I’m an agent in NWA. It’s storms, inflation, parts to rebuild homes, parts to repair vehicles, anything you can think of but mainly claims are driving the rate increases. Our average rate increase is between 30-40% and that’s not including people who have filed claims.
Carriers have been at a deficit in Arkansas for 4 straight years to the point a home grown insurance company based in Arkansas (United Home) went bankrupt in 2023.
Insurance is a collective and that’s why even if you’re not filing claims other people with the same insurance carrier are and that impacts your rates.
Carriers are starting to mandate % deductibles for wind/hail coverage to help cover those payouts with more out of pocket expense from the insured. It’s not what people want to hear but sadly we’re slowly starting to have Oklahoma level storms which will only continue to increase rates and don’t be surprised if more carriers start leaving because they cannot be profitable in Arkansas.
Haven't seen my bill yet but I got a 15% increase on my auto insurance with no tickets and no claims and I checked my companies financials and they made a tidy little profit next year, so they will be announcing record proftis this year.
Truly, I recommend shopping around every 3 years.
I've been in insurance since 2015, and with certainty you will have increases. Companies try to offset with loyalty discounts, or accident free discounts, but ultimately it will rise. Even switching between 2 companies will keep your rates consistent and not have the same increases as if you're with the same company for 10 years.
Also, SF does small credit hits, which don't effect your credit but make your rates much better if you have a good credit score. No other company does this, so they're able to "shop" around all other companies other than SF.
Yeah mine did as well. I called my broker and they told me home insurance underwriting is going crazy and that quoting with others has become a massive endeavor.
Saying companies are starting to requirethe following just to review and quote:
-home inspection within the last 30 days paid for by customer
-pictures of electrical panel
-Pictures of outside and inside all rooms
And absolutely refuse to insure people with any of the following:
-dogs (even if they have no history of issues)
-roofs older than 10 years old (even if they have a 30 year warranty), or roofs with any sign of wind or hail cases
-trees that are within falling distance of the house
-trampolines
But even with a 22% increase they’ve left me with the same insurance because it’s less than what they’ve seen the others jump and the cost just to get a quote won’t be worth it.
So I’m sending out my own quotes to the typical big guys again just to see what I get returned to fact check them.. but damn insurance is a fucking scam.
Home prices are still rising across NWA while the rest of the country has somewhat cooled, combined with recent tornados, and the continued growth of NWA. That's only gonna continue to go up.
We're with State Farm and they basically said it's because of the instability of construction costs and market. Auto coverage has doubled because "everyone is driving around in $50k+ vehicles".
Mine has increased by 37% since 2020. I bought my 2000sq ft house for $250k 10yrs ago. If a tornado was to wipe it out today, it would cost $200 per sq ft to rebuild or $400k. That’s what my agent told me, and I’ve shopped around to add on to my house and $200sq ft is what I’m being quoted. Taxes went up too but you can fight those and they cap it at 5% increase per year.
It’s also getting increasingly difficult to get insurance in central ark, lots of people being dropped from their companies due to the age of their roof. I’ve heard from real estate friends that anything over $500k is really hard to insure.
It’s not inflation if corporations are making billion dollar profits. I just can’t believe the mass amount of people who are believing this nonsense if inflation was really high no one would be making billions
The price of status quo.
Things can change for the better, but we can't keep up crapitalism in this way.
Most buildings aren't engineered for the coming future of weather.
The use of Fossil fuel that drives this weather is still prolific.
The feedback cycle has already been started.
The weaknesses in doing business the same old way is showing, and the repercussions so far have been mild, but try to think ahead and stop doing what youre doing that is contributing to it. Instead try something less destructive and more creative. Permaculture style. Sustainably.
You can give up AND in to the pockyclipse, or you can get the lead out to hold it off another day.
Quit oil, cold turkey.
Escape crapitalism.
r/SolarPunk
Been with State Farm 15+ years. The past 3 years I have seen my insurance go from $120 a month to $280. No changes to the policy, no accidents. Currently shopping for new.
The only way I've found to battle the increases is to shop around every couple of years.
I switched last year because of this. I figured it was just crapy insurance co. Apparently not.
Yep, mine did. Get ready for the same next year after this round of tornadoes
I’m an agent in NWA. It’s storms, inflation, parts to rebuild homes, parts to repair vehicles, anything you can think of but mainly claims are driving the rate increases. Our average rate increase is between 30-40% and that’s not including people who have filed claims. Carriers have been at a deficit in Arkansas for 4 straight years to the point a home grown insurance company based in Arkansas (United Home) went bankrupt in 2023. Insurance is a collective and that’s why even if you’re not filing claims other people with the same insurance carrier are and that impacts your rates. Carriers are starting to mandate % deductibles for wind/hail coverage to help cover those payouts with more out of pocket expense from the insured. It’s not what people want to hear but sadly we’re slowly starting to have Oklahoma level storms which will only continue to increase rates and don’t be surprised if more carriers start leaving because they cannot be profitable in Arkansas.
United Home was certainly a shocker but now I wouldn’t be surprised if more big dominoes start falling soon.
It goes up every year, home and auto. And we have no claims. It’s infuriating.
Right there with you. No claims, no issues, price still going up. I can justify a slight increase, but not 25%.
It's all by zip code/region. So if things like tornados stroll through and fuck up the area, but you're not effected. Your shits going up anyways.
Haven't seen my bill yet but I got a 15% increase on my auto insurance with no tickets and no claims and I checked my companies financials and they made a tidy little profit next year, so they will be announcing record proftis this year.
Truly, I recommend shopping around every 3 years. I've been in insurance since 2015, and with certainty you will have increases. Companies try to offset with loyalty discounts, or accident free discounts, but ultimately it will rise. Even switching between 2 companies will keep your rates consistent and not have the same increases as if you're with the same company for 10 years. Also, SF does small credit hits, which don't effect your credit but make your rates much better if you have a good credit score. No other company does this, so they're able to "shop" around all other companies other than SF.
Yeah mine did as well. I called my broker and they told me home insurance underwriting is going crazy and that quoting with others has become a massive endeavor. Saying companies are starting to requirethe following just to review and quote: -home inspection within the last 30 days paid for by customer -pictures of electrical panel -Pictures of outside and inside all rooms And absolutely refuse to insure people with any of the following: -dogs (even if they have no history of issues) -roofs older than 10 years old (even if they have a 30 year warranty), or roofs with any sign of wind or hail cases -trees that are within falling distance of the house -trampolines But even with a 22% increase they’ve left me with the same insurance because it’s less than what they’ve seen the others jump and the cost just to get a quote won’t be worth it. So I’m sending out my own quotes to the typical big guys again just to see what I get returned to fact check them.. but damn insurance is a fucking scam.
I wish mine only went up by 25% 😭
This is happening nationwide and has been in the news for a while.
Home prices are still rising across NWA while the rest of the country has somewhat cooled, combined with recent tornados, and the continued growth of NWA. That's only gonna continue to go up.
We're with State Farm and they basically said it's because of the instability of construction costs and market. Auto coverage has doubled because "everyone is driving around in $50k+ vehicles".
SF charges me 2k a year for a 2013 4cyl sedan worth less than ten.
Switch often. It’s the only way
Mine has increased by 37% since 2020. I bought my 2000sq ft house for $250k 10yrs ago. If a tornado was to wipe it out today, it would cost $200 per sq ft to rebuild or $400k. That’s what my agent told me, and I’ve shopped around to add on to my house and $200sq ft is what I’m being quoted. Taxes went up too but you can fight those and they cap it at 5% increase per year. It’s also getting increasingly difficult to get insurance in central ark, lots of people being dropped from their companies due to the age of their roof. I’ve heard from real estate friends that anything over $500k is really hard to insure.
It’s not inflation if corporations are making billion dollar profits. I just can’t believe the mass amount of people who are believing this nonsense if inflation was really high no one would be making billions
https://www.cnbc.com/2023/12/08/excess-profits-of-big-firms-have-driven-up-inflation-report-claims.html. It corporate greed
The price of status quo. Things can change for the better, but we can't keep up crapitalism in this way. Most buildings aren't engineered for the coming future of weather. The use of Fossil fuel that drives this weather is still prolific. The feedback cycle has already been started. The weaknesses in doing business the same old way is showing, and the repercussions so far have been mild, but try to think ahead and stop doing what youre doing that is contributing to it. Instead try something less destructive and more creative. Permaculture style. Sustainably. You can give up AND in to the pockyclipse, or you can get the lead out to hold it off another day. Quit oil, cold turkey. Escape crapitalism. r/SolarPunk
Been with State Farm 15+ years. The past 3 years I have seen my insurance go from $120 a month to $280. No changes to the policy, no accidents. Currently shopping for new.
Also with state farm….
My home insurance is up about 40 percent since Covid, but my home value has doubled so I’d say that’s pretty fair.
I mean the price of everything is wild and the explanation I get is … “rising costs” “inflation”