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MIKE IN lINO III

Do I need a new ins comp????

27 posts in this topic

I received my lastest bill from my insurance company.....Ouch. My home ins went up 24%. We did not do any renovations or any kind of improvements. We do live in Lino by where the tornado went buy but did not have any damage.

I have three cars and the house insured, both my record and my wifes are clean for at least 3-5 years, over the age of 40 ( not much )No kids.

I am going to call him and tell him that it is time for them to give me a discount, they have done it before.

I might just start looking for a new company, this is retarded. I have been with this same co. and agent for 26 years. Arrgh!

Does anyone LOVE their insurance Co. with out huge deductables? If so who are they?

Thx,

Mike

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Ha! Ours went up 80% this year and we made no claims! I had a little pow-wow with our agent. He checked into it and said there was nothing he could do. Needless to say, I took our home and vehicle insurance elsewhere.

We're with USAA now. I've only had a windshield fixed since the switch, but so far, so good.

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I dont think you can ever be in LOVE with any insurance company. I use Liberty Mutual out of Cottage Grove and I am "happy" so far.

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Hey Mike,

I always do a insurance quote search about every two or three years. I find that I am actually being very well taken care of, for both coverage and premium price. I did have a hail claim 2 years ago, and it went amazingly well, starting from the first call to the adjustor to the payments.

My guy knows I keep searching for good prices and coverage, but he likes that I think. Even if you don't go and get quotes all over, it is VERY GOOD to go in one a year or every other year to check your coverage. I think many people would be surprised to find they are still using coverages from 20 years ago and might not be sufficiently covered for some things.

With that said, I have plenty of things covered, good driving record, only one claim, so he knows he is making money on me smile

FWIW, it is AmFam.

Good luck, but definitely go and talk to your ins. guy, ask questions, tell him you want better coverage for less money and let him work to find ways to do it. That is his job too, not just insuring you. (PS, good credit does come into playt in the last few years, and if you are in a position where you have plenty of "stuff" or assets I would recommend looking into umbrella insurance. I thought about it for years and just last summer took out an unbrella policy... not much $$ for what it could save you, especially since we have a lake place and boats and now sleds... FWIW.)

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Alot of companies in the industry are using credit as a factor into determining premiums......so if you have less than desirable credit then you are probably going to see a increase even with a clean ins. claim history. My company just started using credit for homes a little over a year ago and as of August they started using credit for the Autos. I guess they have done the reasearch and found that the worse your credit the more likely you are to make a claim and they will pay out more in the long run....

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I would shop around and see if you can find better rates. Never hurts. Can't stand insurance, they know you need it so they jack you. They have no problem taking your money but you make a claim and they either don't wanna pay it, raise your premiums or cancel you. It's a legal SCAM!!!

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I just got off the phone with my guy. Not much he says he can do. He is giving us all of the discounts that are available execpt one, I can buy Life Insurance from him.

I can change my policy to save $100 but I would be losing some important coverages. Oh, and lets not forget the always handy, you can increase your deductable.

My rates went up in part because of the hail damage incurred in the hail storm this year. You know " the many pay for the few " B.S.

Everytime I think about insurance and the [PoorWordUsage] that you have to go thru I just get so worked up. I was at the Mill in Hugo on Saturday and some guys were talking about the storm and the insurance companies. One guy said two of his neighbors had different experiences. One guy the adjuster came in and cut him a check for what the guy needed to get things straight, the other guy received a very low estimate and is still fighting the ins company.

There is only two constants in life, Death and Taxes. Oh wait and insurance.

Does no one else think this is a total scam. I know why we NEED insurance but don't agree 100%

I need to take my clothes off and go out side to cool down.

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I have had two windshield claims in the past 25 years. Don't get me started on insurance companies. I have had 4 different ones in the past 10 years. The little green Gecho still hasn't been in the ball park for me.

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I had this problem a few years ago when my premiums went up 100% in 3 years on my home. Insurance with them on everything for several years...I've never had a claim. I was forced to shop, and I saved a lot.

When I inquired with the insurance co. they said I lived far from a volunteer fire dept....didn't know 2 miles would justify that kind of increase. crazy

My premium actually went down for 2009, for being claim free with this company for the past 3 years, and I made improvements, i.e. re-shingled the roof on my house (discount!) among other things.

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Alot of companies in the industry are using credit as a factor into determining premiums......so if you have less than desirable credit then you are probably going to see a increase even with a clean ins. claim history. My company just started using credit for homes a little over a year ago and as of August they started using credit for the Autos. I guess they have done the reasearch and found that the worse your credit the more likely you are to make a claim and they will pay out more in the long run....

Most companies only run credit reports when you set up the policy. It costs them money (although not much) to run your credit so they will usually not do it on each renewal.

All I can say is that as soon as you work for an insurance company you start to see the other side of things. I will agree that some companies can be very hard to work with, mostly those companies suffer from poor renewal rates and sooner or later get hit in the pocket book becuase of it.

The major issue is that the general public doesn't understand how rates are established and how your rates can be affected by things out of your control.

In the end your home insurance probably went up becuase you are in an area that was hit by storms. This caused a territory where the company found themselves to be unprofitable beucase of a huge loss ratio (premium collected vs claims paid). If the company finds its unprofitable in to many areas it can mean big trouble for them and it limits their ability to pay future claims. When they raise your rates 25-50-100% they assume that they will likely lose you as a client. They are generally ok with that. They need to minimize their risk at times and will price a policy accordingly, they assume they will lose you but if they don't they atleast know they will collect enough premium from you to atleast break even.

Its a complicated thing to explain here but I can honestly say that there is no scam. Its easy to see it as a scam becuase you pay out each month and if your luck is good you'll never see a penny of it come back your way.

What I suggest is if your premium goes up significantly its time to shop around. Your company is probably telling you that they aren't interested in your business. Insurance is highly competetive so if Company X ups your rates there is usually a Company Z that feels they can be profitable in your area and they know that Company X is raising rates and Company Z has adjusted their rates accordingly to pick up the people who are starting to shop around.

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I can see doing this based on flood areas or hurricane areas, but tornado and hail areas?

Not doubting what you say but if they are pushing customers away based upon likelihood of future hail or thunderstorm claims, they are all wet. crazy

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I can see doing this based on flood areas or hurricane areas, but tornado and hail areas?

Not doubting what you say but if they are pushing customers away based upon likelihood of future hail or thunderstorm claims, they are all wet. crazy

Seems odd to me to. You would think once and area has a hail storm the odds would go down of it happening in that same area again. So keeping that customer would be a good idea.

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There may be alot of factors contributing to the increase in rates. I work in auto insurance so its a little different then home owners insurance but the same principles still apply. Just some of the risk factors are different.

When calculating rates we look at territories within each state, we look at our profitability in that area and manage rates accordingly. There can be a dozen reasons that an area is not profitable. In auto insurance it could likely be that the area is being hit hard by fraud. When that happens all rates in that area will go up. Its not a matter of making everyone else pay for the fraud, its a matter of the insurance company wanting fewer policies in the area they are seeing a higher risk level then they are comfortable with.

In order to get rid of policies and minimize risk rates will go up, if you are in that area and your rates go up then its a case of you being in the wrong place at the wrong time. But you do have the luxury of shopping for a new carrier that may not be seeing the same risk level as your current carrier (not all carriers have the same exposure).

Trust me, all carriers want to offer you lower rates, lower rates me more policies and more money. However, the name of the game is risk management. If an area is too risky then rates go up becuase they don't want that business. But for each territory that goes up there is also a territory where the risk is found to be lower and thats the area where rates will drop in order to sell more policies. After all the company needs to make up for the business they are likely to lose in the area where rates went up.

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Originally Posted By: Big Tom
I can see doing this based on flood areas or hurricane areas, but tornado and hail areas?

Not doubting what you say but if they are pushing customers away based upon likelihood of future hail or thunderstorm claims, they are all wet. crazy

Seems odd to me to. You would think once and area has a hail storm the odds would go down of it happening in that same area again. So keeping that customer would be a good idea.

If you flip a coin you have a 50% chance of it coming up heads. If it lands heads up the first time your odds are still 50% of it coming up heads on your second flip. The first flip does not affect the probability of what will happen on the second flip.

Its the same way in insurance, the odds of a storm hitting in the summer of 2009 do not go down based on where the storms hit in the summer of 2008.

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I also wonder if companies raise rates in these areas because it is likely the competition is doing the same thing at the same time in the same area.

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I work in the insurance industry, the GIS side. I've seen and produced map datasets that show the probable areas that will see both hail and or tornado activity. As well as flood, brushfire, storm surge, distance to fire stations, etc....

The data is out there, and the insurance companies are using that data to make informed decisions.

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If everyone is raising rates it could go 2 ways with your current carrier.

1. They raise rates to adjust to the risk factors that are hitting everyone else. This is more based on trying to be proactive.

2. If they are comfortable with the risk factors and they don't think they are at risk of whats affecting the competition they will maintain or even lower rates in hopes of picking up the business the other carriers will likely lose when they increase their.

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I work in the insurance industry, the GIS side. I've seen and produced map datasets that show the probable areas that will see both hail and or tornado activity. As well as flood, brushfire, storm surge, distance to fire stations, etc....

The data is out there, and the insurance companies are using that data to make informed decisions.

It really is amazing at the amount of data that goes into calculating rates. Its even more amazing when you look at the research behind determinging which factors to use when calculating risk.

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Mike, if you want email me, I am in same general area.

c-box at comcast dot net

Good luck, it is a bit frustrating, but I did just get a real good rate that is well under what I was expecting.

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Your rates will increase no matter what you do or don't do. get what you can.

BoxMN is right, switch often. Have been through lots of insurance companies. They steadily increase the rates to see who will pay. Most don't see or notice a thing because it is escrowed into their mortgage. This is what they count on. Switch when it comes due, or pay annually or bi-annually.

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BTW, when you call for an adjuster, you are already on their list whether you get a claim or not.

This also may be true just because of your location when storms hit.

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I use an independent agency in Coon Rapids who sells for a variety of underwriters, and have been very pleased with their service. Just last week, Carol called me up and asked if I would be willing to switch auto coverage. She had found me a better rate! And the kicker - "by the way Rob, you forgot to renew your Driver's License." Oops. Stepped out of work early and hit up the License Center on the way home....

Not to say I'm not paying more than I did 5 years ago, but I like the thought of someone who knows what they're doing running the rates for me and keeping me updated.

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Quote:
Not say I'm not paying more than I did 5 years ago, but I like the thought of someone who knows what they're doing running the rates for me and keeping me updated.

Heck I am more for everything that I was 5 years ago, I think they call that inflation wink

I agree with shopping around regularly, we have changed insurance companies 3 times in the the last 8 year and it keeps the rates within reason. We also use an independent who keeps an eye on things and calls us when she can find us a better deal.

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Hey Jackpine...before we know it the government will be keeping the tabs on you and telling you what to do and when to do it. laugh

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The key to independant agents is finding a good one. I am very familiar with independant agents as my company sells its product through independants. Independant Agents are a great resource for most people. Its easier to build a relationship with the agent and in turn build trust. There are some good ones agents out there that will shop you around at each renewal. Its a very easy thing for them to do becuase they have access to software that compares rates through all of the carriers they are authorized to sell. This can keep you on the best rates all the time.

However, there are some independant agents who will simply put you with the company who pays them the highest commission. Like insurance rates the commissions the independants get paid can change as well and if your carrier drops renewal commissions you very likely will be getting a call from your agent looking to see if you want to move to a new carrier, one with possibly a lower rate and almost always a higher commission rate for the agent.

My advice when using independants is to ask to see all of the rate comparisons between all of their carriers. That way you know you are selecting the best option for you. Otherwise the agent may likely be putting you with the carrier that is best for them.

The one thing about independant agents is that they don't have any significant power when you have a claim. So you will still need to deal with your carrier to resolve any disputed claims. Your agent can call on your behalf but they won't have any significant pull with the carrier on most cases.

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