I posted yesterday about how Travelers increased my homeowner’s insurance by 19.5% over last year. Yesterday, I contacted my local insurance agent for a competitive quote.
https://www.wsj.com/articles/travelers-posts-earnings-growth…
**Travelers Shares Surge on New Business and Rate Increases**
**Property-casualty insurer’s net written premiums rises 10%, benefitting from fewer Covid-19 shutdowns and disruptions**
[end quote]
If I can find a better deal, I will drop Travelers like a hot potato. Any product manager in a competitive market with plenty of elasticity better think twice about whether raising prices will lead to higher profits.
Wendy
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If I can find a better deal, I will drop Travelers like a hot potato
Be wary of the low cost provider in insurance. In a previous residence in PA, our neighborhood was hit by a hail storm. The year was filled with the sound of roofs being replaced. Ours was approved after Electric Insurance, (GE,) paid someone to drive up from southern VA just to get up on our roof and double check the damage. It was not a frivolous approval and it was not a frivolous bill of over $25,000. There were at least two exceptions to the neighborhood re-roofing…the house next door to us and the house catty-corner from that house. Houses to every side of these two houses had their roofs replaced. So were these two out of roughly 100 houses protected from the hail in some way? Did they have better roofs than everyone else, a forcefield that repelled the hail? No, they had Allstate as their insurer, and even in the face of the neighborhood wide roof replacements, they denied the claims.
It’s been about 6 years since we had Electric Insurance, but if you are eligible, I sure would recommend checking them out.
IP
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If I can find a better deal, I will drop Travelers like a hot potato. Any product manager in a competitive market with plenty of elasticity better think twice about whether raising prices will lead to higher profits.
Your insurance company is THE one company that you do not want to go bankrupt.
The Captain
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Most insurance companies will raise your rates if you keep renewing with them. Usually after 5 years, you’d better shop around.
Changed insurance again last year. My home insurer left the state and wouldn’t renew.
Then got Progressive Auto and Mercury Home insurance. Both went up significantly. 20% each.
My insurance broker shopped around. Found better policy from one provider with good bundling discount.
Now with Germania for both plus the extra liability coverage.
Hail damage is big deal in TX. Replaced my roof twice in 31 years. Some wind up with more storm damage - you never know where the hail will fall. Then Houston got clobbered with flooding damage - and big claims from hurricane with 2 feet of rain in places.
t.
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No, they had Allstate as their insurer, and even in the face of the neighborhood wide roof replacements, they denied the claims.
I think I have relayed the story before how the Steelcase dealership I worked at was stiffed for several years of furniture storage charges by the Allstate office in Southfield. As I listed to the Allstate guy on the phone deny, deny, deny, that we had ever advised them charges were accruing, when I had the faxes in my hand, and had faxed the fax confirmations with dated cover letters to him, I kept thinking “is this how you treat your policy holders?”. Apparently, it is.
Steve
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Now with Germania for both plus the extra liability coverage.
After Rita it was the general consensus that Germainia was the best homeowners insurance you could buy in Texas.
The best in Florida is USAA but it is not cheap.
Cheers
Qazulight