home owners insurance

[TomSeller]

I've always carried insurance on everything. 7 years ago my Shop burned completely. Inside were my 3 yr old Dodge Cummins truck, 2 Jeeps, 2 tractors, 2 ATVs and all my tools/shop equipment. It turned out to be a $193,000 claim. I was 57 years old at the time. Without insurance I would have never financially recovered. With proper coverage it was only a slight setback and within a year I had fully recovered with a new shop, newer truck, Jeeps, Tractors, ATVs and a full line of tools/equipment.

I'll always have proper insurance coverage. And, if I never have another claim in my life the premiums I'll pay will be a very small percentage of my $193K claim. No brainer to me. I think anyone who has had a large claim would say the same thing.

Gamble all you want. Just don't whine when it goes bad.

Curious, what caused the fire?

 

[ultrarunner]

I find it is worthwhile to have only one insurance company. With rentals, homeowner's, cars, trailers, umbrellas and DW's business liability, we have close to a dozen policies. There is a substantial discount for placing all of the policies through one agent, and when I call them up with a question they give me very good service.

I originally wanted to do this... was actually counseled against by others in the rental property business... especially the way companies come and go in California...

When the company with 3/4 of my rental business pulled out... one call to the company that had rest was all it took since I had established a track record with them.

The antique auto collection is really a specialty area... I have 26 cars with stated value and no deductible for what I pay for a single 10 year old car that is my daily driver... it really is a good deal and comes with restrictions... but then they are not in the business of insuring daily drivers so it does make sense.

Having property in different states has not allowed me to keep the same companies either.

I handle insurance for Mom... she is now 100% with CSAA and no complaints... her long term company dropped her... never a claim in 50 years as it did me.... Fireman's Fund

When I looked into CSAA they did not offer rental property coverage so I only moved daily drivers to them.

I can see where it would make life easier to have one stop shopping.

My brother was able to get a farm policy he is happy with... took some shopping to find them... it's nice because it is very comprehensive... his regular policy wouldn't cover "Tractor" over the size of a ride on mower and anything with a hoe was excluded in writing...

 

[k0ua]

I find it is worthwhile to have only one insurance company. With rentals, homeowner's, cars, trailers, umbrellas and DW's business liability, we have close to a dozen policies. There is a substantial discount for placing all of the policies through one agent, and when I call them up with a question they give me very good service.

Agreed. It is called service. The one agent views you as a valued client and wants to keep your business, wants repeat business and wants referrals from you for new business. Often these valued clients become personal friends. The end result for the insured is far better service from the agent than they will ever get from calling some 800 number.

 

[ovrszd]

Curious, what caused the fire?

Couldn't prove it definitely. But we think my 2004 Dodge Cummins truck started it. All 4 doors were blown open. Melted it completely down including the springs. It was parked just inside a rollup door. Should have had the least heat of anything in there. But we'll never know for sure.

 

[dmccarty]

Not sure if I read the following on TBN or another site that has a really good insurance guy . Insurance companies like to have people with multiple policies. Obviously the company makes more money on that one client, even with multiple policy discounts, and this was the interesting tid bit, clients with multiple policies do not have as many claims as others.

Later,
Dan

 

[ultrarunner]

Does anyone have Homeowners and/or Rental Property Insurance in multiple States/Countries with the same company?

I know we had a family friend in the business in Placerville California look into providing a quote for coverage for Oakland Rental Properties and there was not a thing he could do...

Even as a vacation home... my California broker could not help with my Washington property and vice versa...

As for collector vehicles... this really is a specialty market that most companies/brokers do not understand...

When Fireman's was bought out and subsequently dropped a large segment of business I moved my auto to the CSAA... they wanted to insure ALL my vehicles and required a list of all registered vehicles and then came back and said they were not interested in a 1905 Oldsmobile or a 38 Bantam, 62 Corvette... etc. and were satisfied I had another company covering these... a company I have been with for 45 years...

 

[downsizingnow48]

A while back USAA dropped the homeowners policy on our house in rural Mendocino County, California. Because it is too far from any fire department services. At the time, I could not find another policy. Then the mortgage bank (a credit union) put a policy in place to protect their interest. Now that mortgage is paid off, so the bank's policy is no longer in place. I will have to figure a way to set up a combination of liability and fire insurance. None of our neighbors that I know have homeowner's insurance.

 

[ultrarunner]

I think it is hard for those outside California to understand just how difficult it has become for rural property owners...

Every time there is a big fire I know cancellations or non-renewals are next...

The effects of the Oakland Fire Storm in 1991 are still being felt and this is in a city with many firestations and served by Fire Hydrants...

The occupy movement also generated tons on non-renewals...

Some will say well that's life in the big city...

Not so fast... because my rural friends are finding Home Owner's is just not available.

The best they can do is piece together a policy... Bare Fire coverage from the State Fair Plan, separate private policies for liability and property which can easily be more than double and still not provide things like occasional worker's comp should the guy you hire to rake leaves in the fall injure himself...

I think insurance... all kinds from Health, Property, Casualty, Auto will be the next battle... anyone that does not believe me isn't paying out of pocket for Health Insurance to know just how much and how fast rates have risen...

I really liked my Fireman's Fund Broker... had been a family friend for decades and we sent many referrals to that office knowing they would be treated fairly...

Fireman's Fund pulling out devastated them and after a few years the Broker simply closed their doors...

We left because to get Homeowners with the auto club we also had to transfer auto insurance as did many others...

It's a strange juxtaposition when you have established clients wanting to do business and they are turned down.

What some companies have done was simply state they would no longer write policies for less than 500k coverage... so the 150k rental home was non-renewed... it was also a legal way to redline... simply say they will write anywhere on any home worth at least 500k...

 

[TomSeller]

Not sure if I read the following on TBN or another site that has a really good insurance guy . Insurance companies like to have people with multiple policies. Obviously the company makes more money on that one client, even with multiple policy discounts, and this was the interesting tid bit, clients with multiple policies do not have as many claims as others.

Later,
Dan

I had not heard that people with multiple policies with the same company have less claims but it does make some sense. I have my homeowners and auto with the same company and like the convenience. Same type of thing with the phone/TV/Internet service, all through one company.

 

[Humblebub]

As I read the various posts here about insurance I am glad my career has been in Canada. I will be retiring in a few weeks after 45 years as a broker. For most of those years I was proud of my occupation, but the past few years not so much. As much of what happens in the US migrates North, it sounds like a good time to get out.

As others here have pointed out, my advice is to find a good broker you like and work with them. More often than not that will be a small brokerage situated in your community. Avoid the mega brokers and 1800 insurers if you can. The small broker will know who you are and be quicker to help when you need help.