Property/homeowners Insurance

[caver]

Same thing that happened to Oaktree happened to me a few years ago. An inspector took a look while I was probably at work. My agent held corporate off for over a year but finally got dropped over my old roof and a few other piddly things. I have a friend who is an agent in my old hometown. She said that's becoming industry wide. She said the general insurance company argument is too many people using insurance for home repairs and maintenance. I've seen that happen but also feel the companies can be greedy or make poor decisions that catch up to them and we pay.

 

[ultrarunner]

You should come out way ahead.
In 38 years, I have never had a claim. I don't have an amount paid but let's say $100 is a month is very conservative figure paid.
How much could $45,600 have made invested. Thats much less than I really paid.

If you have a claim, they Raise it to get repaid.

Policies here easily in the 5 to 7k range for 60 year old 2400 square feet homeowners policy in the city limits with sidewalks and fire hydrants.

The annual basic fire policy on a 1000 square feet 1920’s Craftsman Bungalow cost more than the home sold for new…

 

[RayIN]

Never accept their first offer or second.

You can tell them that is not enough money. Insurance covers replacement costs.

Minus deprecation. That barn was 60+ yrs old.

 

[mllud]

Policies here easily in the 5 to 7k range for 60 year old 2400 square feet homeowners policy in the city limits with sidewalks and fire hydrants.

The annual basic fire policy on a 1000 square feet 1920’s Craftsman Bungalow cost more than the home sold for new…

Wow, I guess it's pretty inexpensive here.
I can't imagine 5 or 6 hundred a month for homeowner's insurance. I carry the minimum on the house and shed. 2300 square feet Home and 3300 sq ft shed. I guess I'm playing the odds.
I considered just liability but Ins. Co. said if it has buildings they have to be insured.
Ill quit complaining.

 

[WM75Guy]

We have replacement cost insurance through Texas Farm Bureau. They up our replacement value for the house every year but not the outbuildings. I have to call and increase the replacement value plus add any improvements we make, with the corresponding increase in premium. I increased our shop value from the original $35,000 shell value from 15 years ago to $100,000 last year with all the improvements and additions for the stained-glass business. Stables went from $100,000 to $150,000.

We had the roof replaced on the house a few years ago. Adjustor came out and determined the replacement cost was $38,000 for roof and gutters. We received the first check for the fair market value of $18,000, replacement cost minus depreciation and our deductible. We had the roof and gutters replaced, provided proof to the adjustor, and received a 2nd check for the balance.

Because we had a mortgage at the time the first check was made out to us and the mortgage company. The mortgage company required proof that the roof was replaced, and we didn't just pocket the money. The second check was made out just to us. I imagine if we had just pocketed the money from the 1st check the roof wouldn't have been covered going forward by TFB, although it was never discussed as replacement was always the plan. After stripping the old roof off we did find one bad 4'X8' sheet of decking material that had to be replaced.

 

[CloverKnollFarms]

Update/review your insurance annually. I didn't. Two dead trees blew down in January, onto my old pole barn. Called my Ins. agent, and 2 adjusters came to my house last week. I drove Them up the bottom to that barn, they did their thing and said I'd be getting a check in the mail.
I did for half the replacement cost. Replacement is $55K, check arrived yesterday, $28.9K-the default limit on barns and garages.
The only good thing is, I had my new tractor in the garage with my motorhome in anticipation of snow and ice, which we got in January. I suspect my hydraulic bed grain/hay wagon is ruined. When warmer weather arrives I can begin with clearing away debris, but my 82 yr old body really complains out in this below freezing weather..
Monday I'm calling my agent to up the limit to $60K.

Yah, we ran into this when we built my shop. They stayed that standard homeowners insurance was limited to about $30k for out buildings... My shop was $100k. So, we had to get a farm policy to cover it. The farm policy actually cost us LESS!

We pay less than $100/mo

 

[ultrarunner]

Online applications are the worst because you either fit or not and appeal isn’t really an option once the algorithm has spoken.

Distance to fire hydrant, fire station, egress/ingress, proximity to open space, type of construction all factor.

Went through 5 applications on my current home which checked all the boxes above but turned down and I could not fathom why… clay tile roof, fire sprinklered, fire hydrant in front with 180 psi from new 8” city water main.

My 6th application made in person to my auto insurer was accepted.

I did find out through digging why 1 company turned me down when I filed a discrimination complaint with the State…

I checked yes for fireplace/stove

It never occurred to me a natural gas free standing appliance stove would be a problem.

Stove works great the one time I used it but the home is so well insulated with 8” studs and triple pane windows it’s not needed

 

[RayIN]

Online applications are the worst because you either fit or not and appeal isn’t really an option once the algorithm has spoken.

Distance to fire hydrant, fire station, egress/ingress, proximity to open space, type of construction all factor.

Went through 5 applications on my current home which checked all the boxes above but turned down and I could not fathom why… clay tile roof, fire sprinklered, fire hydrant in front with 180 psi from new 8” city water main.

My 6th application made in person to my auto insurer was accepted.

I did find out through digging why 1 company turned me down when I filed a discrimination complaint with the State…

I checked yes for fireplace/stove

It never occurred to me a natural gas free standing appliance stove would be a problem.

View attachment 3197007

Stove works great the one time I used it but the home is so well insulated with 8” studs and triple pane windows it’s not needed

Yep, years ago I removed my wood-burning stove from the basement because Farm Bureau said my annual premium would be $300/yr more. Then some years later they raised my premium that $300 and said I still had the same chimney on the house.
Had the house re-roofed and the chimney taken down, then changed insurance companies.
But protesting a gas stove, that's crazy. Will they be protesting a gas furnace next?

 

[ultrarunner]

Yep, years ago I removed my wood-burning stove from the basement because Farm Bureau said my annual premium would be $300/yr more. Then some years later they raised my premium that $300 and said I still had the same chimney on the house.
Had the house re-roofed and the chimney taken down, then changed insurance companies.
But protesting a gas stove, that's crazy. Will they be protesting a gas furnace next?

Heat Pump is the future according to area leaders..

Anything that combusts, internal or external bad…

 

[jyoutz]

Online applications are the worst because you either fit or not and appeal isn’t really an option once the algorithm has spoken.

Distance to fire hydrant, fire station, egress/ingress, proximity to open space, type of construction all factor.

Went through 5 applications on my current home which checked all the boxes above but turned down and I could not fathom why… clay tile roof, fire sprinklered, fire hydrant in front with 180 psi from new 8” city water main.

My 6th application made in person to my auto insurer was accepted.

I did find out through digging why 1 company turned me down when I filed a discrimination complaint with the State…

I checked yes for fireplace/stove

It never occurred to me a natural gas free standing appliance stove would be a problem.

View attachment 3197007

Stove works great the one time I used it but the home is so well insulated with 8” studs and triple pane windows it’s not needed

I have a gas stove just like this in our house. I replaced the wood stove about 5 years ago with the gas stove. The insurance company had no issue with or up charge for either the wood or gas stove. My policy is with Allstate.