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OT? - Insurance

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Ron-MO

04-19-2007 11:22:53




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Has anyone had any experience with their insurance company passing on large increases in the last couple years? Over the last few years I have seen roughly a 50% increase in my premiums on my property with no claim. I am in the process of checking around and finding I can get it for about 1/3 the price I currently pay. My current company tells me they will not cover my barn and shop for collapse nor will they cover any contents. Their competitor says they will cover the contents of my shop and collapse on both and I am still about $500 ahead. The quote on my wifes truck is about $100 every 6 months less. They have my property (110 acres) on a 'farm and ranch' policy which contains coverage for farm employees, etc and they tell me that is a package deal and they cannot remove that coverage with my acreage. I have been a customer for about 20 years, but it looks like I will take a walk on this one. So far every quote is far less than I am paying now.

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DonCam

04-20-2007 13:11:49




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 Re: OT? - Insurance in reply to Ron-MO, 04-19-2007 11:22:53  
Let me say this to DonTX.
Alot of folks live near the coast becuase there are jobs there, not for luxury. In fact most of your natural gas, gasoline, plastics, chemicals, and many other food goods come from factories on or near the coastal towns and along the Missippi River either being produced there or shipped through there. If you didn't have folks living here then you would be paying a whole lot more to build these plants way inland because you would be paying to ship all of the raw materials to and from the plants and ship everything land wise. From your reasoning then just about everybody in California, needs to move or not be insured too, what about Tornado alley, they ought to move or not be insured either? The whole picture needs to be looked at, not just your personal situation. Remember sometimes others live in certain locations so you can have a better life in your location.
Just my opinion on this not trying to dog out anyone.

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Wyo

04-19-2007 11:49:20




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 Re: OT? - Insurance in reply to Ron-MO, 04-19-2007 11:22:53  
Kept getting flyers from GEICO to get a quote for home insurance since I have had them for auto. My home ins company is selling out to someone else so I thought it would be a good time to see what GEICO had. Their quote was 50% more and they don't even carry the policy, they just broker it. Really like them for auto but disappointed in them for wasting my time. Mine went up about 10% this year with the new carrier but there are some things I need to look at and maybe trim some of the things I don't need. You may want to look at a smaller carrier, seems like the big guys are profit hungry and took hits in Fla and Ms and Ca over the last few years.

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Dan

04-19-2007 11:46:42




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 Re: OT? - Insurance in reply to Ron-MO, 04-19-2007 11:22:53  
Here is an area I get into "debates" with my wife on (who is an Insurance Executive). Large companies that have national coverage - like say Allstate, Farmers, etc. get into trouble when things like hurricanes, tornados, floods, etc. hit a specific area HARD - much like Katrina did to New Orleans. So, they have to pay out millions on top of millions on coverages there, and to make up the costs they raise the insurance premiums on the poor farmer in Kansas - who has never seen hurricane damage in his life (nor filed a claim on anything). So, poor Joe Schmo farmer sees his annual premium skyrocket because of a claim paid in New Orleans. Fair? I argue NOT! You should pay insurance claims based on you own personal RISK. Why pay the same car insurance premium as a 16 year old teenager late for a hot date and driving his souped up 500 hp hot rod if you are a 50+ year old country boy in an old farm pickup truck who has nowhere to go and all day to get there??? (No offense intended on the analogy).

So, you go to an insurance company that is only local and of course it is cheaper - they are not paying out hurricane claims. But - you may find the piece of paper they issue you shortly after you pay your premium for the year is no good when you have to file a claim...

Risk, risk, risk. It works both ways.

Dan - who believes insurance companies are no better than legalized extortion!

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gahorN

04-19-2007 15:54:31




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 Re: OT? - Insurance in reply to Dan, 04-19-2007 11:46:42  
Dan...while I'm not arguing in favor of higher premiums... what you are saying makes no sense. Your personal RISK.... is evaluated and thrown in with EVERY OTHER POLICYHOLDER'S RISK... and averaged. In otherwords....an insurance policy is SHARED RISK. (Plus all the profit the greedy bassards can charge us for!) :{



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DON TX

04-19-2007 18:07:37




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 Re: OT? - Insurance in reply to gahorN, 04-19-2007 15:54:31  
I don't agree. If smokers are held responsible for their actions, why should I be held responsable for people that want to live near the coast, more suseptable to hurricanes? I have to pay more for life insurance over 40yrs old...etc. My .02.
DON TX



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Ron-MO

04-19-2007 18:21:53




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 Re: OT? - Insurance in reply to DON TX, 04-19-2007 18:07:37  
I agree with Don..... why should I pay extra premumiums because some lost due to hurricanes. They certainly have no problem hitting the young folks for car insurance, so my insurance should not go up because some choose to live on the coast. I live close to a large creek, but it would be foolish to build a house in the bottom, nor should they insure me if I am that foolish....I live on the hill.

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gahorN

04-20-2007 01:04:28




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 Re: OT? - Insurance in reply to Ron-MO, 04-19-2007 18:21:53  
I'm not disagreeing with the concept that policyholders should be in similar risk categories. (That's supposedly why insurance is regulated state to state, and why the state you live in has different premiums... so that hurricane-prone earthquake-prone, etc. policyholders are rated together as a group.) I was pointing out that policyholders are folks who SHARE and SPREAD their risk out amongst themselves. They DON'T pay a premium based only on their individual risk position.
(This is not to say that some underwriter hasn't attempted to increase overall profits by altering their interior states premiums to return themselves to prosperity to overcome their losses in seacoast states.... But THAT is why your state insurance board should be regulating the insurance companies. And THAT is why insurance companies lobby politicians in YOUR state! And THAT is why some politicians (think "R") seem to have a penchant for appointing insurance execs to state insurance boards....because that's who contributes to their campaigns.

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DonCam

04-20-2007 13:14:01




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 Re: OT? - Insurance in reply to gahorN, 04-20-2007 01:04:28  
gahor, (think "R") lets not get political here!



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GB in MT.

04-19-2007 15:52:28




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 Re: OT? - Insurance in reply to Dan, 04-19-2007 11:46:42  
Dan, Do you know why snakes don't bite Ins. Claims Adjusters.???? It's a professional curtesy !!!!


Gary



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souNdguy

04-19-2007 11:42:22




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 Re: OT? - Insurance in reply to Ron-MO, 04-19-2007 11:22:53  
My homeowners has almost doubled in the last 2 ys.

Soundguy



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