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Updated almost 9 years ago, 12/30/2015
Insurance Rates Skyrocketing...WHY?
Over the last two years, property insurance for my 12 unit has increased a cumulative 33%. No additions, no massive gain in value, no claims. Shopped around, previous agencies re-quoted my building with even larger increase.
My area is not growing rapidly, no large increase in valuations, no increase in costs to build/maintain and little job growth.
Are the insurance agencies price fixing? I have looked at this objectively from every angle, so far, the probability of price fixing is the only viable answer.
How can they all increase rates around 33 to 38% in two years without a justification of price values, costs to re-build, etc.?
If anyone can explain this phenomena, I am all ears.
Thanks, -J. Cobb