Insurance rates up 50%

[Shivam Patel]

Hey guys,

I wanted to get your input on this or if this is just happening in New Jersey. I noticed my mortgage went up buy $200 from $1900 to $2100. my rent for my property went to $250 so I didn't see it q problem. I was curious though what made it to up because typically your paying down the loan. I curious lad like myself wanted to know more. I noticed it was my property insurance quote for 2023. It was quoted $600 more. I took a policy genius quote on my properties in north jersey and south jersey the quotes for them to see if I can bundle and get a discount. It went up for all three properties and my auto insurance significantly. What's going on here? Here are the current quotes that I got:

Property 1

property current insurance 2021 : 750 by statefarm

Renewal is 2022: 1231 by statefarm

Policy genius bundle quote: 1202 by liberty mutual

Property 2

property 2022: $1205 by geico

Renewal: $1366 by geico

Policy genius quote: $2290

Property 3

New property: none

Quote by policy genius: 1730 progressive

Auto

Auto 2022: 600 semiannual

Policy genius 2023: 1168 semiannual

And a umbrella insurance for 461

Why is insurance going up so high. I don't understand. I did a full rehab on some of them...if anything insurance should be going down. Thoughts anyone?

[Cameron Moore]

Insurance companies are profit-driven businesses that periodically switch between growth and profit modes. During profit mode, they may increase existing customer rates and raise new business rates to reduce new customer acquisition to optimize their margins. Conversely, during growth mode, they may lower rates and focus on attracting new customers in specific areas to expand their market share. To ensure optimal cash flow, it's crucial to have a broker who can navigate which carriers are in growth mode versus profit mode. This helps to secure competitive rates while ensuring the carrier is financially stable and can meet their obligations in case of claims.

The issue with this, is that they invest your premiums in order to make a profit and have cash on hand to pay claims. Unfortunately, the state of the stock market is making that impossible. The carriers are playing smart and in turn, our premiums are exploding.