Posted on: 20th Jul, 2011 12:03 am
Hi… let me tell you that I’m utterly disgusted with my insurance carrier. They have suddenly raised my premium by around 140%. Please remember that I haven’t made any claims. Why have they raised my premium suddenly? What can I do?
Hi Guest,
This has become quite common now. There are more and more homeowners who have not only have had their premiums raised but some have lost coverage also. These days, insurance carriers have been getting tough as they have suffered unexpected losses in the last few years.
Apart from that, the carriers have become more discriminating as well. The insurance carriers are using industry-wide data on claims experience and credit scores, which they have found in relation to the claims experience.
As your premium has increased by around 140%, it simply means that the carrier has shifted you to a higher-risk category. I will suggest you to ask your carrier to explain the sudden premium increase. If you're not satisfied with the explanation, you should start shopping for other carriers and see if they have you categorized similarly. If most carriers have labeled you as high risk, then you should try to find the information they are using to make that judgment and find if there is an error in it. Many a times, information in credit report can be updated wrongly. You may correct that and then the insurance carrier may again lower your premium.
Take care
This has become quite common now. There are more and more homeowners who have not only have had their premiums raised but some have lost coverage also. These days, insurance carriers have been getting tough as they have suffered unexpected losses in the last few years.
Apart from that, the carriers have become more discriminating as well. The insurance carriers are using industry-wide data on claims experience and credit scores, which they have found in relation to the claims experience.
As your premium has increased by around 140%, it simply means that the carrier has shifted you to a higher-risk category. I will suggest you to ask your carrier to explain the sudden premium increase. If you're not satisfied with the explanation, you should start shopping for other carriers and see if they have you categorized similarly. If most carriers have labeled you as high risk, then you should try to find the information they are using to make that judgment and find if there is an error in it. Many a times, information in credit report can be updated wrongly. You may correct that and then the insurance carrier may again lower your premium.
Take care
Well said, Sara.
Hey George... Thanks!! :-)