God Bless My Insurance Agent!

Our homeowner’s insurance is up for renewal next month. I hadn’t received any notices or anything yet so I decided to call to see what our renewal rate was going to be. I had to leave a message and an hour or so later an agent called me back. She told me that she had been working on our policy this week and that she was working with the insurance company in trying to get some adjustments made. Apparantly our insurance company (Travelers) has changed its windstorm coverage, by raising the deductible to 2% instead of the customary 1%. For us that’s like a $4,000 deductible, which seems pretty high.

Anyway, our insurance agent told me that she was working on it and would have our premium details soon. Then she told me that she looked at our auto insurance and noticed that we were in a grandfathered plan. She told me that Travelers has a new program and that based on our records and credit rating she could get us more coverage at LESS COST per year. A LOT less! We are currently paying around $2,000 per year and the new rate would be somewhere in the neighborhood of $1,200 per year! A savings of $800 per year ($67 per month). That’s some significant savings!

I would have never known about any of this had it not been for our agent. Needless to say, I’m quite pleased.

Full Disclosure: The insurance agency of which I speak is partly owned by my father-in-law.

9 thoughts on “God Bless My Insurance Agent!”

  1. I was not personally aware the employee was working on this. She took the initiative on her own. She is also a new employee and did not know our relationship, if you think the savings was because of the family relationship. She works in an office 250 miles away from mine.

  2. Almost all the personal lines carriers have rolled out some sort of credit based rating plan in the past few years.

    Let’s say you are in “old” plan and your carrier develops a “new” Plan. One would think they would automatically offer you the new plan.

    Unfortunately, moving a book of business from one rating plan to another can be expensive to manage and a regulatory nightmare (lots of notices with lots of deadlines). For that reason, they often leave people under the old rating plan.

    For anyone with a company more then 5 years, I recommend getting a quote from a carrier like Geico or Progressive. If you like your current carrier and the new quote is better, take the new quote back to them. When you go to them with the new quote, they may be able to move you to the “new” plan if it benefits you.

  3. There are a couple factors here.

    1) I think you may have just gotten ripped off before. My home is insured for $210k and my rate with a $1500 deductible jsut went up slightly to $850 a month.

    2) A lot of companies jsut started adjusting rates by your credit rating. So, if yours went down, your company was probably one of them. My Insurance company was already taking the credit rating into account.

  4. I went to the superquotes page. I filled out all the information that they asked for, then, rather than give me a quote online, they “offered” to mail it to me. I didn’t get to see a quote online. What a crock.
    I made the same mistake with life insurance a while back. I went online for the handy dandy online quote, and they were calling me about 10 minutes after I hit enter. It took ma a long time to get off their “let’s keep contacting him” list.
    All I wanted was a quote, not a long term relationship.
    I will NEVER do business with that type of organization.

  5. That’s quite a savings. I may have to look into Traveler’s insurance. We changed plans last year and had our premium reduced a little but not a lot. It wasn’t that great and the insurance agent last year of course leads to me believe that the savings will be much greater but it wasn’t in the end.


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