Insurance premium rate creep

[dheinz]

Time to shop again. It seems about every 5 years I become fed up with my escalating insurance premiums. My homeowners policy is the culprit this time. Interinsurance Exchange Co thru and bundled with my AAA auto policy rate has risen 30% in the last 5 years.

I have been in my house for 38 years and never had a claim. I don't live in tornado alley, a flood plain, hurricane coast, or wildfire woods. My local police departmartment handles maybe 10 calls a month( no crime area). My county real estate tax assesment is the same as it was when reassessed 5 years ago. The bank appraisal and real estate values in my neighborhood are flat.

I called the company to express my concerns. They replied that they were protecting me from rising inflation. I could go on...

To the Pelican Braintrust I ask, what insurance company are you satisfied with?

[J P Stein]

American National, for ALL my insurance needs. For instance, the cost on my toy car (Classic Car , IIRC is under a hundred bucks a year ....a 2000 Miata with a stated value. Been with em' for over 30 years

[Evans, Marv]

I live in a "fire prone" area. Lots of people around here have to go through the State Exchange to get home owner's/fire insurance - which is actually substandard coverage. I was insured with State Farm for 30 years. When I moved to where I live now, they flat told me they didn't insure in that area. Farmers did, so I went with them. This last year, the were going to hike my premium by 38%, so I wrote them a letter to Fuch off and looked for other coverage - which was scarce. I designed my place to be as fire resistant as possible - no eves, stucco exterior, sprinkler systems inside & out, large defensible area. I ended up with another company for about the same premium I formerly had, but who knows what it will be like if I have to make a claim. The insurance coverage situation is another one of those where large companies can pick & choose what they will do and not. I interpreted the 38% increase as an attempt to squeeze out those the company actually didn't want to insure. Letters to the company and the State insurance department got responses saying the company's increase was well within guidelines. What a crock. Another example of government being in bed with big companies & not serving its citizens.

[G60SuperCharger]

I second American National (anpac.com). Been with them for years, have 11 properties and four cars insured with them. Rate creep is tied pretty close to inflation. I re-shop insurance every couple of years, and they are always the lowest by FAR. Only 1 claim in 10 years, and they were fine to deal with. I also like them because they will do $1 million landlord liability coverage in suit-happy California for about $50/year over the 100k usual coverage. Others max out at 500k.

[on2wheels52]

I'd been with the same home (and car) insurer for 20 years (claim free). And yes, had the yearly rate creep. Got a letter from another company for a free quote. Less than half as much

[motion]

Originally Posted by on2wheels52

I'd been with the same home (and car) insurer for 20 years (claim free). And yes, had the yearly rate creep. Got a letter from another company for a free quote. Less than half as much

That's what you get for being loyal, LOL.

[nota]

rate check every year

the model is low ball the first quote
and raise it every year there after

for every form of insurance

[Holger]

Our rates always rises every year. One call to the insurance company, new calculation at the phone and viola it is sometimes even cheaper then last year.

[J P Stein]

I've had one claim with Anpac.......totaled my first Tacoma....the only wreck of my driving life and it was my fault. ANpac took care of it ( one phone call was the sum of the effort) with no problem & no rate increase. Loyalty works both ways .

There is plenty of negativity floating around on this subject.