Increase in insurance

[Fernando]

Insurance industry is in the midst of a massive upheaval.

While in Japan, I saw billboard advertisements from American insurance companies like Aflac and AIG. Don't see those in US.

 

[Tom D]

my car insurance went up 50%, big city, in the last couple of years. when you retire you pay what 1st, the higher r,.e. taxes or the insurance. you gotta keep working to pay for everything you would like to have. and lucky that you can still work in your retirement years, at least part time as an appraiser. and the general public doesn't seem to understand government policies causing money devaluation, or the more taking of it from you.

 

[Terrel L. Shields]

3 cars, insurance is $1000 every six months - was about $650 pre-pandemic.

 

[Fernando]

3 cars, insurance is $1000 every six months - was about $650 pre-pandemic.

Every 6 months, my insurance just for the Tesla is $1,347.

 

[Fernando]

I required my newer tenant last year to have a renter's policy.
Unfortunately, she had some financial issues like losing her job.
And I got a letter that her insurance has been cancelled.

 

[Terrel L. Shields]

my insurance just for the Tesla is $1,347.

My house, 3 barns, detached garage, 2 tractors and equipment are covered in my house policy - $1100 a year. Includes liability insurance for anyone hurt on the 80 acres.

 

[Fernando]

My house, 3 barns, detached garage, 2 tractors and equipment are covered in my house policy - $1100 a year. Includes liability insurance for anyone hurt on the 80 acres.

Mine is more than double and I buy umbrella insurance for additional coverage to cover my as*.

 

[Charles West]

State Farm is slowly increasing its rates here in CA from what I understand although I haven't seen much of an increase yet. I intend to call my agent Monday telling her we got a new roof on one of the duplexes, they love to hear about new roofs and maybe the premium will drop a few percent or at least not go up as much as it would have otherwise.

 

[Fernando]

My commercial building consists of restaurants. I think I can ask for $300/sf to replace should be sufficient, right?

 

[ITVSME]

You should ask your insurance agent to run an estimate, they will have the appropriate software for your carrier in their office.
You can ask to sit with them while they enter the data.
You will need to have typical details for cost approach, but also information on separation of responsibility for improvements and betterments.
Who owns and is responsible for insuring interior finishes, awnings, built-in furniture, ovens, hoods and fire suppression, freezers, etc.?