Erie Insurance premium increase effective 4/1/2023

[Adam Orentlicher]

Have some rentals in NC - all insured with Erie.  Insurance $ went up 24.5% on renewal, with 0 claims.  Agent informed me, from the underwriter:

Effective 4/1/23, we increased Rental rates across the board by an average of 11%. Also, as with homeowners, we are using higher roll-ons for the next year to make sure dwelling amounts are keeping up with increased changes in construction costs. The dwelling amount for this property was increased from [redacted] to [redacted] (13%). Those two items are really the cause of the premium increase.

We have high indicated rate changes on NC homeowners (including Rental), and unfortunately the combination of the rate change and higher roll-ons is going to produce rate changes in the 20% range at least until we start to see some moderation in construction cost increases (perhaps on the horizon).

So just a fair warning to those with Erie, sadly.  Got a competitive quote from State Farm (10% less than my existing premium) and Tower Insurance Group (12% less than my current premium).  

Also checking with Obie... recommendations welcome and appreciated!

[Tim Delaney]

Insurance has definitely been going up the past couple years, but I haven't seen that large of an increase on residential. However I did have close to 20% increase on a commercial plaza.

When shopping around, just be sure you are comparing apples to apples - from my experience some providers that like to advertise very low rates do so by cutting pieces of amounts of coverage that you may want.