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NBIC still has no AM Best rating... I don't believe they have re-insurance either... if you have a company that is not willing to have AM Best look at their financials and doesn't believe in re-insurance... I have a feeling you will be disappointed when a big wind event comes. Irene... tropical storm, Sandy... Super storm... neither had hurricane force winds.
What is re-insurance?
I was dropped by State Farm. Looking into companies I live on the south shore between Sunrise and Merrick in Nassau. Allstate gave me great rate with car and house. I have been with Geico for car for 20 years and prefer not to change. My next best rate is with NBIC but I have concern with the company as no AM Best and they are writing al the policies that no one wants. So I am going back to making calls to other companies today. So I ask if a company is admitted and want to find out about the re-insurance from anyone out there.
I have them as my homeowner's insurance. They gave me a hard time at first about my roof and providing evidence of actually living in the house (when they had come by for an inspection, I was having work done on the home and had not moved in ALL my furniture). I got that resolved pretty quickly. I had a mountain bike stolen last week. They settled and cut a check for me within a day of me submitting all the required paperwork.
Personally, my experience with them has been good. I'm up for renewal in a month or so.
I have them as my homeowner's insurance. They gave me a hard time at first about my roof and providing evidence of actually living in the house (when they had come by for an inspection, I was having work done on the home and had not moved in ALL my furniture). I got that resolved pretty quickly. I had a mountain bike stolen last week. They settled and cut a check for me within a day of me submitting all the required paperwork.
Personally, my experience with them has been good. I'm up for renewal in a month or so.
We just signed on w them for homeowners after State Farm dropped us. We are paying $690 for the year, hurricane deductible is $1K. The only negative is the sewer back up limit is $5K i think (the paperwork is the living room, i am too lazy to go look at it right now..lol).
We just signed on w them for homeowners after State Farm dropped us. We are paying $690 for the year, hurricane deductible is $1K. The only negative is the sewer back up limit is $5K i think (the paperwork is the living room, i am too lazy to go look at it right now..lol).
how did you get such a good price? i got a quote from them also but much higher...
Re-insurance is like backup insurance. Think of it as insurance for insurance companies. You insure a whole bunch of houses on Long Island that just got hit by Sandy and then you go to a bunch of re-insurers and "spread the risk".
I have to agree that all of these very low premiums look great from a personal finance perspective, but just because the company is issuing policies doesn't mean it won't be like pulling teeth to get a payment when the proverbial crap hits the fan. The hurricane deductible is very telling - every other well regarded company is charging a percentage of the dwelling coverage and this company is only charging $1000?
Unfortunately it looks like many people have no choice.
I'm in the process of gathering quotes for a home I'm about to close in Seaford and received quotes from State Farm, NBIC and Kennsington. The latter came in the lowest with a quote of just $1106, with a Hurricane deductible of 5%.
NBIC was in the middle ($1300+) and State Farm was the highest ($1753), but if I switched my two autos over from Geico and bundled with SF, there's a discount on both the auto ($2700 vs. $4000 w/ Geico) and home ($1753 down to $1369).
Based on bundling, I think I'm going with State Farm for the overall savings - the $1300 savings on the auto alone more than pays for the $200 difference between Kennsington and SF. I can also pick up $1 million umbrella coverage for an additional $354 for the year.
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