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Message
Homeowners insurance question
Posted on 2/14/18 at 9:18 pm
Posted on 2/14/18 at 9:18 pm
Have one quote that is 1200$/yr more with an a+ rated company, and another quote hat is very cheap from a company that is not rated and 2 years old. This is on a 500k home in NOLA, homeowners policy. Is it worth it to splurge for the higher company or are there not very major differences between companies?
Cheaper company is Gulf States Insurance, Anyone have any experience with them? They are 2 years old and based out of Lafayette.
Cheaper company is Gulf States Insurance, Anyone have any experience with them? They are 2 years old and based out of Lafayette.
3
Posted on 2/14/18 at 9:29 pm to Saint5446
You get what you pay for... especially homeowners insurance.
Posted on 2/14/18 at 9:34 pm to LSUgolf04
What ratings system should I go by? There are 2 major ones out there from what I gather. If you try to read reviews of any of these insurance companies, they are all negative even for the expensive policies and all read very similar. Guess no one writes reviews of these companies until they’re pissed something went wrong.
Posted on 2/14/18 at 9:53 pm to Saint5446
Make sure they're the same quote. Make sure they have personal property at replacement cost instead of actual cash value. As long as it's admitted you should be good.
Demotech and AM Best are both good rating systems.
Demotech and AM Best are both good rating systems.
Posted on 2/14/18 at 11:15 pm to nugget
I work for one of the largest independent agencies in the state. we have a contract with every company including those 2. Our management has made the decision to not allow us to write any policy with Gulf States until they have a Demotech rating. The reason is: A Demotech rating is not like a rating similar to AMBest etc. The Demotech rating is a pure financial stability rating. So the fact that they can not getting a rating as of now means they don’t have the financial money to back up there company in the event of a large catastrophe. I highly recommend the other company and to not purchase a policy from Gulf states. They may ch age in the next 6 months but for now that’s my opinion until they can get the basic Demotech rating.
Posted on 2/15/18 at 12:32 am to nugget
quote:
. Make sure they have personal property at replacement cost instead of actual cash value.
That can make a big difference. I ask for the Cadillac replacement value policy,
With actual cash value, they pay for your burned up clothes, TV, etc. at garage sale value instead of what it’s going to cost you to replace them with new items. And that hail damaged roof was 10 years old? Here’s 40 % of what it will cost to replace it.
So a replacement value policy will plainly cost more than ACV, but get it if you can.
At least be sure you compare apples to apples when getting quotes.
Posted on 2/15/18 at 6:19 am to Twenty 49
Thanks to everyone for the responses. Got a third quote A rated by demotech I’m going to go with.
Posted on 2/15/18 at 10:10 am to Saint5446
I’d never in a million years buy insurance from a company that’s 2 years old and isn’t rated. No broker or agent carrying their own e&o would even be able to sell it.
Posted on 2/15/18 at 3:11 pm to Saint5446
quote:
Got a third quote A rated by demotech
FYI demotech is trash and a rating by them is to be considered toilet paper. don't use the demotech rating to justify a decision. Look up the company's size and capital and assets etc. What company is this 3rd one? Are all deductibles equal in quotes?
Posted on 2/15/18 at 3:12 pm to 632627
quote:
No broker or agent carrying their own e&o would even be able to sell it.
well that's just completely false.
Posted on 2/16/18 at 12:21 pm to Saint5446
I went with Met Life. They cut my premiums in half. Reputable company.
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