Consent to Rate

Blkvoodoo

Blkvoodoo

professionally useless
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Joined
Mar 16, 2005
Location
Archer Lodge
anyone else get one of these letters for home owners insurance ?

first thought is that I was being singled out, but apparently a LOT of folks got these, some with huge increases, mine was small, and pretty much expected.

it's not just our insurance company, it's most of them.

The explanation I got was the wording was mandated BY the NC Insurance Commission, and is also being pushed by the commission.

According to the news talking heads, it's the insurance companies pushing this.

who's lying this time ?
 
No "can" about it... our letter says explicitly that if you don't sign it, they're dropping coverage.

DOI tried to set prices, the insurance companies are doing an end run around it. If you don't like it, you can shop for cheaper coverage from somebody else.

The only reasonable explanation I can see why they would send out a consent to rate letter for $1 over the limit is strictly because they want you to exempt yourself from DOI's rate limits. It costs more to process the letter than would be justified on any actuarial basis.
 
got one too, from USAA.

I have ignored them but got a "final notice" yesterday said they would be dropping me in sept. if I didn't sign and return.
 
We had to sign one for car insurance this last go-around. They said that it was because we were paying less than the State's recommended price for insurance because we own all of our vehicles and do not wish to purchase comprehensive collision on any of them. Sounded like BS to be, but as stated, they said if we did not sign it, they would not be able to insure us. Kind of, "You are getting screwed anyway, would you at least like lube?"

I think we also had to do one on home-owners as well. Might have been them that said that if we didn't sign, no coverage.
 
Allstate did that to me on our last house, it went up about 50%. They told me it was because of all the recent claims from storms and they needed to raise their rates to be competitive. So people build their houses on shifting sand and my house built up in the city on solid ground has to pay for that? Fuck a bunch of that. I switched to State Farm when we moved.
 
Blaze said:
So people build their houses on shifting sand and my house built up in the city on solid ground has to pay for that? Fuck a bunch of that.
Click to expand...

thats how insurance works. The many pay for the needs of a few.
Its only ever a good deal if you're the guy making a claim.
 
RatLabGuy said:
thats how insurance works. The many pay for the needs of a few.
Its only ever a good deal if you're the guy making a claim.
Click to expand...


It's even bad for them, too.... a good friend of ours is going through a divorce and her soon-to-be-ex husband decided about a year ago to file a bogus claim on their home-owner's insurance claiming a bunch of his tools were stolen. This year, when her roof was damaged in the ice storm, after the claim was paid out, they cancelled her policy claiming that she had too many claims. Since she can't tell them, "Oh - my dumb-a$$ ex-husband's claim was total BS and I never actually knew about it until now", she's out of luck with that company. Now, she has had to go to a more expensive company as a result to keep from a lapse in coverage.
 
Sounds like how the mafia works.....sign the fucking paper or else! At least health insurance is all taken care of by Obamacare, would be terrible if that happened to get fuct up too....oh wait....doh:handed:
 
ManglerYJ said:
It's even bad for them, too.... a good friend of ours is going through a divorce and her soon-to-be-ex husband decided about a year ago to file a bogus claim on their home-owner's insurance claiming a bunch of his tools were stolen. This year, when her roof was damaged in the ice storm, after the claim was paid out, they cancelled her policy claiming that she had too many claims. Since she can't tell them, "Oh - my dumb-a$$ ex-husband's claim was total BS and I never actually knew about it until now", she's out of luck with that company. Now, she has had to go to a more expensive company as a result to keep from a lapse in coverage.
Click to expand...

This is just an advertisement for not co-signing contracts with "dumb-a$$" people. Don't theft claims require a police report?


Not that I haven't seen it apply to people with completely legitimate claims. Its also what AAA said to me; I don't blame them.
 
RatLabGuy said:
thats how insurance works. The many pay for the needs of a few.
Its only ever a good deal if you're the guy making a claim.
Click to expand...


Would be good if healthcare insurance followed that model, sort of seems to be going the other way, a few are going to pay for the many.
 
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