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If you tell this agent that if she can't accomplish a simple change to reflect the new value of the house, with you providing all pertinent paperwork of course, without a meeting, then you'll have no choice but to switch to another carrier, she will suddenly acquiesce to your request. The company may LIKE it if they bring people in, but I doubt they require it. And if she took over this agency (which it sounds like since you mentioned your old agent retiring, or maybe they gave your policies to another agent) you could always say that since you know other agents don't require this face to face meeting, you are going to have your policies switched to another, more established agent, who doesn't have to abide by this requirement. She will NOT want that happen, for a variety of reasons.
Since she's newer, she definitely wants to sell you all sorts of stuff.
If you tell this agent that if she can't accomplish a simple change to reflect the new value of the house, with you providing all pertinent paperwork of course, without a meeting, then you'll have no choice but to switch to another carrier, she will suddenly acquiesce to your request. The company may LIKE it if they bring people in, but I doubt they require it. And if she took over this agency (which it sounds like since you mentioned your old agent retiring, or maybe they gave your policies to another agent) you could always say that since you know other agents don't require this face to face meeting, you are going to have your policies switched to another, more established agent, who doesn't have to abide by this requirement. She will NOT want that happen, for a variety of reasons.
Since she's newer, she definitely wants to sell you all sorts of stuff.
Actually, I told her we're looking at other companies now. She still insisted she was required by her company to do what I described. So that's why I wanted to come here to find out if it really could be true that she was required to do so.
I'm sure if I said I would also contact headquarters to request to be switched to another agent, she would reply that they would have to do exactly the same thing. But I may do that in addition.
I'm already looking at USAA thanks to replies on this thread (and ConsumerReports.org), and my employer has a discount on auto insurance with another company, which also offers homeowner insurance and other policies, so I'll look into that company too.
Actually, I told her we're looking at other companies now. She still insisted she was required by her company to do what I described. So that's why I wanted to come here to find out if it really could be true that she was required to do so.
I'm sure if I said I would also contact headquarters to request to be switched to another agent, she would reply that they would have to do exactly the same thing. But I may do that in addition.
I'm already looking at USAA thanks to replies on this thread (and ConsumerReports.org), and my employer has a discount on auto insurance with another company, so I'll look into that too.
If she's a new agent, or took over the agency, it's quite possible the company told her to meet with all the current policy holders if possible, sort of a getting to know your clients type of thing.
If that, I would think it to be to your advantage to have your agent know you.
If she's a new agent, or took over the agency, it's quite possible the company told her to meet with all the current policy holders if possible, sort of a getting to know your clients type of thing.
If that, I would think it to be to your advantage to have your agent know you.
Thanks, but that isn't the case here. She's been our agent for more than 5 years, and we already wasted time when changing another policy with her years ago; that's why I am trying to avoid doing it again. After spending MANY more hours and $ on the addition etc. (and dealing with problems with every single utility or service provider) than expected (and still battling over a few issues that have to be resolved), we just do not have the time, $, or patience to squander unnecessarily at this point. This was also explained to her (nicely) but the response was always that she understands but the company requires either a meeting or an appraisal, etc.
I simply want to know whether other people's companies REQUIRE this type of time (or a costly and probably useless appraisal also requiring time). If there are good companies that do not, then it's time to switch, if rates are reasonable.
We have worked with the same insurance agent for our homeowners and car insurance for over 25 years. I have never once seen her in person. I believe that my husband met her one time, at his office, when we originally started with her company. The agent calls once a year to see if anything has changed and always quickly responds if we call her with a question.
Our children and I have had our life insurance with a different company for approximately 35 years and I have never even once meet our agent. My husband met him, maybe three or four times, and the last time was about 20 or 25 years ago. The agent calls once a year to see if anything has changed and always quickly responds if we call him with a question.
Perhaps we are just lucky.
PS. It may be true that if you are increasing your homeowners insurance because of an addition the insurance company may need specific proof of the addition.
Last edited by germaine2626; 07-31-2016 at 12:59 PM..
Reason: added PS.
Thanks, Germaine; very helpful. That was also my experience with a prior agent.
Re your suggestion at the end, I already offered the documentation (we paid an architect and licensed general contractor, and it would be very easy to extrapolate from that a replacement value for the whole house). Made no difference to her. So, based on your reply and others in this thread, I am concluding that she is BSing about the policy. Or, at best, the company is requiring her to do something that is not in her customers' best interests, and it's time to shop around.
Fact: The combined value of the home, plus the improvements you have done, have nothing to do with the value of the home as far as the insurance value, or the market value of the home at the present time. You just want to say that the home replacement value before the remodeling plus the remodeling costs, make it worth the combined two figures. NOT SO.
The value of the home for insurance and the market value of the home, may be more or most often less than the total amount you want to insure for or would want to sell for. In addition when a policy holder wants to up the insurance based on the value before the improvements plus improvements, the company will require a home visit by the agent to make sure those things were done. There are people that would make such a claim of the home, and never have done the improvements. then the day after the new policy is in effect, go out for a few hours and come home to a vacant lot and signs of a burned down home. The company does not dare, do it your way, and anytime things have changed as you say your home has, they have to make a personal inspection to determine the value they are insuring.
The agent is doing what they are required to do, and you are not willing to do it their way. The signal you are sending is you want to way over insure your home, and that is what the insurance company wants to avoid.
Fact: A lot of improvements and redecorating costs do not increase the value of the home. Accept that and set up an evening meeting and do it the right way, which is all the insurance company is asking. My wife and I have just ordered the flooring to change our living dining areas from a top quality carpet to red oak wood. It will cost over $6,000 (a big house), and will not raise the value of the home 1 cent. It will also not lower the value by 1 cent. This is a $0 change in value improvement in our opinion.
What some people do to a home, sometimes not only does not raise the value of the home, but sometimes lowers the value a little. Example of lowering value. Combined two bedrooms in a 3 bedroom home into a large master bedroom. Doing away with that one bedroom, made it a harder to sell home as there is less demand for a 2 bedroom home in that neighborhood, and lowered it's value so was worth less money.
I understand this, as I spent from 1972 till I finally retired, as an investment real estate broker.
Fact: The combined value of the home, plus the improvements you have done, have nothing to do with the value of the home as far as the insurance value, or the market value of the home at the present time. You just want to say that the home replacement value before the remodeling plus the remodeling costs, make it worth the combined two figures. NOT SO.
The value of the home for insurance and the market value of the home, may be more or most often less than the total amount you want to insure for or would want to sell for. In addition when a policy holder wants to up the insurance based on the value before the improvements plus improvements, the company will require a home visit by the agent to make sure those things were done. There are people that would make such a claim of the home, and never have done the improvements. then the day after the new policy is in effect, go out for a few hours and come home to a vacant lot and signs of a burned down home. The company does not dare, do it your way, and anytime things have changed as you say your home has, they have to make a personal inspection to determine the value they are insuring.
The agent is doing what they are required to do, and you are not willing to do it their way. The signal you are sending is you want to way over insure your home, and that is what the insurance company wants to avoid.
Fact: A lot of improvements and redecorating costs do not increase the value of the home. Accept that and set up an evening meeting and do it the right way, which is all the insurance company is asking. My wife and I have just ordered the flooring to change our living dining areas from a top quality carpet to red oak wood. It will cost over $6,000 (a big house), and will not raise the value of the home 1 cent. It will also not lower the value by 1 cent. This is a $0 change in value improvement in our opinion.
What some people do to a home, sometimes not only does not raise the value of the home, but sometimes lowers the value a little. Example of lowering value. Combined two bedrooms in a 3 bedroom home into a large master bedroom. Doing away with that one bedroom, made it a harder to sell home as there is less demand for a 2 bedroom home in that neighborhood, and lowered it's value so was worth less money.
I understand this, as I spent from 1972 till I finally retired, as an investment real estate broker.
Thanks, but you are misquoting me and completely mistaken about the situation, if the "you" referred to me. I specifically stated that market value and replacement cost are not the same things, and you do not know how I calculated replacement cost.
This is not a little decorating project, like the examples you used. I do not want to reveal the cost of the improvements here. But you should have surmised from my earlier post where I indicated that we did permitting, hired an architect, and paid a licensed general contractor, that we are not talking about what you have in mind.
Further, your "fact" about redecorating pertains to market value, not to replacement cost. So you are the one who seems to be confusing these points. Having just paid to add square footage and to install certain things, I know exactly what it costs to replace them.
I am not convinced that the agent's company actually requires what she claims. She lied previously about something else, and apologized when I confronted her with it. Information in this thread, and information online at the company's site that I found today, contradicts her claim. You do not know what company it is, so you can't possibly know whether she is telling the truth about the policy. Finally, no customer "has" to do what a company's representative wants unless the company is a monopoly. That's what the market is all about, and that's why I'm going to another company. But thanks for your input.
This is not a little decorating project, like the examples you used. I do not want to reveal the cost of the improvements here. But you should have surmised from my earlier post where I indicated that we did permitting, hired an architect, and paid a licensed general contractor, that we are not talking about what you have in mind.
You did extensive work, so the home now has to be evaluated in it's present condition. From what you are saying, that is exactly why an agent would tell you that they have to go to the home and get sufficient information to make a drastic change in the policy. I have seen that in some cases such as yours, that when the agent gets through they may consider your evaluation of value of the home is low, and you should have a higher value in case of a fire, etc. I have done over a lot of homes over the years in the business, and have seen where the insurance company said the replacement value of the home was higher than the market value numerous times.
Quote:
I am not convinced that the agent's company actually requires what she claims. She lied previously about something else, and apologized when I confronted her with it. Information in this thread, and information online at the company's site that I found today, contradicts her claim. You do not know what company it is, so you can't possibly know whether she is telling the truth about the policy.
I have worked with numerous insurance companies over the business, and if what you say she wants to do would fit in with the experiences I had with numerous companies.
Quote:
Finally, no customer "has" to do what a company's representative wants unless the company is a monopoly. That's what the market is all about, and that's why I'm going to another company.
And going to another company, will still require them to go to the home and document the home, or at least any insurance company I have worked with.
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