INSURANCE- bizarre policies
Have you ever received a quote for homeowners insurance with endorsements you don't want? You decline the endorsements and your new quote is HIGHER!
WTF
the judge
eapos Sounds wrong, do the endorsements Exclude coverage for sewer backups and Exclude line coverage ?
Just remember, Insurance Companies are in business to make money, not really help you. They try to protect themselves first. My insurance co decided that after 15 years I needed a railing along side the steps going up to my door. One side was the house and four feet away was the side of the stairs. When they informed me I needed to add the railing I questioned them why after 15 years? Their blunt answer was do you want insurance?
Mr4Paws If an agent told me that I would report them to the state insurance board or at least the agency owner ! Same for the endorsement problem did you sky anyone why cost would go up?
Nope; pretty sure it’s illegal to charge more for less insurance.
What they should tell you is if your exclude utility and sewer coverage and the power line falls into a gas filled broken open sewer and it blows up, causes a fire, and burns down your house and your neighbors; it’s not covered.
Should be your risk to take.
Insurance is a bet. You’re betting they will pay; they’re betting they won’t and odds are with the House. Supposedly, with competitive companies, regulators, the prices are fair and competitive. Supposedly.
Unfortunately the underlying numbers that form the cost that leads to price are getting worse and will continue to get worse. Ask the folks at sea level along the coast, tornado alley, or the wildfire west. My homeowners went up 20% this year and NJM is as close to a co-op as you can get. I am hanging in hoping it was just time for a raise, but every time I see a tv ad. my tightwad back stiffens.
Babbit After 30+ years having an Allstate home insurance policy AND and umbrella policy I received a notice they were dropping my umbrella policy (on the renewal date) because I didn't have an auto policy with them.
OnTheEdge Same happened to me OnTheEdge but the excuse was they weren't offering umbrella anymore. Mine got shut down in Feb.
Whip This was the email I received from my Allstate agent, "I’m reaching out to inform you that your Allstate umbrella policy will not renew on 06/07/25 due to the absence of an active auto policy. To assist you, I’ve attached a quote for an umbrella policy through RLI for your review."
Googling the subject I see people have said they have had their umbrella policy canceled even though they have home and auto as Allstate is canceling umbrella policies in NJ.
Example, "I have Allstate for home, auto, and personal umbrella. Allstate has notified me that they are discontinuing Personal Umbrella Policies in NJ. The current policy will provide protection until its end date (Dec 2025)."
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