Insurance questions???

aje78 Posted: Mar 15, 2006 06:30 PM

Insurance questions???

HI, I looking around for house insurance--does it mattter what insurance company you use?? Any suggestions?? Can you use an insurance company and then cancel it?? If anyone has an input please get back to me!!!!
TIA!!!!!

csorisi Posted: Mar 15, 2006 11:15 PM

Re: Insurance questions???

I think we are going to go with state farm. But we are also getting an umbrella policy our car insurance, & a rider for my rings.

aje78 Posted: Mar 16, 2006 08:04 AM

Re: Insurance questions???

What is an umbrella policy??did you look at any other company?? Thanks!!!

103005FallBride Posted: Mar 16, 2006 09:23 AM

Re: Insurance questions???

Posted by aje78

HI, I looking around for house insurance--does it mattter what insurance company you use?? Any suggestions?? Can you use an insurance company and then cancel it?? If anyone has an input please get back to me!!!!
TIA!!!!!

I would go with at least an A rated insurance company. Our renters is with Allstate, once we get a house we will probably stay with Allstate. My parents have used Travelers for years.

You can cancel the insurance, but why would you? Plus, if you're going for a mortgage the mortgage company/bank is going to expect you to keep insurance on your house.

Posted by aje78

What is an umbrella policy??did you look at any other company?? Thanks!!!

An umbrella policy give you excess limits over your liability...general liability and automobile liability. I strongly suggest it if you're on LI. I find everyone is out to make a quick buck and are suing like crazy. It's better to spend a couple of hundred dollars a year for a million dollar policy than be paying out your you know what or even losing your house....

csorisi Posted: Mar 16, 2006 11:15 AM

Re: Insurance questions???

Posted by aje78

What is an umbrella policy??did you look at any other company?? Thanks!!!

We looked at other companies in teh area but we think that state farm is giving us the most for our money.

Meaghan729 Posted: Mar 16, 2006 11:33 AM

Re: Insurance questions???

Isn't Allstate not writing any new homeowner's policies on LI???

I also heard that they may not renew existing ones either...

Blu-ize Posted: Mar 16, 2006 11:47 AM

Re: Insurance questions???

Posted by Meaghan729

Isn't Allstate not writing any new homeowner's policies on LI???

I also heard that they may not renew existing ones either...

Have a state farm umbrella policy with riders for the rings.

103005FallBride Posted: Mar 16, 2006 01:01 PM

Re: Insurance questions???

Posted by Meaghan729

Isn't Allstate not writing any new homeowner's policies on LI???

I also heard that they may not renew existing ones either...

Oh...not a clue! I'll have to look into that when the time comes...
Our renter's is still good to go though...(I hope!)
Did you hear anything about the Renters or just Homeowners?

csorisi Posted: Mar 16, 2006 01:14 PM

Re: Insurance questions???

Posted by 103005FallBride

Posted by Meaghan729

Isn't Allstate not writing any new homeowner's policies on LI???

I also heard that they may not renew existing ones either...

Oh...not a clue! I'll have to look into that when the time comes...
Our renter's is still good to go though...(I hope!)
Did you hear anything about the Renters or just Homeowners?

I believe that Allstate is not underwriting any homeowners in NY anymore not sure about renters.

103005FallBride Posted: Mar 16, 2006 02:20 PM

Re: Insurance questions???

Ok...I looked it up. Allstate is announcing that they would not write new homeowner policies in NYC, LI & Westchester due to 'Hurricane Threats'.
I'm reading Senator Schumer's site...boy is he not happy!
“Allstate is the poster child for terrible corporate citizenship. They won’t write new policies for fear of hurricanes when the odds of a severe hurricane hitting in New York City is one on every 500 years,” Schumer said. “They should be ashamed of themselves.”
Today, in an effort to combat this burgeoning crisis Schumer sent a letter to Allstate demanding that they restart writing new homeowner claims and not raise premiums. He also requested that the GAO undertake a review and report on the profitability of the property/casualty insurance industry between the 2002 and 2005 hurricane season. Specifically to review the reasons and rate at which they increase their premiums in markets less impacted by natural disasters.

Now Allstate says that in addition it will increase the number of policies that are cancelled each year at the end of their three year expirations. According to state Insurance Department Policy, Insurance companies are prohibited from not renewing more than 4% of their existing homeowners policies. Estimates indicate that would leave Allstate with the ability to cancel about 18,000 policies.

Hopefully by the time I get around to buying a house they'll be back writing HO policies on LI.

Here's some good articles...

Article from Insurance Journal
Senator Schumer article
Another Schumer article

I agree that it's bogus and they should continue writing HO policies in NYC, LI & Westchester, but what the difference with all the company pulling out of downtown & midtown NY because of Terrorism...forcing us to go to XS markets?....

Mrs. dleeny Posted: Mar 16, 2006 02:22 PM

Re: Insurance questions???

IMO, anyone in NY that has Allstate for car insurance should drop them like a bad habit. I had them for years and switched to Geico about 3 years ago. Geico rocks!

Meaghan729 Posted: Mar 16, 2006 02:25 PM

Re: Insurance questions???

Posted by dleeny

IMO, anyone in NY that has Allstate for car insurance should drop them like a bad habit. I had them for years and switched to Geico about 3 years ago. Geico rocks!

I have allstate for car, and I am definitely going to change. I was p'oed at them bc they don't do personal property insurance, they would only ensure my ering a a rider on my homeowners, which is my grandma, which is a pain in the butt to do!!

so my ering insurance is with statefarm.

Mrs. dleeny Posted: Mar 16, 2006 02:28 PM

Re: Insurance questions???

Posted by Meaghan729

Posted by dleeny

IMO, anyone in NY that has Allstate for car insurance should drop them like a bad habit. I had them for years and switched to Geico about 3 years ago. Geico rocks!

I have allstate for car, and I am definitely going to change. I was p'oed at them bc they don't do personal property insurance, they would only ensure my ering a a rider on my homeowners, which is my grandma, which is a pain in the butt to do!!

so my ering insurance is with statefarm.

Allstate is so over-rated anyway! the ONE time I needed them (after a car accident) they took their sweet time getting me my check - for an accident that I didn't even cause. My rates are so much lower now w/Geico!

Blu-ize Posted: Mar 16, 2006 02:52 PM

Re: Insurance questions???

Allstate

103005FallBride Posted: Mar 16, 2006 02:56 PM

Re: Insurance questions???

Posted by dleeny

IMO, anyone in NY that has Allstate for car insurance should drop them like a bad habit. I had them for years and switched to Geico about 3 years ago. Geico rocks!

Dina...mark your calendar because I think this is the first time in history that I do not agree with you...

I LOVE Allstate.... I'm accident queen and they've ALWAYS done right by me. They're the best in claim handling. Honestly...I wouldn't touch a company like Geico with a 10 ft pole regardless of their rates.
If things do not get better with the Allstate HO policies by the time we're ready to buy a house I would go with State Farm or Travelers.

103005FallBride Posted: Mar 16, 2006 02:59 PM

Re: Insurance questions???

Posted by Meaghan729

I have allstate for car, and I am definitely going to change. I was p'oed at them bc they don't do personal property insurance, they would only ensure my ering a a rider on my homeowners, which is my grandma, which is a pain in the butt to do!!

so my ering insurance is with statefarm.

How is having a rider on your HO policy a pain in the butt to do?... It took us a total of one e-mail and depending upon how fast you type...a minute to do?

Mrs. dleeny Posted: Mar 16, 2006 03:01 PM

Re: Insurance questions???

Posted by 103005FallBride

Posted by dleeny

IMO, anyone in NY that has Allstate for car insurance should drop them like a bad habit. I had them for years and switched to Geico about 3 years ago. Geico rocks!

Dina...mark your calendar because I think this is the first time in history that I do not agree with you...

I LOVE Allstate.... I'm accident queen and they've ALWAYS done right by me. They're the best in claim handling. Honestly...I wouldn't touch a company like Geico with a 10 ft pole regardless of their rates.
If things do not get better with the Allstate HO policies by the time we're ready to buy a house I would go with State Farm or Travelers.

well, I knew we would disagree sooner or later

when I had Allstate, I had to take defensive drving every 3 yrs to lower my costs. Geico's rates are much lower and without me having to take these BOOORING classes.

I haven't needed to put in a claim with them in 3 yrs (and hopefully I never will)!

Blu-ize Posted: Mar 16, 2006 03:06 PM

Re: Insurance questions???

I had a claim with Geico recently and they were great! Just an FYI!

riniko Posted: Mar 16, 2006 03:14 PM

Re: Insurance questions???

Posted by dleeny

IMO, anyone in NY that has Allstate for car insurance should drop them like a bad habit. I had them for years and switched to Geico about 3 years ago. Geico rocks!

I totally agree!!