Dropped by my business insurance carrier

[TheAxeman]

I just got a letter in the mail that my business insurance carrier, ONE BEACON is dropping my entire package (general liability, workman's comp, 4 vehicles, and fire insurance) because I live in a "wind prone area"! Exact wording on the notice of non-renewal is "Wind prone area rates not commensurate with exposure". Post Katrina, insurance carriers no longer like the fact that some of us live on Islands (Long Island) so I guess they are looking for ways to reduce their exposure. My office is in a 2 story fortified bank building and is probably 12' x 15' in size. They are concerned that a windstorm/hurricane might destroy the 3 packages of copy paper that I keep in here so they are willing to lose thousands of dollars worth of business from someone who has never filed a claim of any sort...What a bunch of asshats.... :asshat2: That leaves me to begin a new search for a carrier. That is the second time this year we have had to deal with this, the first time was when Michelle's homeowners insurance got dropped for the same reason. There is something seriously wrong with this picture.

 

[JT 384]

What a bunch of DICKS! I hate insurance companys.

 

[wheatonFJR]

:clapping:

Yeah...I gotcher insurance coverage rycher buddy :assassin:

:angry:

Wadda bunchamaroons. :glare:

 

[sonicspeed]

"wind prone area" hmmmm that's what everybody says about my office

ins. company's suck

 

[FJRGuy]

"wind prone area" hmmmm that's what everybody says about my office

:rofl:

 

[ionbeam]

That sucks Chris, I hope you can find another insurance carrier that is reasonable to deal with. I hate paying my business insurer but at least they are available. You can send your former business insurance company this from me:

It would be easier to make the case that your home and business area isn't windy if the Hamptons didn't have so many of these:

 

[Geezer]

It couldn't hurt to send a note to your state representative letting him know what's happening.

 

[Fred W]

They used to call that business a "protection racket" :glare:

 

[wfooshee]

Move to Florida. Then whine about insurance.

I sympathize completely, though. My homeowner's last year was triple what it was in 2003, until I found a company that actually discounted for structures my house has (hurricane hooks and gable braces) to improve is stormworthiness. Now I'm "only" paying half again what I paid before.

These dicks talk about the new trend in hurricane strikes beginning in 2004.

2004 was a bad year: Charlie, Frances, Ivan, and Jeanne all hitting Florida, with Jeanne following almost the exact path through Florida as Frances only 3 weeks later, and Frances had crossed Charlie's path just 3 weeks after Charlie, so that area took 3 hurricanes in 6 weeks! If you think about it, though, how is that worse, insurance-coverage-wise? Stuff hadn't been fixed, yet, so it's not like they put roofs on houses three times that year! Ivan, of course, took out southern Alabama and Pensacola. The new I-10 bridge across Pensacola Bay was years being built after high water knocked sections of the original bridge off its piers.

2005 saw 2 hurricanes in Florida, Dennis in pretty much the same area as Ivan, with more effect than Ivan further east, and then Wilma, very late October down Miami way.

All the insurance companies either packed up and left, or raised premiums as much as 3 or 4 times the previous rates. Dangerous trend, hopeless exposure, 6 landfalls in 2 years, when the whole decade of the '90s only had 5 landfalls, blah blah blah.

Well, here we are in 2009, hurricane season's over, and those 6 are the ONLY hurricane landfalls in Florida for the decade. NOTHING SINCE!!!! 6 storms in 10 years vs. 5 storms the ten before. Where's the ******* trend, insurance industry? Put my rates on par with what they were in 2003!!!! The problem with this latest decade, of course, is that they all happened at once rather than years apart.

 

[chrisflock]

Insurance companies suck.

I just got a letter from my insurance company saying that they were re-doing the way they insure bikes, in the past they compared bikes only based on cc, so my wifes ninja 650 was fairly cheap and my FJR1300 was no different from previous cruiser. But under the new system, my wife's insurance went up by a pretty significant margin (40% if I recall correctly). They said the policy for my bike went into effect just before the new rule, so it would be the next time around that my bike would go up, I asked if they had any idea and the guy said he couldn't say but it would probably go up by 'more than hers'. I don't know if this was more % or more $, either way, I'm dreading the next bill from them.

My homeowners insurance is cheap though, we live in an area not known for tornado action, although it is known for floods (though that doesn't affect our rate, since it isn't covered)

 

[Fred W]

Shop around Chrisflock.

Try Progressive. I'm pretty happy with them (so far).

 

[FJR-RemingtonRider]

Critical thinking here!

They lobby for laws for us to have to have them.....Ins Co

Then when the 'peverbial 'crapola' hits the fan' they lobby to no one, just up and leave, taking millions of 'cashola' of paid premiums with them. Happened to my homeowners policy this past september... I didn't even file a claim for Ike, but they cut tail and ran from the area.

Most coverages in the area now require a deductible so high, that if I had any damage to my roof; I'd basically be paying 75%...of replacement cost OOP; pay 100% OOP if it's just partial damage. Took some shopping but finally found someone to give some decent coverage...shop shop shop.

Capitolism at it's best...you win, you break even, mostly loose..for the consumer....Thankfully with it, we can always count on competition from somewhere.

 

[bikesniffer]

I just got a letter in the mail that my business insurance carrier, ONE BEACON is dropping my entire package (general liability, workman's comp, 4 vehicles, and fire insurance) because I live in a "wind prone area"! Exact wording on the notice of non-renewal is "Wind prone area rates not commensurate with exposure". Post Katrina, insurance carriers no longer like the fact that some of us live on Islands (Long Island) so I guess they are looking for ways to reduce their exposure. My office is in a 2 story fortified bank building and is probably 12' x 15' in size. They are concerned that a windstorm/hurricane might destroy the 3 packages of copy paper that I keep in here so they are willing to lose thousands of dollars worth of business from someone who has never filed a claim of any sort...What a bunch of asshats.... :asshat2: That leaves me to begin a new search for a carrier. That is the second time this year we have had to deal with this, the first time was when Michelle's homeowners insurance got dropped for the same reason. There is something seriously wrong with this picture.

...so you can't fart in your office any longer cause it's wind prone as soon as you rip one?

Insurance companie's have one principal guideline: "We have you by the balls, buddy! You pay the premium and we decide whether or not to pay your claim."

Alfredo

 

[cota95]

Chris,

Drop me an email at the office on Monday. I may have a source for your insurance through my payroll connections.

 

[Fred W]

That's what I'm talkin' about!!

People helpin' people. :yahoo:

Group hug...

 

[airboss]

Insurance companies suck.
I just got a letter from my insurance company saying that they were re-doing the way they insure bikes, in the past they compared bikes only based on cc, so my wifes ninja 650 was fairly cheap and my FJR1300 was no different from previous cruiser. But under the new system, my wife's insurance went up by a pretty significant margin (40% if I recall correctly). They said the policy for my bike went into effect just before the new rule, so it would be the next time around that my bike would go up, I asked if they had any idea and the guy said he couldn't say but it would probably go up by 'more than hers'. I don't know if this was more % or more $, either way, I'm dreading the next bill from them.

My homeowners insurance is cheap though, we live in an area not known for tornado action, although it is known for floods (though that doesn't affect our rate, since it isn't covered)

Have you checked Dairyland, Chris, great rates in my area.

Dairyland, isn't that where you live?

 

[JR'SFJR]

I had State Farm vehicle and homeowners(cancelled) over 40 yrs. Other than a chipped windshield, I never had a vehicle claim. We live within a mile of the east coast of FL , so they decided to get rid of everyone in that zone(Allstate did the same thing) We were at ground zero with two of 3 hurricanes, but had no claims. They don't care. Our homeowners went to $3600 yr. In the end, we saved alot of money by switching to a different homeowners and the "wheels" are with Auto Owners and Progressive. State Farm did nothing but make ALOT of $'s off us.

 

[gearman]

Based on my experience, they probably did you a favor. Commercial insurance can vary more than homeowner/auto insurance. Find an agency that brokers for several insurance companies as they can usually get the best rates and coverage. Chances are you'll end up paying less with a new carrier.

 

[Fred W]

+1 on that.

It is a bit counter intuitive that you will get a better rate by adding a "middleman" but that has been my experience too.

I use an independent, local "agency" that represents several different insurance companies. I used to have what I thought was a pretty good deal through the mega-giant corporation that I work for. This agency found me a much better deal with a company called Encompass (on home and auto) that has great rates for people with good ratings. They don't do motorcycles though, so my agent arranged a separate Progressive policy for me. The agency must get their cut from the Ins. Co, cause it's not out of my pocket (directly).