Looking to change homeowners carriers in South Florida after the second straight year of getting premiums jacked up. Annoying considering I have no claims.
Anyone in the insurance business?
- Thread starter Spearhead04
- Start date
Expect insurance agents to tell you how premium increases are out of their hands and solely a result of claims experience.
But at the same time, remember that a healthy insured (or an insured that doesn’t make claims) is an insurance company’s greatest asset. Make them treat you as such.
Prefacing this saying I work for a Commercial (not personal) insurance carrier. It's similar how they set the rate.
Very common. Rates aren't really determined by individuals but more by pooling. The group a bunch of people in the area based of similar features (housing, zip code, etc.. Once they group them, a rate is assigned to make a best guest on estimated losses ($). They do this so their goal is to charge the group enough premium to cover costs of ALL accidents they expect to happen. So even though you are clean, if you live in an area that maybe your carrier has been hit by some really bad losses, they will increase the rate to recoup. An insurance agent who does not work for the carrier has very little say if not zero say setting the rate.
Few options. You can go back to your carrier or insurance agent and advise them I've been loss free for a few years and see if they'll quote the policy per expiring premium. If not, shop around. I'd really recommend shopping all of your insurance every 2-3 years.
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