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Started By
Message
Homeowners insurance - Which quote would you choose?
Posted on 1/14/15 at 10:50 am
Posted on 1/14/15 at 10:50 am
Home purchase price is $280,000
Located near Hannah High School in Covington/Madisonville boarder. Trees in the lot behind me but will be cleared within a year or so for another house. Other than that, no big pine trees to worry about.
Company A-
Wants to insure the house for $296,000
2% Hurricane deductible ($5,920)
$500 deduct for water/sewer backu
$1,000 deduct for everything else
$207,000 personal property (way too high)
$14,800 other structure
$59,000 loss of use
$300,000 each liability
$886 per year premium
Company B-
Insured for purchase price of $280,000
$1000 deduct for everything, including hurricane
$139,000 personal property
$69,500 loss of use
$300,000 each liability
$27,500 other structures (don't plan on having other structure on the property)
$1,554 per year premium
The hurricane deductible is the main outlier IMO. Does anything else on here raise an eyebrow that I should consider?
Located near Hannah High School in Covington/Madisonville boarder. Trees in the lot behind me but will be cleared within a year or so for another house. Other than that, no big pine trees to worry about.
Company A-
Wants to insure the house for $296,000
2% Hurricane deductible ($5,920)
$500 deduct for water/sewer backu
$1,000 deduct for everything else
$207,000 personal property (way too high)
$14,800 other structure
$59,000 loss of use
$300,000 each liability
$886 per year premium
Company B-
Insured for purchase price of $280,000
$1000 deduct for everything, including hurricane
$139,000 personal property
$69,500 loss of use
$300,000 each liability
$27,500 other structures (don't plan on having other structure on the property)
$1,554 per year premium
The hurricane deductible is the main outlier IMO. Does anything else on here raise an eyebrow that I should consider?
This post was edited on 1/14/15 at 12:11 pm
10
Posted on 1/14/15 at 10:58 am to TigerTatorTots
the hurricane deductible is pretty expensive with Company A, but I would still go with them as long as there is no likely threat of trees falling on your house. I'd rather save on premium and keep an emergency stash. But that's my personal preference
Posted on 1/14/15 at 11:12 am to TigerTatorTots
company A and do a wind buy down.... The pers prop may be high, but they are just calculating off replacement cost.
Check your coinsurance %. remember, you do not need to insure the land value, just the house. so purchase price is not the end all of valuations
Check your coinsurance %. remember, you do not need to insure the land value, just the house. so purchase price is not the end all of valuations
Posted on 1/14/15 at 11:14 am to Delacroix
What is estimated construction cost of a replacement?
Looking at those two I would probably go with Comp A for the same reasons as dustinm27.
Looking at those two I would probably go with Comp A for the same reasons as dustinm27.
Posted on 1/14/15 at 11:44 am to TigerTatorTots
quote:
$27,500 other structures (don't plan on having other structure on the property)
No driveway? Perhaps a fence...
Are both of these polices replacement cost on both dwelling and contents?
Posted on 1/14/15 at 11:54 am to TigerTatorTots
I would be cautious of Company B - why did they quote you on exactly what your purchase price was?
Posted on 1/14/15 at 11:59 am to wickowick
Yes to the drive and fence. Didn't think about driveway being "other structure" and a fence isn't that much. Looks like that $27500 is warranted then.
Company A states replacement cost
Company B does not specify
Company A states replacement cost
Company B does not specify
Posted on 1/14/15 at 11:59 am to TDsngumbo
quote:Because that is what I told them the purchase price was
I would be cautious of Company B - why did they quote you on exactly what your purchase price was?
FWIW- Company B is a big name and well known. Company A I have never heard of
Posted on 1/14/15 at 12:44 pm to TigerTatorTots
quote:
Because that is what I told them the purchase price was
quote:
Company B is a big name and well known. Company A I have never heard of
Then you need to deal with a different producer from Company B. If they're only quoting you the purchase price (unless you demanded it) then they either don't know what they're doing or they're only trying to make a quick sale. In either case, it's a recipe for you to be shopping around again quite soon.
Insuring your home for only the purchase price or based off of a market value appraisal is never a good idea. The cost to rebuild your home is always going to be different from what you actually paid for it. Contents coverage covers the things inside your home so whatever your dwelling coverage is is only going to cover the actual dwelling.
This post was edited on 1/14/15 at 12:50 pm
Posted on 1/14/15 at 12:45 pm to TigerTatorTots
It looks like the big difference is the deductible, specifically the hurricane deductible. Do you have an emergency fund that can support that kind of deductible?
Also, I am sure some of you may look at me funny when I say this, but here goes... the odds are that if we have a hurricane, there would be some sort of FEMA assistance. My understanding is that FEMA assistance can be used to cover the deductible cost. Now, it may be a grant or it may be a short term loan.
I would also do my research on company A.
Also, I am sure some of you may look at me funny when I say this, but here goes... the odds are that if we have a hurricane, there would be some sort of FEMA assistance. My understanding is that FEMA assistance can be used to cover the deductible cost. Now, it may be a grant or it may be a short term loan.
I would also do my research on company A.
Posted on 1/14/15 at 12:47 pm to TDsngumbo
Appreciate the insight Posted on 1/14/15 at 12:50 pm to TigerTatorTots
I like you. Your posts are usually entertaining but more importantly, you're a huge fan of Adriana Lima and I respect the frick outta that
. This post was edited on 1/14/15 at 12:52 pm
Posted on 1/14/15 at 12:50 pm to TigerTatorTots
Get clarification on replacement cost, if the policy isn't both structure and contents, walk.
Posted on 1/14/15 at 1:24 pm to TDsngumbo
quote:
I like you. Your posts are usually entertaining but more importantly, you're a huge fan of Adriana Lima and I respect the frick outta that .
Posted on 1/14/15 at 1:27 pm to wickowick
Fairly certain I'm leaning to Company A, and they do specify replacement costs. There is really nothing about Company B quote that is pulling me to it other than the deductible. I figure that I will need to make a claim on a hurricane every 7.5 years (or more frequent) to make Company B quote more enticing. The fact that after next year I won't have any tall trees around my house, and I'm above I-12, I'm willing to take the risk on the larger deductible.
Posted on 1/14/15 at 1:41 pm to TigerTatorTots
A properly installed shingle should be good to 110 mph from wind, now when stuff hits it, that is another story...
Posted on 1/14/15 at 8:14 pm to TigerTatorTots
A without question
You will get the entire hurricane back in 7 years in premium savings.
No brainer.
You will get the entire hurricane back in 7 years in premium savings.
No brainer.
Posted on 1/14/15 at 9:13 pm to TigerTatorTots
Would you mind sharing who company A is? I'm considering shopping around to change. I'm off of 1088 in Mandeville.
Posted on 1/14/15 at 9:46 pm to TigerTatorTots
What are the ratings of the two companies?
Are either companies ASI? Get a quote with them for sure. They are the best of the takeout companies.
Are either companies ASI? Get a quote with them for sure. They are the best of the takeout companies.
Posted on 1/14/15 at 9:50 pm to STBTigerr
Company A- Federated National
Company B- Progressive, underwritten by ASI
Company B- Progressive, underwritten by ASI
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