Allstate Insurance increased my homeowners insurance premium by about 23% over that of last year. I was informed by my insurance agent that Allstate Insurance is “reinsuring” homeowners insurance in Connecticut, anticipating big claims in the state in the coming future. Reportedly Allstate suffered losses from higher claims than usual due to Midwestern storms over recent years. As a result, my former insurance agent explained that Allstate was purchasing insurance from another insurance company, or other insurance companies, as a means of risk management, passing these additional costs onto its homeowner insurance customers. I was also informed by another insurance agent that Allstate has not been offering homeowners insurance to a number of homeowners in Connecticut presumably as a means to manage its risk exposure to anticipated claims.
Luckily I called some other insurance carriers and I found one that offered me the same insurance coverage for about half the price that Allstate Insurance charged me on my auto insurance and homeowners insurance. You may wonder how can this insurance carrier offer insurance for the same policies and coverages and limits as Allstate but at half the price? Presumably this company does not reinsure, or purchase insurance from another insurance company, as a means of risk management and pass those additional costs (and markups for overhead and profits) onto me. Why pay for a middle man, I asked myself? I thought, why not just exclude Allstate as the middle man and save a lot of money? So I made some calls and saved lots of moolah!
Boy, am I glad Allstate Insurance went up dramatically on its homeowners insurance premiums; otherwise, I would never have looked for another insurance carrier and realized big savings on both my homeowners insurance and auto insurance.
You’re in good hands with Allstate Insurance?! LOL! My wallet now is in better hands with another insurance carrier for both my auto insurance and my homeowners insurance. Bye, bye, Allstate Insurance. I don’t need your hands in my wallet.