- This topic has 13 voices and 13 replies.
-
Posts
-
I’m a new homeowner and feeling overwhelmed trying to choose from the various homeowners insurance providers out there. I’ve heard good and bad things about different companies, but it’s hard to get a clear picture. Based on your experiences, which providers have been reliable when it comes to claims and which ones should I avoid?
I used to live in New Mexico, where we rarely experienced natural disasters. Despite this, my homeowners insurance rate with Progressive jumped from $1300 to $2400 per year without any claims on my part. It seems that regional factors and the insurance company’s overall losses can impact individual rates significantly.
I switched insurance providers after 11 years with QBE, during which I had one wind damage claim. By moving to NJM, my annual premium was slashed by more than 50%, going from $2200 down to $800. This significant saving showed me that loyalty doesn’t always pay off.
After having Travelers for 15 years with no issues and even a good experience with a hurricane claim, they refused to insure my new home simply because I had filed a previous claim, even though it was not my fault. This policy of dropping long-term customers after one claim, regardless of fault, was shocking to me.
My insurance agent strongly recommended ensuring my policy included replacement cost coverage and opting for at least 50% extended replacement cost. With the way inflation and building material costs are going, this extra coverage acts as an important safety net if there’s a total loss.
- You must be logged in to reply to this topic.