Might be one of the reasons Wind and Hail coverage has doubled year over year here.
SVB is Now In the Hands of the FDIC
- Thread starter 2003RedfireVert
- Start date
Might be one of the reasons Wind and Hail coverage has doubled year over year here.
My car insurance has gone up almost 50% since inflation took off.
Homeowners not quite as much.
But car prices and repair prices have skyrocketed.
El Paso is in the top 10 nationwide for home price increase.
My agent is my buddies GF but I haven’t even bothered to ask if there’s anything we can do to lower it.
Coworker tried shopping around recently and expected to find lower rates for a new policy as usual but the difference was negligible.
Sent from my iPhone using the svtperformance.com mobile app
I can only imagine what homeowners is going to be after that last storm we had.
Got a friend in Hobbs with a Mexican wife. They were looking to buy a house out there in El Paso. Saw the prices said hell no.
I understand your hate... guess I'd be salty too if I was on the outside looking in
Snagged another one.
Premiums are insurance co "deposits." As the economy softens policies will lapse.
From BAC's 4Q transcript. They lost $82b in deposits 4Q2022/4Q2021.
From BAC's 4Q transcript. They lost $82b in deposits 4Q2022/4Q2021.
What ever you paid last year. Double it. That’s what I’m seeing from everyone who’s premiums came due.
OT, love how Microsoft goes up 17 points right after I sell it.
Crazy.
My homeowners only went up 500 this past year but the cheapest competitor was double the total 2022 amount. Can't wait till my current one leaves FL...
Crazy.
My homeowners only went up 500 this past year but the cheapest competitor was double the total 2022 amount. Can't wait till my current one leaves FL...
Policies lapsing in the life insurance arenas you mean? For sure. I don't know if they'll lapse much in the auto and property arenas since those are required by law, although people might pare back their existing coverage some. I know people cutting back on their medical insurance though. And with companies laying people off, once that COBRA coverage runs out many just won't even carry insurance anymore if they can't swing the premiums.
I'm responsible for some of B of A's dwindling deposits since last year I transferred money from my accounts into high yield savings accounts since B of A wasn't paying shit for interest. I wonder if they are rethinking that decision now about low interest rates for account holders.
If we enter a recession:
People lose their jobs. They get their health insurance through their employer so medical premium will fall.
They will default on auto loans and autos will be repossessed. No need to insure an auto you dont own.
New auto purchase will slow. No need to insure a car that you dont buy.
People will default on mortgages. No need to insure a house you dont own.
Property values will decrease. So the average insured will need less insurance.
Delinquencies will increase. This will apply to insurance premiums as well.
People will surrender life policies.
etc. etc.
It is a convoluted and technical discussion but their balance sheets are ****ed for a few reasons. Personally I am more worried about insurance cos than I am banks.
You sound as if you believe that if we enter a recession it will be a hard one and not a soft one.
I want to hear more. Lol
For that WAP, Tyre was willing to change his pronouns to was/were.
You are right. I am now in a flood zone. The bank was nice enough to purchase a flood insurance policy for us even though we had an existing policy at nearly 4 times are cost.
Other than JP Morgan/Chase none of the others that I deal with on a bi weekly basis is not on that list. So is that good or bad? 3, 2 local credit unions and a local bank that I hope is not run by a bunch of monkeys like SVB.
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