Important Insurance Information

Discussion in 'Bad Dog Cafe' started by P Thought, Aug 1, 2021.

  1. P Thought

    P Thought Doctor of Teleocity Ad Free Member

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    I got the annual oversized envelope from the insurance company in the mail a couple weeks ago, labeled "Important Policy Documents Enclosed". I tossed it in the bill pile to wait for bill-paying day, which day has arrived.

    I opened it expecting some increase, but DANG! My new premium is nearly double last year's rate. I am battling barf mode. I know if I call and rant I'll get their story about fires and losses and replacement costs and. . . .

    I don't think I have much choice other than to absorb this and hope it doesn't do it again next year. But it's giving me a sudden new understanding of the concept of "fixed income". Bandits.
     
  2. uriah1

    uriah1 Telefied Gold Supporter

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    Car and house and instruments ?
    Do you live in major metro. Mine has not gone up in years. Are you under 30 yrs old.
     
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  3. JL_LI

    JL_LI Poster Extraordinaire

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    You live in Oregon. Does it have anything to do with fires? My son in California has complained of increases.
     
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  4. TCA117

    TCA117 Tele-Meister

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    Not sure if your talking Homeowners or Auto, but consider raising your Deductibles. If you don't file claims, many companies offer accident forgiveness, so your deductible would be excused anyway. Make the minimum payment to keep your insurance in place and shop it. Call a local agent - don't call the lizard or flo. Local agent will offer you options and knows your market.
    Regarding our equipment, take photos and keep them safe. Serial numbers are important. No theft coverage unless you add them similar to jewelry and cameras.
     
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  5. nojazzhere

    nojazzhere Doctor of Teleocity Ad Free Member

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    Drive by a major insurance company's office building sometime.....and pull around to the back, away from the "street view". See the covered parking spots, with the Audis and BMWs and Teslas parked in the shade? Those are the executives' and officials' of the company cars. Now, look at your bill again. It takes a lot of us "clients" to pay for those cars, and the gated communities those cars go home to every night, and the Caribbean "conferences" they attend, and the private schools for their children, etc. etc.........and be grateful your rates only doubled. And they will continue going up, unless and until WE put a stop to it.
     
  6. P Thought

    P Thought Doctor of Teleocity Ad Free Member

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    Home only. No metro. It's almost like they don't want me any more.

    The cover letter says, "We're pleased to present you with your homeowners insurance policy. . . ." These things give me real live nausea.
     
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  7. john_cribbin

    john_cribbin Tele-Afflicted

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    Does the US not have the equivalent of our comparison sites?

    This side of the pond, whether you are looking for house insurance, car insurance, utilities, cable etc you head for a comparison site and fill in your details for the service you are looking for. Et voila, a whole raft of quote are delivered for you to pick from.

    People save big money every year doing this.
     
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  8. Jim_in_PA

    Jim_in_PA Friend of Leo's Silver Supporter

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    Get with a good independent insurance broker to explore your options. Since you're not bundled currently, it's easy to switch, but also look at whether a bundle will save you money. That's a nice chunk of change for us here with our auto, home and umbrella bundled. (I use AAA for my insurance presently)
     
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  9. Boreas

    Boreas Poster Extraordinaire Silver Supporter

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    Before you pay it, sit down with your agent and have them explain the increase. Not likely, but mistakes happen. Have you had many claims?
     
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  10. P Thought

    P Thought Doctor of Teleocity Ad Free Member

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    I'm sure they're jumpy about the several towns that burned down the last summer or two. Frankly, I am too. An east wind on a hot day. . . .
     
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  11. suave eddie

    suave eddie Friend of Leo's

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    Have you done any comparisons with other companies?
     
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  12. esseff

    esseff Tele-Afflicted

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    What! That's scandalous, I'd go elsewhere next year on principle. Insurance companies make a lot of money when times are good, they should accept the occasional fiscal punch on the nose when bad things happen.

    I've no loyalties to motor or household insurance companies. If their policy quotes are notedly higher on the annual renewal reminder letter, I go elsewhere and have always gotten a better price. I've never claimed or had claims against me on an insurance policy and, if anything, I should be offered more or less the same deal as the previous year or a reduction.
     
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  13. GeneB

    GeneB Tele-Meister Silver Supporter

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    Here in Florida home owners insurance is sky rocketing. My 3 year old home had a 25% increase this year. The main reason is a new law to help out those poor insurance companies that had to pay for a new roof after a hurricane. Now there hasn't been a direct hit in Tampa since 1920 but no matter. No more replacement w/o a deductible. And they are now pro-rated so they only pay out a percentage of the replacement cost based on age. And in the two homes I bought and sold down here before my current abode I've never made a claim. But there is no alternative so we pay.
     
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  14. P Thought

    P Thought Doctor of Teleocity Ad Free Member

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    No. But I think I'm ready to ask my doctor about that lobotomy, as your sig suggests.
     
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  15. Torren61

    Torren61 Poster Extraordinaire Gold Supporter

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    Fellow Americans, this is gonna spin out your heads.



     
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  16. Tenderfoot

    Tenderfoot Tele-Afflicted

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    My home policy went up $1,700 at renewal this year! I got in touch with my agent who explained that insurance companies were now using rebuild costs, i.e., how much it would cost to rebuild your home at today's labor and material costs. Also they are tending to add more of previously option coverages as standard policy coverage (for which of course you have to pay).

    My agent of 20+ years got me a policy with another insurer who issued me a policy of the same coverage as my (then) current insurer for only a $250 increase over my old policy cost (a savings of $1,350!!) and included rebuild costs and same optional coverages.

    Most insurance insurers will allow for a 30 day grace period before cancelling a policy for non-payment. Check with your agent and if so for you, you might have some time to get a new insurer and still be covered in the meantime.

    Good Luck, P Thought
     
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  17. P Thought

    P Thought Doctor of Teleocity Ad Free Member

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    My house was paid off when I borrowed against it to buy out my siblings and acquire my mom's house (near mine) when she died. I only buy homeowner's insurance because the bank makes me. We had one claim, in 2012, when a snow-laden myrtle tree dropped part of itself on our roof, after the deductible, of course. The bandits pro-rated that for the age of the roof. They play with loaded dice.

    Bandits.
     
    Last edited: Aug 1, 2021
  18. P Thought

    P Thought Doctor of Teleocity Ad Free Member

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    You forgot the lobbyists. . . .
     
  19. schmee

    schmee Doctor of Teleocity Ad Free Member

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    After decades with the same company and no claims, last year my company increased my premium 41% over the previous year.I received no viable explanation from my insurance rep. He has been mostly useless for years really. He said he thought the fire rating in my area had gone up. One of the Fire Commissioners is in my homeowners group so I asked. They asked others ; NOPE the rating is the same as it's always been. I questioned my insurance rep again. I still got no real answer about what the company was talking about. I kept getting "the insurance company rates based on the fire rating", but when I said "the fire rating is the same as always" then he said: "The company has it's own rating also".
    I went out shopping and got a much better deal with another big name company. I changed my car insurance along with the homeowner's insurance. it will not surprise me if they raise things too much in a couple of years though...:mad:

    It's not easy , but go get some quotes.
     
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  20. Deeve

    Deeve Poster Extraordinaire Silver Supporter

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    Strong Yes on this suggestion.
    A few years ago, my longstanding (30 yrs?) HO policy doubled, gave no meaningful explanation and I shifted to same carrier as my auto policy (USAA if that matters).

    Same deal w/ my professional malpractice carrier, but no love there.
    Even though no claims have been paid in my career, the underwriters vastly over-estimate the risk of my shoe-box practice.
    Tant pis. . . (can't be helped):oops:

    Peace - Deeve
     
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