I think one needs to competitively shop every few years. They take advantage of inertia and charge you as much as they can, without you leaving.
I'm a retired property-casualty actuary and I still prefer to work with an agent who knows what he/she is doing.
And then in NC, State Farm started making us sign a form which basically said, "We can do what we want outside of the commissioner's directives."All homeowners' insurance rates (as well as other rates) must be approved by the Insurance Commissioner in each state and backed up by statistics.
And then in NC, State Farm started making us sign a form which basically said, "We can do what we want outside of the commissioner's directives."
If you didn't sign, you were not renewed.
So when I dropped my SF policy, my "friendly, local, responsive agent" was useless in regard to explaining it except to say "everyone is doing it." Right.
I'm now with a company that does not require signing the waiver.
Thank you! That was the form. Yes, they are practicing it in NC.Wow. I'd heard of "consent to rate" but had never seen it in practice. What a sneaky way to get out of the market.
An update:
Called my agent, she said the replacement cost went up. She said there is a discount for retirees, so now my premium is up 20% instead of 32%. I started my retirement in 2014, missed out on the discount for three years.
I asked her about auto, she said there is a discount for professional (based on education), that is a $50 discount per month.
I really should start shopping around for a better deal, being with them for almost 30 years created this inertia and laziness. I don't think my agent is really trying to get me the lowest premium possible.
An update:
Called my agent, she said the replacement cost went up. She said there is a discount for retirees, so now my premium is up 20% instead of 32%. I started my retirement in 2014, missed out on the discount for three years.
I asked her about auto, she said there is a discount for professional (based on education), that is a $50 discount per month.
I really should start shopping around for a better deal, being with them for almost 30 years created this inertia and laziness. I don't think my agent is really trying to get me the lowest premium possible.
Also, live in Calif. AAA, Home, autos, umbrella.
Small house 1500 sq. ft. Skipped earthquake ins.