Insurance Policy Question

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  #16  
Old 06-28-2022, 06:26 AM
Babubhat Babubhat is offline
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The quote you receive tells you if they want your business. Loyalty no longer exists. Geico had the nerve to give a lower quote After switching. Ridiculous
  #17  
Old 06-28-2022, 06:33 AM
retiredguy123 retiredguy123 is online now
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Originally Posted by Babubhat View Post
The quote you receive tells you if they want your business. Loyalty no longer exists. Geico had the nerve to give a lower quote After switching. Ridiculous
I agree. No loyalty. My experience with switching from Allstate to State Farm was that the Allstate agent had no flexibility to offer a lower rate. Even after being a customer for 30 years, he advised me to switch because the State Farm premium was less than half of the Allstate price for the same coverage. If State Farm raises their rate, I will just go back to Allstate.
  #18  
Old 06-28-2022, 06:34 AM
Travelhunter123 Travelhunter123 is offline
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Originally Posted by Stu from NYC View Post
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.
I have Allstate as well
I believe they have the most comprehensive homeowners protection
  #19  
Old 06-28-2022, 06:35 AM
Travelhunter123 Travelhunter123 is offline
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Originally Posted by kathyspear View Post
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
Wow!
  #20  
Old 06-28-2022, 06:48 AM
srswans srswans is offline
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Default Five Years

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Originally Posted by Michael G. View Post
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!
We usually shop around every five years. Gotta do it to keep premiums down. Might be able to show customer retention department at current company quotes from new companies to get a better rate.
  #21  
Old 06-28-2022, 07:01 AM
Joe C. Joe C. is offline
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Always shop for the best coverage at the best price. I have no problem changing insurance companies if their fee is lower and their coverage is the same or better. Don't worry about the price next year, because if they ALL go up, then there's nothing you can do about it. However, if your premiulm does go up, then it's time to go shopping again for the best deal. Be vigilant, be wise, be better off financially.
  #22  
Old 06-28-2022, 10:49 AM
snbrafford snbrafford is offline
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Default Rates aren't the only issue

Quote:
Originally Posted by Michael G. View Post
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.
  #23  
Old 06-28-2022, 11:37 AM
kkingston57 kkingston57 is offline
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Quote:
Originally Posted by Michael G. View Post
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!
Tough question.

Remember, cheaper rates are only good if you DO NOT have a claim. A lot of people would pay more for a nationwide(not Nationwide the company) company which has good service as opposed to some of the mostly Florida based insurance companies.

Your agent can tell you the names of the companies who do provide best customer service. Make sure that you do buy your insurance from admitted company. Some companies are surplus lines companies. These companies do not need to follow all of the Florida laws.

With the basic info you supplied I would stay with your current insurance company. Surprised your rates have not gone up much higher(20%+)
  #24  
Old 06-28-2022, 11:41 AM
kkingston57 kkingston57 is offline
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Originally Posted by retiredguy123 View Post
I agree. No loyalty. My experience with switching from Allstate to State Farm was that the Allstate agent had no flexibility to offer a lower rate. Even after being a customer for 30 years, he advised me to switch because the State Farm premium was less than half of the Allstate price for the same coverage. If State Farm raises their rate, I will just go back to Allstate.
Computers have no loyalty and Insurance Underwriters(bean counters) have slightly(but not much) more loyalty.
  #25  
Old 06-28-2022, 03:03 PM
Bethwill Bethwill is offline
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Consider yourself lucky if you're only getting a minimal increase. Florida, and everywhere else are getting hit very hard on homeowners renewals due to the increases in catastrophic claims in the last few years.
  #26  
Old 06-28-2022, 03:19 PM
retiredguy123 retiredguy123 is online now
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Quote:
Originally Posted by Bethwill View Post
Consider yourself lucky if you're only getting a minimal increase. Florida, and everywhere else are getting hit very hard on homeowners renewals due to the increases in catastrophic claims in the last few years.
With all of the money insurance companies collect for both home and auto policies, I find it very difficult to believe that they aren't rolling in money.
  #27  
Old 06-28-2022, 04:41 PM
DAVES DAVES is offline
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Quote:
Originally Posted by Michael G. View Post
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!
Far as insurance and cost. You are buying insurance as a fee to have others share your risk.
You can self insure assuming you do not have a mortgage or a car loan. The people holding your mortgage or car loan will demand you have insurance.

Cost of insurance can be reduced by you increasing the deductible. In other words you are self insuring the first whatever number you select.

Companies have a rating, How easy they are to deal with if you have a claim. What you are paying for in insurance is others sharing your risk. If, the company has a reputation for not paying, they can of course be cheaper. They are not all the same.

Staying with a company. People tend to think I am a good customer been with them for 12 plus years. The reality is it is a very competitive industry. The company will likely offer lower rates to attract new customers than to existing customers.
  #28  
Old 06-28-2022, 04:46 PM
DAVES DAVES is offline
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Originally Posted by retiredguy123 View Post
With all of the money insurance companies collect for both home and auto policies, I find it very difficult to believe that they aren't rolling in money.
Like any other business they are there to make money. Far as what they make most insurance companies issue stock. You can if you wish buy stock, accept part of the risk and perhaps get some profit out of your investment. As a publicly traded company, PROFIT, LOSS are all public information.
  #29  
Old 06-28-2022, 05:59 PM
Michael G. Michael G. is offline
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Is it fair to adjust insurance premiums according to your credit rating ?
  #30  
Old 06-28-2022, 07:02 PM
Stu from NYC Stu from NYC is offline
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Quote:
Originally Posted by Michael G. View Post
Is it fair to adjust insurance premiums according to your credit rating ?
Apparently those of us with higher credit ratings have less claims than those with lower.

Since they are in business to make money they charge accordingly.
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