Originally posted by Texastaxi
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home owners ins rate hike?
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Originally posted by kingranch View Postcorrect-
i also always go with higher deductible, as if something happens I will just fix it myself or pay out of pocket and no claim..
if house burns down well then ill have ins step in.
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The tax district appraisal is factored in there also, I'm in W Texas, my insurance came very close to doubling this year also, told the agent I'd insure for less, they said "as policy they wouldn't insure a property for less than appraised value", so I'm on the hunt for another provider, I told the agent as a matter of personal policy, they could get bent and would never get another dime from me!
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Originally posted by bbqfan5909 View PostShop your insurance every year like your power company.
While this may seem like a good idea to you, and you may better yourself by doing it, it does contribute to the cost of operations. And like any business, an insurance company has to make a profit to stay in business.
When more money is paid out than taken in, rates have to adjust. Otherwise, there won't be money there when you need to claim a loss.
I've been in the business for over 40 years and I know better than anyone that insurance is expensive, but so are shingles, building materials, and labor. It all has to figure into the premium to be adequate.
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Originally posted by trailboss View PostThis also contributes to the cost of insurance. On a first year policy, the insurance company makes little or no profit. They have to pay the agent a larger commission than on renewal. They have to pay an underwriter to access the risk. They have to pay an inspector to look at the property. They have to pay a clerk to process and a copy of the policy to the insured, the agent, and mortgagee if there is one.
While this may seem like a good idea to you, and you may better yourself by doing it, it does contribute to the cost of operations. And like any business, an insurance company has to make a profit to stay in business.
When more money is paid out than taken in, rates have to adjust. Otherwise, there won't be money there when you need to claim a loss.
I've been in the business for over 40 years and I know better than anyone that insurance is expensive, but so are shingles, building materials, and labor. It all has to figure into the premium to be adequate.
So what you are saying they should drop my rate the second year if I were to switch? I’ve been with the same company for 8 years. I will be shipping next year since my agent retired and sold her book of business to some da girl who has no idea what she is doing. She can’t even return a phone call.
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