Why home insurance prices are skyrocketing

People are getting quotes two and three times higher than what they are paying right now.

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[chrisbeck]

Rates are skyrocketing because of price gouging, the shareholder scams, and crooked business people. Basically its cutting into profit and that is all they really care about.

[josephorphey]

76 billion paid out, but how much money has been made??? Them sorry mfs won't tell you that.

[John-gnxq]

So the state decreases home property taxes and they make it up by unleashing the insurance cost!!! Its all a lie!

[Oto_Travel]

I don’t claim anything yet my insurance keeps going up. I use sensors to detect any water leak and have an automatic water shut off valve if a leak happens. Keep heating/ac inspected and have a new roof. I don’t live in known storm location or near water. Insurance company’s excuse is look what happens all over the world. I don’t live all over the world and I don’t claim nothing.
But I do know of people who make false claims and get paid out…I think these people are crooks.

[quartytypo]

Homeowner makes a claim. Ins co lowballs the homeowner who gets an attorney, which drives up the cost of insurance, which causes the insurance co to pay even less, which causes homeowner to get an attorney.

[busterhyman]

But But Joe said inflation was just transitory.

[connerswigart]

The reason is because insurance companies perpously started paying out a ton so they could raise rates

[acamiln]

It would be long time ago. It is not a house, it is a shed.

[Pirateslifeformematey]

Cause home prices go up so rates and taxes go up if your property is valued more so are your taxes an insurance if they have to pay out should a claim arrive insurance is designed to make a profit they don't do it for free

[shawnhunter]

Mine went up another two hundred dollars, an increase now of $400.00 a month car insurance $ 200.00 a month I am on dis ability with chronic health problem.I couldn’t pay my utilities this month because the extra $200.00 comes from there.Time to end mandatory coverage.

[matthewbroz]

Cost of materials is up…not so much that many more storms

[rogerbec]

You want claims paid on demand like a new roof as oppose to a repair to replace one blown shingle, what did you expect would happen?

[wbrown]

60days I can destroy my life in that time

[penrodautorepair]

I live in Michigan an I got a quote. 9805 a year.

[bargdaffy]

Easy, Climate Chaos, if you live in Houston you should probably already understand that. All coastal Regions are quickly becoming uninhabitable, too much risk to insure anymore.

[SmokingLizard]

Enjoying that Build Back Better plan yet?

How's the Inflation Reduction Act going??