Home and Auto Insurance

[fried1765]

Yes...that is what replacement value means...you actually replace it. That is why a replacement home owners policy has a face amount.....that is what they will pay for a total loss in the event you decide NOT to rebuild. But if you do decide to rebuild, or replace your other losses, replacement value is a real deal considering you're getting a new 'whatever' that the cost may have gone up significantly on.

One other caution with this type of policy....a good inventory of contents with photos updated regularly and a good set of photos on your structures to verify what was lost can be very handy in the event OF a loss. My house is quite custom since I built it myself...walls are double 2x4 outside (high R value), kitchen cabinets, doors, moldings are solid oak (I made or built all)...replacement for me does NOT mean they come in with finger jointed painted pine molding for example....nope....replacement is replacement. And to replace my home would cost 30-50% more than what they have as the face value IMHO. And the first thing I'd replace is a lawn chair to watch the rebuild.

I do not agree!
Some years ago, I had a major fire loss.
USAA was the insurance carrier.
I explained that I would replace everything if forced to do so, but would prefer to negotiate non replacement of some items.
We negotiated values (a bit less than actual) for the items I opted to not replace, and I was paid by check for those items.

 

[GeneV]

We had Allstate for 30 years on our different homes and vehicles and were pretty well satisfied with them until we moved from our prior home to the one we are in now. I called our agent to have the new home added to our policy and in the conversation she asked if we were going to sell the old home. I said no we are going to rent it out, to which she said that will require a different policy. I asked what I needed to do to get this done and was told that she would handle it and not to worry. The second renter we had did an incredible amount of damage and when I went to file a claim was told that we were not covered because it wasn't our primary living quarters. I argued that the agent had said she would handle it and she couldn't remember.

When we dropped them they didn't even respond, as though losing a 30 year customer was no big deal.

We went with Farmers and so far it's been ok but the agent is much more involved and keeps us up to date on anything changing. A lot depends on your agent.

Farmers jacked up my rates more than anybody else I've been with over the years. I forgot how much I saved at the time I switched to Allstate, but it was quite a bit.

 

[two_bit_score]

I do not agree!
Some years ago, I had a major fire loss.
USAA was the insurance carrier.
I explained that I would replace everything if forced to do so, but would prefer to negotiate non replacement of some items.
We negotiated values (a bit less than actual) for the items I opted to not replace, and I was paid by check for those items.

The insurance company was happy to accommodate your request because all they did is withhold the depreciation which you could have claimed on the items you negotiated away. Glad you feel you were treated right but they really came out ahead.

 

[two_bit_score]

Farmers jacked up my rates more than anybody else I've been with over the years. I forgot how much I saved at the time I switched to Allstate, but it was quite a bit.

I don't doubt it at all and Allstate usually pays claims quickly to their own insureds.

 

[TBone]

As somebody else said, it is very, very difficult to compare rates nationally. I live on the Gulf Coast and most of the big insurance companies won't even write "wind coverage" on our homes. We have to be covered by another company that specializes in that type of coverage. End result: Our rates are higher and deductibles are outrageous. If I have damage to my home caused by wind (not necessarily a hurricane) my deductible is 10% of the coverage on my home. $260,000 coverage = $2600 deductible. Ouch. I'm pretty sure our state government could change this if they weren't in bed with the insurance companies, but that's a story for another day. I have State Farm primarily because they write their own wind coverage and they also are competitive on their rates (in my area). As someone else also said: Your satisfaction is largely determined by your agent. I think I've got a good one. Maybe I'll never have to find out.

 

[TnAndy]

The insurance company was happy to accommodate your request because all they did is withhold the depreciation which you could have claimed on the items you negotiated away. Glad you feel you were treated right but they really came out ahead.

exactly

 

[fried1765]

The insurance company was happy to accommodate your request because all they did is withhold the depreciation which you could have claimed on the items you negotiated away. Glad you feel you were treated right but they really came out ahead.

How could I have claimed depreciation on items that I received nearly full value replacement coverage for?
I received a nice pile of cash for items that I did not (want or need) to replace, and only discounted their replacement cost by 10 percent.
Can't imagine how I could have come out better!

Example: I had a 2 poster garage lift.
Replacement cost was $4,400.
I collected $3,960 cash, for a lift I did not want to replace.
That was somehow a bad deal for me?
Please explain in more detail!

 

[two_bit_score]

How could I have claimed depreciation on items that I received nearly full value replacement coverage for?
I received a nice pile of cash for items that I did not (want or need) to replace, and only discounted their replacement cost by 10 percent.
Can't imagine how I could have come out better!

Example: I had a 2 poster garage lift.
Replacement cost was $4,400.
I collected $3,960 cash, for a lift I did not want to replace.
That was somehow a bad deal for me?
Please explain in more detail!

If you are satisfied that’s all that matters.

 

[NorTracNY]

Sadly, what others have pointed out is correct. You'll have to shop around and pray you never need to make a claim.

From a lawfirm that deals with insurance claim disputes, All State is the worse. (What we still have... )

We tried an agent and they came back with rates over double what we were paying!!!

I called Mutual and spent almost an hour on the phone with them. They went over everything with the vehicles (would save $100/yr) then went through the home questions. They waited till the very end to say that they would not cover me because I had two mutts with no violent tendencies and with obedience training because they had some German Shepard in them! The woman was shocked when I didn't want to shift my auto insurance to them.

 

[Peter 315]

Sadly, what others have pointed out is correct. You'll have to shop around and pray you never need to make a claim.

From a lawfirm that deals with insurance claim disputes, All State is the worse. (What we still have... )

We tried an agent and they came back with rates over double what we were paying!!!

I called Mutual and spent almost an hour on the phone with them. They went over everything with the vehicles (would save $100/yr) then went through the home questions. They waited till the very end to say that they would not cover me because I had two mutts with no violent tendencies and with obedience training because they had some German Shepard in them! The woman was shocked when I didn't want to shift my auto insurance to them.

Wow I have liberty mutual for the house and auto and had a German Shepard........