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Kreg Jennings
LSU Fan
Parts Unknown
Member since Aug 2007
2016 posts

Insurance Bundle Options
Have auto coverage through GEICO. Got a quote for Homeowners that seemed too good to be true, and it appears to be the case.

The dwelling coverage they assigned to my house was less than half the purchase price. Now I know the two don’t necessarily correlate. But the dwelling amount would only allow me $92 / SF to rebuild. Couldn’t do it for that. When I called to question this, they said I have a “25% multiplier” (dwelling coverage multiplied by 25%) , should the amount to rebuild fall short. After lots of back and forth with them and a brief hold, they raised it to a “50% multiplier”. Still, sounds fishy.

All of that being said, who should I shop for a quote on a bundle for Homeowners, Flood, Auto & Term Life?

TIA


thedentist45
LSU Fan
Louisiana
Member since Jun 2008
169 posts

re: Insurance Bundle Options
Most options give you a 25% additional replacement cost for the policy but I would not want to use that endorsement to get it to the actual replacement cost. Sounds like they are cutting corners to get your business and I'd check that they didn't cut other corners too (personal property, other structures etc)

To answer the question. A lot of independent agencies can bundle your Home, and Auto with different carriers and still give a discount. Flood is through FEMA so rates will be the same regardless of who you get it from but you may be able to get it through a carrier who will discount your Home policy. Check around for independent agents in your area.
This post was edited on 8/12 at 1:18 pm


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TDsngumbo
USA Fan
Member since Oct 2011
17625 posts
 Online 

re: Insurance Bundle Options
Never buy homeowners insurance through Geico. They’re experts at car insurance, not homeowners. They place their homeowners policies with Demotech companies and you never want to rely on a Demotech rated company for your rebuild. They’ll tell you they place your policy with an “A” rated company but that A rating is through Demotech, which is not impressive at all. Essentially those companies must buy insurance on your insurance policy and when you make a claim, they make a claim to pay you. Do you want to go through one claim per claim or two? Because that’s essentially what will happen.

Get auto through Geico.
Get homeowners through ASI/Progressive or any other AM Best rated company that offers a flat dollar amount hurricane deductible and not a %.
Get term life through AIG.

You will thank me later.


Chad504boy
New Orleans Saints Fan
Member since Feb 2005
132672 posts

re: Insurance Bundle Options
quote:

they said I have a “25% multiplier” (dwelling coverage multiplied by 25%) , should the amount to rebuild fall short.


only in disaster type situations when rebuilding materials and labor always go up. This should not be depended on in a normal condition rebuilding cost per sq ft.


TDsngumbo
USA Fan
Member since Oct 2011
17625 posts
 Online 

re: Insurance Bundle Options
quote:

only in disaster type situations when rebuilding materials and labor always go up. This should not be depended on in a normal condition rebuilding cost per sq ft.

I forgot to address that but yes, this is 100% true. Never depend on that “extra” coverage in normal claim situations unless it results from a disaster where cost of materials and labor increases.


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Kreg Jennings
LSU Fan
Parts Unknown
Member since Aug 2007
2016 posts

re: Insurance Bundle Options
quote:

I forgot to address that but yes, this is 100% true. Never depend on that “extra” coverage in normal claim situations unless it results from a disaster where cost of materials and labor increases.


Good to know. Definitely shopping it ASAP.


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Kreg Jennings
LSU Fan
Parts Unknown
Member since Aug 2007
2016 posts

re: Insurance Bundle Options
quote:

Get auto through Geico. Get homeowners through ASI/Progressive or any other AM Best rated company that offers a flat dollar amount hurricane deductible and not a %. Get term life through AIG.


I couldn’t get better overall pricing if I bundle with one carrier?


Mr.Perfect
LSU Fan
Louisiana
Member since Mar 2013
16645 posts

re: Insurance Bundle Options
quote:

Get term life through AIG. You will thank me later.


Won’t be him


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20
thedentist45
LSU Fan
Louisiana
Member since Jun 2008
169 posts

re: Insurance Bundle Options
Sometimes yes but it's not always the case. Like TD's said, ASI/Progressive is a great company and if your home is somewhat newer, you should get a great rate and have options for flat deductibles as low as $1000.

Just have someone price out all their options for you. Bundles and other carriers. Make them do their job.

One option to look at if you're able to is paying the Auto in full. Some companies offer big discounts for this.



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TDsngumbo
USA Fan
Member since Oct 2011
17625 posts
 Online 

re: Insurance Bundle Options
quote:

I couldn’t get better overall pricing if I bundle with one carrier?

Sometimes you can but Geico can be so cheap that even the best bundles aren’t able to beat it all separated out like I laid out for you. I’ve worked in the industry for going on 10 years now and a Geico/ASI/AIG combo is very, very hard to beat.

Full disclosure: I don’t work for either of those companies. My honest and anonymous opinion is that they are the best price & quality combination.


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