home owners insurance

[ultrarunner]

Seems to be the way of the world... everything grow or fade away.

Just like all the community based hospitals are on the way out... either merge with a regional or close up.

One thing I have noticed with CSAA Insurance is for years we had our own agent... no more... they don't assign agents anymore and this removes the personal touch.

My Farmer's agent has been very good and my State Farm too... except he passed away and his book of business was transferred to people I have never met up in Washington State...

This discussion has prompted me to review my policies... since I am not one to make claims I will see how increasing my $1000 deductibles will lead to significant rate reductions.

Here is a question for Insurance Insiders... is it true you get the best deal by shopping your coverage every year?

 

[MossRoad]

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

On that note, for our cars, we had X insurance. One of my children moved to another state and our agent here pretty much told us to find another X agent in that state, as they couldn't write insurance in that state. I understand that, but you'd think they'd offer to find you an agent in the other state? Not so much. Why? Because they only make money on insurance they personally sell, not what the X company sells. So the kid found her own agent and we switched our house and cars to Y. Now they have none of our business.

 

[k0ua]

Here is a question for Insurance Insiders... is it true you get the best deal by shopping your coverage every year?

I can't comment on P&C, as I am not licensed for Property and Casualty, I have health and life license only here, but I can assure you that if you have a Part D medicare drug plan, you definitely need to have it reviewed every year, especially if you had any changes to your medications.

 

[ultrarunner]

On that note, for our cars, we had X insurance. One of my children moved to another state and our agent here pretty much told us to find another X agent in that state, as they couldn't write insurance in that state. I understand that, but you'd think they'd offer to find you an agent in the other state? Not so much. Why? Because they only make money on insurance they personally sell, not what the X company sells. So the kid found her own agent and we switched our house and cars to Y. Now they have none of our business.

I think personal service is all but done... people are still amazed I've had the same job for 25 years when industry turnover is every few years...

Everything is quantified as to the now and present... why build up the company when I could be gone next month?

One of the reasons we went with CSAA for mom is because I told her the chances of the California State Auto Association leaving California are quite remote!

The industry does tend to whipsaw customers... at one point in time they drive to increase and at others they jettison with no changes on the insured's part...

 

[fordmantpw]

You have no problem with the pricing of the product? I understand the whole concept of "risk pooling" but the entire market is one of subsidizing people in high risk areas and/or stupid people. Just MHO.

Well, considering I pay < $100/month for coverage on my $400k house plus contents plus my shop, my tractor, plus liability on our 48 acres, I'm not too concerned. Over the next 30 years, that's $36k. One big storm rolls through or one person gets hurt on my 48 acres, and that $36k is gone in a heartbeat.

 

[ovrszd]

Well, considering I pay < $100/month for coverage on my $400k house plus contents plus my shop, my tractor, plus liability on our 48 acres, I'm not too concerned. Over the next 30 years, that's $36k. One big storm rolls through or one person gets hurt on my 48 acres, and that $36k is gone in a heartbeat.

That's a very good price!!! I'm with Farmers and I pay twice that for similar coverage.

 

[fordmantpw]

That's a very good price!!! I'm with Farmers and I pay twice that for similar coverage.

We have it with American Family.

It does help that we have ALL of our insurance (home, vehicles, umbrella, life) all with the same company and agent. Also, we just built our house last year, and they have a 'new home discount' that slowly goes away as the home ages. I guess they figure fewer things will go wrong with it (starting fires, roof susceptible to hail damage) in the first few years of it's life. Even includes earthquake coverage!

 

[daugen]

I guess they figure fewer things will go wrong with it (starting fires, roof susceptible to hail damage) in the first few years of it's life. Even includes earthquake coverage! [/QUOTE]

new homes do have less claims, though not less due to "stupid people" incidents. That appears to occur regardless of home age...
Fordman, I love it, they give you earthquake coverage because there is almost zero chance of it occurring. I wonder if they offered that to Ultrarunner for free?....

I pay 3500 for full coverage on a 400k house and 100k in outbuildings. Or about double what I expected. I hate to shop around, love dealing locally, but to save a thousand dollars? you bet. That's a to do for next Spring. Not thrilled with my current independent agent, and having been one, I know better.

 

[ultrarunner]

Earthquake is so steep they don't even quote unless requested... although there have been some changes to the program... at one time... I would have to cover the 50k deductible before seeing a penny.

Rebuilding costs are high here when you have it all done.

Back in 1989... there were a lot of damaged homes... luckily none of mine were damaged.

Friends with tilting or leaning homes did real well with FEMA money... this was the first time I was even aware of the program...

 

[MacLawn]

Well jack, seems like you actually might not need homeowner insurance on that house if you plan to tear it down anyway. But, I'd sure still want insurance on the place, land, etc. for liabilities that's been mentioned. A lot of variables in insurance. My GA place, 4.4 acres, 1,800 sq ft house, shop, is about $1,200 per year for full replacement value. I've researched insurance quite a bit, talked with my agent too for details, and my insurance will rebuild my house, replace contents, everything, for my premium. I reckon I err on the more is better side with insurance. Insurance poor.