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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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just a vent about insurance and long island.
as if its not difficult enough to live on LI with the high priced houses and absurd taxes, why are insurance companies not writing new policies? Nationwide has just jumped on that bandwagon, they stopped writing new policies as of March 1st.
Yes I know the reason is because of hurricanes, but really its quite a stupid reason. Its not like all of a sudden the risk for hurricanes on LI jumped up. Its the same as its always been!!!  
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Posted 3/27/07 11:39 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: just a vent about insurance and long island.
I feel ya. DH and I went thru this fiasco not too long ago! I know State Farm is still insuring (thank god!) and I think a subsidiary through Geico is.
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| Posted 3/27/07 11:43 AM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: just a vent about insurance and long island.
Posted by SweetTooth
Yes I know the reason is because of hurricanes, but really its quite a stupid reason. Its not like all of a sudden the risk for hurricanes on LI jumped up. Its the same as its always been!!!
Yea...due to hurricane but most of these companies insure nationwide so the loss ratio in some areas affected the company and then the rates for others.
Uh huh, it does suck and eventually will come back to a norm again.
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| Posted 3/27/07 11:52 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: just a vent about insurance and long island.
I wonder if they are doing the same to people in tornado alley and other weather prone areas?
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| Posted 3/27/07 12:20 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: just a vent about insurance and long island.
Posted by Eleanor
I wonder if they are doing the same to people in tornado alley and other weather prone areas?
they are. My friends in Sarasota, FL are dealing with this. They are raising preminiums down there!!
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| Posted 3/27/07 12:22 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: just a vent about insurance and long island.
Posted by Eleanor
I wonder if they are doing the same to people in tornado alley and other weather prone areas?
I don't know, but the funny thing is that LI is not really "weather prone." I mean yes, if a category 5 hurricane hit LI we would be in serious trouble. But the fact remains that the odds of this happening are very low.
They should also take into account WHERE on LI the house is. A house on the south shore on the water is going to be much more likely to be damaged by flooding than a house in central LI, I mean if flooding was so severe that a house in Commack or Hicksville (just examples) were destroyed, LI would be dessimated- there really wouldn't be any LI left to even worry about insurance claims.
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| Posted 3/27/07 12:29 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: just a vent about insurance and long island.
Posted by SweetTooth
I don't know, but the funny thing is that LI is not really "weather prone." I mean yes, if a category 5 hurricane hit LI we would be in serious trouble. But the fact remains that the odds of this happening are very low.
They should also take into account WHERE on LI the house is. A house on the south shore on the water is going to be much more likely to be damaged by flooding than a house in central LI, I mean if flooding was so severe that a house in Commack or Hicksville (just examples) were destroyed, LI would be dessimated- there really wouldn't be any LI left to even worry about insurance claims.
That's why there are some companies doing it on a case by case basis. We're currently located in Central LI and we were able to find coverage - the company will not write closer to the shore.
It does completely suck, but there are still companies out there who do still write on LI - they're the ones that will get the business.
Message edited 3/27/2007 12:52:51 PM.
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| Posted 3/27/07 12:41 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: just a vent about insurance and long island.
when we dont have a hurricane for the next five years, and these companies are losing so much $$ by NOT insuring here (State Farm is probably making out like a bandit!), they will change their policiies. or they will go out of business.
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| Posted 3/27/07 12:43 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: just a vent about insurance and long island.
 I guess "Nationwide is NOT on your side"
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| Posted 3/27/07 1:28 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: just a vent about insurance and long island.
Posted by SweetestOfPeas
I guess "Nationwide is NOT on your side"
not if you live on LI.
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| Posted 3/27/07 1:36 PM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: just a vent about insurance and long island.
Geico told my DH that it's because the value of homes on LI are so expensive that if a catastrophe like Katrina hit and most of LI gets wiped out, the houses are too $$$ to replace and they would never recover.
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| Posted 3/27/07 7:45 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: just a vent about insurance and long island.
All State sold our insurance through another party since they won't reniew the house policy.
I told DH, I would also switch the car insurance.
I don't agree with the principle that they can make money on my back for the car and not giving me the house insurance.
They want the cake and eat it too.
No house insurance.... no car insurance!
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| Posted 3/28/07 7:23 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: just a vent about insurance and long island.
We changed our car insurance and now Hanover wants to drop us for Homeowners because we don't have both with them.
I am not too upset because they are very expensive anyway. Our broker told us that there are still a lot of companies writing for LI.
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| Posted 3/28/07 7:57 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: just a vent about insurance and long island.
Posted by 5ofClubs
We changed our car insurance and now Hanover wants to drop us for Homeowners because we don't have both with them.
I am not too upset because they are very expensive anyway. Our broker told us that there are still a lot of companies writing for LI.
We just made the switch from Allstate to Hanover. They gave us a great deal, but we did have to write all lines with them including auto & umbrella.
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| Posted 3/28/07 9:24 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: just a vent about insurance and long island.
Posted by Tine73
Geico told my DH that it's because the value of homes on LI are so expensive that if a catastrophe like Katrina hit and most of LI gets wiped out, the houses are too $$$ to replace and they would never recover.
Thats ridiculous. So they are willing to lose all the money insuring houses here on the very very very slim chance of something like Katrina happening?
Based on historical data, a category 4 or 5 hurricane will hit this area once every 500 years. The fact is that we are just too far north and the water is not warm enough to sustain that type of storm. It some kind of insane alarmist thing that the insurance companies are doing.
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| Posted 3/28/07 9:45 AM |
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