Insurance Policy Question
 

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!

There is no way to tell. I had Allstate auto insurance for 30 years and, last year, they raised my premium by 32 percent. I switched to State Farm and their premium was less than half of the Allstate premium. When I asked State Farm why the premium was so low, they said that it was because I had been with Allstate for 30 years. When I told Allstate what they said, the Allstate guy said that I should switch to State Farm. Go figure.

I would suggest that you shop separately for home and auto insurance. You can often get a better deal if you don't bundle the policies. If they offer you a multi-policy discount, do the math. I was once quoted a 25 percent discount for a bundle, but that was before the other discounts were applied. The actual bundle discount was less than 3 percent.

I don't know what happened. I switched back to Florida Farm Bureau for auto in Dec 2021. Quote with h/o coverage for two on one vehicle, ages 65 ish, $95/month. Got renewal for June at $75/month. Best rate in our lives.

Cheaper is not always better.

Just be careful that they are not giving you an introductory rate, or you could be right back where you started at the next renewal

I have never heard of an introductory insurance rate. The agent will not be able to tell you that the rate they quote will not go up when it renews.

We thought of switching from Allstate but was concerned about having to have a new roof put on before another company would take us.

According to the Allstate rep they will not require us to put in a new roof for the forseeable future.

As a result since their increases have not been outrageous decided to stay put.

Yep, this is the downside of switching insurance companies that experts that write
these articles don't tell you.

I think I'll stay right where I'm at.

Thanks for all your input on the subject.

You only know how good your insurance company is when you file a claim

And this is sad after years of paying premiums

We have Allstate for auto, homeowners, and an umbrella policy because I wanted sinkhole coverage. First year homeowners (for 2650 sq ft home) was $1400. Next year, $2200. This year, $3300. Sigh.

Kathy

In addition to your property & casualty insurance policy review, I suggest you also look at your health insurance policy for benefits and premiums (if any) changes.

The Annual Enrollment Period for Medicare (65 and older) is October 15th through December 7th with changes going into effect on the 1st of the year.

The Open Enrollment Period for ACA Marketplace (Under 65) is November 1st through January 15th.

Shop around ! I went from 1,900 with Tower Hill.for years down to 1050.00 with Farmers with more coverage.

you don't need to wait for your yearly policy to be over. You can go to any insurance company at any time with your policy for a review. If you change, your old insurance company will send you refund checks. I switched to Farmers, got a cheaper rate for same coverage and did not have to have a roof replacement ( 15 yrs old)

Usaa??
 

We have had USAA……forever. For both auto and home. Seems like their rates keep going up as well. Originally they only covered military officers and secret service but now they seem to cover anyone who is in any way related to a member of the military. Maybe that’s why rates keep climbing. Supposedly when you close out your member account they will give you a portion of monies set aside in your account. I treat that amount as an asset