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Insurance costs

F

Faster horses

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NE WY at the foot of the Big Horn mountains
I just got a statement from our insurance company that we have been with for over 50 years and WOW šŸ˜Ÿ the cost
of our insurance has increased 30% from last year and it was high enough then. I called for an agent to come and talk to us and see what we can do to lower it. Probably increase the deductible. I think the fire in the Big Horns has an impact on prices.
The people that reside in the little town of Story, WY has had insurance companies pull out because they were on the SET status this summer when the fire was close to them. Our insurance company has continued to write policies there, but they are the only one. Our agent said he wrote 20 policies there in one day!!

This is another topic, but anyone that thinks Wyoming is a low-tax state has been mislead.
Yeah, they have no state income tax, but they make up for it in many different ways. Licensing a vehicle is sky-high
as is property tax. We have a Conservative government now, so maybe that will help. We need a new Governor, though.
He vetoes anything to do with cutting property tax.

Ok, I'm done ranting. šŸ˜Š And I feel better. šŸ¤£
 
The cost of insurance and taxes causes me to start jabbering with myself. When insurance companies just pull out of an area it seems they should have to refund all the premiums to those that were insured with them, especially if they had never filed a claim of any type. Right now I feel like I am just helping replace someone else property and wonder if when a winter storm decides to remove the roof on my house if the insurance company will have any money available to repair/replace it. šŸ˜Ÿ
 
Faster horses said:
I just got a statement from our insurance company that we have been with for over 50 years and WOW šŸ˜Ÿ the cost
of our insurance has increased 30% from last year and it was high enough then. I called for an agent to come and talk to us and see what we can do to lower it. Probably increase the deductible. I think the fire in the Big Horns has an impact on prices.
The people that reside in the little town of Story, WY has had insurance companies pull out because they were on the SET status this summer when the fire was close to them. Our insurance company has continued to write policies there, but they are the only one. Our agent said he wrote 20 policies there in one day!!

This is another topic, but anyone that thinks Wyoming is a low-tax state has been mislead.
Yeah, they have no state income tax, but they make up for it in many different ways. Licensing a vehicle is sky-high
as is property tax. We have a Conservative government now, so maybe that will help. We need a new Governor, though.
He vetoes anything to do with cutting property tax.

Ok, I'm done ranting. šŸ˜Š And I feel better. šŸ¤£
Click to expand...


The problem is what is called Bidenomics
 
It's not always easy, if you lose your homeowner insurance, to find a new insurance company that is willing to insure your home.
And some of them may pay your losses if you file a claim, then drop you.
 
Itā€™s not just a US problem or Bidenā€™s fault. Insurance is through the roof up here too. I declined to renew my house insurance this year. Like FH our rates went way up this year after doing the same last year. I told them in the end they had priced themselves out of the market, but if they ever decided to sell me the policy I wanted to call me back. All I want is fire insurance. And I donā€™t want to insure $2 million in value. Donā€™t bundle a bunch of crap together and try to force me to buy it. And donā€™t over inflate the values of what Iā€™m insuring just to get more premiums.
I expect it will get a lot worse going forward as insurance companies scramble to pay for what is happening in California.
 
We are with Mountain West Farm Bureau Insurance and have been for 60 years.
He showed us that we get a pretty good discount for being a member which wasn't figure in.
We went through some things, problem is we have too many newer vehicles. Our pickup
is a 2018; my car is a 2021 Honda and we have a 2022 Yukon. We should sell one,
but which one????

They have our house insured at $850,000.
There is NO WAY this is an $850K house; I told him if this burned down there is no way
I would build a house like this as I don't even like this house. So he's going to work on that.
We have a metal shop building built in 2016. Why would we need fire insurance coverage for that?
Anyway, he's going to work on it and see what he can come up with.
Wish us luck.
 
Faster horses said:
We are with Mountain West Farm Bureau Insurance and have been for 60 years.
He showed us that we get a pretty good discount for being a member which wasn't figure in.
We went through some things, problem is we have too many newer vehicles. Our pickup
is a 2018; my car is a 2021 Honda and we have a 2022 Yukon. We should sell one,
but which one????

They have our house insured at $850,000.
There is NO WAY this is an $850K house; I told him if this burned down there is no way
I would build a house like this as I don't even like this house. So he's going to work on that.
We have a metal shop building built in 2016. Why would we need fire insurance coverage for that?
Anyway, he's going to work on it and see what he can come up with.
Wish us luck.
Click to expand...
Good luck. I really pushed to lower the insured value of our home, but they refused. Like you we don't believe our house is worth the $950K or whatever they claimed. Shoot, I built the house so have a good idea on that. We also would never build this big again, now that there is just two of us. Very frustrating.
 
Silver said:
It's not just a US problem or Biden's fault. Insurance is through the roof up here too. I declined to renew my house insurance this year. Like FH our rates went way up this year after doing the same last year. I told them in the end they had priced themselves out of the market, but if they ever decided to sell me the policy I wanted to call me back. All I want is fire insurance. And I don't want to insure $2 million in value. Don't bundle a bunch of crap together and try to force me to buy it. And don't over inflate the values of what I'm insuring just to get more premiums.
I expect it will get a lot worse going forward as insurance companies scramble to pay for what is happening in California.
Click to expand...
That's an idea worth considering!! Thanks.
 
Big Muddy rancher said:
Can you keep liability insurance incase someone gets hurt on your place or a fire starts on your [lace and spreads?
Click to expand...
Good question and I'll ask it.
Also, there was only $50 difference between $5000 deductible and $10,000 deductible. That's a no-brainer.
We would keep the $5000 deductible if we keep the insurance.
See, you guys have caused me to think. šŸ¤£šŸ˜Š
 
Nicky said:
So, we just got a letter stating that our policy will not be renewed in March...due to loss frequency and high wildfire exposure. We turned in all our wolf depredations this year. Kinda irritating.
Click to expand...
Weren't you able to turn in the wolf depredations at the compensation program? I did with mine. It only took them 9 months to pay but I did get full value. Of course ODFW had to come out and inspect the carcass and prove (to themselves) that it was a wolf that did the damage.
 
My brother in law and wife live in an older trailer house. They have paid their premium faithfully to State Farm.
Last year a micro burst tore part of their roof off the trailer. They turned in to to insurance, adjuster came out and they would only pay for the part of the roof that was torn off. How would that turn out on an older trailer? Do they wait until the next windstorm and the rest of the roof tears off, then fix it then in order for insurance to pay? No, they replaced the whole roof, they paid for part out of pocket. I'm beginning to think insurance is a racket.

On another note, our insurance agent cut $1200 off our premium. I want to visit with the agent to find out what he changed to lower it that much. I know he found a 'membership discount' for $600 that wasn't on the policy that was sent to us.
 

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