For all our US home and car owners: have you experienced a noticeable increase in your insurance rates for 2024?

👍 Yes (71%) – "My premium went up 30%. My insurance broker compared our new rate against other companies and said this was still the best deal."

• "Because it legal in Florida for Citizens Insurance (an insurer of last resort, that mainly covers people regular companies refuse to cover) to rate hike EVERYONE, even if their insurance is through a private company like State Farm. So even though I chose a safer place to live (inland, high ground) we got hit with double rate hikes because my insurance company raised their rates too."

"In PA, our car insurance policy went up 22% in one year. Same vehicles, same address, no claims. Shopped around and got a better deal so we switched. Former company never even tried to keep me as a customer by negotiating a better deal."

• "My homeowners insurance has gone up by double digit percentages every single year since I bought my home and I have never had a single claim. I believe that this is just insurance companies charging customers as much as they will bear until they leave for another insurer, which I end up doing every 4-5 years. When I switch I usually lower my premium by as much as 50% and then start the cycle again. I've been doing this since 2001 and I don't expect it will change. Remember: insurance companies aren't non-profit business. They are in this to make a buck. It's a total racket."

"I work for a major insurer and am intimately familiar with this topic. The reason insurance premiums have been outpacing inflation is because the major drivers of loss costs have also been outpacing inflation. Our company has been losing billions because it's impossible to get ENOUGH price increases into our system to cover the major increases in claims costs (e.g., newer cars are super costly to repair with higher costs due to advanced tech throughout the car + labor cost increases + material cost increases + an abnormally high number of natural disasters).  

The problem is augmented because consumers expectations are still anchored based on COVID level low premiums. When customers weren't driving, insurers reduced prices dramatically because loss costs were far down during that time. When drivers started driving again (immediately), and loss costs spiked (along with underlying inflationary trends in the property and casualty insurance segment), it's been impossible for insurers to catch up and restore profitability.  

There are certain states (most notably California) where the regulations are so challenging, that it's only possible for insurers to run their business in that state at a loss. In other states, major rate increases are necessary in order to restore profitability... The alternative is that insurers will be forced to pull out of states that we can't run profitably.  

The point is that this is a deeply deeply complicated topic. It's easy to run a story that paints the insurer as the big bad enemy that's ruthlessly screwing the average joe. The truth of the matter is much more complicated."

👎 No (29%) – "It is not my responsibility to cover the costs of someone who, knowing they live in a flood plain or wildfire or hurricane prone area, decides to rebuild after a catastophic event to only have it repeat a couple years or even just one year later."

• "AZ Resident of Phoenix’s east valley - Oddly our rate increases, took place in 2023. It was a significant increase compared to previous years. The increases were mostly due to Covid, and the number of accidents that happened after everyone returned to their routine outside of Covid life. We just purchased a new used 2023 vehicle in 2024 and the rate increased by a few dollars from our previous 2015 vehicle. Not a big impact on 2024 this far."

"We have AAA for our home and auto insurance. They have very gradually raised our home insurance over the past 5 years and our auto insurance hasn't changed."