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| Not even slightly surprised, between rate increases and "inflation guard (automatically increasing the value of your structures that have replacement cost on them)", 30% is on the low end of a lot of the carriers recently. Our largest carrier had 14-18% inflation guard increases in 2022 and 2023, and 20-25% baseline rate increases. Even those local carriers are getting smashed. The state of Iowa lost 13 Mutual carriers in 2023 alone, either from closing their doors or being acquired by another carrier. Reinsurance companies are really the large driving force behind it, and we've had several of those smaller carriers that went under, went under because their reinsurance carrier dropped them, and couldn't get their coverage elsewhere.
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Farm Owner Insurance
