Home Owners Insurance
#1
Lost in BE Cyberspace
Thread Starter
Joined: Oct 2003
Posts: 22,105
Home Owners Insurance
We just got our renewal information yesterday from our home owner's insurance company - State Farm. Our insurance is set to increase $140 for the coming year! :curse: And this is not ever filing a claim! Have had a few quotes this morning, but I'm worried that the low quotes that are coming through (particularly Liberty Mutual and Travelers) are with not very good companies. Have also had a quote from Allstate that was sky high!
Anyway, just wondering who you all have and if there is a reputable website to get reviews on insurance companies......
Anyway, just wondering who you all have and if there is a reputable website to get reviews on insurance companies......
#2
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Joined: Mar 2007
Posts: 4,059
Re: Home Owners Insurance
Did they offer an explanation for the increase?
We use Nationwide for everything - house, cars, umbrella liability. We're happy with them.
We use Nationwide for everything - house, cars, umbrella liability. We're happy with them.
#3
Re: Home Owners Insurance
We just got our renewal information yesterday from our home owner's insurance company - State Farm. Our insurance is set to increase $140 for the coming year! :curse: And this is not ever filing a claim! Have had a few quotes this morning, but I'm worried that the low quotes that are coming through (particularly Liberty Mutual and Travelers) are with not very good companies. Have also had a quote from Allstate that was sky high!
Anyway, just wondering who you all have and if there is a reputable website to get reviews on insurance companies......
Anyway, just wondering who you all have and if there is a reputable website to get reviews on insurance companies......
We're w/State Farm and haven't had an increase.. I wonder what that's all about?
#4
Lost in BE Cyberspace
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Joined: Oct 2003
Posts: 22,105
Re: Home Owners Insurance
Well I called them today and basically their reasoning was that we are paying for other people's bad choices. Basically there is only one pot that all claims are paid out of and we're getting dinged because other people have made bad claims..... I truly didn't know what to say to her. We've never made a claim and we are being dinged for other people's claims?
#5
Re: Home Owners Insurance
I use a company called EMC (Employers Mutual Casualty Company) for both my auto and homeowners insurance. I've only done claims on the auto, not home, but I've been with them for like 20 years and they've always been great.
I recently got a quote from MetLife, which was a bit lower and offered a bit better coverage, but I went online and saw MetLife had a lot of bad reports, especially with claims, so I didn't switch.
Rene
I recently got a quote from MetLife, which was a bit lower and offered a bit better coverage, but I went online and saw MetLife had a lot of bad reports, especially with claims, so I didn't switch.
Rene
#6
Re: Home Owners Insurance
FWIW, we are getting ready to leave Allstate because of their sky high premium. Our car insurance just went up by $20/mo for no reason. I have gotten a quote from KY Farm Bureau that not only cuts our deductible in half, it also increases our coverage. From what the agent said, each state has it's own independent Farm Bureau so you may want to check into them.
#7
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Joined: Sep 2005
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Posts: 6,154
Re: Home Owners Insurance
we are currently with Travellers (through Geico) and their yearly renewal have been steadily increasing every year as well...but I can honestly say we've never had to use them for any claims so I really don't know what they would be like when push came to shove..sorry that doesn''t really help does it..
I'm also trying to go back home in a few weeks so the first thing I did was call Travellers to let them know and they tell me they have a "vacant home" insurance....so I'm on the line for like 30 mins while we go through all the relevant information thats needed only for them to turn around and tell me that my premium for the year would be $2,000 (we are currently paying $660)..
so now I have to trawl around all the insurance companies to try and find a better deal, if not then it looks like I'm going to be shelling out some serious dough to leave the house so I can go back home..
I'm also trying to go back home in a few weeks so the first thing I did was call Travellers to let them know and they tell me they have a "vacant home" insurance....so I'm on the line for like 30 mins while we go through all the relevant information thats needed only for them to turn around and tell me that my premium for the year would be $2,000 (we are currently paying $660)..
so now I have to trawl around all the insurance companies to try and find a better deal, if not then it looks like I'm going to be shelling out some serious dough to leave the house so I can go back home..
#8
Lost in BE Cyberspace
Thread Starter
Joined: Oct 2003
Posts: 22,105
Re: Home Owners Insurance
Well after spending most of the day researching and getting quotes I'm beginning to think its a better idea to just stay with State Farm. While I have found companies that are considerably less money, it makes my head spin to wonder if they would be there if we ever needed to make a claim. I just hate paying a higher premium because the pot is getting empty!
#9
Re: Home Owners Insurance
We just got our renewal information yesterday from our home owner's insurance company - State Farm. Our insurance is set to increase $140 for the coming year! :curse: And this is not ever filing a claim! Have had a few quotes this morning, but I'm worried that the low quotes that are coming through (particularly Liberty Mutual and Travelers) are with not very good companies. Have also had a quote from Allstate that was sky high!
Anyway, just wondering who you all have and if there is a reputable website to get reviews on insurance companies......
Anyway, just wondering who you all have and if there is a reputable website to get reviews on insurance companies......
#10
Re: Home Owners Insurance
Well I called them today and basically their reasoning was that we are paying for other people's bad choices. Basically there is only one pot that all claims are paid out of and we're getting dinged because other people have made bad claims..... I truly didn't know what to say to her. We've never made a claim and we are being dinged for other people's claims?
so yes.
if 100 of you are all in the same risk group, and 10 of you have claims, then the rates for the entire risk group go up.
#11
Re: Home Owners Insurance
Farmers.... eversince being here.
Have you ever had a CLUE report on your prop to see if there ever has been any sort of claim?
Have you ever had a CLUE report on your prop to see if there ever has been any sort of claim?
#12
Re: Home Owners Insurance
I disagree with that policy, just as I disagree with an insurance company pulling my credit report to determine my 'risk'. If I have a claim, then, yes, raise my rates. Don't raise my rate because my neighbor had one.
#13
Re: Home Owners Insurance
that's how it is, I doubt whether anyone gives a toss whether or not you agree with it or not.
I'll say it again for clarity.
If you're in the risk group for 3 bedroom vinyl siding ranch homes in zip code 22222.... and the company estimates losses of your risk group of $500,000 for the year.
But actually has losses of $750,000 for the year.
Then the prices for the entire risk group go up.
It's not about individual losses...... it is making sure the group as a whole is sorted.
Sure if you have a claim or not will impact the price........ but Insurance companies sure don't like to make losses.
So if they made a loss covering 3 bedroom ranch style homes in zip code 22222.
then why is it unreasonable to think they'd adjust their prices for the next year?
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Also, it's a renewal to make a contract for the forthcoming year.
It is not a bill.
You are under no obligation to pay the renewal and can change to a different provider.
so I don't understand the problem other than "wah wah wah"
I'll say it again for clarity.
If you're in the risk group for 3 bedroom vinyl siding ranch homes in zip code 22222.... and the company estimates losses of your risk group of $500,000 for the year.
But actually has losses of $750,000 for the year.
Then the prices for the entire risk group go up.
It's not about individual losses...... it is making sure the group as a whole is sorted.
Sure if you have a claim or not will impact the price........ but Insurance companies sure don't like to make losses.
So if they made a loss covering 3 bedroom ranch style homes in zip code 22222.
then why is it unreasonable to think they'd adjust their prices for the next year?
-----------------------------------------------
Also, it's a renewal to make a contract for the forthcoming year.
It is not a bill.
You are under no obligation to pay the renewal and can change to a different provider.
so I don't understand the problem other than "wah wah wah"
Last edited by Manc; Jul 1st 2009 at 2:12 am.