Pekin's homeowners coverage

[sam816]

I see the declarations of a HO3 policy issued in 2000 for a 2600SF home in northern Phoenix ,AZ, the dwelling coverage A is $283k, the house was built in 1980, slump block, shingles roof.

The annual premium is a whopping $600 for $1000 deductible, with multipolicy discount. while quotes by other carriers are over $1000.

For those of you familiar with Pekin, how can they be so competitive?

TIA.

 

[adjusterjack]

I'm guessing this is a customer's policy you're looking.

I'm in Phoenix. I've had Pekin for Homeowners and Auto insurance since 2013. Like many other insurance companies before it, Pekin came to Arizona with low, low rates so as to build up a large book of business as quickly as possible.

I've seen this happen many times before and the cycle usually lasts about 3 years, then the loss ratio suffers and rates go up. I expected this to happen to Pekin a few years ago and was pleasantly surprised when my premiums didn't change much.

I have an HO-5 with a bunch of extras, a $500 deductible and additional coverage on a large back yard garage/workshop. My premium is about $725 per year.

Unfortunately, it looks like losses are catching up to Pekin in the auto department. My auto policy jumped about 50% on this month's renewal. No accidents, no tickets, no reason, but no surprise that it finally happened. Quotes from other carriers were a lot more than Pekin's renewal and I ended up moving the auto to Progressive. My annualized premium is close enough to what I was paying before the increase.

My homeowner's policy still has the multi-policy discount. It runs until next June and I'm told by the agent that it won't be adjusted until next renewal and then I may be shopping around for homeowners insurance. We'll see how it goes.

I think your customer may be in for a shock when the auto renewal arrives.

It wasn't just me. My friend, who has been with Pekin as long as I have, got a substantial increase on the car insurance and also moved it to Progressive.

Progressive seems to have the best rates now but I imagine one day even Progressive will hit the wall and have to raise rates.

 

[Allen Trent]

I see the declarations of a HO3 policy issued in 2000 for a 2600SF home in northern Phoenix ,AZ, the dwelling coverage A is $283k, the house was built in 1980, slump block, shingles roof.

The annual premium is a whopping $600 for $1000 deductible, with multipolicy discount. while quotes by other carriers are over $1000.

For those of you familiar with Pekin, how can they be so competitive?

TIA.

If it was issued in 2000, the rate is likely quite a bit more 21 years later. Lol

 

[adjusterjack]

I suspect a typo. Pekin wasn't admitted to AZ until December 2010 according to AZ Dept of Ins records, which I just looked up.

Sam816 may be looking at a 2020 policy.

 

[sam816]

I suspect a typo. Pekin wasn't admitted to AZ until December 2010 according to AZ Dept of Ins records, which I just looked up.

Sam816 may be looking at a 2020 policy.

I am sorry, it is a policy that was issued in 2020, the prospect wants to know how it compares with other carriers' quotes.

It seems in Phoenix area Pekin's auto rates are no longer that competitive, as adjusterjack indicated, but their home rates are still good. For this prospect, Progressive and Kemper can beat his 2020 auto rate by Pekin, but no carrier comes close to 2020's home rate. I have yet to see his renewals.

 

[adjusterjack]

Progressive came close to my homeowners renewal, a few dollars above with a bundled policy quote. The auto was competitive enough without the bundled credit so the HO stays with Pekin and the auto goes with Progressive. I don't like changing companies for just a few buck.

HO quotes from several other companies ranged from $100 higher to about $400 higher. Another company turned me down flat because I have a Pit Bull. Didn't bother Pekin so I'll not be moving the HO if I can help it.

Maybe you can explain this, Sam.

Get a Quote | Kemper

I put in my zip code, select auto insurance, click on Submit and get redirected to:

Compare Cheap Auto and Car Insurance Company Quotes (insure.com)

When I click on Get a Quote I get a choice of 3 insurance companies, none of which are Kemper.

Compare Cheap Auto and Car Insurance Company Quotes (insure.com)

Who is running the scam? Kemper or Insure.com?

 

[Allen Trent]

Progressive

Progressive doesn't issue Homeowners as a carrier. They merely act as an agent & sell a handful of other carriers. Most are not the most prominent carriers known in the industry

Progressive Home Program Companies

 

[adjusterjack]

Which means that claims get reported to, and handled by, whatever carrier wrote the policy.

Homeowners, Renters, and Condo Claims Process | Progressive

 

[Allen Trent]

Which means that claims get reported to, and handled by, whatever carrier wrote the policy.

Homeowners, Renters, and Condo Claims Process | Progressive

All I am saying is Progressive the insurance carrier does not issue home policies nor stand behind them as the carrier for claims. They are merely an independent commissioned sales entity in the lane of Homeowners. But their TV ads don't give that impression

 

[sam816]

Maybe you can explain this, Sam.

Get a Quote | Kemper

I put in my zip code, select auto insurance, click on Submit and get redirected to:

Compare Cheap Auto and Car Insurance Company Quotes (insure.com)

When I click on Get a Quote I get a choice of 3 insurance companies, none of which are Kemper.

Compare Cheap Auto and Car Insurance Company Quotes (insure.com)

Who is running the scam? Kemper or Insure.com?

That is the legit website for Kemper, the link has been fixed, it now takes you to a page where you can leave info for them to get back to you.