- Thread starter
- #11
So does geico, but the general public doesn't know or care.
Pekin's homeowners coverage
- Thread starter sam816
- Start date
- 4,585
Until they have a bad claim usually
- 2,625
Somebody at Kemper needs to redesign that online quote software. I get $1272 for 25/50/15 on three vehicles with no comp/collision on any. There's no way to edit coverages to match my current insurance. I guess I'll wait until February renewal to make the rounds again.
I'm not familiar with Pekin but I don't think that I need to since these are the same strategies practiced by companies that are aggressively trying to grow their market share.
I remember about 13 - 14 years ago, Farm Bureau was just kicking everybody's rear-end in homeowners policies and you hoped that the word about their rates wouldn't get around too much. Well, once we had some good old-fashioned hail storms come through more populated areas with more intensity for about 2-3 years, the party at Farm Bureau WAS OVER. FB was in such financial straits, they were non-renewing lots & lots of customers while at the same time substantially raising their rates. To this day, they are not much of a competitive threat.
Pekin will have to raise their rates at some point, they aren't any smarter or have better insight when it comes to rate determination than the big companies.
But you can be sure at some point in time, there will be another carrier that will try to do the same thing.
As agents, we understand that "rate adjustments" happen, but we really wish that the increases would be tempered and not have such big swings that generally cause our customers to start shopping around and go somewhere else.
If you're able to identify a few insurers that don't have such large rate increases over the years and oftentimes aren't the lowest or the highest, then maybe you might want to consider quoting them and "sell them" to potential customers about their positive benefits.
I remember about 13 - 14 years ago, Farm Bureau was just kicking everybody's rear-end in homeowners policies and you hoped that the word about their rates wouldn't get around too much. Well, once we had some good old-fashioned hail storms come through more populated areas with more intensity for about 2-3 years, the party at Farm Bureau WAS OVER. FB was in such financial straits, they were non-renewing lots & lots of customers while at the same time substantially raising their rates. To this day, they are not much of a competitive threat.
Pekin will have to raise their rates at some point, they aren't any smarter or have better insight when it comes to rate determination than the big companies.
But you can be sure at some point in time, there will be another carrier that will try to do the same thing.
As agents, we understand that "rate adjustments" happen, but we really wish that the increases would be tempered and not have such big swings that generally cause our customers to start shopping around and go somewhere else.
If you're able to identify a few insurers that don't have such large rate increases over the years and oftentimes aren't the lowest or the highest, then maybe you might want to consider quoting them and "sell them" to potential customers about their positive benefits.
- 2,625
- 134
Not true, ASI was acquired by Progressive some time ago. Progressive no longer brokers home & renters insurance as a result.
- 4,585
Do you have a link to that? As of today, the Progressive website still clearly states they represent about 10+ property carriers as an agency. Their TV ads still state this in the fine print
Progressive Home Program Companies
Attachments
tomatogirl
New Member
- 9
They do both. They broker other carriers' policies, and issue their own policies. Generally they broker other carriers' policies for "direct" auto customers (using earned commissions to break-even on their brokerage overhead), and they allow independent agents to sell the ASI product (now renamed Progressive Homeowners). Certain IA's are "Premier" agents which gives these agents access to the Premier Endorsement which brings the base policy's coverage up to industry parity.
- 4,585
but doesnt ASI still issue & underwrite the policies out of Florida? Progressive owns ASI now, but I didnt think Progressive had begun underwriting their own home insurance products
tomatogirl
New Member
- 9
They have about five HO writing companies in FL, some that have "Progressive" in them and others with "American Strategic" in them. Since PGR acquired total ownership of ASI in 2020, PGR has been calling the shots irrespective of writing company name. In PGRs last earnings call, they said that selective NRs would start in FL (didn't say which writing co's) to reduce exposure, and at same time they intend to increase exposure in nonvolatile states by appointing more Premier agents. All of this is public information.
Similar threads
