Increasing Homeowner Premiums...

[robb01]

Has anyone else been faced with rate increases from their carriers? We had been placing a lot of standard homeowners business with AAA, but they are now moving to direct writers in our area. They were far and away the best rate for standard line homes. Our other companies are much higher. Our other carriers have taken rate increases this year also, leaving us in a tough place for this business. Anyone know of any good companies in Illinois with good rates on homeowners policies?

 

[Guest]

Dont you have any IA friends where you work? Ask them, it will all vary on zip code, credit etc....

Search other peoples websites....see what carriers they have.

 

[pbbaseball]

haha, when I first read IA, I was thinking you were referring him to Iowa friends

 

[robb01]

Yes, I've looked into several companies that other agents around here have, but they seem to be experiencing the same

 

[Guest]

Yes, I've looked into several companies that other agents around here have, but they seem to be experiencing the same

Well then, thats just the trend you are going thru at this time....might just have to deal with it.

Sign up with a few brokers who have multiple carriers for personal lines, and have them run some quotes for you and then you can see if anyone has decent rates, then you can add that carrier to your agency

 

[kman]

"Birds of a feather flock together". Insurance companies have had a very difficult time in trying to profitably grow their home insurance business. When the "big" insurance companies raise their rates, it's a very good time for all to raise their rates! Think of it as a good opportunity to review your client's policies and ultimately take a raise!

 

[DSInsurance]

The loss ratio on homes are so bad, so you will continue to see rates climb and climb. You can off set it with higher deductibles to help that, but that is getting to see what your clients needs.

 

[Soaringagent]

Interesting...

 

[Insurance1guru]

With all the severe weather this year there is certainly no letting up on rates anytime soon for any carrier. All we need now is a bad hurricane season to top it off. When I was at Allstate a couple of years ago, the state manager said point blank that homeowners is not profitable for them no matter what they do to fix it.