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Originally Posted by J1ceasar
My favorite subject is insurance. I had Geico for automobile for 10 years and suddenly they went up 50%. I called and they said market forces. I went to progressive and I suddenly getting emails and a lower price from Geico but I don't switch. Geico does not offer homeowners in the state of Florida. I moved here 20 plus years ago and I don't know really who I had for homeowners but after a few years people's trust caught my attention as they were the only ones doing things over the internet. They were half the cost for homeowners and I switched them for a few years the minute I switched I got a letter from my old policy company telling me about all the things people's does not cover but I never got a call from my old company that I could get a smaller quote if I drop coverages.
Your needs may be different than mine as I don't have the assets some of you have in the bank. Do you realize that if you put your home in a trust and your assets in a trust is very little need for a large coverage for insurance? You know you can save 50% on your auto insurance if you go down from 1 million to 50,000/100,000 on your coverages? There is another what I call a scam for a homeowners policy in that they cover your outlying buildings as well as your basic residence of course. Well I don't know anybody in a senior community that has a storage shed, this alone is 50 or $100 a year in cost that is not needed. You need to also make sure that your insurance covers the new course of building to the new laws. I forget what that ryder is called. This is also probably the first year that the rebuild cost will match your actual insurance cost. Don't forget most houses are over insured because they conveniently forget that there's a piece of land under your home that does not get fire damage or flood damage as a general rule. You want to make sure you were not over insured for the value of your home. One last thing I would like to mention is that the agents work on commission and you understand what that really means. In other words for my first five years in Florida no one told me that I should get what's called the wind remediation report for $90. This can save you $200 or $300 per year off your insurance easily.... . So at the end of the day it is up to you to do your own work and making sure you get the best value and a decent price. I'm not one to move policies for 10 or 20 bucks but when they become outrageous that's when I act. You should also yearly look at your cell phone bill, as well as check your credit card rates and you should call both companies to see if you can get something better. Do you know your credit card company if you keep a balance will negotiate a lower rate for you. And by the way if you have an old car and want something newer this is the best time in a century to trade in? The car I bought 3 years ago, I can now get $1,000 more for and I paid!!!!
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IMO Insurance companies have great lobbyist so they can pick and choose where and who they want to insure. IMO if the federal government requires you to have automobile insurance Then, they should regulate the cost. But they probably had to pass it to see what’s in it. That what we got today, county full of pigeons.
IMO That’s because you 3 year old car worth 1/2 what you paid for it, so 1000 Bucks pigeon feed. You never get good deal trading, you only think you do.