View Full Version : I hate insurance!
My home policy has gone up 29% and auto 19%. No accidents or tickets the past 3 years, no claims paid out on the house ever!
Argh... Sorry Irving and Dave i know you do that for living, i am shopping for insurance again so PM me your info. I currently have travelers.
Firehaus
06-04-2013, 09:03
Travelers bites. I've had great luck with Hartford.
jerrymrc
06-04-2013, 09:22
My home policy has gone up 29% and auto 19%. No accidents or tickets the past 3 years, no claims paid out on the house ever!
Argh... Sorry Irving and Dave i know you do that for living, i am shopping for insurance again so PM me your info. I currently have travelers.
I had that happen. Check everyones credit report. Mine did it because of one of the kids credit reports. [Bang]
KestrelBike
06-04-2013, 09:28
My health insurance just went up 11%. One doctor visit for $140 where I paid $40 copay.
All of us are paying for the hurricanes, tornado's, fires and floods.
Travelers bites. I've had great luck with Hartford.
We've represented Travelers for over 60 years and they've been pretty stellar...
All of us are paying for the hurricanes, tornado's, fires and floods.
This! Joplin, New Orleans, Moore, SoCal, NM, NY/NJ... these all negatively affect the insurance world when you have multiple total losses.
Kwando- you do realize that the last 10 years or so Travelers hasn't taken that many rate increases, and now they have to because like it or not, they are in the business to make money. Too many claims and they go negative, so what do they do? Raise the rates. It's the nature of the beast. Not to mention, people don't know squat about home insurance, so they treat it like health and turn in every little claim, thus raising the rates. Everyone's insurance is going up... this is the new norm.
Yup...it's rough out there in the insurance world. Don't hate insurance, hate all your neighbors that brag about their "new roof, new car, new paint job" that insurance paid for. THEY are the one's to blame. Insurance companies have to keep money in reserves to make sure that if you're included in the next catastrophe (Colorado ranks near the top for those now), there will be enough money to pay for your loss. So even though you didn't have a claim, all those funds (billions of dollars) got depleted. They have to fill it back up to remain solvent. While it's frustrating, there's not much that can be done about it. The biggest help would be a year of no major losses. No massive hail storms, no wild fires, etc. But each year, we have multiples of each and the companies can't get ahead. The companies DO NOT make money on property insurance. It's a line item that is constantly in the red. The only way around it is self-insure. Otherwise, we're all in this together.
With that being said, I'd love to run some quotes for you. I'll PM you my contact info.
:)
Also, as a general FYI for all, don't call your agent and demand they lower the payment. We aren't the cable company that mysteriously holds better rates back and waits for you to call. A good agent will try to get you the best rate possible but sometimes, there's only so much that can be done. Just because another company is offering a lower rate, doesn't mean your agent can magically "price match" it. Try just saying that you know rates are turbulent but you wanted to make sure that you have all the discounts possible and the best rate available through that company.
Yup...it's rough out there in the insurance world. Don't hate insurance, hate all your neighbors that brag about their "new roof, new car, new paint job" that insurance paid for. THEY are the one's to blame. Insurance companies have to keep money in reserves to make sure that if you're included in the next catastrophe (Colorado ranks near the top for those now), there will be enough money to pay for your loss. So even though you didn't have a claim, all those funds (billions of dollars) got depleted. They have to fill it back up to remain solvent. While it's frustrating, there's not much that can be done about it. The biggest help would be a year of no major losses. No massive hail storms, no wild fires, etc. But each year, we have multiples of each and the companies can't get ahead. The companies DO NOT make money on property insurance. It's a line item that is constantly in the red. The only way around it is self-insure. Otherwise, we're all in this together.
With that being said, I'd love to run some quotes for you. I'll PM you my contact info.
:)
Also, as a general FYI for all, don't call your agent and demand they lower the payment. We aren't the cable company that mysteriously holds better rates back and waits for you to call. A good agent will try to get you the best rate possible but sometimes, there's only so much that can be done. Just because another company is offering a lower rate, doesn't mean your agent can magically "price match" it. Try just saying that you know rates are turbulent but you wanted to make sure that you have all the discounts possible and the best rate available through that company.
Thanks Dave! I hate when people call me asking for lower rates... I always say "Have you thought about taking a higher deductible?" Even though, admittedly, Travelers doesn't really give that much of a discount for upping your deductible. But our other company, Chubb, certainly does!
I don't get it though- we had a company jump ship and refuse to write up here because of the "fire danger," even though last spring's hail storm in Lakewood was way more expensive in terms of losses than any of the fires we had- per any one company that is... not in total losses.
AmFam pulled that on me , and I changed it to Progressive for auto.
If AmFam does that to my home, I will change it to Amica or something else.
AmFam pulled that on me , and I changed it to Progressive for auto.
If AmFam does that to my home, I will change it to Amica or something else.
I turned from Amfam to Progressive for auto/rv/boat insurance 8 years ago when AmFam tried to nail me hard on an auto increase due to a single citation reduced to "defective headlight."
To this day, nobody can touch my AmFam homeowner policy. I check every 6 months. Nobody. It rises minimally each year, and I expect that. As the age of both my vehicles and myself increase, my Progressive policy continues to decline. Inverse to the cost of medical insurance. Thankfully, my wife is well beyond child bearing age or ability so that probably saves us some.
However, with regard to homeowners insurance costs, I have only filed one claim in the past 20 years, and that was a small payout for them due to the roof's age and limited fence damage that occurred due to high winds.
BushMasterBoy
06-04-2013, 16:12
USAA was 100 bucks more on the cars and $800 less on the house. I think they only insure military and ex military. Allstate agent was a total ass to me, GMAC was better rate, but not as good as USAA. USAA had a better deductible after GMAC went to raise deductible to $5k on the roof (hail). Get quotes from everybody you can...
I don't have anything to do with this part of insurance. Dave and Ronin pretty much nailed it though.
My dads home insurance just went from $1000 a year to $3100....fire chief changed them from a level 4 to level 10. Swapped over and got it down to I think 2300. Still blows big time
Firehaus
06-04-2013, 20:58
We've represented Travelers for over 60 years and they've been pretty stellar...
Only time in 6 years I had them, I had a roof claim on my building. Even though they checked it 6 months earlier and said it was good to go, roof failed, and them I get a report that it was denied for not having maintenance and hail damage was over 20 years old even though 6 months prior the other adjuster didn't find any damage. Googled travelers and roof claims to find out I'm not alone in the screwing.
Only time in 6 years I had them, I had a roof claim on my building. Even though they checked it 6 months earlier and said it was good to go, roof failed, and them I get a report that it was denied for not having maintenance and hail damage was over 20 years old even though 6 months prior the other adjuster didn't find any damage. Googled travelers and roof claims to find out I'm not alone in the screwing.
I've heard this so many times, but never from one of our customers... By "they" who do you mean? Did you have a roofer come out and look at it? You are aware of two key things here- 1) you can appeal a claim denial, and 2) most insurance companies are pretty reluctant to pay out in a claim if it's not an obvious total loss.
Firehaus
06-05-2013, 22:32
"They" was a traveler's representative. And yes, I disputed it. Only option left was to sue them for denying the roof claim.
hghclsswhitetrsh
06-05-2013, 23:20
Insurance is great!
Until you need to use it...
spqrzilla
06-06-2013, 00:35
I bought a house last year, and got a decent house inspector to look it over. He found two layers of roof - not great but acceptable. He spent four hours in the house.
I've looked over the roof repeatedly as I know that there are flashing issues I've got to address this summer.
Last fall, my insurance company sent some twit out to "inspect" the house. She was there five minutes, and claims 3 layers of roof. 'Cause she's a moron evidently. Insurance company sends me a letter last fall that says tell us when you "repair" that the roof has three layers. I sent them a copy of the house inspection that says two layers.
Last week, they send us a letter that says they are not renewing the insurance on the house at the end of the policy, which is the 25th. Because I've not "repaired" something that does not exist.
So its down to AllState with Dave_L or Liberty Mutual... I like the peace of mind of having an agent that i've known for a while that i can call if problems arise. AllState is $300 more but having someone in an office that i can drive to and complain is worth it.
Has anyone had experience with Liberty Mutual?
Simon, I also have free donuts every Friday morning along with a toy box for the little ones if you bring them. :) Just sayin'...
JM Ver. 2.0
06-19-2013, 13:57
i think i need to switch car insurance... i have all state now. 2011 vw jetta, 25 years old, last ticket was 6 years ago... i pay almost $200 a month.
JM-Call your agent and talk to him. There's all sorts of factors that go into a rate. You could have a higher rate because of your situation when you started. You may have had tickets and a young age so you got stuck in a higher rated line where as now, you're 25 and a clean record. We also have lower rates rolling out in August so it's definitely worth a call. Just say "I'm just curious as to see if there was any way to reduce my rate. Is there another policy within Allstate that might get me a cheaper rate?". Any agent worth their salt will dig into the policy and see what they can do for you.
JM Ver. 2.0
06-19-2013, 14:32
JM-Call your agent and talk to him. There's all sorts of factors that go into a rate. You could have a higher rate because of your situation when you started. You may have had tickets and a young age so you got stuck in a higher rated line where as now, you're 25 and a clean record. We also have lower rates rolling out in August so it's definitely worth a call. Just say "I'm just curious as to see if there was any way to reduce my rate. Is there another policy within Allstate that might get me a cheaper rate?". Any agent worth their salt will dig into the policy and see what they can do for you.
The only thing there is, i just got this policy a year ago when i bought the new car. granted, i was only 24 back then... i donno. i'll call em up.
kawiracer14
06-19-2013, 14:40
My Health Insurance went from $160 a month to $220 a month this year - and I just got a nice letter saying they're adding another $5 or so a month thanks to our buddy Obama...
Been (WAS) with Farmer's since 1981....... my home jumped 33%....
NEVER HAD A CLAIM....... bye bye and........[fyou]
ChadAmberg
06-20-2013, 12:08
So its down to AllState with Dave_L or Liberty Mutual... I like the peace of mind of having an agent that i've known for a while that i can call if problems arise. AllState is $300 more but having someone in an office that i can drive to and complain is worth it.
Has anyone had experience with Liberty Mutual?
My parents got royally bent over by LM. Mom got hit by another driver, and not only was LM screwing them on the settlement, they made my dad lose his business insurance because they flagged my mom as being at fault in the accident.
Bad enough I canceled the policy I had with them at the time and went to Amica.
jerrymrc
07-21-2013, 05:00
Bringing this back up because I just got my renewal. 55% increase. I did have my roof claim 2 years ago but that was it. $1169 to $1814. [Bang] And my part of the health ins is now $450 per month.
Great-Kazoo
07-21-2013, 07:45
The biggest way to "save" on ins, as mentioned HIGHER DEDUCTIBLE. We deal with an ins agent that's been in business in CO for 80 years. they shopped policy's many yeas ago and the one we have a Pack II ??. Unfortunately it will not longe be available after 2014. THAT'S when we will see a noticeable jump in rates.
Won't hurt to give Dave a call ( P-303-688-1966). He's on the forum, pro gun, and very helpful. Gave me insight on how roofs are handled now, was not pressured to switch, was not the cheapest, but did still have me a lot of money. I don't have to pay my entire premium to get the cheaper rate, i was able to add my guns and camera gear to a separate rider policy.
If it helps any my home owners insurance went up 45% this year and I have never had a claim and had the same company (Travelers) for 13 years. When I called and asked why they said no real reason other than they are raising all the rates for everyone.
We saw a 5% increase this year with AAA. They have consistently been 30 to 50 percent cheaper then anyone else.
When we refinanced this year we checked auto owners, Allstate and State Farm, all were between 1100 and 2200 more a year.
Pop quiz! What is the single most expensive type of claim that insurance companies in Colorado have to deal with?
Whistler
07-21-2013, 11:12
If it helps any my home owners insurance went up 45% this year and I have never had a claim and had the same company (Travelers) for 13 years. When I called and asked why they said no real reason other than they are raising all the rates for everyone.
Have to feel sorry for these poor struggling Insurance companies, barely scraping by...
Don't hate insurance, hate all your neighbors that brag about their "new roof, new car, new paint job" that insurance paid for. THEY are the one's to blame. Insurance companies have to keep money in reserves to make sure that if you're included in the next catastrophe (Colorado ranks near the top for those now), there will be enough money to pay for your loss. So even though you didn't have a claim, all those funds (billions of dollars) got depleted. They have to fill it back up to remain solvent. While it's frustrating, there's not much that can be done about it.
Travelers hasn't taken that many rate increases, and now they have to because like it or not, they are in the business to make money. Too many claims and they go negative, so what do they do? Raise the rates.
The Travelers Cos. Chairman and CEO Jay S. Fishman was compensated a total of $29.9 million last year (http://www.sec.gov/Archives/edgar/data/86312/000110465913023016/a13-1804_1pre14a.htm#SummaryCompensationTable_090737), a 37 percent increase over the year before, according to documents filed Thursday with the U.S. Securities and Exchange Commission.
A second question on the pop quiz, can anyone think of an insurance company that only sells home owners? There are several that only sell auto.
Pop quiz! What is the single most expensive type of claim that insurance companies in Colorado have to deal with?
Shoot the hostage..
And now for a musical interlude about insurance.
Take Out Some Insurance by J.J. Cale
A man knocked upon my door
Said, "Don't you know you're gonna die some day?
And I got a plan for you, man, for when you pass away
We'll give to your mother, your kids and your wife
And all you have to give in return is your life...
There's 2 more verses.-
http://www.youtube.com/watch?v=AnC51c0hzL4
Have Fun.
BuffCyclist
07-21-2013, 18:13
My health insurance just went up 20% and my employers contribution went DOWN 20%. My Educational Retirement Board deduction went up 3%, employers share went down 2%. Home Insurance went DOWN 10%, granted that was back in February/March. Vehicles will be up for renewal on Sept 1st, so we'll see how that goes, but it has been steadily going down too.
With that said, when I shopped around for home insurance when we bought our home, several insurance companies gave us ridiculously high rates. When I told them what I got quoted elsewhere, they said, oh, well its because the roof was just replaced. I said I don't own the house and it was the previous owner who had the roof replaced under insurance. Well, they stuck me with the consequences. Then I found Armed Forces Insurance and they gave me a lower rate than even USAA, and about $50k higher coverage across the board. Would have been nice to stick with USAA for the member rebate at the end of the year (which is higher the more products/services you have with them), but the difference between USAA and AFI was just too high.
Then again, I'm fortunate enough to qualify for these military businesses because of the 85yrs of combined service between my Dad and two Granddads.
Pop quiz! What is the single most expensive type of claim that insurance companies in Colorado have to deal with?
Can I answer this? Or does my employment and knowledge make me ineligible?
Hail. One big hail storm that affects 5,000 houses is more expensive than a wildfire that affects 100 houses (assuming all 100 are total losses).
I was gonna say the California Asshat infestation...it's cost us billions; But there's no insurance company that will write a policy for that.
Snowman78
07-22-2013, 12:32
Can I answer this? Or does my employment and knowledge make me ineligible?
Hail. One big hail storm that affects 5,000 houses is more expensive than a wildfire that affects 100 houses (assuming all 100 are total losses).
+1
Average house premium is around 1500/year lets say. That person has a hail claim for 20k. Assuming no other claims, the insurance company has to retain that person for 13 years to break even on that policy now. Home insurance is a horrible, horrible business. I know it's frustrating to see rate hikes but paying $1500 a year to potentially get a 6 figure pay out is pretty fair.
Won't hurt to give Dave a call ( P-303-688-1966). He's on the forum, pro gun, and very helpful. Gave me insight on how roofs are handled now, was not pressured to switch, was not the cheapest, but did still have me a lot of money. I don't have to pay my entire premium to get the cheaper rate, i was able to add my guns and camera gear to a separate rider policy.
Thanks for the plug, Simon. :) I'm glad we were able to handle your insurance needs.
For others, I'm happy to run quotes for anyone looking. It doesn't hurt to check the rates and worst case, you know you have the best rate possible.
Average house premium is around 1500/year lets say. That person has a hail claim for 20k. Assuming no other claims, the insurance company has to retain that person for 13 years to break even on that policy now. Home insurance is a horrible, horrible business. I know it's frustrating to see rate hikes but paying $1500 a year to potentially get a 6 figure pay out is pretty fair.
We tell customers all the time- "You have had a policy with us for 5 years, at about $2,000 per year- you've paid in $10,000 in those 5 years, and now you have a roof claim that pays out at 2x what you've paid in... congrats, you're winning in the insurance game." Yes, the business sucks, especially when most companies are operating at a loss (we have a pretty good loss ratio for Travelers agencies in this territory, but most don't)- but insurance is a necessity, as you know, Dave.
jerrymrc
07-22-2014, 19:07
Back from the dead. I mentioned a year ago that my home ins went up 55%. Well this year they tried to soften the blow by only raising it 15%. The new policy was going to be $2100 I switched to USAA and it is back to $1200. Same on most coverages but a little less on contents but I was OK with that.
After the discounts I am going to switch my cars as well. Overall between the 3 it looks like I will save about $900 per year on them. The third one is the policy on firearms so for right now I am happy. Doing a refi as well. Old loan = $740 New loan payoff date 2 months later is $650
Be careful of your contents coverage. We've been seeing more and more people not having enough to cover their stuff in large losses.
KevDen2005
07-22-2014, 19:41
Back from the dead. I mentioned a year ago that my home ins went up 55%. Well this year they tried to soften the blow by only raising it 15%. The new policy was going to be $2100 I switched to USAA and it is back to $1200. Same on most coverages but a little less on contents but I was OK with that.
After the discounts I am going to switch my cars as well. Overall between the 3 it looks like I will save about $900 per year on them. The third one is the policy on firearms so for right now I am happy. Doing a refi as well. Old loan = $740 New loan payoff date 2 months later is $650
Love USAA. Thanks to my wife's poor driving record I was forced to leave the insurance company I had been with for my entire life. USAA brought me in and saved me a ton.
jerrymrc
07-22-2014, 20:16
Be careful of your contents coverage. We've been seeing more and more people not having enough to cover their stuff in large losses.
I do understand but some of the things that one might try and insure is just not worth the replacement cost. The wife and me are not fashion types, the furniture I added up is $15K at AFW. The vintage audio stuff they are not going to give me anything for so in the end I look at risk VS cost.
Very proactive at mitigation and training. The hardest for me in a total loss would be some books and the Albums. I never left Vinyl but replacing 1700 records at the current $7-10 each is just not something I worry about. If there gone they are gone.
I live in a $125K house. Dwelling is $245K and contents is $115K. My old policy upped the Wind/Hail ded to $2500 last year and my new one is $2K. My old other perils was $1500 and my new one is $2k. Just not the person to call if the wind ripped the screen door off (happened twice)[Flower]
hollohas
07-22-2014, 20:56
My home insurance is skyrocking too but mostly because the home values in the area are going through the roof. The comps in my neighborhood have increased 30% this year...each recent sale has been tens of thousands over list. Not sure who that's good for. People say that's good for sellers but only if you're moving to some other state. If you sell now because the market is good and want to move across town then you just have to buy some other house that's way too dang high....but I digress...
Why does my home insurance cover like $10k on "rugs" but only $2k for precious metals or something that actually has some value? It will cover freaking rugs with the the standard premium but I have to add extended coverage for guns? WTF??
I do understand but some of the things that one might try and insure is just not worth the replacement cost. The wife and me are not fashion types, the furniture I added up is $15K at AFW. The vintage audio stuff they are not going to give me anything for so in the end I look at risk VS cost.
Sounds like you are realistic about things, which is refreshing. Antique audio equipment and vinyls would be tough.
Why does my home insurance cover like $10k on "rugs" but only $2k for precious metals or something that actually has some value? It will cover freaking rugs with the the standard premium but I have to add extended coverage for guns? WTF??
I kind of wondered that myself when I was reading through a policy recently. "Rugs" are expensive, but I have to wonder just how common nice rugs are.
Bailey Guns
07-23-2014, 07:08
Bringing this back up because I just got my renewal. 55% increase. I did have my roof claim 2 years ago but that was it. $1169 to $1814. [Bang] And my part of the health ins is now $450 per month.
I had something similar happen with State Farm about 6 years ago. I was 48 and I'd been with SF since I started driving at 16. I had two homes and several cars insured with them at the time. I had NEVER had a claim of any sort. Nothing.
Got my renewal for the homeowner's insurance and premium went up just shy of 78%. Called the agent who told me that SF's operating costs had gone up 78%, thus the increase. Total BS. And, she never even offered to look at the policy to see if there was anything she could do to save us a little on the premiums. I started calling around and found rates about 30% cheaper than SF was before the increase on homeowner's, about 20% less on auto at Country Financial. Called SF and cancelled everything.
Homeowner's goes up a little every year but it's still reasonable. I still keep a 94 F350 insured with them to get a multi-policy discount. Switched car insurance to GEICO...for some reason they're almost 1/2 of what anyone else wants.
Finding a company to insure a log home is getting harder every year. Allstate wanted me to remove all combustible material in a 300' radius from my home...grass (the natural grasses), bushes, brush, trees, etc. 300 freakin' feet. I'd have to cut down probably 1000 trees to do that and haul in maybe a couple hundred thousand yards of stone for landscaping.
Bailey Guns
07-23-2014, 07:09
Oh...I have a question for Irving or one of you other insurance guys: Is there a separate credit report for auto and homeowners insurance? If so, is there a way to check it for accuracy like a regular credit report?
mtnrider
07-23-2014, 08:40
I don't have much sympathy for insurance company's. Maybe things have change but I know years past they were making a killing and were living like kings. Obviously they did not save for a raining day and are paying the price now. I got caught up in the Florida Hurricane fiasco's with them. Rates going up 200%, refusing to pay out or making so difficult the frustration gets the best of you.
I personally knew a State Farm agent (he owned the office) and he was making a KILLING! Million dollar + home, 3/4 million dollar boat(s). He constantly had "business" conferences in Hawaii (paid by SF) Multiply that by xxxx agents and see how much money they wasted. He lived a lavish life style and wrote off many expensive weekends, dinners, parties, you name it on the insurance company.
hghclsswhitetrsh
07-23-2014, 09:42
I agree with bailey. +1 for country financial. My best friend is an agent for them and industry rumors are saying SF wants completely out of Colorado. That's why they're raising their rates.
Oh...I have a question for Irving or one of you other insurance guys: Is there a separate credit report for auto and homeowners insurance? If so, is there a way to check it for accuracy like a regular credit report?
It's not a credit report like when buying a house/car. It's an insurance score. They don't give us a "report". The system returns a score based on that company's scoring scale I.E. 1-50 (1 being the best). That's all we can see with my company.
I agree with bailey. +1 for country financial. My best friend is an agent for them and industry rumors are saying SF wants completely out of Colorado. That's why they're raising their rates.
Most companies would love to pull property insurance from Colorado. It's a money pit.
Bailey Guns
07-23-2014, 10:16
It's not a credit report like when buying a house/car. It's an insurance score. They don't give us a "report". The system returns a score based on that company's scoring scale I.E. 1-50 (1 being the best). That's all we can see with my company.
Thanks for that info. I have really good credit but someone told me for whatever reason I may have a low "insurance score". The only auto claims I've had was for hail damage on 2 cars about 5 years ago that amounted to about $1500. Maybe that has some impact.
Thanks for that info. I have really good credit but someone told me for whatever reason I may have a low "insurance score". The only auto claims I've had was for hail damage on 2 cars about 5 years ago that amounted to about $1500. Maybe that has some impact.
I have tried to find out exactly what's calculated in it but I haven't had much luck. The best I've gotten is it's a reflection of your risk (Location, fire hazard, claims in that area, incoming/outgoing money, etc). If you have great credit but a a few cards that carry balances (even if you pay them off each month), I think that hurts your score. Insurance sees it that you have money dedicated to pay for those and if a loss comes up, you may not have as much extra money to pay for repairs yourself so you'll be forced to claim it.
I don't know as much about the credit reports, other than they are most likely soft pulls. Raising rates shouldn't be taken personally when it is out of the blue like in Baileys example. Insurance companies will target a market and lower process to do so. Then when they aren't making money on that market and look to target another market; they'll adjust the rates to what they should be. They don't care if people leave that market because it isn't making money anyway.
Auto insurance is where money is made. Anyone can sell auto insurance and make money. I think a good rule of thumb is that any auto only company will have better auto rates than a company that also sells personal home owners.
Mtnrider, your friend was making commission, and getting bonuses at certain sales levels. MOST agencies don't pull in nearly that much money. I'm not sure there is a business in the world that just stockpiles money year after year like people think insurance companies do.
Circuits
07-23-2014, 10:50
My Traveler's home insurance went up enough this year that I dumped them and bundled it with my auto policy at Progressive. $200 less than my Traveler's homeowner policy for the same coverage - so bundling might be good for something.
StagLefty
07-23-2014, 11:13
Insurance hikes are tough when your on a fixed budget,not much wiggle room. House and car both went up this year. [pileoshit]
hghclsswhitetrsh
07-23-2014, 11:14
Most companies would love to pull property insurance from Colorado. It's a money pit.
I almost feel sorry for them.
Thanks for that info. I have really good credit but someone told me for whatever reason I may have a low "insurance score". The only auto claims I've had was for hail damage on 2 cars about 5 years ago that amounted to about $1500. Maybe that has some impact.
Fox recently ran an article about the reports pulled for auto insurance. Here is a link to their article --> http://www.foxbusiness.com/personal-finance/2014/07/10/10-reports-your-car-insurer-pulls-about/?intcmp=obnetwork
It may be different for homeowners insurance, but this should be a good start.
IHTH
I think its insane how Insurance Companies raise rates on a whim and pitch the "Look at all the claims we have paid out" bullshit, but still manage to fill my mailbox DAILY with endless insurance offers. The same insurance companies send me the same offers over and over and over on a daily basis. If they can afford to fill my mailbox (and probably everyone's mail box) with this trash on a daily basis they can afford to scale back their advertising to offset the increased claims.
jerrymrc
07-23-2014, 15:16
Fox recently ran an article about the reports pulled for auto insurance. Here is a link to their article --> http://www.foxbusiness.com/personal-finance/2014/07/10/10-reports-your-car-insurer-pulls-about/?intcmp=obnetwork
It may be different for homeowners insurance, but this should be a good start.
IHTH
From the link.
6. Undisclosed-driver report Maybe your nephew moved in and has been driving your car. Maybe you never mentioned it to your insurance company. Well it's only a matter of time before they catch up to you.
Car insurance companies want to know about all household members who are licensed drivers and potentially driving your car.
Both Verisk and LexisNexis offer insurance companies reports that uncover “hidden” or “undisclosed” drivers living in your residence by cross-checking public records. One report keys in on young drivers between the ages of 15 and 25 who are newly licensed but haven't been disclosed. If a “hidden” driver of any age is found you'll likely be asked to add the person as a driver or exclude the individual if your state and insurer allow this option.
And the children kept wondering why I kept telling them to get their mail changed. I kept sending one sons mail back to sender because I kept getting calls about adding him to the policy. I kept telling my agent he has not lived here in 5 years. I finally told him to get his butt over here after a letter. They still like to use our address and I explain the above to them. They do not get it.
I think its insane how Insurance Companies raise rates on a whim and pitch the "Look at all the claims we have paid out" bullshit, but still manage to fill my mailbox DAILY with endless insurance offers. The same insurance companies send me the same offers over and over and over on a daily basis. If they can afford to fill my mailbox (and probably everyone's mail box) with this trash on a daily basis they can afford to scale back their advertising to offset the increased claims.
A company can probably send a flyer to 50% of Colorado for what it costs to pay a policy on a single home.
From the link.
And the children kept wondering why I kept telling them to get their mail changed. I kept sending one sons mail back to sender because I kept getting calls about adding him to the policy. I kept telling my agent he has not lived here in 5 years. I finally told him to get his butt over here after a letter. They still like to use our address and I explain the above to them. They do not get it.
Companies are becoming more and more strict on this. Let's say you have a 20 year-old living at home with you, you've only had your policy for 2 years, and the 20 year-old was never mentioned to insurance. The 20 year-old is driving your car and wrecks it; it used to be that insurance would cover the loss and slap you on the wrist (send the exclusion letter). Now they are likely to deny the entire claim from inception since you failed to disclose a resident that is of driving age. Sure they refund you all your premiums for the last two years, but you are still stuck with no insurance and a 2 year gap on your insurance record. Not to mention if you hurt someone or yourself.
Now, there is of course more to it than that, but this IS something companies are moving toward. Jerry you've done the right thing to hound your kids. For you it's not a big deal since they don't actually live their, and likely have their own policies, but people should be aware of this (and other) changes that are occurring in the industry.
hghclsswhitetrsh
07-23-2014, 17:39
5,188,000(population) x $0.46 = 2,386,480 x .5 = 1,193,240
They don't pay anywhere near .46 cents a stamp though. They get a discount for commercial and for bulk mailing. I'm not the mailman, but I don't think .10 cents a letter is out of the question.
ANADRILL
07-23-2014, 23:04
Safeco has been good to me!
I wonder if that 78% increase has anything to do with State Farm being involved in a class action lawsuit. Apparently they screwed a lot of people after Katrina.
Might be salt in a wound, but my auto and home insurance keeps going down since I moved to WY.
Bailey Guns
07-24-2014, 08:01
Might be salt in a wound, but my auto and home insurance keeps going down since I moved to WY.
Hell no. That's awesome that someone has some good news.
They don't pay anywhere near .46 cents a stamp though. They get a discount for commercial and for bulk mailing. I'm not the mailman, but I don't think .10 cents a letter is out of the question.
Even if its .10 cents a letter, when they fill my mail box DAILY with these letters they are wasting a crap ton of money doing it.
Postage is only one cost of it as well. The envelope, multiple pieces of paper, then actually assembling it and getting it to the post office all costs money. It wouldn't surprise me if the "Cost" of each letter isn't at least 50 cents each when its all said and done. There is no disputing the magnitude of money wasted with this ineffective advertising all the while they keep sticking it to the ones who actually pay their premiums and make minimal claims.
I've had nothing but good experiences with AllState (Dave_L). Rates haven't gone up, hes actually recommended coverage for me and listed out the pros/cons. No pressure at all for signing up either. Recently went to him for advise about roof damage, he basically held my hand through the situation. AllState cut a check on the spot, roof work was done this week, and inspection is planned for Friday.
In the past i've normally always shopped for insurance, but I think i will stick around. :)
I know what you mean about the mailings. I started getting them a few years ago after I applied for s job at State Farm. For years I thought they just kept my resume on file so they could send me crap, and didn't realize it was everyone. The most common for mailings seems to be State Farm and Geico. I don't think it's really fair to assume that the reason for rate changes is due to the marketing budget. There are probably over 100 insurance companies most people have never even heard of because they don't send mailers or buy television ads, that suffer big loses after paying out catastrophic claims just as the big advertisers do.
I've had nothing but good experiences with AllState (Dave_L). Rates haven't gone up, hes actually recommended coverage for me and listed out the pros/cons. No pressure at all for signing up either. Recently went to him for advise about roof damage, he basically held my hand through the situation. AllState cut a check on the spot, roof work was done this week, and inspection is planned for Friday.
In the past i've normally always shopped for insurance, but I think i will stick around. :)
Thanks Simon! :) I appreciate the review. We try to do the best we can at creating a positive outlook toward the insurance industry since there is so much negative out there.
Double00
07-24-2014, 13:27
Just switched auto form Safeco to Liberty Mutual and added my 17 year old daughter. Premium went down even adding my daughter!!!!
Just switched auto form Safeco to Liberty Mutual and added my 17 year old daughter. Premium went down even adding my daughter!!!!
Makes you wonder how these companies operate. With Safeco being owned by Liberty Mutual, I would not have expected there to be much differential in their premiums for like coverage.
Double00
07-24-2014, 14:56
Same coverage. $90 less a month.
Makes you wonder how these companies operate. With Safeco being owned by Liberty Mutual, I would not have expected there to be much differential in their premiums for like coverage.
A lot of companies own several subsidirery companies and they all have separate pricing because they often operate in different markets. Nationwide owns Victoria, and Victoria is the high risk market while Nationwide is more top tier.
This is the problem in CO right now. Combine this with the frequency of hail storms:
http://kdvr.com/2014/07/31/study-colorado-has-highest-ratio-in-country-of-homes-most-vulnerable-to-wildfires/
State farm just decided to increase my premium by more than 50%, I am now switched to Farmer's for less than before the increase. Same coverage. F**k state farm.
encorehunter
12-03-2015, 17:34
I hate to dig up a dead thread, but I'm having a few problems with insurance right now. I purchased a home in the country last year, and it is rated at a "95" on the wildfire scale. It was insured by the bank for the first year and I got it under American Family in September, where my other houses and vehicles are insured. I received a letter cancelling my insurance Dec. 31st and a check for the remaining amount. my agent has even called all the othernlocal agents and can not find anyone who will insure it.
My only claim was when a car drove through my yard causing aboutm $4k in damage that was reimbursed by the car insurance. The car insurance company would not pay me directly, and my agent said this would be the best oute to get the damages fixed. My crdit is excellent, so I doubt it would have anything to do with that, and no car insurance claims.
Any ideas from the insurance guys? I have done a lot of wildfire mitigation, metal roof, fire rated concrete siding, every thjng I can think of has been done.
I'm getting the impression that some insurance companies just want out of Colorado. With our hail and fire risks, they just want to take their woobie and go home. [gohome]
Yeah, some properties can be hard to insure. I'd be happy to look at it as we don't operate on the "score" system like AmFam. However, do you know how far to the nearest fire station you are? That can be a big thing along with the value of your home. The higher the value, the closer they want you to be. Just a lot of money on the line so the risk margin shrinks.
You may want to call up some independent agencies yourself. A lot of the independent agencies have companies that either aren't on board with all the rules the local companies have gone with, or are ok with taking the risk to get any/all business they can.
Insurance is a terrible gig in Colorado. Seriously. Between hail, snow, fires, etc, there is no "off season". Most insurance companies are losing money because of the amount of claims going out. Look at a roof claim. Average is $8,000 and if your premium is $1,000, that will take 8 years to break even assuming you dont get hit again (which is nearly a annual thing now in CO). Throw in a totaled car claim for 10k because of hail and now multiply that be the entire state and its bad. Thats not even counting regular accidents and home claims.
Feel free to shoot me a PM. Ive been doing this for 13 years now and have seen all the changes. Its a headache so I'm happy to help you wade through it.
It has nothing to do with you, your credit, or your past claim. A lot of companies have decided to become very strict on what they will insure. The frequency of complaints from my customers having received that same letter has risen from zero last year, to a couple times a month this year.
If Dave can't help you, have him send you my way.
I wonder about calling "local" on insurance. These outfits re-sell insurance in much larger markets to reduce their exposure to these things. If they are doing it right, there is no such thing as "local" insurance. Just because of the hail, or fire, or earthquake, etc. etc. But, don't expect them to let you know that. That way they can gig you for your particular "local" issues. I know that in Michigan, it was all about tornadoes. Then in Colorado, it was all about hail. In Cali, it was all about earthquakes. But nobody re-sells in just that area. That would be stupid. Insurance companies aren't stupid. They just want you to think that they are.
Or, I could be wrong, and the insurance companies could have your interests in mind, and not their own. Yeah, that's it!
I think Dave was more referring to local agencies, not the companies themselves. They do sell in other markets to spread risk, but that isn't always enough to prevent losses, as we've seen with big hurricanes and more recently our own wildfires and hail. Policies are written to be different depending on location though. For example, The Hartford will only insure roofs at actual cash value here, and Allstate no longer has a matching clause for roof and siding materials in Colorado.
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