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After having Travelers for 15 years with no issues and even a good experience with a hurricane claim, they refused to insure my new home simply because I had filed a previous claim, even though it was not my fault. This policy of dropping long-term customers after one claim, regardless of fault, was shocking to me.
I switched insurance providers after 11 years with QBE, during which I had one wind damage claim. By moving to NJM, my annual premium was slashed by more than 50%, going from $2200 down to $800. This significant saving showed me that loyalty doesn’t always pay off.
I used to live in New Mexico, where we rarely experienced natural disasters. Despite this, my homeowners insurance rate with Progressive jumped from $1300 to $2400 per year without any claims on my part. It seems that regional factors and the insurance company’s overall losses can impact individual rates significantly.
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