Jump to content

Insurance Help !!!


valleygrls98
 Share

Recommended Posts

Sounds like your insurance agent is taking you for a trip. :shocked2:

(Or taking himself on a long vacation to an island with your premium)

Every state is different in prices, but $6,000 is robbery.:mad:

$1000 give or take a few hundred, can get you a million coverage.

(general and product liability for candles):whoohoo:(Not sure about B&B)

Link to comment
Share on other sites

Sounds like your insurance agent is taking you for a trip. :shocked2:

(Or taking himself on a long vacation to an island with your premium)

Every state is different in prices, but $6,000 is robbery.:mad:

$1000 give or take a few hundred, can get you a million coverage.

(general and product liability for candles):whoohoo:(Not sure about B&B)

OK, a big misconception....Insurance Agents do not set the price for the policies. I know you were joking..Hopefully. Insurance Actuaries set the rates and each state Insurance Dept has to ok it.

Yes, 6,000 is an outrageous premium. Keep callin.

I just paid my premium for the yr of $187 for 1million PL.

Link to comment
Share on other sites

I know here in CA it is about $2000 or over per year. Most are saying they won't take on candle makers because the risk of suing is so high. $6000 seems high but I bet other quotes will still be up there if you can even find someone who covers candle makers.

Link to comment
Share on other sites

State Farm told me that if I made candles out of my home other than it being a hobby, they would have to drop my current home and auto policy with them. (Which I had for years). :cry2:

The agent was very nice about it, but said that State Fram will not cover candle makers. So just be careful when you check into this if you currently have a policy with them.. You don't want them to flag your account and drop you current insurance...;)

Link to comment
Share on other sites

State Farm told me that if I made candles out of my home other than it being a hobby, they would have to drop my current home and auto policy with them. (Which I had for years). :cry2:

The agent was very nice about it, but said that State Fram will not cover candle makers. So just be careful when you check into this if you currently have a policy with them.. You don't want them to flag your account and drop you current insurance...;)

I was with State Farm as well and they told me the same thing. I changed my policy this year to Farmers to protect my home. They don't insure candles or B&B either but I can do them in home without the risk of loosing my coverage (per my agent). My agent ran it through some independant companies and it looked like the cheapest policy was around $2,000/yr.

Link to comment
Share on other sites

Be careful with farmers. I had one friend that was hit by a guy who had Farmers insurance and they are refusing to pay. Her car was only worth a couple thousand dollars so the attorneys fees would be more than the settlement if she won !! They are trying to make he settle for $400 even though she has proved that that is way to low of a number. My boyfriends Grandparents also had Framers and there vacation home was broken into last summer and farmers has yet to make good on their policy. I don't know if it's just farmers in AZ or if this is a problem in general.

Link to comment
Share on other sites

Who is RLI?

http://www.rlicorp.com/Products/pl.asp It's written by a number of different agents. It was a popular solution for B&B folks since they'd write liability policies for a reasonable amount.. I never looked into them fully since they don't cover candles "made by an individual" lol...

Here's some info that the HBN has collected to give you the history of what's happened - they're coordinating a letter to RLI

http://www.handmadebeauty.com/taskforce/index.asp

Link to comment
Share on other sites

State Farm told me that if I made candles out of my home other than it being a hobby, they would have to drop my current home and auto policy with them. (Which I had for years). :cry2:

The agent was very nice about it, but said that State Fram will not cover candle makers. So just be careful when you check into this if you currently have a policy with them.. You don't want them to flag your account and drop you current insurance...;)

I can bet you NO AGENT will flag your account. No agent will Cancel your policy....they cant. The company can. The Agent will lose the renewal premium and it will affect their retention rate...so most agents look the other way.

Most Homeowners will not allow you to have business on premisis. If a company finds out that you do have a business on premises they cannot cancel you on the spot. They can, however, non renew you. The company has to give you ample notice so that you can place other coverage.

Link to comment
Share on other sites

I can bet you NO AGENT will flag your account. No agent will Cancel your policy....they cant. The company can. The Agent will lose the renewal premium and it will affect their retention rate...so most agents look the other way.

Most Homeowners will not allow you to have business on premisis. If a company finds out that you do have a business on premises they cannot cancel you on the spot. They can, however, non renew you. The company has to give you ample notice so that you can place other coverage.

Does it really matter who cancels your policy, the agent or company. The point is that they have the right not to renew/cancel you.

I would rather be safe than sorry and not let the insurance Co. know that I was making candles and selling. That was all I meant.

If it is against their policy and an accident happened and my house burned down, I was told by my lawyer that they could deny payment, or at least hold it up in court for a few years, because I did not update my policy and let the insurance co. know that I was making and selling candles. So then the Insurance co. could deny to pay.. I am sure you will correct me if I am wrong.

That is why I switched to a company that would carry candle making so I don't have to take any chances.

Link to comment
Share on other sites

Does it really matter who cancels your policy, the agent or company. The point is that they have the right not to renew/cancel you.

I would rather be safe than sorry and not let the insurance Co. know that I was making candles and selling. That was all I meant.

If it is against their policy and an accident happened and my house burned down, I was told by my lawyer that they could deny payment, or at least hold it up in court for a few years, because I did not update my policy and let the insurance co. know that I was making and selling candles. So then the Insurance co. could deny to pay.. I am sure you will correct me if I am wrong.

That is why I switched to a company that would carry candle making so I don't have to take any chances.

Actually, if you had a claim ...lets say starting a fire with your wax....your Homeowners Policy would have to pay because they are already on the risk. Yes, they will non renew you but the claim would be paid.

I am not trying to give you a hard time. I deal with this all day long at my office with people calling in with questions and statements just like this. I even have Lawyers calling asking questions because if they are not Licensed in Insurance they dont know the correct answers.

Guess I just need to keep to my policy and not answer any more Insurance questions on here.

Link to comment
Share on other sites

Thanks Kim,

That is good to know that the claim would be paid.

Please don't feel like you can't answer anymore questions about insurance. You knowledge on the subject is very helpful. :)

I talked to tons of different insurance companies and looked into a lot of policies and did a lot of research. All policies are written different with each company. So it is good to hear about all experiences.

:cheesy2: I was not trying to give you a hard time either!:cheesy2:

:yay: So now we can all be happy!!!:yay:

Link to comment
Share on other sites

In my "Candlemaking for Fun and Profit" book, there is a listing for the American Craft Council at www.craftcouncil.org . Part of the membership is supposed to include access to property and casualty insurance which will cover the studio, transit, and show and liability insurance up to $1 million. There is contact info on the website. Might be worth checking out before dishing out for the membership. According to the book, the policy is supposed to cost between $250 to $500 per year depending on city, state and value of your items being insured. This book was printed in 2000 so I will bet money that the cost has gone up but it is way better than $6000.

HTH!

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...