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  1. #1
    Join Date
    Jan 2013
    Posts
    27

    Default Advice about changing insurance providers

    When our home insurance policy was renewed last time the rates went up a good 5%, but there was a lot going on at the time and I never got round to doing anything about it. I really don't want the same to happen again so want to change it before the next renewal but do I have to wait until renewal to change providers?
    I've no idea how long it'll take, or where to start. I think this kind of thing http://www.homeinsuroffers.com lets you get quotes, anyone in particular I should be looking out for?

  2. #2
    Join Date
    Jul 2010
    Location
    SoCal
    Posts
    5,081

    Default Re: Advice about changing insurance providers

    Insurance companies are the first ones to keep up with inflation, that means, they build in annual increases. Add unexpected disasters, even thousands of miles away - and you get a higher bill when you renew.

    Loyalty or no claims means nothing to them. They just work on margins, and they get their cut. They make sure they never lose. That's why denying claims is their game.

    You do your research before your due date. Good luck.

  3. #3
    Join Date
    Aug 2007
    Posts
    6,480

    Default Re: Advice about changing insurance providers

    You should shop all your insurance (home, vehicle, etc. ) every year or other year, to make sure that you're getting the best rates for your needs.
    I suffer from CDO ... Its like OCD, but in alphabetical order, LIKE IT SHOULD BE!!!

  4. #4
    Join Date
    May 2012
    Posts
    134

    Default Re: Advice about changing insurance providers

    Call your present provider and ask if they recommend anything to lower your rate. add cars? decrease deductibles? etc?

    Then, go to a local broker who represents many companies...

  5. #5
    Join Date
    Jul 2010
    Location
    SoCal
    Posts
    5,081

    Default Re: Advice about changing insurance providers

    Why is it so important to compare policies: case in point demonstrates why:

    Two weeks ago I got a notice of renewal for my homeowner's insurance, and it's about 10% higher than last year's policy. Immediately I called another company, who came back at 15% lower, for the same coverage (apples to apples).

    I called my insurance company's agent and told him about the lower quote. He said he would be back with me. Two weeks have passed and he hasn't. I think that it's really strange and irresponsible to let a good (no claims ever) customer go. If this is how he doesn't return calls about pricing, imagine how he would return calls if I had a disaster.

    At any event, I'm switching.

  6. #6
    Join Date
    Dec 2010
    Location
    Houston Texas
    Posts
    2,360

    Default Re: Advice about changing insurance providers

    I shop every year and let the current policy issuer know it. I have found if you do nothing, rates slowly climb on their own. Many times not-so-slowly.

  7. #7
    Join Date
    May 2008
    Location
    Pacific Northwet
    Posts
    1,356

    Default Re: Advice about changing insurance providers

    You can switch providers at any time. When you cancel your existing policy, you will get a prorated refund for any premium already paid.
    The "Senior Member" designation under my name doesn't mean I know a lot, it just means I talk a lot.I've been a DIYer since I was 12 (thanks, Dad!). I have read several books on various home improvement topics. I do not have any current code books I can refer to. I was an apprentice plumber for two years.

  8. #8
    Join Date
    Jan 2013
    Posts
    27

    Default Re: Advice about changing insurance providers

    Thanks for the advice! Looks like I need to do a lot more research before I sign up to anything...back to the Internet it is!

  9. #9

    Default Re: Advice about changing insurance providers

    There was a lot of good advice. I have been one to be loyal and not change carriers often, but the advice to shop around regularly is correct. I like to watch the ratings of financial security and customer satisfaction, but my house insurance is by a smaller insurance company. Find a good agent that is a free agent to quote multiple companies.

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