Nevada is quickly going "California" in terms of home products

[RickyG]

Travelers did not get the full increase they wanted on their home product, so they are in panic mode now. This will now lead to the acceleration of "California-zation" of the Nevada home products. Safeco, Natgen (Allstate), Mercury Lemonade, ASI/Progressive are really the only carriers standing with Travelers. All have poor rates and with Travelers on the verge of a moratorium in Nevada that will lead to even higher rates. The next step will be nobody will want to write any and off to the state assigned carrier.

To give an idea the avg price of a HO3 product in Clark County (not official numbers but what I have seen writing thousands of polices since 2007) was in the 400-650 range with 1000+ yearly premiums being only for large customs from the time I started until around 2021. Now I'd say the avg is hovering around 1000 and flying up quickly. For a 1200sqft 3 bed 2 bath 1 story the latest quotes were 800-1200 a year. Hippo would have been 400-500 2 years ago. Then again Hippo bailed on new business over a year ago.

The main culprit is these loss mitigation companies that always seem to accompany plumbers. Small leak at the sink? Call plumber, plumber brings along a Serve Pro type company who immediately rips into walls, cabinets come down etc. Turning what may have been a few hundred-dollar fix into 10k+ loss. It has been an epidemic here.

 

[marindependent]

To give an idea the avg price of a HO3 product in Clark County (not official numbers but what I have seen writing thousands of polices since 2007) was in the 400-650 range with 1000+ yearly premiums being only for large customs from the time I started until around 2021. Now I'd say the avg is hovering around 1000 and flying up quickly. For a 1200sqft 3 bed 2 bath 1 story the latest quotes were 800-1200 a year. Hippo would have been 400-500 2 years ago. Then again Hippo bailed on new business over a year ago.

Maybe not official numbers - but terrific data points and likely more useful than official numbers.

Small leak at the sink? Call plumber, plumber brings along a Serve Pro type company who immediately rips into walls, cabinets come down etc. Turning what may have been a few hundred-dollar fix into 10k+ loss. It has been an epidemic here.

#Mold - No surprise IMO

I really hope that Nevada does not follow California in the Insurance world - not fun.

 

[RickyG]

I really hope that Nevada does not follow California in the Insurance world - not fun.

Me too...this is probably the first time since I began that I am starting to feel real job instability. Some rumblings already of PL production halts and layoff of producers in order to go skeleton crew and weather the storm by just servicing existing policies. In all honesty I do understand that line of thinking but hope it does not come to that.

 

[Policy Monkey]

I'm sorry to hear all that. You sound like a Florida agent 5 years ago. You better hope that NV (or CA for that matter) doesn't follow FLs lead, 'cause what we've done so far has done nothing to lower rates. Here is an article from last month stating (among other things) that the average FL HO3 is around $6k/yr. That would add $500/month to a mortgage payment, and is more than triple the national average.
PS, I gotta love how the media basically ignored this issue until it started effecting the mortgage and real estate industries. As if the suffering homeowners weren't "newsworthy" enough.