Allstate seeking 36.9% rate increase in home insurance
Ouch; yes I understand that amount might not be approved. A list of approved and pending increases here https://www.nj.com/news/2024/05/homeowners-insurance-company-asked-for-93-rate-hike-in-nj-see-the-increases-companies-are-seeking.html
OnTheEdge No one should be surprised by this at all. Upset, outraged flat out pissed, yes. Surprised-not in the slightest. It is a trend affecting every aspect of daily life as we currently know it.
Greg At some point home owners insurance became responsible for non-emergency issues - like old roofs that leak. When the old roof starts leaking badly after a storm homeowners is expected to replace the roof.
Then there's real inflation of 20% over the past 4 years and contractors that can't find any employees willing to work.
To verify try finding a contractor to do a job for you and see 1) if you can find anyone interested and 2) what the cost is versus what the cost would have been pre 2020.
Bill 
Babbit While not homeowners insurance, the national average for auto insurance has increased 26% across the board. New Jersey comes in at number two at a 46% increase from last year. Good times for all.....
Printing trillions of dollars out of thin air causes inflation. Like Greg said, if you’re “shocked” you really haven’t been paying attention. I actually had someone tell me grocery prices are up because Big Agriculture is being “greedy.”
ConsigliereCons.,
I've heard similar, as if taxing Big Ag. will somehow lower prices. Greg is right. Printing money like it's a game of monopoly.
We have major issues going on and blurry future at this pace.
Grocery prices are up generally because of greed. In general, things directly tied to commodities have come down, but many grocery items that do not rely as much on commodity prices have stayed high simply because they can. Companies have learned that customers are willing to pay inflated prices, so why not keep up the practice? The only thing likely to bring those prices back down would be a recessionary environment and job losses.
Eperot "customers are willing to pay inflated prices, so why not keep up the practice?"
Exactly.
Solution: be unwilling to pay, cut back where you can. Reduce demand.
Luckily we don't have a rising population. That would cause more demand. (Uh oh,
I forgot about the flood of people at the border.) Scratch everything I wrote......
Eperot: Profit margins for grocery stores are generally low. Don't think it is greed. Store have to account for theft and the costs of bringing items to the store has gone up as well.
Nancy Oddly enough my car insurance hasn’t budged and costs the same as it did two years ago.
I watched the gas prices in Hackettstown go up 20 cents overnight between Weds and Thurs. but it must be everyone being 'greedy'?
Whip 
EVV OK.....
grocery stores run on low margins because lots of cash flow. All commodities, like food, react faster to inflation because they can and, with those margins and competition, must rise and fall ASAP.
Insurance is regulated and therefore NO INCREASES except those AUTHORIZED by the regulators. Thus, insurance companies ask for a million to get 100K. They are the opposite of a commodity in pricing, but for us consumers --- due to regulation --- very much a commodity in terms of purchase. IE --- they are all basically the same except for how nice, professional, efficient and effective they are personally.
Climate change, or bad storms, are causing increased costs for home insurance, thus increased rates. With inflation on top. We all pay something when there's a tornado in South Carolina. Could be insurance, could be price of wood, but we all pay.
Insurance companies want you to think they are special. They are not, home insurance is so regulated that they are very similar offers.
NJManufacturers has not increased this year, or at least not what one might notice. Problem solved. They are not a public company, operate more like a co-op. I get a dividend every Christmas. If you drive well, as a group, the group gets money back. Move your auto, bundle, for either lower rates. I have had NJM auto for close to 40 years ---- they are great. When State Farm, who I had for 10 years, jumped 15% claiming construction cost increases in a recession...... I pushed back, no avail, and have had NJM for home ever since.
My insurance went down 15% on that change, and has been around 2-5% increases per year.
Problem solved.
I will note they are expanding. Now PA, MD, and elsewhere. So far, no change in behavior but I anticipate that if they go public, things could change. So far, so good.
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