To quote or not to quote your insurance every year- that is the question...

Below are the thoughts of one of my underwriters out of the Atlanta area regarding businesses who quote their insurance every year and how it may impact their chance of getting a 'better' quote every year...

My insurance markets do not like to receive the same submission every year. When company underwriters receive an account and realize they have received it every year for however many years prior to that and have never really been given the opportunity to write the account the following may occur; 

1-they never respond

2 they automatically decline the account thinking that they will not be competitive because they didnt write it the previous year

3- They increase the rate up with a high premium and or deductible knowing they don’t have a shot just so they can close it out.

It really affects the insured submitting this to market every year. If they are happy with the current carrier and the carrier isn’t increasing their renewals dramatically for whatever reason other than increased revenue and or exposure then the insured should keep it with the carrier for at least three years. They have a better chance in receiving legitimate responses if they marketed every three or more years.