rovers!

Over $1000 of that is paying for "uninsured motorists". And an uninsured motorist can actually sue YOU if you get in an accident with one of them. Is that nuts or what? This state really is a DISASTER. Did I mention the vast majority of the people in Detroit (and probably every other bigger city in MI) aren't insured. How is that even possible!?!?! I guess laws are only for law abiding people.

Right across the border in Ohio, 60 miles away, insurance is HALF what MI pays.

I thought our governator changed that about 2 years ago?? No longer unlimited medical - just like all other states now???

This is a great year to shop for home and auto insurance, especially if you have one of the major carriers. 9 of the top 10 carriers lost money last year, and some of them lost a LOT of money. As a result, they are raising rates. Several smaller carriers and regional carriers did pretty well last year, as did the #2 auto insurer. It is worth shopping around, especially if you are getting whacked with an increase despite not having any claims, tickets, etc.

My home insurance went up 35%, and my auto went up 13%. Combined, I was going to be paying $3,585. I switched companies and will now be paying $2,194 combined, a 39% difference. This is for exactly the same amount of liability coverage, same value on my house, replacement cost coverage, same comp/collision deductibles on my cars, etc. Zero coverage changes at all.

The nine top 10 carriers that lost money last year are not going to be in a position to lower or stabilize rates for a while. Most of them aren't very good at underwriting in the first place. The exception here is Geico. Like Progressive, Geico is good at underwriting (not quite as good as Progressive, but good). Geico's being hurt by an increase in claim handling costs. Theirs have spiked significantly. This is not how much they pay out on a claim, but rather the expense involved in handling the claim. They are usually the best in the industry and controlling this cost, but they have cratered in that regard.

It's worth looking around. Nothing ventured, nothing gained.

I also need to jump on here again. Found out that AAA used a picture of the tarp over our new garage during a summer rainstorm to claim we were behind on deferred maintenance to cancel us. Got that straightened out, BUT found out in the process that we had been woefully underinsured for 25 years due to incorrect information that we NEVER saw. Bathroom count was wrong, number of corners was wrong, bedroom sizes wrong, HVAC system wrong (never mind that every house built in the San Joaquin Valley wince the 1960s has central heat and air and our house was built in 1980), exterior material was wrong, flooring was wrong, etc. So, the premium went up, but we also added garage square feet and fixed the errors. So, I guess since we were underinsured all that time and didn't have a claim we actually came out ahead, but that's a gamble I wouldn't take willingly.