Was out with clients yesterday who just purchased a home in The Hideout. While chatting before the closing they told me that they canceled their MetLife insurance altogether and are going with a new provider and agent.
When they contacted their agent to inquire about including their vacation home on their homeowner insurance, they discovered that the insurance company had not only raised the premium on their existing homeowner insurance, but also dropped the coverage for the contents of their home. They had no idea that their policy had changed – they probably received a notice buried among other sheets of paper in with their bill – but it would have been nice had their agent called to inform them of this important change to their homeowner policy.
I’m sure this is not an isolated incident, and it probably has happened with quite a few other insurance providers also.
My clients were able to find an affordable policy with another company (I wonder if their MetLife agent even realized how he/she lost a client?) that does cover the contents of the home – for less money than they were paying.
The moral of the story is – check your insurance policy mailings EVERY time. While it would be nice if your insurance agent would contact you should a policy change, it behooves you as a homeowner to perform your own due diligence and inquire if you notice a change in your policy that you do not understand or that diminishes the coverage you thought you were paying for.