Finance

[lakeliving]

I have been with the same State Farm agency since 1979. 3 different owner/agents during those 37 years.


Not once did one of them question my liability limits.


Our retirement planner was appalled at the amount of risk we were assuming by taking the minimum coverages (car/home/boat/umbrella), given that we own rentals and have accumulated a fair number of assets over time.


He did the comparisons and we are getting a huge increase in our liability limits (enough to reduce the risk of losing our assets in a lawsuit/incident) AND the premiums went down.


BOOM. Let that be a lesson in customer service.

Realistically who reads their policies...To many just assume they're covered because they have insurance. I carry the maximum limits I can and have even ruled out carriers as their limits were not sufficient for my exposure. Anyone have a sump pump? Look at your policy and see what is actually covered. You might be surprised.

 

[abypfcs]

Then I have an old car .This way they 2-3 yrs old at the most 

That's me.  2003 Envoy over 200K miles and 2006 Saturn VUE with 170K miles.


Paid cash for my Benny and will probably have it til I am dead.  Not sure how long that will be though.

 

[goldnrod24]

 Anyone have a sump pump? Look at your policy and see what is actually covered. You might be surprised.

I've been carrying the sump rider since we finished our basement 15 years ago. And by "finished" I mean insulated, drywall on the walls, wall to wall carpeting, nice furnishings, etc. Plus, the furnace, water heater and dehumidifier are down there.


I too, am surprised how many people have no idea they aren't covered without the rider.

 

[goldnrod24]

Paid cash for my Benny and will probably have it til I am dead.  Not sure how long that will be though.

Most of us don't know.....

 

[lakeliving]

I've been carrying the sump rider since we finished our basement 15 years ago. And by "finished" I mean insulated, drywall on the walls, wall to wall carpeting, nice furnishings, etc. Plus, the furnace, water heater and dehumidifier are down there.


I too, am surprised how many people have no idea they aren't covered without the rider.

There have been some changes in recent years though to the coverage. Some no longer cover your contents/cov-c unless it is one of 10 items listed which no one has!!!!! We just switched 6 months ago and I was shocked on how bad some coverage options were. If you only shop for insurance based on price, keep the Vaseline within arms reach if you have a loss. That is my PSA for today.

 

[Dub9]

Insurance is one of the things where commitment to an agent/company rarely pays off.


I make it a point to shop around every 2-3 years just to see if my rates are still competitive.


I have never know an insurance company to lower rates, unless you call to cancel policies.


Sitting quiet for 39 years makes you the best kind of customer, the kind that writes checks and expects somebody else to be looking out for them.


I lump insurance companies and casinos into the same group.  Neither one of them get to where they are by paying out.

 

[Spoiledrotten]

Insurance is one of the things where commitment to an agent/company rarely pays off.


I make it a point to shop around every 2-3 years just to see if my rates are still competitive.


I have never know an insurance company to lower rates, unless you call to cancel policies.


Sitting quiet for 39 years makes you the best kind of customer, the kind that writes checks and expects somebody else to be looking out for them.


I lump insurance companies and casinos into the same group.  Neither one of them get to where they are by paying out.

I agree with that. I was the insured of a company that seems my whole family was a part of; Dad was a VP, Treasurer, and Chief Accountant. sister was sales, uncles in the same company, but when I started wising up the the way things were going, I dropped them like a hot potato and went with another company. I thought my family was going to kick me out of the family, but that's my money and I'm proved that I wasn't loyal to any of the ins. companies. I do what's best for my situation. They can go find another customer.


Reading back through this thread, it's almost like a discussion on whose got the fattest wife.