[ilovemydogs]

Hi Hedwig

I think I remember you telling me you were in insurance?
If so great, if not you may be able to help me anyway.
My friends home owners insurance is not going to be renewed as she is too close to the water, so her insurance agent got another insurance company to insure her,when her current policy is up, however this new insurance company pulled a credit report and got some insurance score, although the name she mentioned for this credit pull was not something a nae I was familiar with.
They are telling her that she will be on the policy and he will not be on the policy.
The deed is in both of their names, in the 30 years they have had their home,no claims have been filed,but again they will not put the spouse on the policy.
I told her that I did not think this was an insurance company she should deal with,but the insurance agent told her that if she did not go with this insurance company then she would have to do a fairplan, which is high risk.
I still think she should do that instead of deleting the spouse off the policy,even if it means a higher cost.
Thoughts?
She will go with what I say, and I do not want to steer her in the wrong direction.
Thanks
ILMD

[roybean]

Has she shopped around?

[ilovemydogs]

Originally Posted by roybean

Has she shopped around?

She hasn't, but the insurance agent had, and she has had him forever, although I do think now would be a time to change agents.
I did tell my friend that her insurance agent is not there much anymore as he has moved on and the children now have taken over the compnay, so now maybe a time for her to change.
Thing is my friend is an elder who dislikes change and she has had the insurance agent for 3 decades now, and he is still available to her. I did speak to him and he told me that because of the closeness to the water many companies just will not insure the locale, so many have to do the high risk fair plane, which is the only other place he can put her with him.

I looked at the husband's credit report, on line for them, and he did have a few charge offs, no judgments and now is retired,and the last bad TL was almost out of SOL, and no one filing suit to collect.

ILMD

[roybean]

Heddy will holler after while...

[jlynn]

Maybe I don't understand, but not sure why you would worry. It sounds like the insurance agent is suggesting that, as to add hubby will make the premiums higher. After all, we know all of us deadbeats have more insurance claims.

Years ago, we insured our vehicles in my name, as rates were cheaper that way. Hubby was still covered.

It would become a problem for the non-listed spouse if/when the policy holder passes away, but until that time, if there were any claims, they would issue any remibursement checks to one spouse.

[ilovemydogs]

Originally Posted by jlynn

Maybe I don't understand, but not sure why you would worry. It sounds like the insurance agent is suggesting that, as to add hubby will make the premiums higher. After all, we know all of us deadbeats have more insurance claims.

Years ago, we insured our vehicles in my name, as rates were cheaper that way. Hubby was still covered.

It would become a problem for the non-listed spouse if/when the policy holder passes away, but until that time, if there were any claims, they would issue any remibursement checks to one spouse.

Here,if you had the auto policy under your name, because you thought it would be cheaper,as hubby say had a DUI, it would matter not whatseover as YOUR rate would be the same as if you were the one with the DUI,as ANYONE living at same address,that would be driving your auto, they go by the one with the highest risk.
For many years I paid so much for auto insurance as I had teenagers,under our policy, and it was a difference in cost in the thousands.
As far as the concern about the policy of my friend not being able to have her spouse on it, she felt as did I ,that there would be a problem if a claim was made,but maybe not. My take on it is, they do not want to insure the spouse so why would you want to do business with someone that did not want to do business with your partner? You know,why join a club that won't let your loved one belong to.
Must be the New Englander in me. ; )
ILMD

[Hedwig]

I used to work in the insurance business but I don't any more.

A lot of these issues are dependent on state law. A claim would be made by the policyholder and paid to the policyholder, so as long as that person is alive there shouldn't be a problem.

But I think I'd still shop around. There are some companies that don't work through agents. GEICO is one, but I am sure there are others. You would contact those companies directly. And some, like I think Nationwide, work through their agents only, not through brokers.

So I think it's time to shop, but if this is truly the only alternative she may have to take it. I have a little different situation. My house is in both my husband's and my name, but the mortgage is only in my name. I think both names are on the insurance but I'm not sure.

[ilovemydogs]

Originally Posted by Hedwig

I used to work in the insurance business but I don't any more.

A lot of these issues are dependent on state law. A claim would be made by the policyholder and paid to the policyholder, so as long as that person is alive there shouldn't be a problem.

Yup, but she is no spring chicken. (73)

But I think I'd still shop around. There are some companies that don't work through agents. GEICO is one, but I am sure there are others. You would contact those companies directly. And some, like I think Nationwide, work through their agents only, not through brokers.

OK I will check it out.

So I think it's time to shop, but if this is truly the only alternative she may have to take it. I have a little different situation. My house is in both my husband's and my name, but the mortgage is only in my name. I think both names are on the insurance but I'm not sure.

Thanks *Heddy* ; )
ILMD

[Hedwig]

You're welcome!!