column seems to always be dedicated every year to the problem of
Homeowners Insurance. Well, here we go again! The General Assembly
of North Carolina passed House Bill 1305 which, in a nut shell, made
the insurance companies that do business in NC responsible for 1
Billion (note the B) of losses on the coast to homes insured by the
North Carolina Beach Plan (in the event of a large hurricane). This
of course, is in addition to the losses they would have to handle and
pay for with their own clients.
Therefore, the state has allowed all companies to raise their rates,
in unprecedented levels, in anticipation of this eventuality. Rates
began going up in the third quarter of 2010, so not everyone has
experienced the shock yet.
Some companies are in better position to handle this than others. You
will be happy to know that our two main companies are probably the two
best, Erie and Auto-Owners. Yes, their rates have gone up but not as
much as the competitors. We are insuring new clients every day so I
know we are still the place to be!
It is becoming more important than ever to try to have your Home and
Auto's insurance with the same company. With the price of Homeowners
what it is, having the Multi-Policy discount can be enough to fill
Santa's Sleigh!
I'm also seeing lot of teaser rates out there for Auto Insurance.
Some of the companies make no bones about not wanting your Home
insurance, but they are scrambling to snap up your Auto insurance. You
have probably seen the companies advertising that they give you a
discount to switch your insurance to them. Well, they are giving you
a discount for sure, but this discount soon disappears in subsequent
renewals. I guess they feel insurance policies are like boiling a frog
-- if you slowly turn up the heat the clients won’t notice! On the
other hand we have clients from those same companies come to us and
experience up to 30% savings. Isn't this kind of like dumping your
old friends in favor of your new friends? The companies we represent
treat all their clients on a consistent basis, I think that is the way
it is supposed to be.
Lastly, advertising. You cannot turn on any electronic device
(besides your electric razor) and not be inundated with ads from
insurance companies. Ever wonder who pays for that? Our conservative
companies choose minimal advertisements in order to best serve their
clients. So, if you’re ever feeling the need for a funny amphibian
neighborly voice to tell you we’re taking care of you…
give the office a call. We’ll tell you a joke and assure you that
we’ve got your best interests at heart. All at no charge!
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