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SF quoted me $2600 whereas Allstate who brokers another company quoted me $1500. 2700sf colonial.
Sure. He contacted a broker buddy of his to shop your policy, where they plan to split the commission. The Allstate agent does NOT have your best interest in mind.
Just curious if it was Esurance, because Allstate took them over.
If you really want SF, try an agent who has been established for a while. There are a lot of new agents and they fear claims. You shouldn't have an issue in Plainview, you are no where near the water. Is Tim Mee's agency near you? They've been around forever. Also, McCarthy in Garden City East.
Quote:
Originally Posted by rh71
The policy is through the other company, letterhead, documents, and all, but the contact number is Allstate. I've contacted the company directly before [to double-check dwelling coverage] and it seems everything is on the up and up. But Allstate was the one who put me on them in 2010. https://www.occidentalins.com/ --> Occidental Homeowners Insurance The benefit is I have Allstate auto and thus get a dual-policy discount.
Allstate themselves don't do homeowners apparently - just like my last house Geico had to broker Balboa. If you know more, please do tell. I haven't had to file a claim yet.
Look into State Farm folks. Hands down the best insurance I've ever had.
State Farm is one out of over 100 companies that writes homeowners insurance in New York. How does one define "best", when all claims are guaranteed by the state?
The policy is through the other company, letterhead, documents, and all, but the contact number is Allstate. I've contacted the company directly before [to double-check dwelling coverage] and it seems everything is on the up and up. But Allstate was the one who put me on them in 2010. https://www.occidentalins.com/ --> Occidental Homeowners Insurance The benefit is I have Allstate auto and thus get a dual-policy discount.
Allstate themselves don't do homeowners apparently - just like my last house Geico had to broker Balboa. If you know more, please do tell. I haven't had to file a claim yet.
Any broker (myself included) can get access to Occidental. The point is, you didn't get coverage bound through Allstate. You got bound through a broker. When you call Allstate to have your policy serviced, he is calling his broker buddy as soon as you hang up the phone with him to have your policy serviced
By the way, out of all coastal properties I've written HO policies for, never once was Occidental the policy that was selected by the insured. Their prices were never competitive to the other carriers I have access to, which offered identical coverage.
I am sort of baffled when I read about all these insurance rate hikes. We're a half mile from the water and our rates have been flat for the last three years (even with rising home replacement value) and pretty low for more than a decade. We probably haven't had a claim for 10 years. Every few years, I test the waters by getting quotes from other insurers and, while the auto insurance sometimes comes in a bit lower than what we pay now, the homeowners is usually way higher. As a result, none have been able to match the total price of our current package.
I consider myself lucky when I read these horror stories. Maybe it's because we've used the same insurer for more than 25 years.
I am sort of baffled when I read about all these insurance rate hikes. We're a half mile from the water and our rates have been flat for the last three years (even with rising home replacement value) and pretty low for more than a decade. We probably haven't had a claim for 10 years. Every few years, I test the waters by getting quotes from other insurers and, while the auto insurance sometimes comes in a bit lower than what we pay now, the homeowners is usually way higher. As a result, none have been able to match the total price of our current package.
I consider myself lucky when I read these horror stories. Maybe it's because we've used the same insurer for more than 25 years.
Policies are rated on a yearly basis, so being a customer that long has nothing to do with it. Since policy renewals are re-underwritten every year, more than likely, these insured's experienced a change in their underwriting information, which lead to a premium increase.
Starting 3-4 years ago, insurance companies began to look at credit scores as part of rating a risk. The better your credit rating is, the more likely the insured will pay their bills on time. Since credit scores are constantly changing (and unfortunately, many people have been affected poorly due to the state of our economy), this "could" be one of the reasons they are seeing a rate increase.
Policies are rated on a yearly basis, so being a customer that long has nothing to do with it. Since policy renewals are re-underwritten every year, more than likely, these insured's experienced a change in their underwriting information, which lead to a premium increase.
Starting 3-4 years ago, insurance companies began to look at credit scores as part of rating a risk. The better your credit rating is, the more likely the insured will pay their bills on time. Since credit scores are constantly changing (and unfortunately, many people have been affected poorly due to the state of our economy), this "could" be one of the reasons they are seeing a rate increase.
There are many other factors as well.
Aren't most HO policies paid by the mortgage holder? It is part of my escrow account, so my credit rating is not a factor.
Any broker (myself included) can get access to Occidental. The point is, you didn't get coverage bound through Allstate. You got bound through a broker. When you call Allstate to have your policy serviced, he is calling his broker buddy as soon as you hang up the phone with him to have your policy serviced
By the way, out of all coastal properties I've written HO policies for, never once was Occidental the policy that was selected by the insured. Their prices were never competitive to the other carriers I have access to, which offered identical coverage.
Yes I mentioned they were a broker. I like this particular Allstate agency because they are the most competitive when it comes to auto, and I've called around from big companies to small.
As for homeowners, while the best price is still important, bottom line is I want to be sure I am covered should anything happen, and claims go smoothly. So I gather Occidental is still legit. I'm sure some carriers respond quicker than others for claims. Are there ratings you have access to? I also tried Nationwide and they simply said they couldn't come close and to stick with what I have. How much better would I be able to do than $1500/yr for a 2700sf with other carriers?
I'm a big fan of online websites for all companies that I use and State Farms is very user friendly and easy. After the tropical storm that wrecked my car(20k damage) it was fixed and paid for within a week. The adjuster was at my house within a day. To me that's a great company.
Quote:
Originally Posted by Dudley76
State Farm is one out of over 100 companies that writes homeowners insurance in New York. How does one define "best", when all claims are guaranteed by the state?
Aren't most HO policies paid by the mortgage holder? It is part of my escrow account, so my credit rating is not a factor.
Matt
Of course it is. You took out the policy, not the mortgage company. You are the insured. Yes your mortgagor has an insurable interest in the dwelling but the rest of it is yours - your property, your liability etc.
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