Useless Waste of Money
CLEVELAND, OHIO -- When I called Geico for homeowner's insurance quotes, the lowest quote they gave me was for Travelers. The agent convinced me that I need to insure my home for what it would cost to build it, not what it is actually worth. So, I purchased dwelling coverage for far more than my house is actually worth. Six years later, during a storm, the wind blew back the cover on my garage roof and a tree branch fell, knocking a hole in the roof. The claims adjuster determined that I had wood rot in the garage, which weakened the roof. He said if it weren't for the rot, the wind and falling tree branches would not have put a hole in the roof. So, my claim was denied. However, they did give me a little over $100 to fix a gutter and some shingles on the house. He also told me that I had way too much dwelling coverage and needed to reduce it. So, basically, I've been overpaying for six years, my only claim in that time was denied, and now they've increased my rates by about $500 a year because I filed a claim! I asked if I could withdraw the claim, because I haven't cashed the check yet and I'd rather forego the $100 to keep my lower premium instead. But of course, the claim will show up for three years even if I withdraw it, so now I'm screwed. Even if I shop for a new policy, the tiny little claim is going to show and I'm going to be charged an arm and a leg. I'd be better off with no insurance at all!