What is a fair solution? Insurance related

[happily single]

I had to recently switch home owner insurance carriers. I went with an agent recommended by my best friend who has used this agent for a decade.
Prior to using this agent I had contacted several agents and gotten high quotes-over 50% more than I paid when I first got the policy 2 years ago.

Originally the new agent quoted me 25% more than I previously paid which is understandable since I had a small claim last summer. I signed the paperwork and the policy went into effect 3 weeks ago. While finishing up the paperwork on the telephone with her the price went down to below what my policy cost 2 years ago. She even remarked "Im not sure what happened, I've never seen this, but your rate has gone down".

Today I get an urgent email from her asking me to call her as SHE made an error.

When completing the application she wrote my house was 12,000 sq feet instead of 1,200 sq feet. Apparently its cheaper to insure a 12,000 sq foot house. The value of my home and the insured value was about $300k. I am not sure why she or the company didn't notice immediately that a 12,000 house was only worth $300k.

In any event, the correct footage results in an addtional $800 a year in premiums.

She has shopped around and is not finding anything cheaper than the current policy price (which includes the new $800.

In one email exchange she has offered to pay the difference in premium for this year. I honestly want her to since this was her error. Yes, it was an honest mistake, and chances are I won't find another policy for much less. But I'm assuming it will look badly that I only had a policy valid for one month when shopping for a new policy. In addition to the headache of having to search for a new policy .

What would you do?

 

[tcufrog]

I would have her pay the difference and use a different agent next year.

 

[_19disnA]

I doubt it matters if you decide to switch to some other company next year. I am sure people change insurance companies all the time. We had some storm damage a couple of years ago and they paid for all of it. Our rates did NOT go up the following year, so I wouldn't assume that happens with everyone. Ours is one of the major companies and have no idea who our 'agent' is. I just call their 800# when I have a question. No idea they still assigned agents. Unless you have a loss to report or need to change your coverage, what other reason would there be to call? They bill me once a year and we just pay it.

I think if you plan to switch to someone else next year, you should pay the difference resulting from their clerical error.

 

[mom2rtk]

Agents usually carry errors and omissions insurance. Surely that's for this very type of thing.

 

[sam_gordon]

I had to recently switch home owner insurance carriers. I went with an agent recommended by my best friend who has used this agent for a decade.
Prior to using this agent I had contacted several agents and gotten high quotes-over 50% more than I paid when I first got the policy 2 years ago.

Originally the new agent quoted me 25% more than I previously paid which is understandable since I had a small claim last summer. I signed the paperwork and the policy went into effect 3 weeks ago. While finishing up the paperwork on the telephone with her the price went down to below what my policy cost 2 years ago. She even remarked "Im not sure what happened, I've never seen this, but your rate has gone down".

Today I get an urgent email from her asking me to call her as SHE made an error.

When completing the application she wrote my house was 12,000 sq feet instead of 1,200 sq feet. Apparently its cheaper to insure a 12,000 sq foot house. The value of my home and the insured value was about $300k. I am not sure why she or the company didn't notice immediately that a 12,000 house was only worth $300k.

In any event, the correct footage results in an addtional $800 a year in premiums.

She has shopped around and is not finding anything cheaper than the current policy price (which includes the new $800.

In one email exchange she has offered to pay the difference in premium for this year. I honestly want her to since this was her error. Yes, it was an honest mistake, and chances are I won't find another policy for much less. But I'm assuming it will look badly that I only had a policy valid for one month when shopping for a new policy. In addition to the headache of having to search for a new policy .

What would you do?

I would take her up on her offer to pay the difference in premium for the year. BUT, know next year you'll be expected to pay that.

 

[HopperFan]

You don't say ... that $800 where does that put you in comparison to the other quotes you got. Is it about the same? Is it substantially higher than those, less than those? All that would matter.

JUST MY OPINION but I feel having a solid relationship with an insurer can be a plus. We've gotten a variety of help from our insurance & agent and it's had no impact on our rates. I give her credit she owned up to her mistake, she could have easily blamed them, and her willingness to cover it this year. She seems to have integrity.

 

[happily single]

You don't say ... that $800 where does that put you in comparison to the other quotes you got. Is it about the same? Is it substantially higher than those, less than those? All that would matter.

JUST MY OPINION but I feel having a solid relationship with an insurer can be a plus. We've gotten a variety of help from our insurance & agent and it's had no impact on our rates. I give her credit she owned up to her mistake, she could have easily blamed them, and her willingness to cover it this year. She seems to have integrity.

The additional $800 put her in the higher bracket of quotes I received.

 

[TwoMisfits]

The additional $800 put her in the higher bracket of quotes I received.

So, I'd look at the lower bracket of quotes and pick one and move on from her. I avoid drama, and the $800 may have been a mistake, or a "mistake." Don't discount the latter, especially b/c the offered solution was not an immediate "your rate will stay the same until your next renewal b/c this was our screw up" without mentioning the person "personally paying" (which is always a guilt ploy)...

 

[starry_solo]

I had to recently switch home owner insurance carriers. I went with an agent recommended by my best friend who has used this agent for a decade.
Prior to using this agent I had contacted several agents and gotten high quotes-over 50% more than I paid when I first got the policy 2 years ago.

Originally the new agent quoted me 25% more than I previously paid which is understandable since I had a small claim last summer. I signed the paperwork and the policy went into effect 3 weeks ago. While finishing up the paperwork on the telephone with her the price went down to below what my policy cost 2 years ago. She even remarked "Im not sure what happened, I've never seen this, but your rate has gone down".

Today I get an urgent email from her asking me to call her as SHE made an error.

When completing the application she wrote my house was 12,000 sq feet instead of 1,200 sq feet. Apparently its cheaper to insure a 12,000 sq foot house. The value of my home and the insured value was about $300k. I am not sure why she or the company didn't notice immediately that a 12,000 house was only worth $300k.

In any event, the correct footage results in an addtional $800 a year in premiums.

She has shopped around and is not finding anything cheaper than the current policy price (which includes the new $800.

In one email exchange she has offered to pay the difference in premium for this year. I honestly want her to since this was her error. Yes, it was an honest mistake, and chances are I won't find another policy for much less. But I'm assuming it will look badly that I only had a policy valid for one month when shopping for a new policy. In addition to the headache of having to search for a new policy .

What would you do?

I have a question.... when you signed the policy, did it identify the size of the property?
It's been so long since I got my original policy (and I only shopped around once and that was a mistake so I won't do it again!)

 

[happily single]

I have a question.... when you signed the policy, did it identify the size of the property?
It's been so long since I got my original policy (and I only shopped around once and that was a mistake so I won't do it again!)

I just went back and looked at my application. I don’t see anywhere where the sq footage is mentioned.
I have a copy the application which shows the price as the cheaper price. Interestingly I received the “Endorsement” last week, but never opened it. That should the increased price.

 

[mikehn]

Like the old saying, never mix business with pleasure.

 

[SandyinMonterey]

Is she an agent that works for a particular insurance company? Or is she a broker? I was with my first insurance company for over 35 years ( from the time I got my drivers permit). Never made a claim, auto or home until we moved and had sever water damage and was denied. Changed to a different well known insurance company and did save some money, but year after year, our rates were sky rocketing. No claims ever made. I'd get the same answer, "Your zip code has the highest price rate increase." I finally went to an insurance broker. She was able to get me better and more coverage on my home for $1500 less. I will admit I was hesitant because I've never heard of some of these companies she was talking about. But I did my research and they're legit. The one I went with has been in business for 100 years and is a fortune 500 company and had very good reviews.

 

[MillauFr]

Why did you switch policies to begin with?

 

[Cannot_Wait_4Disney]

Let her pay the difference this year like she offered and shop around next year.

 

[a1tinkfans]

My HO policy jumped this renewal .. been with them 9 years. It DOUBLED.. Fla carriers have run from the state. My carrier no longer writing. No claims, great credit and in order to lower my rate I’m lowering contents coverage ( which was too high anyway) and Increasing my deductible from 1to 5k. Carriers are putting house Age restrictions, water heater age restrictions and it’s a difficult market. Best of luck all. I got mine reduced several hundred, not thrilled but better than doubled .

 

[Cadiewampus]

I had to recently switch home owner insurance carriers. I went with an agent recommended by my best friend who has used this agent for a decade.
Prior to using this agent I had contacted several agents and gotten high quotes-over 50% more than I paid when I first got the policy 2 years ago.

Originally the new agent quoted me 25% more than I previously paid which is understandable since I had a small claim last summer. I signed the paperwork and the policy went into effect 3 weeks ago. While finishing up the paperwork on the telephone with her the price went down to below what my policy cost 2 years ago. She even remarked "Im not sure what happened, I've never seen this, but your rate has gone down".

Today I get an urgent email from her asking me to call her as SHE made an error.

When completing the application she wrote my house was 12,000 sq feet instead of 1,200 sq feet. Apparently its cheaper to insure a 12,000 sq foot house. The value of my home and the insured value was about $300k. I am not sure why she or the company didn't notice immediately that a 12,000 house was only worth $300k.

In any event, the correct footage results in an addtional $800 a year in premiums.

She has shopped around and is not finding anything cheaper than the current policy price (which includes the new $800.

In one email exchange she has offered to pay the difference in premium for this year. I honestly want her to since this was her error. Yes, it was an honest mistake, and chances are I won't find another policy for much less. But I'm assuming it will look badly that I only had a policy valid for one month when shopping for a new policy. In addition to the headache of having to search for a new policy .

What would you do?

Try Gabi.com. for a policy. We did couple years ago and are paying way less than we were.

 

[happily single]

Why did you switch policies to begin with?

i purchased a home 2 years ago. I went with an agent recommended by my friend (and realtor). Unfortunately effective 2023 that agent were no longer writing policies for the company I with. I was not happy with their attempts to place me with another company. But that’s another story. I called the insurance company directly, but they only Write to agents. Somewhat begrudgingly they provided me the name of a local agent. I had a long conversation with that agent who told me he no longer writes policies with said company either. I also spoke with a few other agents who,told me the same thing.