Got a call from my Insurance man...

[BIGSHCLUNK]

This post is directed at any small shop/biz owner or insurance guy. Got a call from my guy saying that my liability policy will not be renewed due to the amount of 'homeless" in my area. WHAT??? Granted they dont have auto recyclers in high end neighborhoods but WHAT??? My insurance guy (been in the biz longer than me) (fourty years for me ok?) says he's never heard of this and will shop for another carrier. WTH? Is this a new thing? Yes we do have a small population around here BUT.. It's nothing like Vegas , Portland, San Fran, ect And nothing in my adjoining properties.     

[YellowThumper]

Wow that is crap...
Out here in CA, Allstate and State Farm is pulling out entirely.

[BIGSHCLUNK]

I just watched a youtube video yesterday on the fleeing of companies from CA. Happening in Fl too

[7E-Bodies]

According to my daily diner breakfast buddy, a Farmers Insurance Agency owner, the entire industry is taking a HUGE hit. Covid (BS) lumber and building prices tripling for a while, supply strains, and everyone thinking (including me) that it was a great deal to get a new roof after a hail storm, has left a lot of the major insurance companies looking for ways to drop customers to shed the liability. He said his parent company plans on a statewide pull out in Florida and that's just a beginning. He claims all companies are now losing their arses and there's a possible collapse on the horizon. Not justifying what was done to you, but it may outline some underlying reasons.

[moreparts]

My insurance company guy told me the other day insurers have lost tons lately due to natural disasters.  They want to raise rates up to 40 percent, but gov won't let them make more than I think a 7 percent raise a year.  To protest that they're culling all the more riskier policies they have and not adding any new policies.  He told me to expect it to get a lot worse before it gets better.

[7212Mopar]

My home and auto insurance premiums raised every year for the last few years. Getting ridiculous. I heard some home owners near wooded areas having problems to renew their policies due to wild fires in CA.

[JH27N0B]

The whole situation with insurance is getting dire.
Another passion of mine is flying. I just saw an episode on an aviation YouTube channel where the host interviewed an adjuster in the aviation insurance industry who said general aviation insurance is going to get bad next year. Rates up 30% and certain categories of pilots and airplanes (like a pilot over 70 with a multi engine plane) will not be able to get insurance anymore.
It's easy to blame the insurance companies for this just like it's easy to blame Apo behind the counter at the gas station when gas prices shoot up, but the truth is much more complicated. The insurance companies have been losing a bunch of money in recent years due to a lot of factors including increased claims, inflation for repairs and replacement, and possibly investment losses with bonds and stocks down. They have to cut their hemorrhaging but in the course of that we consumers suffer greatly.

[Fern]

Friend of mine lives in Sarasota Florida and he is tired of rising premiums even though he never made a claim. He has decided to self insure. He just carries a liability policy at a fraction of the cost. I think you might see more people self insure from here on out. It's a risk some people are willing to take.

[BIGSHCLUNK]

I used to own a property in Sarasota county, yes pricey there. And comments in this thread are all valid.... BUT, still doesn't figure 'homeless" into the equation. I also know fraud right now is a BIG factor across the board 

[usraptor]

When American Collectors raised by rates, again with no claims, a few years ago on my '70 'Cuda, I called my Farm Bureau agent and asked him if they insured collector cars.  He said yes and gave me a quote of $250 a year, full coverage, for a stated value of $100K.  I told him no, he misunderstood, that I wanted the same full coverage on the 'Cuda just like I had on the rest of my cars.  He told me that was for full coverage.  I still didn't believe him but told him to sign me up.  I waited for the the policy to arrive and read all the fine print to make sure I did in fact have all the same coverage before I canceled American Collectors.  Granted it has now gone up to $300 a year, but that is still significantly less than what the other "Collector" car insurance companies wanted for the same coverage and stated value.  Don't know if Farm Bureau insures in your state, (I'm in Utah), but you might want to check them out.  FYI, make sure it's Farm Bureau and not Farmers.  They are two different companies. 

[E74cuda]

My sisters home owners went up $1600 a year with State Farm. She checked around and the only way she could move to another company was to also have the California Fair plan that is the state insurance program. She got a quote on that alone and it was $5600 yearly. It seems to me that CA is pushing the insurance companies out to run a state program. Not good

[Mrbill426]

@usraptor  what if any conditions are with that coverage, e.g. miles driven per year, only driven on weekends etc?

When American Collectors raised by rates, again with no claims, a few years ago on my '70 'Cuda, I called my Farm Bureau agent and asked him if they insured collector cars.  He said yes and gave me a quote of $250 a year, full coverage, for a stated value of $100K.  I told him no, he misunderstood, that I wanted the same full coverage on the 'Cuda just like I had on the rest of my cars.  He told me that was for full coverage.  I still didn't believe him but told him to sign me up.  I waited for the the policy to arrive and read all the fine print to make sure I did in fact have all the same coverage before I canceled American Collectors.  Granted it has now gone up to $300 a year, but that is still significantly less than what the other "Collector" car insurance companies wanted for the same coverage and stated value.  Don't know if Farm Bureau insures in your state, (I'm in Utah), but you might want to check them out.  FYI, make sure it's Farm Bureau and not Farmers.  They are two different companies. 

[usraptor]

It's been a few years since I signed up, however I don't remember any mileage concerns. Since I drive it less than 1K miles a year, if there were mileage concerns, ie 3500 miles a year, they weren't of any concern to me.  I  do know there were no limitations like only drive on weekends.  Just the usual keep it in a locked garage.  I just looked at my recent renewal policy and there were no "conditions" listed. 

[Mrbill426]

Thanks!

It's been a few years since I signed up, however I don't remember any mileage concerns. Since I drive it less than 1K miles a year, if there were mileage concerns, ie 3500 miles a year, they weren't of any concern to me.  I  do know there were no limitations like only drive on weekends.  Just the usual keep it in a locked garage.  I just looked at my recent renewal policy and there were no "conditions" listed.