BellaBoo

I got my home insurance bill and it was $3100 higher! I called the agent right away. He said he was dreading when the new premiums went out, they all had outrageous increases. We have had this same insurance for 25 or so years and it has never increased this much at one time. The agent said it was due to the health care bill being passed. It was complicated and he couldn't understand it either but that was the reason he was told. Health care? He said give him a few days to see what he could do. I told him DH and I will never agree pay that for the same coverage we have had. He called me today and said he got $2000 taken off the increase. That's still a $1100 increase we are stuck with. I got to searching around on the internet and found that most vehicle/home insurance companies are connected to health insurance investments and policies and the change will affect them in a few years when it goes into effect. Funny no one mentioned car and property insurance when pushing for the healthcare reform. I don't know if we will keep this policy but it may be cheaper than what a new company will charge. We are stuck to pay a high price either way. :twisted: :twisted: :twisted: :twisted: :twisted:

amma

Ouch, I dread seeing my new premiums!!! It is going to be hard, with so many out of work, taking lessor paying jobs. etc...

Pam

I decided not to send either of the things I wrote, probably NOT suitable for the board.

pocoellie

What insurance company do you use? What percentage increase is that, if you don't mind me asking.That's totally insane!! My husband thinks that the insurance companies are just jacking up the prices so that they get to keep their profits.

no1jan

I just got my premium bill for the next year 6/10 through 6/11 and it was less than $1000.00. I don't have an expensive house, but figured I would have a raise in my premium as I had a claim this year. They had to pay $6500.00 for a new roof.

I hope for yours and everyone else's that it was a computer error. :( :(

I would definitely vent to. I am on disability and only get $9000.00 a year!!! I have Allstate.

marsye

We live in Arkansas too. We pay about 800.00 per year with Farm Bureau. Thats plenty!!!! :twisted:

3100.00 increase??? You must live in a mansion!!!

hazeljane

I worked in the insurance industry (property/casualty) for
25 years. Most home/auto carriers are NOT health carriers. There are almost no companies left that do both, so I think that is BS.

One of the reasons is that auto and home and commercial carriers for most of a century did not make money on the premiums they took in. When I was at the Hartford, we were doing well if we paid out $1.05 in claims for each $1.00 we took in. The money was made by investing the premiums, in some complicated scheme. When interest rates come down, that doesn't work. Now companies have to charge enough premium to make a profit. Of course, I have also known companies with some serious ethical problems who make money hand over fist by using shoddy underwriting practices.

I don't know where you are, but some companies jack up the homeowners big time if they have to pay catastrophe claims in the area (or anywhere). Floods, hurricanes, earthquakes, etc. i would definitely shop around. It may be the whole area that is being hit, and it may be your company is jacking with prices. It never hurts to shop around.

BellaBoo

Many car insurance companies provides medical policies for individuals or families. My DD has her medical Blue Cross and Blue Shield through her car insurance. It's cheaper for her then what is offered at her job. My SIL is a VP for a big insurance underwriter firm in NYC. Her firm underwrites for big insurance companies. I don't understand it enough to know but I sent her a copy of my bill and she said she would check out what's going on. She said she and all the execs. had to read every page of the health care bill and new regulations would be made in the next few years. Much more then anyone realizes. I'm not doubting what the agent told me, he is just trying to make a living, but something is fishy about this increase, living in a trailer or mansion it should a fair deal.

butterflywing

i agree. we still have our 'good driver' deduction on our car insurance and our homeowner's only went up a small amount from last year. we use the same company for both - state farm insurance. so there are better companies out there. time to start looking.

i think private investors are yelping because they lost money in the stock market and now want to make up some money from their shares in the insurance companies on your nickel.

isnthatodd

We had State Farm homeowners (for 39 years!) and Geico auto. They were both going up, so I investigated and found out that Liberty Mutual was much less for both home and auto. If you call them for a quote you need to ask about college or workplace discounts. It saved us a lot.