Huge losses from national disasters have prompted the industry to jack up prices and pull back from some markets.

Huge losses from national disasters prompt industry to jack up prices and pull back from some markets; ‘worst possible scenario’ for consumers

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option. 

The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn’t given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

In December, New Jersey approved auto rate increases for Allstate averaging 17%, and New York, a 15% hike. Regulators in California are allowing Allstate to boost auto rates by 30%, but still haven’t decided on its request for a 40% increase in home-insurance rates after the insurer refused to write new policies.

For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.

Non-paywall link

  • bluGill@kbin.social
    31·
    1 year ago

    For starters you are supposed to demand better transit. While expensive, there is no reason you can’t get great transit to your sub division - and since it is great transit everyone could get rid of a car (not all cars: you keep the SUV to tow the boat!) and save money overall.

    • Flying Squid@lemmy.world
      31·
      1 year ago

      While expensive, there is no reason you can’t get great transit to your sub division

      I believe the reason is in the first part of that sentence. Who’s going to pay for it? We’re not inside city limits. There’s only a city bus. There isn’t a county bus and there never has been.

      • bluGill@kbin.social
        1·
        1 year ago

        That is a political problem. Those can be fixed. I don’t know how, but they can be fixed.

      • Pips@lemmy.sdf.org
        1·
        1 year ago

        You and your fellow citizens are. That’s why it’s called public transit. There should be a light rail for you that’s accessible. Obviously there’ll still be some commuting you have to figure out yourself but most of the world has figured out getting a train from suburbs to city.

        • Flying Squid@lemmy.world
          1·
          1 year ago

          You and your fellow citizens are.

          How? No one is collecting funds.

          There should be a light rail for you that’s accessible.

          Light rail going off a highway miles out of city limits, down a country road and into a subdivision?

          Obviously there’ll still be some commuting you have to figure out yourself but most of the world has figured out getting a train from suburbs to city.

          My last job was 10 minutes by car even further away from the city than I am and the only access road was on the highway. Have fun with that.