Surging home insurance costs could force families to leave these 10 states (OK is one)

[bigfug]

I have a strong suspicion that powerful investment groups are influencing insurance companies, possibly through underwriters, to push insurance rates high enough to force people out of their homes so they can purchase them for rental properties. Real property always increases in value and it is far more stable for investment than stock or money markets…..

If you knew how hard it was for us to get landlord policies on our rentals...

 

[PBramble]

He said the whole industry is upside down and people are getting cancelled by there homeowners.

This right here is bull. After the money they collect and the fact that banks require insurance, they should not be able to drop a policy.

 

[JD8]

I have a strong suspicion that powerful investment groups are influencing insurance companies, possibly through underwriters, to push insurance rates high enough to force people out of their homes so they can purchase them for rental properties. Real property always increases in value and it is far more stable for investment than stock or money markets…..

That doesn't really make much sense. Do you think "powerful investment" groups pay cheap rates in places like Oklahoma for property? They don't.

 

[JD8]

I go by the Labor dept, bureau of labor & statistics. Highest this century was 9% in 2022, for all items. I think CPI is the best measure of inflation because it measures consumer inflation of the day to day living expenses

https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm

SO if you go by your own link....... several items have recently compromised 10%.

Food @ home 13.5%
Energy @ 41%
Electricity @ 15%
Food @ 11.4%
Gasoline 58.1%
New Vehicles ~13%

 

[JD8]

This right here is bull. After the money they collect and the fact that banks require insurance, they should not be able to drop a policy.

He's saying they drop the policy at the expiration/renewal date, not mid term. And his friend is right about the state of the industry.

 

[XYZ]

Well yesterday isn’t going to do anything to improve our rates.

 

[Roots]

If you knew how hard it was for us to get landlord policies on our rentals...

It is friggin' ridiculous. One agent said my rate was higher than a rental in inner city Detroit. $12k roof deductibles from everyone except USAA ($4500). I rent out to Section 8, too. For some reason (lol), they didn't raise Fair Market Rent by even close to what my insurance went up.

I don't see this as a Biden issue as much as a poorly managed economic COVID response from both Biden and Trump. Our government drastically overprimed the pump. Trump's PPP was a joke (but thanks for the free money). Biden had no business giving out more aid when he took office. Tax breaks for billionaires was another joke (Trump) and a trillion dollars in spending during record inflation isn't any better (Biden). Economic illiteracy transcends party lines.

Our state government at least acknowledges the insurance issue, but the legislation they proposed, like grants for better shingles, doesn't seem like it's going to help the average Joe very much.

 

[okcBob]

SO if you go by your own link....... several items have recently compromised 10%.

Food @ home 13.5%
Energy @ 41%
Electricity @ 15%
Food @ 11.4%
Gasoline 58.1%
New Vehicles ~13%

I think the report i referenced is about the rate of increase for ALL ITEMS together, not individual items.
I couldn’t find any BLS report stating the monthly or annual inflation/CPI was > than 9% for all items. Some reports do break them down by item, but I think when people compare inflation historically, it’s inclusive of all items.

If there is such a BLS report showing Inflation >10% for all items, would be great because it would put Biden in a negative light. I looked & couldn’t find one.

 

[Pennyless]

This right here is bull. After the money they collect and the fact that banks require insurance, they should not be able to drop a policy.

I agree, I'm just telling you what a guy who has been very good to me said.

 

[OK Corgi Rancher]

This is likely where the "double digit" numbers come from. Personally, I don't give a rat's ass what the CPI is (other than how it relates to SS cost of living increases) because I'm not a consumer of many of the items included in the CPI. I buy food, gas and other essentials...those are the important things to me, and likely to most other Americans. And all it takes is a trip to the grocery store to know the practical inflation rate for most people is likely double the 9% reported from the CPI:

From the House Budget Committee, 10/12/2023:

Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the Consumer Price Index (CPI) report for September stated inflation grew at a rate of 3.7 percent and cumulative inflation under President Biden grew to a staggering 17.1 percent:

The federal government lies about everything and every politician has an agenda. So I'd be skeptical of this report as well.