January 17, 2024
Yes Marin County, Keep that Chubb Insurance Policy
- What to do If you have a Legacy Homeowners Policy [Chubb or Otherwise] in California?
- Should you Switch Admitted Property Insurance Companies in 2024?
- Best Options if you Feel the “itch” to “switch”
It happens all the time. I get that call almost every week/month. My Chubb Insurance policy is so expensive, I want to shop it around. Really? Many consumers are unaware of the horrible state of the property insurance market these days. Although that is indeed changing as more learn.
General Property Insurance Advisement for 2024:
If you have an admitted Preferred Insurance [in California in 2024] it is not typically smart to change insurers. Assuming you are not being nonrenewed, Assuming as the question stated that its an admitted insurer, and assuing you can afford it. There just is not much to gain, right now – from shopping the homeowners property insurance policy around.
Typically its going to be in your best interest to work with the current insurer to see if you can bring the premium down. And there are a number of ideas that I have to accomplish this. Some obvious, some not. The most obvious one being to raise the deductible.
Why You Should not Change your Admitted California Property Insurers in 2024:
Simply put – just about every new insurance policy issuance, comes with a Post Bind Inspection. That inspection could turn up issues that your current insurer is unaware or does not care about. In my opinion [and experience] – insurance inspections have become more difficult to pass. Therefore you could purchase a new insurance policy, fail the inspection, and then have no property insurance. Now you are in a much more difficult place.
Other Options to Switching Homeowners Insurance Policies in California in 2024:
Here are some super simple ideas to assist in lowering your insurance premium with your current admitted homeowners insurance company:
- Raise your Deductible
- Lower your Personal Property Coverages
- Remove Less Used Endorsements
- Split your EQ Policy off from the CEA
- Reduce your payment fees
Those are some ideas of what you can do lower your property insurance bill. There are others but those are some of the better ones.
One last option that may not save you money, but does seem to help some folks. Some consumers want to switch insurers not because of the insurance company but rather the insurance agent. In that case, in some situations you maybe able to do a an agent change. This totally depends on the insurer. With some insurers this process is known as the broker of record change and there is a formal process.
Final Thoughts on Yes Marin County Keep that Chubb Insurance Policy:
I chose Chubb insurance mostly because they have a very solid property insurance solution for owners. I get it – Insurance in California is getting more and more expensive. I certainly understand that the costs can drive the agenda. But often the premiums from admitted insurers are less than the alternative options. Keep your admitted policy, with your agents guidance consider making some changes. If need be – get a new insurance agent.
