Updated over 1 year ago on . Most recent reply
Keeping up with changes in property insurance.
Couple of months back we were informed that our apartment building is 'near ocean water and forested areas' and our rate was going up 3000/yr, and we may not get coverage in 2025. Naturally that sent me shopping and looking for solutions. I made sure word of my shopping, and dissatisfaction would get back to our agent.
Meanwhile we corrected our location info-we are way above flood zones and no forests nearby. The agency sent us paperwork to complete along with a plan to remedy old electrical and update plumbing. We got quotes and got started with remedies.
Long story short, the price hike is rolled back and we are fixing a few problems to keep everyone happy so we will get coverage for 2025 and beyond. Basically bring electrical up to modern safety standards. Prices were OK, a few thousand dollars, and work we needed to do anyway once we knew about it.
Insurance companies are using every chance they can to raise rates to take advantage of recent natural disasters. Having relationships is more important than ever.