I bought a home here in Brick NJ in 2016 this is NOT my first home here. I have a mortgage with Freedom Mortgage. I was assigned Generazio Associates Ins Agency in Bloomfiled NJ. They have my homeowners ins with Lloyd's of London. The manager of Generazio Associates tells me the underwriters for Lloyds of London demand I have contractors come into my home and provide statements regarding the electrical, heating hot water, plumbing & roof. This costs hundreds of dollars besides which there is nothing wrong with any of these things in my home. I have never made any claims nor do I need upgrades to any of these systems. I provided pictures of my heating, hot water & electrical panel to prove they are all up to grade. Do they have the right to demand this? In June of 2020 I went through this with them and provided the same type of pictures and heard no more. I asked the manager of Generazio Associates do they really think every 2 years I need upgrades or repairs? She said this is a different policy with Lloyds of London then the one two years ago. Really!!? Why would that be. Why would they need a different policy with the same company? What is really going on here I ask? I welcome your thoughts please
I FEEL VICTIMIZED BY MY INS AGENT & HOME INS COMPANY
- Thread starter MariaC
- Start date
Post this in the P&C forum for better responses.
On the life and health side, Lloyd's can non-renew/change your policy/etc. every 1-5 years, depending on your policy wording.
Lloyd's is not an actual insurance company, just a syndicate of different insurers bidding on a particular risk. They have several coverholders in the US, but ultimately a lot of their policies may/will have ongoing changes/updates.
Property and casualty isn't my area of expertise but that's how they operate in my niche.
Repost this to that forum and you'll probably get more accurate responses.
- 2,263
What is the value of your home? The carrier does reserve the right to inspect the property they insure, especially if it a high value home
- 5,290
This is not unusual.
I'm sure it does.
How do they know that if they don't have it inspected?
You may not have made any claims, but other people with similar systems may have. If they are promising to rebuild or repair your home, they have the right to make that decision in exchange for insurance.
Yes
The policy and underwriting that was available 2 years ago may not be available today. Insurance carriers have lost billions of dollars from the pandemic and recent fires. For a company that writes checks based on risks and disasters, I'm sure you can understand things are different today than they were 2 years ago.
- 24,978
I have to guess replacement cost is much higher today than two years ago.
- 5,290
Really good point.
- 2,623
I'd be looking for another agent and another insurance company.
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