Foremost Rate Increase?

[Al3x Lee]

Is anyone aware of a rate increase from Foremost on August 15th? Specifically their rental dwelling product.

I think one of my insureds is getting the ol' bait n switch from another agent

 

[marindependent]

This is sort of a hard to answer questions without a lot more specifics. How much of a Rate Increase and in which State? Is it a city, suburbay, or rural risk? What does the letter say is the reasoning?

From where I sit [California] almost every property product, across the board is seeing premiums increases, coverages declines, or nonrenewals. Not 100% but in general there is nothing surprising about a rate increase, at least in my state.

That is not even getting to the inflation side of things, which is only complicating coverage costs right now.

 

[Markthebroker]

I though Foremost sold to Hartford. Or is that just their commercial products?

 

[Allen Trent]

I though Foremost sold to Hartford. Or is that just their commercial products?

Farmers only sold off the renewal rights of Foremost small commercial like BOP/BAP. no idea why Farmers didnt retain it as Farmers continues to write the small commercial I believe.

 

[ehall2]

Call Foremost and ask them.

 

[mauibob]

Foremost increased my homeowner's insurance on my 'mobile home' by 33%. I called and asked why so much, they said due to inflation. I said but inflation is at 9%, the next paragraph spoken to me didn't make sense.

 

[Markthebroker]

Foremost increased my homeowner's insurance on my 'mobile home' by 33%. I called and asked why so much, they said due to inflation. I said but inflation is at 9%, the next paragraph spoken to me didn't make sense.

 

[Markthebroker]

Foremost increased my homeowner's insurance on my 'mobile home' by 33%. I called and asked why so much, they said due to inflation. I said but inflation is at 9%, the next paragraph spoken to me didn't make sense.

Seriously though, part of it is inflation, and the other part is you are in California. I don't know if you're turned on the TV in the last 7 years, but home insurance carriers have been writing a lot of checks due to the superfires. Simply put, they need to increase rates on the homes still standing to cover the checks they are writing for the ones that burned down. Insurance economics 101. You are part of a pool that goes into paying for if someone(s) has a claim. The more claims and the bigger they are, the bigger your premium becomes. It's the only way this thing works.

 

[ehall2]

Nation wide inflation may be 9% but building materials have increased 40 to 50%.

 

[Policy Monkey]

Foremost increased my homeowner's insurance on my 'mobile home' by 33%. I called and asked why so much, they said due to inflation. I said but inflation is at 9%, the next paragraph spoken to me didn't make sense.

yes, they do love their doubletalk.