Forum Member Looking for an Agent

[CFP83]

I currently have State Farm on 10 single family homes that I personally own, which are rentals. The only reason that I am with them is that it seems like that here in Canton Ohio SF prices out the most competively......however there customer service is a joke, billing is wrong more than its correct, and almost every single one of my clients locally that has SF seems to tell me a horror story about them fighting at claim time. On top of all that my agent has never called to "review my coverages" in 3 years....probably because he knows I'm an advisor and there's no room for an upsale on life insurance!

Also, the premiums (and how SF comes up with them) are all over that place in relation the the taxable value of these homes. All the homes were built in the 40's, made of the same material, and sit in the same zipcode. All properties have been fully updated/rehabed upon me purchasing them. So how can two houses with indentical taxable values and current market values be 50% different in premium?

So, I'm here looking for options. I want to have all my properties with one company. Feel free to PM me or reply right here in the thread with your feedback and I can PM you. I would like to have at least some insight/feedback from you in regards to what companies you would be looking at prior to going into a phone-call.

Thanks and I look forward to hearing from some of you as well as getting the hell away from SF.

 

[CHUMPS FROM OXFORD]

Although I can't help you, I hope to visit the HOF some day.

 

[BlockO]

[QUOTE=". So how can two houses with indentical taxable values and current market values be 50% different in premium?
[/QUOTE]

Rentals are no where in my wheelhouse, so I asked another local agent who handles them. here was his answer: Very few carriers rate by mkt value. Most all rate by square footage instead.

I will be happy to get you in touch with him if you like. I mentioned your situation. He thought of foremost (because they are one of the few that will set up rating according to mkt value) and tuscarora waine (sp). He has both companies. No idea how either's rates would compare with snake farm, but let me know and I'll pass along his contact info.

 

[Justin Bilyj]

We can shop that for you as well.

 

[jmr30183]

I would highly recommend contacting two or three Independent Insurance Agrencies in your general area for a quote! Unfortunately, a lot of the larger, national compaies either won't insure rental properties OR they will require that you place all of your business (including your Auto, Homeowners and Umbrella, if applicable) before they will insure rentals.

A lot of people commonly refer to the type of coverage that you're seeking as "Landlord's Insurance" but the actual name for it 'Dwelling Fire' or just 'Dwelling'. That's because you're only insuring the structure (the house) and not everything in it (contents) or the other types of coverage that are included with Homeowners policies.

Independent agencies usaually have access to at least two or more companies that will write these policies, especially since you have 10 of them. While you're talking to them, if you're willing to consider moving your personal policies, they may be able to offer you some additional discounts! It's well worth the time to make a few calls to agencies and they're pros at finding solutions for each differnt situation.

If you don't have some liability coverage on these properties and/or an Umbrellla policy, you definitely need to consider adding one or both. Also, if you want to shop your Auto and HO separately, you should contact a local agent who represents Auto-Owners Insurance based in Lansing, MI. They are consistently rated in the Top 3 Auto and HO rankings year after year and have been #1 in Claims Satisfaction for Auto Claims for six years in a row in the JD Power survey. They're awesome and their rates are tough to beat if you have a clean 3yr MVR and no at-fault accidents in the past 3yrs.

Hope this helps....you're smart to leave Snake Farm, er State Harm...you know who I mean....I could write a book about the thigns I know about their claims practices and how they treat 3rd party claimants (the people their customers hit)!

 

[CaptiveGuy]

I'm not licensed in Ohio, but I would recommend Erie, Auto-Owners or Travelers for your rentals. You can go to the carrier websites and find an agent near you or an agent who represents all of them.

 

[Guest]

I would highly recommend contacting two or three Independent Insurance Agrencies in your general area for a quote!

It is funny how everyone always points to independent agents and rules out captives.

I'm captive and I honestly cannot remember the last time an independent agent actually beat my rates. I get beat by other captives all the time.

Matter of fact... Most business I write (over 70%) is replacing business of local independent agents.

Don't count out captive companies. In some markets they're far more competitive.

 

[jmr30183]

It is funny how everyone always points to independent agents and rules out captives.

I'm captive and I honestly cannot remember the last time an independent agent actually beat my rates. I get beat by other captives all the time.

Matter of fact... Most business I write (over 70%) is replacing business of local independent agents.

Don't count out captive companies. In some markets they're far more competitive.

Most captive companies avoid Dwelling/Landlord policies like The Plague! In many states, it's only non-standard and/or specialty companies that write them all. That was why I suggested contacting independent agencies in this particular situation. What I failed to say was that the OP should also check with multiple captive companies as well and see what's available!

In general, I always advise people to consider as many options as possible including independent agencies and, if they're serious about finding the best deal, also getting quotes from every single captive that operates in their state!

The frustrating part for me is how quicklly people will switch insurers to save $100/year on their Homeowners policy without any contemplation!? They are depending on the policy to protect their greatest financial asset and the roof over the heads of their family....they never listen when I try to explain the "value" and "financial stability" of insurers and why it matters!

The truth is- you never really know your insurance company until you have a claim!!! The only two companies that I advise people to avoid as a whole (at least here in Georgia) are Allstate and State Farm. I have two huge binders with over 600 total pages documening every instance in the last 10 years where the GA Insurance Commissioner has censured and/or fined each of them for every transgression you can possiblly imagine and many that you wouldn't belileve! My parents were with SF for 43 years without a single claim and my mom was injured quite seriously in 2010 by an SF customer whiel driving MY car, which was insured with Amica at the time. It took two full years and hiring the most aggressive attorney in the state as well as a little info that i had to force them to settle! My mom was only asking for reimbursemetn of out-of-pocket expenses, less than $2500 in loss of wages while she recovered from cervical spine surgery and having her house cleaned twice and dog walked each morning whille she recovered. It was less than $30k in all and they never went higher than $16k before she hired the attorney!

Instead, they had to pay the full policy limit for BI of $100k! And they were planning to take it all the way to a court room, but thanks to some detective work I did at the scene of the accident, I had info to force them to settle,,,,

Two witnesses signed sworn statements and were planning to appear in court to testify that she was texting or using her phone in some way instead of looking at the road when she rear-ended my mom at 45mph. I arrived about 20 minutes after it happened and happened to overhear the the two witnesses talking about it and I asked them all the details. When the 20year old twit who hit her went inside the nearby McDonalds to use the restroom, I snuck around her car to the passenger door, reached in and grabbed her cell phone and there was a TEXT sent exactly one minute before the time of the accident and she was on a phone call at the time of impact....I tossed the phone back where i found it and made notes of what I had found...

Mom's attorney subponead her phone records covering the two hour period one-hour before to one-hour after the wreck! They showed what I had found almost two years earlier on her phone....when SF was informed that they would be entered into evidence, they caved and sent a courier the same day with a $100k check! =)

Back to the indie vs captive debate....

Every independent agency is different and a lot of them, especially newer ones represent a long list of Non-Standard companies and/or the 'agency' version of captive/national insurers- Nationwide has Titan, Liberty Mutual has Safeco, etc.

Many older, long-established agencies with a good reputation have companies such as Auto-Owners, Cincinatti, Erie, Fireman's Fund and a few others that have unbeatable rates, especially for those in their target demographic!

I have NEVER met a married 50+ couple with good credit, no claims or tickets in the past three years and no coverage lapses in the last 10 years, that could find a better price on HO, Auto or Umbrella coverage than I could get them with Auto-Owners! I could even kick USAA and Amica's rates for customers that fell into the ideal, low-risk group.

My dad is 64, a Mechanical Engineer, drives a 2004 Accord 48 miles round-trip daily into downtown Atlanta for work and has a $2800 Hit-and-run (filed on Collision, so considered 'at-fault') from 32 months ago. Mom is 58, a school bus driver, ddives a 2012 Mazda CX-9 Grand Touring SUV and doesns't have a commute and has never had a claim or ticket. They have 500/500/100 Liability Limits and the same for UM/UIM. $100 Comp ded w/ Full Glass, $500 Collision ded, $30/daily Rental Car Coverage, Roadise Assist, $100 per towing and Diminshed Value coverage for mom's CX-9. They just got their renewal this month for $1142/year from Auto-Owners....I ran it thru every online quote and emailed agencies cocvering all the decent indie companies and no one else was under $1500!

 

[Guest]

I have NEVER met a married 50+ couple with good credit, no claims or tickets in the past three years and no coverage lapses in the last 10 years, that could find a better price on HO, Auto or Umbrella coverage than I could get them with Auto-Owners! I could even kick USAA and Amica's rates for customers that fell into the ideal, low-risk group.

This is going to vary drastically depending on your region.

The thing that makes Oklahoma unique is the extremely high losses on our HO policies due to wind/hail/tornadoes, etc..

The captive companies have more clients so they are better positioned to absorb the losses than many of the indy companies. Travelers, as an example, is one of the biggest indy companies in Oklahoma and also had one of the highest rate increases I've ever seen on HO policies.

Every company I'm aware of has increased their property rates every year since 2008 due to losses, it is only a factor of how much each company is raising rates. The companies like Safeco, Hartford, and Travelers have had the largest rate increases and with each passing year they become less and less competitive.

The captive companies have been increasing our rates too, but our increases tend to be smaller. The risks that are less-than-favorable (i.e. rental homes and mobile homes) are easier to place with a captive company because they have the reserves and the appetite for the riskier lines of business, whereas the indy companies are trying to mitigate their losses.

All-in-all, I know our market is unique and unlike many other regions of the country. So many people just immediately write off captive companies and tell others to go visit an independent agent, when many times that is not going to be in the best interest of the client.

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I'm captive and I honestly cannot remember the last time an independent agent actually beat my rates. I get beat by other captives all the time.

Ha! How's this for irony? I made that statement and here I am 2 hours later and I just got beat by an indy on auto insurance. He's about $400 a year less than me.

Guess that'll teach me to open my big mouth again.

 

[jmr30183]

Ha! How's this for irony? I made that statement and here I am 2 hours later and I just got beat by an indy on auto insurance. He's about $400 a year less than me.

Guess that'll teach me to open my big mouth again.

If it's any consolation, my parents' auto rates make me want to vomit a little, too! I've move on from being and Agent/Producer to working as a Premium Auditor on WC and GL policies for mid-to-large-size companies in GA, AL, TN and occasionally NC. I'm a gun for hire now, I'm an independent contractor for an Audit Firm and we literally do audits for every company that does Commercial Business in the Southeast. But the VP of Underwriting for Personal Lines at the Auto-Owners Regional office told me as long as I keep my auto policy in force, it will always have the additional 25% Agent Discount...which is a SWEET DEAL! But I pay about $825/year to insure my 2006 Mazda3 s Hatchback with limits and deductibles identical to those I noted on my parents' policy!

Get this...I still haven't made any sense of it yet- when my mom bought her new 2012 Mazda CX-9 GT in Nov 2012 (with a $39k sticker price), she traded in her 2007 Ford Explorer Eddie Bauer (both are V6 and 2WD). Removing the '07 Explorer and adding the 2012 CX-9 with the same exact coverage actually resulted in a $12 DECREASE for the year! I had them add the 'Physical Damage Plus" endorsement (which pays Diminished Value after an at-fault accident based on an independent appraisal) which I felt was well worth $19 per year, so the net increase was only $7/year! Despite the fact the Mazda is worth 5x what the Ford was valued at and Mazda body parts are more expensive than Acura, Infiniti or Lexus! But we ain't complainin'....

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This is going to vary drastically depending on your region.

The thing that makes Oklahoma unique is the extremely high losses on our HO policies due to wind/hail/tornadoes, etc..

BTW, we got hit with the largest increase in Auto-Owners history on Homeowners this year- my grandma, parents, my sister and I all have our homes inusred with them. Mine jumped from $842 last year (policy ending 7/31/2013) to $1041 when I renewed a few weeks ago! They did add some useful coverage increases to help soften the blow, but A-O is stll on the lower-end of the increases, as they always have been. If State Farm tried to get at 24% rate hike thru the Insurance Commissioner's office in 2010 and they ended up getting 14.5%. The same year, A-O only increased by 7%. But people are gonna complain, no matter what. I used to get calls from customers YELLING at me because their auto policy renewal is $12.73 higher than last year's premium of $3,434.29 for all eight of their car and four kids ranging from 16-23 driving them along with mom and dad....it's called inflation people...if you're expecting to get a renewal with a huge decrease in premium (assuming all else has remained the same) you'll always be disappointed....