IMT put a temporary pause on writing new home owners policies in Iowa, that’s all.Like most companies, they lost their asses in 2020, and losses have continued. The derecho of 2020 was the largest storm in terms of losses in Iowa history. A lot of people don't realize the hail storm of April 2020 was the second largest.
IMT, based in West Des Moines, has paused new business in Iowa. Nationwide has not officially pulled out, but they have tightened underwriting requirements to the point it's almost impossible to write new business.
With the vast majority of people wanting to bundle, for all intents and purposes that means everything.IMT put a temporary pause on writing new home owners policies in Iowa, that’s all.
I am in the industry so I have got to assume it is a means to reduce their exposure in Iowa. It’s an Iowa based company that uses independent agents to write their business so it really looks like a last resort kind of thing.With the vast majority of people wanting to bundle, for all intents and purposes that means everything.
yeah. I'm an IMT agent.I am in the industry so I have got to assume it is a means to reduce their exposure in Iowa. It’s an Iowa based company that uses independent agents to write their business so it really looks like a last resort kind of thing.
They used to be a great company. They performed very poorly after the 2020 storms. Our Pekin territory rep told us in 2017 they intended to focus on their commercial and life insurance businesses and in his exact works, "Let our personal lines business die on the vine." We stopped writing new business with them way back then, and over the past couple years have actively encouraged our clients to switch, fearing this was coming.Pekin sucks anyway
I can't tell you how many calls, texts, and dudes showing up to the front door
Roofers are flipping everywhere and we haven't had a bad storm in some time.
Wind, hail and flooding would be my guessWhat type of claims? I think of Florida and hurricanes, but we are talking Iowa. When I moved from Iowa I was surprised how low insurance costs in Iowa especially auto.
Wind & hail. Flooding is not an issue, as that insurance is offered through FEMA/NFIP.Wind, hail and flooding would be my guess
Not exactly "new" news.
I don't know if you've had the same insane underwriting turnover that we have but there's something up there that goes way beyond loss ratio.yeah. I'm an IMT agent.
My sis just got a notice her insurance company Celina, out of Wisconsin, is pulling out of Iowa effective immediately....... too many claims,
How do the squares line up? Are they the size of like 4 shingles so you can screw them on the bottom sides of the shingles?The steel roof we put on was within 10% cost of shingles. Partly because it went on right over the old shingles, and partly because had an Amish guy do it. At least for us, it was a no brainer.
What year did you move to Huxley?We actually don't live IN a town. We're in rural Story county, south of the town east of you.
And we DID live south of Ames. 20 years ago we were in Huxley (for 20 years).
1983 thru 2003. Huxley got too big for its britches, kids were gone, we bought an acreage.What year did you move to Huxley?
IMT was never our first choice, but they were a valued partner when we needed them. With our new company additions it is not a huge loss, but we liked having an Iowa-based company in our arsenal.I don't know if you've had the same insane underwriting turnover that we have but there's something up there that goes way beyond loss ratio.