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It says that when my homeowners policy renews in the near future, my premium will be greater than the rates of the NC rate bureau.
Therefore I need to sign this form stating I am aware of this.
If I don't sign the form, they will cancel my policy.
It says my proposed premium rate will be $700, the NCRB rate is $598.
Does anyone know what this means? Does it mean I can get insurance for $598? Does it mean I should get insurance for $598? Because I'm pretty broke right now.
If I understand this correctly, I'm agreeing to pay more than I need to for my insurance.
I especially don't like the threat of canceling my policy.
There's another thread here with a lot of information. Most companies are doing this now. Liberty Mutual sent me this letter earlier this year (They wanted to raise me to over $1,000) so I switched to Amica and now I'm paying less than I was before but getting the same coverage. Amica and Erie are two that aren't sending consent to rate forms.'
I probably would've stayed with them had I not read the post here about it prior to getting the letter. Once I got it in the mail I knew what I could do to send a message.
Thank you! I searched State Farm which obviously didn't work. I"m online at USAA right now and they gave me a quote of $521....so I probably should switch anyway.
We got the letter from State Farm a few weeks ago. We did sign it. Then we talked to our agent and he told us to call him when we get the bill and they would review our account. So we got the bill, which went up about $130 from the previous year. We called our agent, he reviewed our account and our new bill is now $188 LESS than last year (and $318 less than they wanted to charge us this year). So you may want to call you agent and see what they can do for you.
We got the letter from State Farm a few weeks ago. We did sign it. Then we talked to our agent and he told us to call him when we get the bill and they would review our account. So we got the bill, which went up about $130 from the previous year. We called our agent, he reviewed our account and our new bill is now $188 LESS than last year (and $318 less than they wanted to charge us this year). So you may want to call you agent and see what they can do for you.
The only call my State Farm agent is getting is the one when I cancel next week because of that letter lol I'm taking my life insurance, and auto policies with me as well.
We got the letter from State Farm a few weeks ago. We did sign it. Then we talked to our agent and he told us to call him when we get the bill and they would review our account. So we got the bill, which went up about $130 from the previous year. We called our agent, he reviewed our account and our new bill is now $188 LESS than last year (and $318 less than they wanted to charge us this year). So you may want to call you agent and see what they can do for you.
Are you sure the agent didn't decrease your coverage somewhere? Or increase your deductibles? It just sounds like too much of a difference
Quote:
Originally Posted by SVTLightning
The only call my State Farm agent is getting is the one when I cancel next week because of that letter lol I'm taking my life insurance, and auto policies with me as well.
Sorry, but your life insurance policies will be staying with State Farm unless you want to cancel them, reapply and start all over with a premium based on your current age. Auto and homeowner's can be canceled with prorated refunds issued, and moved to another company, with no cancelation penalties. Life insurance is a different ball of wax.
My State Farm agent in N. Raleigh had no interest in offering alternatives to the rate hike. They want you to sign that letter because from that point forward they have your written consent to jack up your rates above the rates authorized by the rate board and they no longer have to notify you. Ever. It's shady business practice if you ask me. I thank State Farm for the kick in the butt to shop around because I'm now with Erie Insurance...increased some of my coverage and am still paying less than State Farm. I urge you to read that letter very closely. Assuming it's the same letter I received from State Farm it's completely one sided.
The rate you pay is only one part of the equation. Higher rates sometimes (often?) mean better customer service/faster claim settlement/ the insurance provides more complete coverage and replacements, etc. I would rather chose my company based on their performance. The problem is, where do we get that information? Are reviews honestly presented?
Sometimes people treat insurance as if it is the cost of preventing a disaster rather than as the cost of getting you back to normal if there is a disaster that you cannot control. If you are having difficulty paying your other bills, then I suppose you must go for the cheapest available. But if you are just being miserly, it might be worth spending a few more dollars to avoid a lot of aggravation.
I did look at the lowest rates but I also am in agreement with luv4horses that if something happens to me, I wanted an insurance company that will help me out rather than just being the cheapest rate. I settled on Amica personally.
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