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Switching Insurance Companies = Nervous

post #1 of 7
6/8/09 at 9:29am
Thread Starter 
So, I've been with my "good neighbor" for all my insurance for 28 years. But, this year, they announced they were cancelling all of their home owners insurance policies in Florida because it's too expensive for them. That really irked me (we want your money, but if we have to pay some out, we're gone). They have the most expensive insurance around, but they've always treated me well, so I've stayed. Now, their dropping my home because they paid too many claims before I was down here.

I've been shopping all my insurance (drop me, I drop you), and found that the little lizard can save me about $500 a year. Not insignificant. And my home owners insurance can also cost me about $500 a year less with another company (a smaller A rated company).

But, I'm still nervous about moving. State Farm renewed my home for next year, but probably not after that. If I move any one part of my insurance, the rest will go up.

Anyone have any experience with Geico? Or any words of wisdom on homeowners insurance in Florida?
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post #2 of 7
6/8/09 at 11:09am

Re: Switching Insurance Companies = Nervous

We are in the same position as you - we've been with State Farm for years and have been renewed until June 2010. We are going to wait until after hurricane season to switch to another company and will also move our auto policies as well. Hopefully it won't be a bad season!

There is a website: Compare Homeowner's Insurance Rates that compares the companies who are writing homeowners policies in Florida.

We are thinking of going with AARP (Hartford) for car insurance but haven't decided yet.
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post #3 of 7
6/8/09 at 12:57pm

Re: Switching Insurance Companies = Nervous

Call all around! Find out as much info you can about each one you'd consider and then weigh what matters most to you about your policy then go with that provider. Insurance is important don't just settle or jump to something out of nowhere or uninformed.
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post #4 of 7
6/9/09 at 12:33pm

Re: Switching Insurance Companies = Nervous

Depending on when your house was built, look into having a Wind Mitigation Inspection, which will cost $100-$150. My insurer (Coral) went bankrupt recently, and my agent wrote me a new policy with a different company for around $2500. I submitted the inspection and they dropped the rate to ~$900! (The savings are mandated by law, depending on the actual results of the inspection.)
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post #5 of 7
6/10/09 at 7:23am

Re: Switching Insurance Companies = Nervous

If your house was built after the 2001 Florida Building Code went into effect you should have a reduced premium.

We just found this out because State Farm sent us a refund check for nearly $700 because they realized they had been overcharging us by about $175 per year!
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post #6 of 7
6/10/09 at 10:56pm

Re: Switching Insurance Companies = Nervous

Had life, homeowners and auto with Farmers for over 20 years.

Car is now 10 years old and I felt they were charging to much, so dropped collision, went to a low miles, leisure rate and upped my deductible. Every time I dropped something, I'd get a partial refund, then next renewal the price went right back up. After three times I left for Geico, my rates dropped about 50%.

Was so pissed off I was also going to switch my homeowners, but for that I must be getting some sort of long time customer discount. Best I could find was Geico and even they were more than double Farmers.

No actual "experience" with Geico, other than sending them money, but I'm insured. Not sure if they're the actual insurance company or just a broker. When I talked with them about homeowners insurance, they were really surprised at my current rates, but said to call back in a few months. The rate they offered me was from Company X and in a few months they may have a better deal from a different company.
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post #7 of 7
6/11/09 at 9:10am

Re: Switching Insurance Companies = Nervous

GEICO is a real insurance company, at least for auto coverage. They may act as a broker for other types I guess.
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