About people being worse drivers now.....I think I people (myself included) rely entirely on things in the car like sensors, lane assist, collision avoidance and forget that you still need to pay attention at all times.
Pekin Insurance
- Thread starter ruxCYtable
- Start date
Here's a pickle of a situation I am in...
Bought my house in 2017. Roof had new shingles in 2013. We had some bad windstorms this summer, but I didn't see any shingles missing on my roof or anything like that. I did notice several new roofs going on houses on my street over the last few months.
My policy with Company A was up for renewal on August 18th. Like many others, my rates were skyrocketing so I decided to shop for new coverage. Company B offered the same coverage that Company A had for about the same price before the increase at renewal. So I switched.
Company B had me do a virtual home inspection, which I submitted on 9/1/23. I had to take a bunch of pictures and videos around the house and submit them. Last week (10/10/23) I received a cancellation notice from Company B for "unacceptable roof condition". I reached out to them to get more specifics and they said that I had excessive cupping and granular loss on my shingles.
I read up on my Company A policy and it said that I have a year to report losses and file a claim. But since I switched to Company B on 8/18/23, am I still able to file a claim with them even though I don't hold an active policy with them?
Bought my house in 2017. Roof had new shingles in 2013. We had some bad windstorms this summer, but I didn't see any shingles missing on my roof or anything like that. I did notice several new roofs going on houses on my street over the last few months.
My policy with Company A was up for renewal on August 18th. Like many others, my rates were skyrocketing so I decided to shop for new coverage. Company B offered the same coverage that Company A had for about the same price before the increase at renewal. So I switched.
Company B had me do a virtual home inspection, which I submitted on 9/1/23. I had to take a bunch of pictures and videos around the house and submit them. Last week (10/10/23) I received a cancellation notice from Company B for "unacceptable roof condition". I reached out to them to get more specifics and they said that I had excessive cupping and granular loss on my shingles.
I read up on my Company A policy and it said that I have a year to report losses and file a claim. But since I switched to Company B on 8/18/23, am I still able to file a claim with them even though I don't hold an active policy with them?
I am pretty sure you can still file a claim but don't let any grass grow under your feet. Hire an attorney if necessary. Take photos, write emails to yourself to document, and document all of your actions. Create a file on the paperwork and a picture history.
Yes, you can file as long as the date of loss occurred while you still had company A
Assume some of you fellow agents just got the communication from IMT. 9 of the 10 largest storms in their history have occurred since 2020. They are paying out $2.12 for every dollar of premium in 2023. These are crazy times.
Fellow Agent here.......I am afraid its going to get worse beofre it gets better. Just had another of our companies notify us that they are leaving the state, for personal lines of insurance. I think IMT may be worried about their AM Best Insurance rating falling bellow an A-, that could be a death blow.
I have been pretty upfront with clients that this likely wont be the end of insurance premium increases, and also compaies will most likely start to put exclusions on cosmetic surfaces like metal roofs and siding. You may be able to buy them back, but they were previuosly provided on an old policy. I cant hardly keep up with quoting current clients to even look at potential clients....At this point, if you have a good insurance policy, you are better off paying the increase and see what happens 12-18 months from now.....
I have been pretty upfront with clients that this likely wont be the end of insurance premium increases, and also compaies will most likely start to put exclusions on cosmetic surfaces like metal roofs and siding. You may be able to buy them back, but they were previuosly provided on an old policy. I cant hardly keep up with quoting current clients to even look at potential clients....At this point, if you have a good insurance policy, you are better off paying the increase and see what happens 12-18 months from now.....
Last edited:
We have 600+ clients we must remarket due to a certain company pulling out of Iowa. Fortunately we started proactively moving people a couple years ago. We were over 2000 with them at that point.
Cars also have a ton of huge screens on them and stuff that break in accidents and those things have zero salvage value. The cost of each individual accident has gone up.
That is good advice on waiting. I was going to contact my agent about looking outside IMT but sense they paid out over $40k a few years ago after the hailstorm I will keep them for now.
Another fellow agent here... There is definitely something to be said in keeping an old policy in force. The coverage is usually better and the exclusions are far less. The new policies being sold today have all kinds of shortcomings. I will NOT be surprised if in the next 2-3 years, all carriers will go ACV on roofs from day 1.
That's nothing. Be thrilled with that.
Our policy on our new house I believe has a $5,000 deductible for roof damage instead of the normal $1,500. That is going to stop a bunch of new roof replacements if I had to guess. There aren't many people with $5k sitting around.
And the "we'll pay your deductible for you!" BS as far as I'm concerned should be insurance fraud.
New house has roughly double replacement cost of our existing house....premium went down 30%.
Our two auto policies went up 22% just by crossing state lines.
And the "we'll pay your deductible for you!" BS as far as I'm concerned should be insurance fraud.
New house has roughly double replacement cost of our existing house....premium went down 30%.
Our two auto policies went up 22% just by crossing state lines.
I think with the latest company we are at 750 policies to move, roughly.....I'm on the fast track to being a functioning alchoholic...
That was maybe the worst produced video I've ever seen. Inspired absolutely no confidence that he has any clue as to how they're going to get out of this other than going to ACV on roofs older than 6 years.
It's to the point where I'm thrilled when I have a bindable quote at all.
For those insurance agents out there, I'm currently with West Bend on a home/auto bundle and was frustrated with my increase, but now think it's best to stay with them. Any thoughts on West Bend?
It's cheaper to keep both her and her policy.
Maybe not ACV, but I think everyone is definitely going to go to roof schedules.
I had to do a $5K deductible just to get my premium under $3K, but I live in Colorado. If I have to file a claim I'll use my HELOC up to the $5K.
It was terrible. Copying and pasting from a friend: "That was the most nervous company president I have ever heard speak, and he didn't bother to wipe the sweat away or change out of his work out gear for the post so you know it was last minute decision."
Now is not the time to move unless you positively can not afford the premium.
I'm not a West Bend agent but all my interactions with them have been positive sans one that was in, no way, their fault.
West Bend is, in my opinion, the best in the business when it comes to coverage and claims service. They have done what they've had to do as a last resort. People think insurance companies love raising rates. Trust me, they hate it. And, if you don't know or don't like your agent, you can move your policies to me! Just sayin'!