Insurance costs killing my HVAC retirement savings in Minnesota
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DustDevil
·1mo·37 replies·37 participants
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DustDevil⚒️ JourneymanOP1mo
62
Up in Minnesota, my workers comp just jumped to $4500 a year for my three-man crew doing mostly residential heat pump installs. With Trane units going up in price too, it's hard to save for retirement when premiums eat into profits like that. I've been looking at group plans through the HVAC Contractors Facebook group, but damn, it's frustrating.
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CurrentChaser⚒️ Journeyman1mo
15
Insurance companies are screwing us all, especially with claims from slip and falls on icy roofs.
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FrameFreak3⭐ Expert1mo
8
Yeah, and don't get me started on the deductibles that barely cover a coil replacement.
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NotAnElectrician11⭐ Expert1mo
7
PE firms buying up carriers and jacking rates, it's a racket.
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DrainDemon⚒️ Journeyman1mo
15
Hit 65 this year and my savings finally topped $200k from smart investing early on.
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KeyMaster7⚒️ Journeyman1mo
2
Nice! What funds did you pick? I'm at half that after 20 years.
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WattTheHeck17⚒️ Journeyman1mo
12
Customer calls at midnight about a frozen evaporator, and if I don't have coverage, I'm toast.
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JoistJockey2⚒️ Journeyman1mo
11
We all feel that pinch when premiums double overnight.
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WireWhisperer6⚒️ Journeyman1mo
11
Totally, been scraping by on duct cleaning gigs to cover it.
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SolderSniper⚒️ Journeyman1mo
23
Same here, barely affording the Milwaukee tools I need.
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TintTitan⚒️ Journeyman1mo
7
Proud to say I switched to a self-insured setup and saved 30% last year.
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PickLockPete⚒️ Journeyman1mo
2
How'd you qualify for that? Sounds sketchy for small ops.
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RollinRoller⚒️ Journeyman1mo
9
This sucks, man. My back's shot from installs, and now no nest egg?
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ShingleShaman3⚒️ Journeyman1mo
2
What kind of coverage do you guys have for equipment theft? Mine got hit last winter.
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SparkleSquad2⚒️ Journeyman1mo
9
Never skimp on liability, had a guy sue over a bad install and it cost me $10k out of pocket.
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HeatHustler3⚒️ Journeyman1mo
2
SharkBite for refrigerant lines? Nah, stick to soldered copper, insurance hates shortcuts.
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TenYearVet17⚒️ Journeyman1mo
11
Frustrated as hell, been paying into this for 15 years and rates keep climbing with no end.
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ShingleShark13⚒️ Journeyman1mo
10
Boss makes us work without proper PPE to cut costs, pisses me off.
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WattTheHeck17⚒️ Journeyman1mo
17
Try bundling with your truck insurance, knocked $800 off my annual for the van.
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FloorFitterFred2⚒️ Journeyman1mo
23
Ever try the HVAC Techs Network for group rates? Saved my buddy a bundle.
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WireWizard2⚒️ Journeyman1mo
18
Yeah, joined last month, already got quotes 20% lower.
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TenYearVet2⚒️ Journeyman1mo
25
shop around for workers comp quotes, cause in minnesota skipping it when you got employees will get you fined or worse if someone gets hurt on the job.
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SparkPlugIdiot⚒️ Journeyman1mo
12
shopped around last year and dropped my workers comp premium by 25% with a local minnesota broker who actually gets hvac risks. now my retirement fund's finally breathing easy again.
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TermiteTerminator⚒️ Journeyman1mo
0
insurance rates are screwing us all over in this state, cant save a dime with these premiums eating half my profit. been there brother, feels like retirement's just a pipe dream now.
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LadderLad3🔧 Apprentice1mo
6
goddamn insurance companies are bleeding us dry up here in minnesota, jacking up workers comp rates every year while we bust our asses in the cold. i had to pay out 8k last year just for coverage on three guys, and that's before the fines scare you into compliance. its like theyre the real thieves, not us trying to build a retirement. screw em, we need to band together and push back on this BS.
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NotAnElectrician26⭐ Expert1mo
11
tried a group rate once, saved enough to buy a new minnesota winter coat but now im just insuring my sanity against the next ice dam callout 😂
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ShingleShaman2⚒️ Journeyman1mo
3
man, insurance is eatin my retirement faster than these minnesota winters eat my tires, been there with those damn ice dams.
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GroundFaultGuru⚒️ Journeyman1mo
2
yeah, insurance premiums are straight up robbing us blind up here in minnesota, cant save shit for retirement with these rates. been there with the ice dam headaches too, theyre a real kick in the nuts.
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WrenchWarrior2⚒️ Journeyman1mo
3
damn insurance companies are straight up robbing us blind up here in minnesota, jacking rates every year while we freeze our asses off on ice dam jobs.
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MopMaster30003🔧 Apprentice1mo
1
shop around for a safety program discount, i switched to one through the local iia chapter and cut my workers comp premium by 15% last year. it aint much but every bit helps with these rate hikes.
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RoofRider2🔧 Apprentice1mo
0
check with the minnesota roofers association too, they got a group policy that shaved 20% off my comp rates last renewal.
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BoxHaulerBob⚒️ Journeyman1mo
12
yeah man, those insurance bastards are suckin the life outta my retirement too, up here in minnesota its like they know were already freezin.
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CanvasKing⚒️ Journeyman1mo
8
damn right, these insurance crooks jacked my workers comp premium 25% last year and im barely breakin even on minnesota jobs.
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GutterGuru2⚒️ Journeyman1mo
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those insurance bastards are out of control, jacking up workers comp 25% this year alone while claims aint even up. we all gotta band together and tell em to shove it before they bleed the whole trade dry.
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DeadboltDude⭐ Expert1mo
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shop around for a ppo plan through the associated general contractors of minnesota, cut my workers comp by 20% last year and freed up cash for the ira.
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ColorCraze⚒️ Journeyman1mo
21
Just got a claim denied because of 'pre-existing' on a compressor failure, total BS.
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SlateSlinger5⚒️ Journeyman1mo
7
insurance companies are straight up crooks, denying valid claims like it's their job. had the same BS happen to me last winter on a trane unit and it wiped out two months profit.
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PestPatrol4⚒️ Journeyman1mo
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insurance companies are the biggest crooks in this game, denying legit claims just to pad their pockets while we're out here freezing our asses off in minnesota winters. had a carrier system claim get bounced last year and it cost me three grand i didnt have. time to band together and fight back against these bloodsuckers before they bankrupt us all.
