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Forgot to renew your policy? Congratulations!

September 29th, 2015 at 12:49 pm

Just like stores, where the errors always seem to fall in their favor (shocking!), so too does it work that way with insurance companies (even more shocking!).

To wit... this month the SG-GF forgot to renew her renter insurance policy. Soooo... the company informs the apartment complex, who then complains to her that she needs to get this re-activated. So she goes and finds out she can't get it reactivated, but has to apply anew (usually that means more money for them). Sounds bad, but guess again. Her company finds out that her credit score increased so much since she first set it up (I understand their logic using a credit score to price out renter insurance... nonetheless don't get me started on how stupid I find that to be...) they'll now give her the same policy at a much reduced rate.

Very convenient that they didn't lower her rate when her score went up (without this intervention). I'm sure if credit score went down there would have been a rate increase for her. The real solution is for her (and anyone else) to live in a way you don't need to spend money on such .... lunacy.

I like my money working for me, not the other way around. And I plan on keeping it that way.

3 Responses to “Forgot to renew your policy? Congratulations!”

  1. Ima saver Says:

    I have been a home owner since age 20, never rented or had renter's insurance.

  2. snafu Says:

    Yahoo, kudos to GF who has significantly increased her credit score. Really glad the lapse in renter's insurance wasn't identified as a result of burglary, fire or other mishap. Does GF have a choice in insurance provider? If she combines vehicle insurance and renter's policy with the same provider she is likely entitled or able to negotiate a discount for multiply policies. It's a good idea to get 3 or so quotes for insurance since most are re-sold/managed by the giant re-insurers with minor details and commissions accounting for pricing.

  3. rob62521 Says:

    It did work out for the GF. Glad her credit score went up and the insurance costs went down.

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