It is good to see an insurance department make a great decision. The actions of those two unnamed insurance companies were obviously driven by greed and nothing more. There arguments were shallow and. obviously, without any merit.
New York has some very specific reasons, and limitations, for issuing non-renewals and these didn’t even come close.
I want my profitable auto insurance coverage with GEICO. GEICO is my favorite company and does not write the problem homeowners line of business, but you Mr. Evil home insurance company YOU MUST INSURE MY COASTAL PROPERTY!!!
SO YOU WANT THE COMPANY TO RENEW YOUR HOME/COASTAL PROPERTY YEAR-AFTER-YEAR, AFTER-YEAR, WHEN THE COMPANY PAYS YOUR CLAIMS YEAR-AFTER-YEAR-AFTER-YEAR..AND HAS NO SUPPORTING BUSINESS?
GIMME A BREAK!
ALLSTATE IS RIGHT!
WHO WROTE THAT STUPID LAW, SPITZER ??
Joe – You didn’t read the article. (and you don’t need to YELL either unless you don’t have any keyboarding skills). The point was that the companies are canceling insureds for reasons that are against New York state law – laws that have been on the books for years (must be a Spitzer hater too). The point is simple. I, as an insurance customer, shouldn’t have to be forced to by another product from an insurance company sinple to keep a piece I have. Say I have homeonwers with company A and auto from company B. The auto premiums with company B are really great but company A has better homeowners premium. As a consumer, I shouldn’t be forced to purchase a higher cost product simply so that company can make more profit.
That is why what we have is loosely called free enterprise. It works both ways; from the seller’s side (provide good product at reasonable cost) and buyer’ side (ability to choose which products to by).
Those laws are on the books in New York to protect the insurance buying public from shady deals by the insurance companies. There are many consumer protections built into New York’s insurance laws.
It is good to see an insurance department make a great decision. The actions of those two unnamed insurance companies were obviously driven by greed and nothing more. There arguments were shallow and. obviously, without any merit.
New York has some very specific reasons, and limitations, for issuing non-renewals and these didn’t even come close.
I want my profitable auto insurance coverage with GEICO. GEICO is my favorite company and does not write the problem homeowners line of business, but you Mr. Evil home insurance company YOU MUST INSURE MY COASTAL PROPERTY!!!
SO YOU WANT THE COMPANY TO RENEW YOUR HOME/COASTAL PROPERTY YEAR-AFTER-YEAR, AFTER-YEAR, WHEN THE COMPANY PAYS YOUR CLAIMS YEAR-AFTER-YEAR-AFTER-YEAR..AND HAS NO SUPPORTING BUSINESS?
GIMME A BREAK!
ALLSTATE IS RIGHT!
WHO WROTE THAT STUPID LAW, SPITZER ??
Joe – You didn’t read the article. (and you don’t need to YELL either unless you don’t have any keyboarding skills). The point was that the companies are canceling insureds for reasons that are against New York state law – laws that have been on the books for years (must be a Spitzer hater too). The point is simple. I, as an insurance customer, shouldn’t have to be forced to by another product from an insurance company sinple to keep a piece I have. Say I have homeonwers with company A and auto from company B. The auto premiums with company B are really great but company A has better homeowners premium. As a consumer, I shouldn’t be forced to purchase a higher cost product simply so that company can make more profit.
That is why what we have is loosely called free enterprise. It works both ways; from the seller’s side (provide good product at reasonable cost) and buyer’ side (ability to choose which products to by).
Those laws are on the books in New York to protect the insurance buying public from shady deals by the insurance companies. There are many consumer protections built into New York’s insurance laws.