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Home owner's insurance rant

Old 06-19-2019, 04:42 AM
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Default Home owner's insurance rant

Just got my renewal notice for my home owner's policy and was dismayed to see a 38% increase in premium in 1 year. I've never in 30 years of home ownership put in a claim so am lost as to why the dramatic increase this year. I've asked my agent to shop it around but she is not optimistic she will find anything better..... Not water front, not in a flood zone but am in high wind area about a block from the water - but that has not changed since last year. Any ideas what would cause such a jump?
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Old 06-19-2019, 04:50 AM
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Insurance co suck. Last year my homeowners went from 880. To 1800. No claims total BS
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Old 06-19-2019, 04:57 AM
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Look for another agency “actively advertising” for new business.
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Old 06-19-2019, 05:00 AM
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telling your agent to shop around may not work.
do it yourself

your agent maybe a part of the problem
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Old 06-19-2019, 05:03 AM
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Being a block from the water in MA outs you at the mercy of a very small handful of underwriters. Geico is my broker for homeowners and they used Narragansett Bay. I thought the premium was a little high when I first bought the house last year so called several local agents and the best they could do was 30-40% more shopping different underwriters.

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Old 06-19-2019, 05:11 AM
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On the water with a claim from Sandy. Shopped around and saved $600.
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Old 06-19-2019, 05:16 AM
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tell the agent that while they shop around for better rates, you are also actively shopping for an agent that could provide better rates! if your agent has 1/2 a brain they will suddenly find better rates! if not, find a new agent with better rates!

i have said many times before, insurance only cares about you as long as you are writing that check every month!
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Old 06-19-2019, 05:25 AM
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Originally Posted by mymojo View Post
Just got my renewal notice for my home owner's policy and was dismayed to see a 38% increase in premium in 1 year. I've never in 30 years of home ownership put in a claim so am lost as to why the dramatic increase this year. I've asked my agent to shop it around but she is not optimistic she will find anything better..... Not water front, not in a flood zone but am in high wind area about a block from the water - but that has not changed since last year. Any ideas what would cause such a jump?
shop around, annually
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Old 06-19-2019, 05:45 AM
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Originally Posted by mymojo View Post
Just got my renewal notice for my home owner's policy and was dismayed to see a 38% increase in premium in 1 year. I've never in 30 years of home ownership put in a claim so am lost as to why the dramatic increase this year. I've asked my agent to shop it around but she is not optimistic she will find anything better..... Not water front, not in a flood zone but am in high wind area about a block from the water - but that has not changed since last year. Any ideas what would cause such a jump?
I have always been told rates reflect claims in your area not just from you. I made a claim last year and my premium went down a hundred bucks
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Old 06-19-2019, 05:49 AM
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Originally Posted by 1976K204x4 View Post
I have always been told rates reflect claims in your area not just from you. I made a claim last year and my premium went down a hundred bucks
yup one of many inputs
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Old 06-19-2019, 06:03 AM
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Originally Posted by 1976K204x4 View Post
I have always been told rates reflect claims in your area not just from you. I made a claim last year and my premium went down a hundred bucks
Interesting, did not know that. We've not had any unusual incidents around me like hurricanes, floods etc.. but who knows. The rate went from $3,600 to just over $5k which just seems nuts to me. I'll take the advice given here and do some shopping on my own as well.
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Old 06-19-2019, 06:25 AM
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Originally Posted by mymojo View Post
Interesting, did not know that. We've not had any unusual incidents around me like hurricanes, floods etc.. but who knows. The rate went from $3,600 to just over $5k which just seems nuts to me. I'll take the advice given here and do some shopping on my own as well.
could be thefts/crime

could be many other things
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Old 06-19-2019, 06:50 AM
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Insurance market is starting to harden. We've been in a soft market for a number of years.

Definitely look around but in doing so be wary of carriers that are new to the market, their rating, etc.
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Old 06-19-2019, 07:10 AM
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NJ Insurance agent here...

Has there been a significant change in your credit risk? Loss of a job, loss of a spouse, medical issues? Yes, these can play a part in your rating as well. If something like this has happened, the insurance company may have something in their rating guidelines that helps alleviate a "life event" like this.
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Old 06-19-2019, 07:16 AM
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This is prevalent down here. New codes have rendered "older" properties unsafe. We have a really stupid "wind mitigation form". Basically a desk jockeys idea of a structural survey. Often, it's cheaper to raze a property and rebuild it than remodel it. FEMA has established regulations about the ratio of the costs of renovation vs. assessed values. My 20 y.o. ICF house is "substandard" according to the gubment.
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Old 06-19-2019, 07:21 AM
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Maybe check out insurance companies underwriting profit or losses on line. May give insight on a rate increase. MOST home insurance companies do not make money on the premium. Its on maybe investment gains. Or other product lines they are profiting on help out.
It's not about what you (one person) has had or has not had in the way of claims. Everyone is in this together. Not condoning, just giving insight.
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Old 06-19-2019, 07:28 AM
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Insurers regularly review the total number of insured properties in coastal areas to ensure that if a bad hurricane blows thru, they can absorb a loss if most of their properties get hit.

If the number is too high for comfort, they put thru a large premium increase on all of their properties on the theory that some will not renew at that price and go elsewhere.
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Old 06-19-2019, 07:30 AM
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Originally Posted by Strike1 View Post
NJ Insurance agent here...

Has there been a significant change in your credit risk? Loss of a job, loss of a spouse, medical issues? Yes, these can play a part in your rating as well. If something like this has happened, the insurance company may have something in their rating guidelines that helps alleviate a "life event" like this.
No job loss, loss of spouse. Was sent to hospital via ambulance last July but that was related to my Meniere's disease which is not life-threatening unless I fall off the boat.... My agent just got a quote from an outfit called Swyfft. She says the issue seems to be my coastal location which is limiting her options to re-insure with a new company. She says Swyfft is new to MA with a limited claim record. I'll do some research iinto them - their number is what the rate was for me last year.

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Old 06-19-2019, 07:59 AM
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Originally Posted by Strike1 View Post
NJ Insurance agent here...

Has there been a significant change in your credit risk? Loss of a job, loss of a spouse, medical issues? Yes, these can play a part in your rating as well. If something like this has happened, the insurance company may have something in their rating guidelines that helps alleviate a "life event" like this.
Sorry but how does a homeowners insurance company get data on a loss of a job, loss of a spouse, medical issues? I could see disclosing on an application when getting a new policy if there are questions they can legally ask but I think what you are saying is far-fetched. And by alleviate what do you mean? You call them back, share your life event, and they reduce premium? Thanks.

Last edited by mystery; 06-19-2019 at 08:21 AM.
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Old 06-19-2019, 08:16 AM
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Originally Posted by mystery View Post
Sorry but how does a boat insurance company get data on a loss of a job, loss of a spouse, medical issues? I could see disclosing on an application when getting a new policy if there are questions they can legally ask but I think what you are saying is far-fetched. And by alleviate what do you mean? You call them back, share your life event, and they reduce premium? Thanks.
Insurance companies use Insurance Scoring which is based off credit. What he was saying if he had a life event that cause him to have credit issues the ins co. can make exceptions in these cases. Usually they will change the insureds insurance score back to what it was. In Virginia the Ins Co. is required by State Law to pull the insureds Insurance Score every three years. If I see a customers Ins Score has changed when checked again we discuss this with them to see what we can do.
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