METLIFE IS TRYING TO DOUBLE MY PREMIUM

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On Jul 29, 2008 10:54 pm hgarnett said:

Hello.

I had a flood in my kitchen almost 3 yrs ago. I filed a claim and MetLife paid for part of my counter and cabinets to be replaced. The job was badly done and they took 3 whole months. That was almost 3 years ago.

A couple months ago I found out the insurance agency is no longer doing business with MetLife so I have to find another agency.

The agency I went through says the premium will now be more than double because of the claim 3 yrs ago.

Can they do that do me? Why didnt they say something about it before? What is the use of having HO insurance if it goes up when you have a claim ? What did they do with all my money for these 7 yrs and now they want to raise my rates. I am thinking about filing a complaint with the state of Georgia Insuranc Commission. What recourse do I have ?

Please respond to Stormy9999@bellsouth.net or call
770.708.6890...you may leave a message.

thanks Hardie.

Thanks you,

Hardie






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(2) Answers

Guru
On Jul 30, 2008 11:39 am Ali said:

I'm sorry I don't have the time to answer questions privately -- I'm giving you a public answer in the hopes that you will check back and help somebody else.

Can they raise your insurance rates based on the fact that you've made a claim? Unfortunately, they can. The best way to keep your costs down is to take a higher deductible on your next policy.

I realize that hurts your wallet too, but that's probably what you're stuck with!

Guru
On Jul 30, 2008 11:48 am Dave Hanson said:

Ali is right on, hgarnett.

The good news is that your claim should not last more than three years on your insurance claims record (known as a CLUE report). So, pretty soon you should have a clean record, and be able to reinsure elsewhere at lower rates.

I realize this doesn't help solve your immediate problem, but your case illustrates why it is generally a sound practice to chose high deductibles on homeowners insurance. Over time, the money you save with the higher deductible can (among other things) boost your savings, which can then be drawn upon to pay that higher deductible should you ever need to make a claim. This is why I deliberately chose the highest deductible available on all my propery policies (generally $1,000 to $2,500), and only file claims when they are truly significant.

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