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Liberty Mutual is cancelling my homeowners insurance after 25 years because I live less than one mile from the water. They are afraid of high winds. Live in Glen Cove never had a problem before do not live on the water I am high up any solutions or different insurance companies.
A have a daughter in Huntington - the mailing address is Huntington but bordering Greenlawn - who just got a notice of non-renewal from Allstate.
Water??? Give me a break!!
A have a daughter in Huntington - the mailing address is Huntington but bordering Greenlawn - who just got a notice of non-renewal from Allstate.
Water??? Give me a break!!
That's what I told them....I a, so high up, that almost all of LI would be under water if we received a storm surge/flood.
Are they non-renewing in the windy city?
My mother said it has gotten rather bad with HO ins in FL.
What about everyone in the midwest where they are susceptible to tornadoes?
Enough already. This is their business. The premiums all insured parties have been paying in over the decades are supposed to be there to cover such things. Maybe I am being too simplistic, but if they've been receiving the premiums, isn't a portion supposed to be allocated into some sort of into some sort of instrument to earn money?
They get hit hard a few times -- does that give them carte blanche to back out?
Are they non-renewing in the windy city?
My mother said it has gotten rather bad with HO ins in FL.
What about everyone in the midwest where they are susceptible to tornadoes?
Enough already. This is their business. The premiums all insured parties have been paying in over the decades are supposed to be there to cover such things. Maybe I am being too simplistic, but if they've been receiving the premiums, isn't a portion supposed to be allocated into some sort of into some sort of instrument to earn money?
They get hit hard a few times -- does that give them carte blanche to back out?
They are private companies driven by profit and nothing else. Look at what's going on with the rise in healthcare premiums . It's about making money and they've calculated that the risk of insuring houses on LI isn't worth it. It doesn't make 100% sense to me from a purely practical standpoint..all those premiums and how much wind damage paid out on the last 50 years? Those numbers don't add up to m.
They are private companies driven by profit and nothing else. Look at what's going on with the rise in healthcare premiums . It's about making money and they've calculated that the risk of insuring houses on LI isn't worth it. It doesn't make 100% sense to me from a purely practical standpoint..all those premiums and how much wind damage paid out on the last 50 years? Those numbers don't add up to m.
Actually, they are public companies, at least AllState is. Two things, not only do they want to turn a profit, they also want to make up what they lost in the stock/bond markets over the last two years. In order to do that, they raise rates for remaining customers in the "open block" of business they maintain and they non-renew in areas deemed to have a higher than normal probability of being hit with a catastrophic event. An event they keep quoting is the hurricane of 1938 which did tremendous damage to the island and it wasn't even populated back then, mostly farms and open land. They are also doing the same thing in Brooklyn - you live near the water, either your rates get jacked or you get dropped.
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