Insurance in Iowa

[cycloner29]

People keep saying here that rates are going up but don't give examples. I just want see what other's are paying.

I have a 2014 Ford, 2018 Equinox and 2021 Traverse (all have $250 deductible), Personal Liability Umbrella ($1 mill) and pay $327/month. We also have a Homeowners policy that is $1260 a year. All bundled through State Farm.

 

[IcSyU]

People keep saying here that rates are going up but don't give examples. I just want see what other's are paying.

I have a 2014 Ford, 2018 Equinox and 2021 Traverse (all have $250 deductible), Personal Liability Umbrella ($1 mill) and pay $327/month. We also have a Homeowners policy that is $1260 a year. All bundled through State Farm.

Goodness. My mind is blown at your deductible.

 

[2speedy1]

Storms (home insurance rates)
Uninsured and underinsured drivers
Drivers are getting more and more careless/selfish

Like those have never been a thing?
The cost for those have increase with insane inflation, but all those things are not increasing at the rate our insurance rates are.

More like:
Being crooks
company income sheet
Stock valuation
Demanding ever increasing profit
CEO pay
sponsorships
celebrities
price gouging
Greed

This from someone that is a capitalist, but insurance companies have and always will be the worst kind of business. But the requirements to have insurance has caused them to gouge people as much as they can.

Think about what would happen to the price of anything if the govt required everyone to have it. The company making that product would raise the price as much as they want and you would be forced to pay it. That is not the type of capitalism I support.

 

[MJ29]

Like those have never been a thing?
The cost for those have increase with insane inflation, but all those things are not increasing at the rate our insurance rates are.

More like:
Being crooks
company income sheet
Stock valuation
Demanding ever increasing profit
CEO pay
sponsorships
celebrities
price gouging
Greed

This from someone that is a capitalist, but insurance companies have and always will be the worst kind of business. But the requirements to have insurance has caused them to gouge people as much as they can.

Think about what would happen to the price of anything if the govt required everyone to have it. The company making that product would raise the price as much as they want and you would be forced to pay it. That is not the type of capitalism I support.

I don't disagree with some of your points, but I don't think I'm wrong in the issues I listed. We have had record storms the last few years. Maybe I don't have solid evidence, but I do believe the number of uninsured and underinsured drivers is increasing. And part of that is the cost of repairs and replacing vehicles has also increased.

 

[JP4CY]

People keep saying here that rates are going up but don't give examples. I just want see what other's are paying.

I have a 2014 Ford, 2018 Equinox and 2021 Traverse (all have $250 deductible), Personal Liability Umbrella ($1 mill) and pay $327/month. We also have a Homeowners policy that is $1260 a year. All bundled through State Farm.

$466 mo for us from SF covers: 2019 truck, 2024 SUV, 2020 skiboat, home, umbrella, jewelry personal articles, 20k whole life, 25k whole life, 250k term, 250k term. $500 deductible on cars, $1k on boat.

 

[1UNI2ISU]

Like those have never been a thing?
The cost for those have increase with insane inflation, but all those things are not increasing at the rate our insurance rates are.

More like:
Being crooks
company income sheet
Stock valuation
Demanding ever increasing profit
CEO pay
sponsorships
celebrities
price gouging
Greed

This from someone that is a capitalist, but insurance companies have and always will be the worst kind of business. But the requirements to have insurance has caused them to gouge people as much as they can.

Think about what would happen to the price of anything if the govt required everyone to have it. The company making that product would raise the price as much as they want and you would be forced to pay it. That is not the type of capitalism I support.

Storm severity and frequency is unprecedented. I've had 3 hail storms in my area in the last two years that would have been '10 year storms' before.

I would tend to agree with you more if the mutuals weren't also hurting. They don't have the stock buybacks and sponsorships and CEO pay stuff going on but their costs on reinsurance and claims paid out have exploded too.

The CEO pay thing, I get it, it's frustrating when you see that number but, for example, if Nationwide reduced their CEOs pay to zero, every policy holder would get approximately 8 cents off of their annual premium.

 

[IcSyU]

I'm guessing almost everyone's house value has gone up SIGNIFICANTLY in the past 5 years. There is a significant shortage of housing which causes upward pressure on price. There was a long period of basically free mortgages which caused upward pressure on price. Building is expensive because demand exceeds capacity.

Your house now burns down...or has a major weather event....or whatever event causes a claim. The money the insurance company is spending to fix it or replace it went up significantly. How aren't your premiums going to reflect that?

If you are one of those people who believes you are getting a new roof or siding with the next hail storm you are part of the problem. The $10 of your premium that goes to paying endorsements is nothing compared to the claims that ate through that entire premium because you were paying for every 25 year old roof to be replaced after a hail storm.

 

[1UNI2ISU]

You're welcome to file a bond with your county to cover your autos rather than purchase insurance. Also feel free to check with your lender on what their requirements are for self insuring your home.

You don't have to buy insurance...

 

[cycloner29]

Goodness. My mind is blown at your deductible.

I assume you’ve never been in an accident before. Two kids under 25, low deduc has served me well.

 

[IcSyU]

I assume you’ve never been in an accident before. Two kids under 25, low deduc has served me well.

I absolutely have but I can't dream of paying the extra for that deductible vs $1,000 or higher. I would never file a claim for anything under $1,000 anyways because the insurance company will smack me with a premium increase to cover it in short time to get their money back.

 

[Cychl82]

Storm severity and frequency is unprecedented. I've had 3 hail storms in my area in the last two years that would have been '10 year storms' before.

I would tend to agree with you more if the mutuals weren't also hurting. They don't have the stock buybacks and sponsorships and CEO pay stuff going on but their costs on reinsurance and claims paid out have exploded too.

The CEO pay thing, I get it, it's frustrating when you see that number but, for example, if Nationwide reduced their CEOs pay to zero, every policy holder would get approximately 8 cents off of their annual premium.

The mutual are getting absolutely pummeled currently

 

[jsb]

People keep saying here that rates are going up but don't give examples. I just want see what other's are paying.

I have a 2014 Ford, 2018 Equinox and 2021 Traverse (all have $250 deductible), Personal Liability Umbrella ($1 mill) and pay $327/month. We also have a Homeowners policy that is $1260 a year. All bundled through State Farm.

I have a 2023 Malibu and I pay $900 per year for car insurance. $250 deductible for collusion. $100 for comprehensive. I had a 2015 Malibu that had gotten down to around $500 per year before it was totaled out in 2022. I'm not sure how much of my rate increase is for the newer car and how much is because rates are just going up. My best guess is it's gone up maybe $250 because of rate increases. If it goes up much more, I'd up the deductibles, but I'm satisfied with my coverage. I have State Farm. The accident wasn't my fault, but I went through them because the other driver's insurance was a pain in the ass. They did eventually pay and I got my deductible back and from my understanding I don't have an accident on my record with State Farm. I feel like the settlement State Farm offered for my car was fair.

I own a townhouse so my homeowner's in glorified renter's insurance and has gone up a bit, but nothing crazy yet. I think my latest was $500 or so a year.

 

[BCClone]

We pay just under 50k in prop/caus, vehicles, health, LTD, home and business. I think my agent likes me.

 

[stateofmind]

We are in the process of buying an acreage. Close in a month.

Called State Farm and they will not cover us, as the acreage has an old 1920's hog barn that is red tagged (bad roof) and SF will not do exclusions.

Farm Bureau is working on quotes for us now. This post doesn't make me feel too good.

Newel was pretty much the best rate for us considering the coverage. Farmers and SF were around $5k.

Farm Bureau was like $2,200/year. Driveology is dropping it over $700 more at the end of the year. We have a 2019 Sierra, 2016 Santa Fe, and 2008 Sierra and $500k house.

This was a bit more than esurance, but way less than even insurance brokers. We have a 20 year old driver, no claims, and no tickets with great credit and good student. Can't wait until our son graduates and pays his own insurance.

 

[CycloneDaddy]

Newel was pretty much the best rate for us considering the coverage. Farmers and SF were around $5k.

Farm Bureau was like $2,200/year. Driveology is dropping it over $700 more at the end of the year. We have a 2019 Sierra, 2016 Santa Fe, and 2008 Sierra and $500k house.

This was a bit more than esurance, but way less than even insurance brokers. We have a 20 year old driver, no claims, and no tickets with great credit and good student. Can't wait until our son graduates and pays his own insurance.

You are only paying $2200 a year for 3 cars and a house?

Im currently paying $2,100 just for my house ($500k) and $2,800 for full coverage on 3 vehicles (2015, 2017, 2017).

 

[BWRhasnoAC]

They're crooks. I've been paying for decades without an accident, claim or ticket. If I had an accident they would jack my rates, even though they've been making interest off the 10s of thousands I've already paid. It should be similar to whole life insurance. If you've paid a certain point with interest and no claims you shouldn't have to pay anymore until you do claim.

 

[IcSyU]

They're crooks. I've been paying for decades without an accident, claim or ticket. If I had an accident they would jack my rates, even though they've been making interest off the 10s of thousands I've already paid. It should be similar to whole life insurance. If you've paid a certain point with interest and no claims you shouldn't have to pay anymore until you do claim.

You can do that....it's called self insurance. I mean you're one accident from financial ruin but to each their own.

 

[BWRhasnoAC]

You can do that....it's called self insurance. I mean you're one accident from financial ruin but to each their own.

That's not really what I'm asking for then is it?

 

[Clonehomer]

Our rates have gone up, but so has our Drive Safe and Save discount so it’s about a wash. We pay $240/month on 3 vehicles. The DSS discount is about $500 over 6 months. I know that there’s a lot of people that don’t want to send data to their insurer, but it does end up in decent savings.

 

[DSMCy]

Our rates have gone up, but so has our Drive Safe and Save discount so it’s about a wash. We pay $240/month on 3 vehicles. The DSS discount is about $500 over 6 months. I know that there’s a lot of people that don’t want to send data to their insurer, but it does end up in decent savings.

How does the DSS work?
There's something you stick to your vehicle and also an app you have to have running on your phone?

Do you always need the app running on your phone or can you close it occasionally?

If I go with SF, I'll likely sign up for this as well. I'm pretty good about keeping my phone put away while I drive. Hardest part will be not getting it out when I'm stopped at a traffic light.
Mostly worried the app will drain my battery. I have an older iPhone and the battery is crap