Quote:
Originally Posted by Michael G.
I read somewhere that once a year when your insurance policy's come due, you should always review your policies with other companies to seek cheaper rates.
Now I been with XYZ company going on 8 years, and there isn't 12 months goes by without them raising my 3-group policy's total premiums by $10- $20 and more in any given year, (auto, home, and umbrella).
Ok, yes, I realize there's inflation, fires, floods for insurance co. to pay for, but is this normal procedure for insurance Co's to treat long time policy holders.
If I switch to other Companies with cheaper rates for now, what's not to say in 12 months, the same thing will happen, rates go up.
Am I better to bite the bullet and stay put?
I need some guidance here people.
Cheers!
|
========================
I think every company raises rates - its a matter of are you pleased with the coverage AND with the claim service. Also - be sure to compare similar coverages as you can get cheaper rates but coverage may be less and/or deductibles higher. I don't do comparison shopping every year but I DO review my coverages to ensure that there is enough to cover a total loss (hope it never happens). Most policies have inflation built in where the coverage goes up but in a time of high inflation, it may not go up enough. I've also been is a situation where the coverage has been too high.
Of course here in FL, some companies are not writing policies if your roof is over a certain age. The new FL law only protects a roof to 15 years old if I recall correctly. The first insurance company I had here dropped my policy because the roof was 11 years old AND I had trouble finding a company that would write a new HO policy on a roof older than 9 years. Increasing premiums are a lot easier to put up with than a new roof.