Insurance in Iowa

[cyfan964]

With all that's going on with insurance in Iowa, I thought there might be an expert in here, or people with real world knowledge on the subject.

Just got an email from State Farm that: "The insurance industry in Iowa has seen 100 companies leave the state. State Farm will be having significant rate increases, please call to schedule an appointment with us to go over the rate increases"

I already feel like I pay way too much for State Farm and this may push me to look other places. Who does everyone use for home, auto, and life? Recommendations?

 

[AgronAlum]

Find an independent agent or two and get quotes. I was able to package a better deal separating my home and auto than I was bundling with a single company. Our home is with Hawkeye Mutual and auto through Progressive but runs through Absolute Insurance in Clive.

After having our agent check over the summer, it seems like insurance companies are bidding higher rates to new customers than would be if you have been an existing customer. The quotes we got from some of the other companies were obscene for worse coverage and higher deductibles.

 

[Jnecker4cy]

With all that's going on with insurance in Iowa, I thought there might be an expert in here, or people with real world knowledge on the subject.

Just got an email from State Farm that: "The insurance industry in Iowa has seen 100 companies leave the state. State Farm will be having significant rate increases, please call to schedule an appointment with us to go over the rate increases"

I already feel like I pay way too much for State Farm and this may push me to look other places. Who does everyone use for home, auto, and life? Recommendations?

Insurance in Iowa is at an All Time High. Not sure there were 100 companies leave the state but I know of 10-12. In my agency, and we have about 12 different carriers we have seen 30% on the low end and 200% on the high end for home rates and 20 to 25% increase on Auto Rates. So yes I would be suprised to not see Stste Farm take an increase. Also look for Wind/Hail Deductibles to go up and possible ACV or a roof schedule on Roof Claims. Is it time to shop. Sure why not all you can find out is that State Farm is still your best option. But you also may find better rates for the same coverage elsewhere.

 

[Nelcyn]

Welcome to the higher insurance rates club. Get ready to bend over. Assuming you don't have any pending claims or going to file a claim then you need to shop around. If you go with AllState just know that they are sticklers for getting a hail damaged roof replaced. Also, don't trust Liberty Mutual they are the worst.

 

[cytor]

I'm licensed in 9 states (including Iowa) and all of them are going through these challenges. The days of decent rates are now over. Go with higher deductibles (especially on the home). Shop it around for now. Then in another year or 2 try it again. In the end, the rates will settle into a "new normal."

 

[flycy]

Repairs cost significantly more do to inflation, so insurance companies have to adjust or leave.

 

[AgronAlum]

I'm licensed in 9 states (including Iowa) and all of them are going through these challenges. The days of decent rates are now over. Go with higher deductibles (especially on the home). Shop it around for now. Then in another year or 2 try it again. In the end, the rates will settle into a "new normal."

IMO, there's almost no reason not to go with a higher deductible on your home at this point. Any claims other than a major repair or complete loss are going to get you dropped or a huge increase in premium. You're better paying out of pocket even if your claim would be higher than your deductible. You'll be paying exponentially more with those increased premiums.

 

[CycloneSpinning]

With all that's going on with insurance in Iowa, I thought there might be an expert in here, or people with real world knowledge on the subject.

Just got an email from State Farm that: "The insurance industry in Iowa has seen 100 companies leave the state. State Farm will be having significant rate increases, please call to schedule an appointment with us to go over the rate increases"

I already feel like I pay way too much for State Farm and this may push me to look other places. Who does everyone use for home, auto, and life? Recommendations?

I’ve been very happy with Amica. I had State Farm in Illinois…and I really liked my agent. I couldn’t stay with him when moving to Iowa. Here, my agent wasn’t as awesome…and I was constantly getting mailings about banking and life insurance. I actually tried the banking for a bit and hated it. I was hesitant to not have an agent, but I saved a bunch of money and have been happy with my decision. I re-quoted with an independent 3 years ago, and he wasn’t close.

 

[2forISU]

Insurance in Iowa is at an All Time High. Not sure there were 100 companies leave the state but I know of 10-12. In my agency, and we have about 12 different carriers we have seen 30% on the low end and 200% on the high end for home rates and 20 to 25% increase on Auto Rates. So yes I would be suprised to not see Stste Farm take an increase. Also look for Wind/Hail Deductibles to go up and possible ACV or a roof schedule on Roof Claims. Is it time to shop. Sure why not all you can find out is that State Farm is still your best option. But you also may find better rates for the same coverage elsewhere.

All states are seeing these issues, not just a Florida/California issue anymore. If you have a home built before 1980's, good luck.

With property tax increase and insurance increases, good luck new home buyers.

 

[DSMCy]

I’m currently going through the process of purchasing a new home

Got quotes from Farm Bureau, Western National (through my credit union agent) and State Farm.

SF premium was lowest
FB was almost double, which was a bummer. I wanted to work with Colin Newell ha

 

[ClonerJams]

I have country financial and like them. I've heard nothing but horror stories about state farm.

 

[2speedy1]

With all that's going on with insurance in Iowa, I thought there might be an expert in here, or people with real world knowledge on the subject.

Just got an email from State Farm that: "The insurance industry in Iowa has seen 100 companies leave the state. State Farm will be having significant rate increases, please call to schedule an appointment with us to go over the rate increases"

I already feel like I pay way too much for State Farm and this may push me to look other places. Who does everyone use for home, auto, and life? Recommendations?

My insurance went up over 40% last year, close to that the year before. Just got notice my policy is ready to renew, and I am guessing it will spike again. At some point I am not going to be able to afford it.

Its out of control. But at least they still pay for our stupid field goal net, that never stops anything. Gotta know my money is going somewhere, while they complain about costs.

 

[1UNI2ISU]

Best way to save right now is higher deductibles. Minimum $2500 on your home and $1000 on your autos.

Other thing that I'm seeing. If you're willing to go to an actual cash value settlement on your roof, you can save some real money on your premium as well.

As an industry, we conditioned everyone that a new roof isn't home maintenance/upkeep and that you just wait for the right hail storm.

In a lot of ways we did this to ourselves by trying to be all things to all people rather than just taking care of catastrophic events like insurance was originally designed to do.

 

[nfrine]

As an industry, we conditioned everyone that a new roof isn't home maintenance/upkeep and that you just wait for the right hail storm.

We shingled our roof in 2020. Our contractor said we were the first roof he had done in over two years that wasn't an insurance job. His feeling was that people were waiting for the next storm instead of taking care of it when it should be done.

 

[2speedy1]

We shingled our roof in 2020. Our contractor said we were the first roof he had done in over two years that wasn't an insurance job. His feeling was that people were waiting for the next storm instead of taking care of it when it should be done.

Well, considering how insane the cost of both have went up, that is part of the problem. My cost of living has skyrocketed over the past few years, all the while they tell us it is only going up a few percentage points.

My mom was just told to expect $30-40K to reshingle her roof next year, on a very simple ranch roof.

With the cost of insurance going through the roof, people are going to do whatever they can to get their money back. Its a double edged sword.

Insurance companies know they have you, in most cases it is a requirement to have insurance, so they know they can jack the prices whatever they want and you have to pay. Then they do everything they can to get out of paying when they can.

Insurance companies deserve all the hate they get. I can go on all day about issues with insurance companies myself or family members have had.

 

[8bitnes]

I just switched from nationwide to all-state and saved $400. Still, my new rate is more than double what I had paid pre-derecho. Zero claims in 20+ years

 

[2speedy1]

I just switched from nationwide to all-state and saved $400. Still, my new rate is more than double what I had paid pre-derecho. Zero claims in 20+ years

Just to warn you, I did that too. They gave me a rate to get me to come, then the next renewal they jacked it through the roof.

 

[somecyguy]

I've had West Bend since the early 20-teens and they were fantastic after the derecho. My premium pretty much doubled since then, but that wasn't surprising, given what we are discussing.

 

[BWRhasnoAC]

Insurance is such s ponzi scheme. Pay for decades and make a claim they just raise your rate through the roof.

 

[wxman1]

I have had a great experience with Neighbor Insurance here in eastern IA FWIW. Cyclone fans.